# Salesforce (CRM) Q1 FY2027 earnings

Results filed 2026-05-27 for the quarter ended 2026-04-30. Source page: https://earnings.opennash.com/companies/crm/2027-q1/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1108524/000110852426000125/0001108524-26-000125-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

Salesforce delivered first quarter revenue of $11.1 billion, up 13% Y/Y, with GAAP EPS $2.42, up 52% Y/Y and Non-GAAP EPS $3.88, up 50% Y/Y.

Salesforce reported first quarter fiscal 2027 revenue of $11.1 billion, up 13% from a year ago, including $444 million from the Informatica acquisition. GAAP operating margin was 21.1% and non-GAAP operating margin was 34.8%. Operating cash flow was $6.7 billion. The company spent $27.5 billion on shareholder returns, mostly share repurchases funded in part by new debt. Agentforce ARR reached $1.2 billion.
For the second quarter, management guides revenue of $11.27 billion to $11.35 billion, up 10% - 11% Y/Y. It raised the midpoint of full-year revenue guidance to $45.9 billion to $46.2 billion and expects organic revenue growth to accelerate in the second half. The main tension is that growth in the core Agentforce Apps business is only 7% in constant currency. Meanwhile, the $25 billion debt issuance for the buyback lifts interest costs and weighs on cash flow growth guidance.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total revenue | $11.1 billion | up 13% Y/Y and 12% in CC | GAAP |
| Net income | $2,107 |  | GAAP |
| Diluted net income per share | $2.42 | up 52% Y/Y | GAAP |
| Non-GAAP diluted net income per share | $3.88 | up 50% Y/Y | non-GAAP |
| GAAP income from operations | $2,347 |  | GAAP |
| GAAP operating margin | 21.1% |  | GAAP |
| Non-GAAP operating margin | 34.8% |  | non-GAAP |
| Operating cash flow | $6.7 billion | up 3% Y/Y | GAAP |
| Free cash flow | $6.6 billion | up 4% Y/Y | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Current remaining performance obligation | $33.6 billion | up 14% Y/Y and 13% in constant currency |
| Subscription & support revenue | $10.6 billion | up 14% Y/Y and 12% in CC |
| Agentforce Apps revenue | $6,910 | 7% constant currency growth |
| Data 360, Headless Platform, & Other revenue | 3,683 | 23% constant currency growth |
| Agentforce and Data 360 ARR | nearly $3.4 billion | up over 200% Y/Y |
| Agentforce ARR | $1.2 billion | up 205% Y/Y |
| Agentic Work Units delivered to date | 3.8 billion | growing 111% Q/Q |
| Remaining performance obligation | $67.9 billion | up 11% Y/Y |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Revenue | second quarter FY27 | $11.27 billion to $11.35 billion |
| GAAP diluted EPS | second quarter FY27 | $1.74 - $1.76 |
| Non-GAAP diluted EPS | second quarter FY27 | $3.25 - $3.27 |
| GAAP tax provision | three months ended July 31, 2026 | approximately 21.5% |
| Revenue | full year FY27 | $45.9 billion to $46.2 billion |
| GAAP and non-GAAP operating margin | full year FY27 | 20.6% |
| Non-GAAP operating margin | full year FY27 | 34.3% |
| GAAP diluted EPS | full year FY27 | $7.93 - $7.99 |
| Non-GAAP diluted EPS | full year FY27 | $14.06 - $14.12 |
| Capital expenditures | full year FY27 | Approximately 1.5% of revenue |
| GAAP tax provision | year ended January 31, 2027 | 22.0% |
| Operating cash flow and free cash flow growth | full year FY27 | approximately 4% - 5% Y/Y |

## Key takeaways

1. **Revenue grew 13% with Informatica contributing** First quarter revenue was $11.1 billion, up 13% Y/Y and 12% in CC, including $444 million Informatica contribution. Subscription & support revenue was $10.6 billion.
2. **Data 360 outgrows core Agentforce Apps** Data 360, Headless Platform, & Other grew 23% in constant currency, versus 7% for Agentforce Apps. Total subscription and support growth was 12% in constant currency.
3. **Agentforce ARR passes $1.2 billion** Agentforce and Data 360 ARR reached nearly $3.4 billion, up over 200% Y/Y, including $1.2 billion Agentforce ARR, up 205% Y/Y. AWUs delivered reached 3.8 billion.
4. **Record buyback funded partly by new debt** Salesforce returned $27.5 billion to shareholders, including $27.1 billion in share repurchases, and entered a $25 billion ASR. Noncurrent debt rose to $39,280 million from $10,439 million.
5. **Full-year revenue guidance midpoint raised** Management now expects full year FY27 revenue of $45.9 billion to $46.2 billion and non-GAAP EPS of $14.06 - $14.12. Operating cash flow and free cash flow growth guidance is now approximately 4% - 5% Y/Y.

## Questions

**What were Salesforce's Q1 FY2027 results?** Revenue was $11.1 billion, up 13% Y/Y, with GAAP diluted EPS of $2.42 (up 52%) and non-GAAP diluted EPS of $3.88 (up 50%). GAAP operating margin was 21.1% and non-GAAP operating margin was 34.8%.
**What is Salesforce's guidance for Q2 and the full year?** Q2 revenue is guided to $11.27 billion to $11.35 billion, with non-GAAP EPS of $3.25 - $3.27. Full year FY27 revenue is guided to $45.9 billion to $46.2 billion, with non-GAAP EPS of $14.06 - $14.12.
**How is Agentforce performing?** Agentforce ARR reached $1.2 billion, up 205% Y/Y, and combined Agentforce and Data 360 ARR was nearly $3.4 billion. Agentic Work Units delivered reached 3.8 billion, growing 111% Q/Q.
**How much cash did Salesforce return to shareholders and how was it funded?** It returned $27.5 billion, including $27.1 billion of share repurchases and $365 million of dividends, and entered a $25 billion ASR. The cash flow statement shows $24,842 million of debt issuance proceeds in the quarter.
**What are the main risks or pressures on the outlook?** Core Agentforce Apps revenue grew only 7% in constant currency, and management is counting on second-half organic acceleration. Interest expense rose to $317 million from $68 million, and the debt for the ASR is cutting full-year cash flow growth guidance to approximately 4% - 5%.

## Slides and investor documents

- [Earnings Presentation](https://s205.q4cdn.com/626266368/files/doc_financials/2027/q1/CRM-Q1-FY27-Quarterly-Investor-Deck.pdf) (Slide deck)
- [Transcript](https://s205.q4cdn.com/626266368/files/doc_financials/2027/q1/Salesforce-Q1-FY27-Earnings-Transcript.pdf) (Company's official transcript)
- [Webcast](https://salesforce-q1-fy27-earnings-conference-call.open-exchange.net/) (Webcast replay)