CRM Q3 2026 Earnings

Call Details

• Call Title: Salesforce, Inc. Q3 2026 Earnings Call
• Date: December 3, 2025 at 10:00 PM UTC
• Management Team:
  • Marc Benioff (Chair and CEO)
  • Robin Washington (Chief Operating and Finance Officer)
  • Mike Spencer (Executive Vice President of Finance and Strategy and Investor Relations)
  • Srini Tallapragada (President and Chief Engineering and Customer Success Officer)
  • Miguel Milano (President and Chief Revenue Officer)

Call Summary

Financial Performance

• Revenue for Q3 was $10.26B, up 9% year-over-year and up 8% in constant currency.
• Subscription and support revenue grew 10% year-over-year in nominal terms and 9% in constant currency.
• CRPO ended Q3 at $29.4B, up approximately 11% year-over-year, inclusive of a $200M FX tailwind.
• RPO was nearly $60B, growing 12% year-over-year as reported on the call.
• Q3 operating cash flow was $2.3B, up 17% year-over-year, and free cash flow was $2.2B, up 22% year-over-year.
• Q3 non-GAAP operating margin was 35.5%, with non-GAAP margin improvement of 240 basis points year-over-year as noted.
• AgentForce and Data360 combined ARR reached nearly $1.4B, up 114% year-over-year, with AgentForce ARR of about $540M, up 330% year-over-year.

Guidance

• Company reiterated fiscal 2026 organic subscription and support growth guidance of approximately 9% year-over-year in constant currency.
• Informatica is expected to add approximately 80 basis points to subscription and support growth, resulting in slightly under 10% subscription and support growth in constant currency.
• Organic fiscal year 2026 revenue guidance was narrowed to $41.15B to $41.25B, with consolidated revenue including Informatica of $41.45B to $41.55B.
• Non-GAAP operating margin guidance was maintained at 34.1% while GAAP operating margin was adjusted to 20.3%.
• Operating cash flow growth guidance was raised to approximately 13% to 14% year-over-year, with capex expected to remain slightly below 2% of revenue and free cash flow growth of approximately 13% to 14%.
• Q4 organic CRPO growth was guided to about 11% year-over-year nominal and 9% in constant currency, and inclusive of Informatica CRPO growth was guided to roughly 15% nominal (about 13% constant currency) including a $500M FX tailwind.