CRM Q2 2026 Earnings

Call Details

• Call Title: Salesforce, Inc. Q2 2026 Earnings Call
• Date: September 3, 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 and Chief Engineering and Customer Success Officer)
  • Miguel Milano (President and Chief Revenue Officer)

Call Summary

Financial Performance

• Q2 revenue was reported in commentary as $10.24B to $10.25B, which was described as up 10% year-over-year in nominal and up 9% in constant currency.
• Subscription and support revenue was described as growing slightly above 9% in constant currency for the quarter.
• CRPO ended Q2 at $29.4B, which was characterized as up 11% year-over-year in nominal and up 10% in constant currency.
• Net new bookings from deals greater than $1M were reported as up 26% year-over-year.
• Data and AI product line metrics were cited as up 120% year-over-year and Data Cloud was described as a $7B business with 140% year-over-year growth in customers.
• Q2 non-GAAP operating margin was reported at 34.3% in prepared remarks, and the quarter delivered another period of operating margin expansion with non-GAAP margin up 60 basis points and GAAP operating margin up 370 basis points year-over-year.
• Company reported returning $2.6B to shareholders in Q2 via buybacks and dividends, and stated operating cash flow is tracking to be a record, with an expectation to finish the year near $15B (CEO commentary).
• The quarter beat expectations due in part to one-time licensed revenue and professional services recognition, as stated in the prepared remarks.

Guidance

• Fiscal year 2026 revenue guidance low end was raised to a range of $41.1B to $41.3B, implying approximately 8.5% to 9% year-over-year nominal growth and about 8% constant currency growth.
• Company reiterated subscription and support revenue growth of approximately 9% year-over-year in constant currency for the full year.
• The company raised full-year non-GAAP operating margin by 10 basis points to 34.1% and now expects GAAP operating margin of 21.2%, which includes additional restructuring charges.
• Operating cash flow growth guidance was raised to 12% to 13% for the year, driven by cash tax savings from recently enacted tax legislation.
• CapEx guidance was stated as expected to be slightly below 2% of revenue for the fiscal year, supporting an expected free cash flow growth of 12% to 13%.
• Q3 revenue was guided to $10.24B to $10.29B, implying year-over-year growth of 8% to 9% nominal and 8% in constant currency.
• Q3 CRPO growth was guided to be slightly above 10% year-over-year in nominal terms, including a $300M FX tailwind, implying slightly above 9% constant currency growth.
• Informatica closing timing was updated to be expected in Q4 FY26 or early FY27, and the company explicitly stated Informatica is not included in current guidance given closing timing variability.