CRM Q1 2026 Earnings

Call Details

• Call Title: Salesforce, Inc. Q1 2026 Earnings Call
• Date: May 28, 2025 at 9:00 PM UTC
• Management Team:
  • Mike Spencer (Executive Vice President of Finance and Strategy and Investor Relations)
  • Marc Benioff (Chair and CEO)
  • Robin Washington (Chief Operating and Finance Officer)
  • Srini Tallapragada (President, Chief Engineering and Customer Success Officer)
  • Miguel Milano (President and Chief Revenue Officer)

Call Summary

Financial Performance

• Revenue for Q1 was $9.83B, up 8% year over year in nominal and constant currency.
• Subscription and support revenue grew 9% in constant currency for the quarter.
• Q1 non-GAAP operating margin was 32.3% for the quarter.
• Operating cash flow for Q1 was $6.5B, up 4% year over year.
• Remaining performance obligation ended Q1 at $60.9B, up 13% year over year, and CRPO ended at $29.6B, up 12% year over year and 11% in constant currency.
• Q1 revenue attrition ended slightly above 8%, consistent with recent trends.
• Data Cloud and related ARR grew more than 120% year over year and Data Cloud exceeded $1B of ARR in Q1.

Guidance

• Fiscal 2026 revenue guidance was raised by $400M on the high end to a range of $41.0B to $41.3B, implying approximately 8% to 9% year over year nominal growth and 8% in constant currency.
• The company reiterated subscription and support revenue growth of approximately 9% year over year in constant currency for FY26.
• Salesforce now expects a $250M foreign exchange tailwind for FY26, which management stated is up $400M since the last print.
• The company reiterated FY26 non-GAAP operating margin guidance of 34% and GAAP operating margin guidance of 21.6%.
• FY26 guidance for operating cash flow growth of 10% to 11% and free cash flow growth of 9% to 10% was reiterated.
• Q2 revenue guidance was provided at $10.1B to $10.2B, representing 8% to 9% year over year nominal growth and 7% to 8% constant currency, and Q2 CRPO growth was guided to 10% nominal (9% constant currency) including a $300M FX tailwind.