Salesforce pops on Agentforce hype. Bank says the glow-up has to stick

Revenue landed at $10.26 billion, almost perfectly matching consensus while juicing the bottom line with a muscular $3.25 pro forma EPS beat. Wedbush’s Dan Ives calls the print a step in the right direction. The subtext: nice work, Marc, but you still have to prove this is more than a midcycle sugar rush.

The hero of the quarter is Agentforce, Salesforce’s big bet on agentic AI. It is early, it is loud, and it is apparently working. Agentforce and Data Cloud ARR surged 114 percent to $1.4 billion, powered by an absurd amount of data plumbing.

Salesforce pushed 3.2 trillion LLM tokens through its gateway in the quarter and ingested 32 trillion records through Data 360, with Zero Copy data ingestion up 341 percent year over year. This is the kind of foundation investors want to see if CRM is ever going to shed its reputation as a 25-year-old growth stock that sometimes forgets to grow.

Still, buried under the fireworks is a familiar warning: Salesforce must actually maintain the momentum. Ives spells it out. The company’s guidance upgrade is encouraging but not exactly a victory lap. FY4Q26 revenue is now projected at $11.13 to $11.23 billion, comfortably ahead of the Street’s $10.91 billion.

EPS guidance, however, is essentially flat to consensus at $3.02 to $3.04. The message is obvious. Salesforce is spending aggressively to catch the AI wave and hopes investors will squint past the near-term margin pressure.

Wedbush’s confidence is intact. The rating remains Outperform with a $375 target. But the report contains the kind of polite but pointed nudges analysts reserve for companies that have thrilled and disappointed in equal measure. The Informatica acquisition delay means some assumed revenue lift is temporarily vapor. Professional services revenue continues to shrink.

And the company’s operating cash flow for the quarter undershot expectations, coming in at $2.32 billion versus the Street’s $2.46 billion. None of this destroys the bull case, but it gives ammo to anyone still side-eyeing Salesforce’s margin discipline.

To Salesforce’s credit, it is at least trying to publish the receipts. Current RPO hit $29.40 billion, beating the Street’s $29.04 billion estimate. Agentforce, for now, looks like the thing customers are actually willing to pay for.

Salesforce signed 9,500 Agentforce deals this cycle, up from 6,000 paying customers previously, and claims about 90 percent of Forbes’ top 50 AI companies are building on its stack. That sort of social proof is not subtle. It is the enterprise software version of telling the class that the cool kids sit at your lunch table.

The question lurking behind all of this is uncomfortable: can Salesforce reinvent itself again without choking on its own ambition. The quarter says maybe. The guidance says maybe. And Wedbush’s tone says please do not blow this.

If Agentforce is real, Salesforce becomes one of the few enterprise giants with something resembling an AI growth engine. If not, we will be back to the usual CRM conversation about bloated costs, plateauing expansion, and the multicloud arms race. For now, chalk it up as a win, with a very large footnote.

Key Takeaways

Agentforce is the whole story
Agentforce and Data Cloud ARR jumped 114 percent to $1.4 billion. Salesforce processed trillions of tokens and records, showing early traction in AI infrastructure.

Revenue beat is fine. The EPS beat is the headline
Sales of $10.26 billion matched expectations, but EPS crushed consensus at $3.25 versus $2.86.

Guidance is good, not euphoric
FY4Q26 revenue guide lands above the Street. EPS guide matches it. Translation: growth is improving, profitability is being managed carefully.

Cash flow is a soft spot
Operating cash flow missed. Free cash flow was also shy of expectations. Investors will not ignore this.

Wedbush stays bullish
Target remains $375, but the firm makes it clear Salesforce needs to sustain this momentum to justify the AI hype.