Salesforce, Inc.

Strong quarter results + momentum (good/surprising): - Q3 revenue $10.26B, +9% YoY (and +8% constant currency). - Non-GAAP operating margin: 35.5% (strong profitability). - CRPO: $29.4B, +11% YoY; indicates a healthy pipeline for future revenue. - Bookings / RPO momentum: RPO “nearly $60B” and grew ~12% YoY; management emphasizes strong bookings as the signal for future growth. - Cash flow: operating cash flow $2.3B (+17% YoY) and free cash flow $2.2B (+22% YoY); management expects ~$15B operating cash flow for the full year.

AgentForce & Data 360 are the growth engine (good): - AgentForce and Data 360 ARR: ~$1.4B in the quarter, +114% YoY, including AgentForce ARR ~$540M (+330% YoY). - Scale/usage claims: ~540B tokens in October (+25% MoM); 3.2T tokens delivered so far across the agent/LLM gateway. - Adoption: customers “in production with AgentForce” jumped ~70% QoQ; management says the consumption flywheel is accelerating. - Deal quality: ~6 of top 10 deals in the quarter driven by companies transforming with AgentForce; ~18,500 AgentForce deals since launch, with ~9,500 paid transactions (+50% QoQ) (per Marc).

Revenues: growth outlook reiterated but with mix/on‑prem timing headwinds (neutral-to-bad/challenge): - FY26 subscription & support organic growth guidance reiterated: ~9% YoY constant currency. - Total revenue guidance narrowed (organic): $41.15B–$41.25B, implying ~9% nominal / ~8% constant currency growth. - Key offset / headwinds: faster-than-expected shift to cloud and on-prem revenue timing dynamics (notably Tableau and MuleSoft) reduce quarter-to-quarter predictability. - Informatica contribution included: management expects ~80 bps additional growth to consolidated revenue (and frames modeling to incorporate the acquisition).