Salesforce FY2027二季度业绩大幅超预期，EPS超80%、AI ARR三位数增长并上调全年指引，盘后已暴涨14%

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Introduction & Market Context
Salesforce (NYSE:CRM) presented its fiscal second quarter 2027 results on August 26, 2026, showcasing accelerating momentum in its artificial intelligence business alongside solid financial performance. The company’s shares surged 12.6% in after-hours trading to $231.50, reflecting investor enthusiasm over better-than-expected profitability and raised full-year guidance.
The presentation highlighted the company’s transformation into what CEO Marc Benioff termed an "agentic enterprise," with AI-powered agents increasingly handling tasks previously performed by human users. This shift is reflected in new financial metrics and a reorganized revenue reporting structure designed to capture the evolving nature of the business.
Quarterly Performance Highlights
Salesforce reported revenue of $11.3 billion for the second quarter, representing 11% year-over-year growth. The company delivered non-GAAP earnings per share of $5.90, significantly exceeding analyst estimates of $3.27—an 80.4% beat that underscored improved operating leverage and profitability.
As illustrated in the following overview of key financial metrics, the quarter demonstrated strength across multiple dimensions of the business:
Free cash flow climbed 81% year-over-year to $1.1 billion, with trailing twelve-month free cash flow reaching $15.2 billion. The company maintained its non-GAAP operating margin at 34.1%, while GAAP operating margin came in at 20.5%. Current remaining performance obligation (CRPO), a measure of future contracted revenue, grew 14% to $33.5 billion.
The quarter included a $456 million revenue contribution from Informatica, which Salesforce acquired in fiscal 2026. The company’s subscription and support revenue, which represents the core of its business, increased 12% year-over-year to $10.8 billion.
AI Platform Momentum
The presentation’s most striking data points centered on Salesforce’s AI initiatives, particularly its Agentforce platform. Combined Agentforce and Data 360 annual recurring revenue (ARR) reached nearly $3.9 billion, posting triple-digit year-over-year growth.
The following breakdown illustrates the composition and growth rates of this AI-focused revenue stream:
Agentforce ARR specifically grew more than 240% year-over-year to $1.5 billion, while Data 360 ARR—which includes the Informatica Cloud business—expanded over 200% to $2.4 billion. Management noted that going forward, it will move to milestone-based reporting for these metrics rather than quarterly updates.
Perhaps the most dramatic indicator of AI adoption came from Agentic Work Units (AWUs), which measure discrete tasks accomplished by AI agents. These surged 97% quarter-over-quarter to 3.2 billion in Q2, as shown in the following chart:
The company has delivered 7.0 billion AWUs for live customer agents all-time, with Slack AWUs alone growing 133% quarter-over-quarter. This exponential growth pattern suggests accelerating customer adoption of AI-powered automation.
The presentation also highlighted a six-fold increase in weekly calls to Salesforce’s Model Context Protocol (MCP) server during Q2, demonstrating how new interfaces are unlocking additional consumption:
Critically, management emphasized that MCP usage grew while traditional human application usage remained strong, indicating that AI is expanding rather than cannibalizing existing business.
Detailed Financial Analysis
The company provided comprehensive financial details across multiple categories, as presented in the following summary:
Within subscription and support revenue, Agentforce Apps—which includes Sales, Service, Marketing, Commerce, and Slack—generated $7.2 billion, up 8% year-over-year in constant currency. The Data 360, Headless Platform, and Other category delivered $3.6 billion, growing 20% year-over-year in constant currency.
The company returned $364 million to shareholders through dividends in Q2 and executed against its $25 billion accelerated share repurchase program initiated in Q1. Year-to-date in fiscal 2027, Salesforce has returned $27.9 billion in capital to shareholders, as illustrated in the following chart:
The diluted share count declined 15% year-over-year, reflecting the impact of these buybacks. Since inception, the company has repurchased $59.3 billion in shares and paid $3.9 billion in cumulative dividends.
