CRM Q1 2027 Earnings

Call Details

• Call Title: Salesforce Q1 2027 Earnings Call
• Date: May 27, 2026 at 9:00 PM UTC
• Management Team:
  • Mike Spencer (EVP of Finance and Strategy and Investor Relations)
  • Marc Benioff (Chair and Chief Executive Officer)
  • Robin Washington (Chief Operating and Finance Officer)
  • Patrick Stokes (President and Chief Marketing Officer)
  • Miguel Milano (President and Chief Revenue Officer)
  • Srini Tallapragada (President and Chief Engineering and Success Officer)

Call Summary

Financial Performance

• Revenue was $11.13 billion for Q1, up 13% year-over-year nominal and up 12% in constant currency.
• CRPO ended the quarter at $33.6 billion, up approximately 14% nominal and up approximately 13% in constant currency.
• Q1 non-GAAP operating margin was 34.8%, which management said was up 250 basis points year-over-year.
• GAAP operating margin for Q1 was 21.1%, which management said was up 130 basis points year-over-year.
• Operating cash flow for the quarter was $6.7 billion.
• AgentForce ARR surpassed $1 billion in the quarter and combined AgentForce, Data360 and Informatica delivered $3.4 billion in AI and data ARR.
• The company reported 98 Q1 deals with over $1 million in new ACV during the quarter.
• Token processing reached 28.6 trillion tokens, which management reported was up 152% quarter-over-quarter, and was converted into 3.8 billion agentic work units, up 111% quarter-over-quarter.

Guidance

• The company raised the midpoint of FY27 revenue guidance to a range of $45.9 billion to $46.2 billion.
• Management continues to expect subscription and support growth of approximately 11% year-over-year in constant currency for FY27.
• Company reiterated its FY27 non-GAAP operating margin guidance of 34.3% and adjusted GAAP operating margin guidance to 20.6% citing higher restructuring.
• Operating cash flow and free cash flow guidance was updated to grow 4% to 5% year-over-year, reflecting an approximately five point headwind tied to recent debt issuance related to the ASR.
• Q2 revenue guidance was provided at $11.27 billion to $11.35 billion, which management expects to be approximately 10% growth in constant currency.
• Q2 CRPO growth was guided to be approximately 13% year-over-year in constant currency.
• Guidance assumptions explicitly call for continued momentum in AgentForce, Data360, and Slack; and partial offsets from weakness in marketing, commerce, and Tableau bookings and renewals.