Salesforce (CRM)

Outperform Recap: Q1 FY27

AgentForce Crosses $1B ARR and FY27 Midpoint Raised — But Q2 Guide Light, Organic Decel to ~8% Ex-Informatica, $25B ASR Debt-Funded Cuts FY27 OCF/FCF Growth to ~4-5%; Maintaining Outperform With Conviction Trimmed Pending Observable H2 Reacceleration

Outperform Recap: Q4 FY26

Q4 Revenue +12% Nominal / +10% Constant Currency — Material Acceleration, FY30 Target Raised to $63B From $60B, $50B Share Repurchase Authorization Announced, AgentForce Business ~$800M (+48% QoQ), AI + Data ARR $2.9B (+200% YoY) — Maintaining Outperform With Conviction

Outperform Recap: Q3 FY26

AgentForce ARR Explicit Disclosure at $540M (+330% YoY), Data Cloud + AI ARR $1.4B (+114%), Informatica Closed 3 Months Ahead of Schedule, OCF/FCF Guide Raised to +13-14%, Q3 Buyback $4B+ — Maintaining Outperform

Outperform Recap: Q2 FY26

Q2 Revenue +10% Beats Street, CRPO +10% Constant Currency Beats, AgentForce 6K Paid Deals (+50% QoQ), $20B Buyback Expansion Announced, FY26 Revenue + OCF/FCF Guide Raised — Upgrading From Hold (CB) to Outperform on Validated Growth Re-Acceleration

Hold Recap: Q1 FY26

Q1 Revenue +8% Beats Estimates, AgentForce $100M ARR Fastest in CRM History, CRPO +11% Constant Currency Beats, Informatica $8B Acquisition Announced, FY26 Guide Raised $400M on FX Tailwind — Initiating at Hold (CB)