Revenue Structure Evolution
Salesforce introduced a new disaggregated revenue reporting structure in Q2, reflecting what management described as a fundamental transformation in how the company develops, sells, and serves customers. The reorganization groups products based on their role in the AI-powered enterprise.
The following comparison illustrates the shift from the prior structure to the new framework:
Under the new structure, "Agentforce Apps" consolidates applications with embedded AI capabilities, while "Data 360, Headless Platform, & Other" groups the data and platform foundation that powers these applications. Management explained that this reflects how Agentforce is now embedded across every application and how the unified data layer has become critical to AI functionality.
Revenue growth trends under the new structure showed Agentforce Apps growing 8% in constant currency during Q2, while Data 360, Headless Platform, and Other expanded 20%, as detailed in the following table:
The company noted that revenue attrition in Q2 was approximately 8%, in line with recent trends, suggesting stable customer retention despite the business model evolution.
Regional and Segment Performance
Geographically, Salesforce demonstrated balanced growth across major markets. The Americas region generated $7.4 billion in revenue with 10% constant currency growth, while EMEA produced $2.8 billion with 13% growth, and APAC contributed $1.2 billion with 12% growth.
The following regional breakdown shows consistent performance across geographies:
Management highlighted particular strength in North America, Japan, and the United Kingdom as drivers of net new annual order value (NNAOV) growth in the quarter.
Balance sheet and cash flow metrics showed improving trends, with CRPO constant currency growth accelerating to 14% from 13% in the prior quarter:
Operating cash flow surged 71% year-over-year, while free cash flow grew 81%, indicating strong conversion of revenue to cash as the business scales.
Guidance and Outlook
Salesforce raised its full-year fiscal 2027 revenue guidance to a range of $46.1 billion to $46.4 billion, up from prior guidance of $45.9 billion to $46.2 billion. This represents 11% to 12% year-over-year growth and includes expected contributions from pending acquisitions of Contentful and Fin, which the company anticipates closing in the coming weeks.
The updated guidance comparison is presented in the following table:
The company significantly increased its earnings outlook, raising non-GAAP diluted EPS guidance to $16.67 to $16.71 from $14.06 to $14.12 previously. GAAP diluted EPS guidance was raised to $10.21 to $10.25 from $7.93 to $7.99. Management maintained its non-GAAP operating margin target at 34.3% for the full year.
For the current third quarter, Salesforce guided to revenue of $11.42 billion to $11.5 billion, representing 11% to 12% growth, with non-GAAP diluted EPS of $3.42 to $3.44.
Strategic Positioning
The presentation emphasized Salesforce’s positioning at the intersection of enterprise software and artificial intelligence. Management argued that customers are not abandoning packaged software for standalone AI models but rather seeking integrated solutions that combine AI capabilities with trusted data, governance, and established workflows.
CEO Marc Benioff characterized this as "the best of both worlds," positioning Salesforce’s CRM platform and data foundation as essential infrastructure for the AI era. The company highlighted partnerships, including one with Anthropic to create "Claudeforce," as evidence of its strategy to embed frontier AI models within enterprise applications.
President and Chief Operating Officer Miguel Milano noted that customers beginning their "agentic journey" with Salesforce already show double the average order value, with potential to quadruple that over time—suggesting significant monetization opportunities as AI adoption expands.
The company’s customer base includes major enterprises across industries, as illustrated by the diverse logos presented during the earnings discussion. The breadth of these relationships—spanning technology, healthcare, financial services, retail, and telecommunications—provides multiple vectors for AI product adoption.
Looking ahead, management indicated that the second half of fiscal 2027 should see improved growth rates as newer AI products gain traction and as the company expands its sales force and distribution capacity. The upcoming Dreamforce conference was highlighted as a key venue for showcasing the company’s AI platform and outlining its fiscal 2028 framework.
Full presentation:
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