💃 Salesforce 2025Q4 (FY2026Q4) Earnings Call 🕺

Good morning, Salesforce Nerd! If earnings calls were a restaurant, Salesforce would be Sweetgreens - you know veggies are healthy, but we don't need billionaires telling us to eat leafy greens 😡!

But that doesn’t mean leafy greens are bad….

At the end of the day, you may not love everything that Salesforce and Marc are about, but, also, there’s a lot to appreciate….all that to say ⬇️

2025Q4 (FY2026Q4) earnings call highlights wrapped into a 4 minute burrito 🌯, let’s go

THE NUMBERS

Salesforce FY2026Q4 Earnings

Revenue | $11.2 billion actual vs $11.19 billion expected, and a 12% YoY increase.

Earnings | $3.81 per share vs $3.05 expected, a very impressive 37% YoY increase 💪

Yup, that's a double beat 🥊, and double-digits on both lines 💥!

Additionally, Agentforce hit $800 million ARR, up 169% YoY. And, where this earnings call got interesting - Marc interviewed 3 customer CEOs to discuss how Salesforce’s “Agentic Enterprise" products moved the needle. Well known brands - Shark Ninja, Wyndham, and SaaSTR - were given a platform to tout the value-add and ROI that Salesforce AI delivered for them.

And they laid it on thiccccc!

Reality is most likely somewhere in between - value is added, ROI is measurable and is a net-gain, but is it really replacing 85% of the human workforce with AI agents?! And if it is, are the token costs in-line with paying humans to do the work?

On one hand, I wouldn't be surprised AND would definitely be impressed if AI is replacing humans at that rate. On the other, circle-jerking a $200BB company has its perks…(who had the most to gain touting Agentforce’s value-add?!)

And we gotta ask...is this the future of earnings calls? Podcast-y, sycophant interview, and the natural step up from face-less landline calls?

THE PEANUT GALLERY

Good, Bad, or Ugly?

So, on this earnings call, Salesforce-

🥊 Had a double beat on Revenue and EPS expectations

🗣️Three actual customers tout the value-add of Salesforce-platform'd-AI

💸 Announcements of increased dividends AND stock buybacks.

What does it all mean? What is the sentiment of the mothership's investors? Good? Bad? Indifferent?

Let’s tap the controversial, but tech-forward, community for some real-life feedback 👇

This is a popular take - Salesforce is post-growth stage, and is in its wealthy grandma in a nursing home phase. Have we passed the peak of our beloved platform?

The basic translation of this post is ”Salesforce stock buybacks, and the ratio of the unrealized revenue allocated to funding this, is a low-value, low-growth play.” Not exciting stuff for a historically petri-dish-level growth company 😬.

This is a popular take 💯. More broadly, the question is - “why is Salesforce investing in shareholders instead of the growth of the company (that benefits shareholders at a higher rate)? “

Consider ⬇️

M&A - ex. buying a polished AI agent product that can be an afterhours answering service immediately! Fold this into core and you have happy customers 😃.

R&D - for example, investing in proprietary LLMs that, uniquely to Salesforce, have compliant guardrails that prevent sensitive data exposure, provide insights unique to a company that manages revenue data, and have detailed context of complex enterprise sales cycles.

VC - to the point of the tweet, exploit and leverage your investments. Salesforce is already a major investor in the Anthropic unicorn 🦄. Why not throw all your extra dinero at this investment that has already paid itself off mutliple times?

Reinvestment - how about investing into core product - beautifying the Sales and Service Cloud UX/UI for users and admins alike 😃. Of course the admin console. Of course classic needs to be deprecated by now. But did you know Lightning is coming up on 11yrs of age 👵🏼 😲.

TAKEAWAY

Final Thoughts

Salesforce is, financially, a very healthy company. They have cashflow, cash reserves, and they're stuffing the shareholders’ pockets with dividends and stock buybacks.

Salesforce is, strategically, caught in the middle. The way millenials are closer to hippies than Gen Z - Salesforce is closer to Home Depot or Pfizer than it is to the tech darlings like the young, strapping Anthropic or the old(er) and also strapping Meta/Facebook.

Salesforce is no longer on the vanguard of tech, and their moat is now in their enterprise-ness (security, entrenchment, big pool of Salesforce professionals who know how to service the platform).

Its not a bad place to be 🤷🏻. The future (AI and insane evolution) isn’t necessarily death knocking on Salesforce's door. Salesforce doesn’t have to become an AI-first solution, but it certainly needs to play nice, be friendly, and take it out to dinner and a movie 😉.

One final note- this is the umpteenth call in row that no analyst asked Marc about a succession plan (I’m losing track on how many quarters in a row this hasn’t been mentioned).

SOUL FOOD

Today’s Principle

and now....Your Salesforce Memes