Salesforce, Inc.

Strong quarter across growth + profitability (good) - Q3 revenue: $10.26B, +9% YoY (+8% constant currency). - Non-GAAP operating margin: 35.5% (strong profitability). - CRPO (remaining performance obligation): $29.4B, +11% YoY (supports future revenue visibility). - Bookings momentum: CFO highlighted a record-ish pipeline generation quarter and strong customer agent adoption (see below). - Cash flow: Operating cash flow $2.3B (+17% YoY); Free cash flow $2.2B (+22% YoY); company expects ~$15B operating cash flow for FY.

AgentForce + Data 360 are driving measurable adoption (surprising + very positive) - AgentForce & Data 360 ARR: nearly $1.4B in the quarter, +114% YoY. - AgentForce ARR: ~$540M, +330% YoY. - AgentForce deals: 18,500+ AgentForce deals since launch, 9,500+ paid transactions, +50% QoQ. - Usage scale (signals “real adoption,” not just demos): - 3.2 trillion tokens processed (agent LLM gateway usage to date). - ~1.2B LLM calls powered across apps. - ~200M+ agent calls in Q3, and they target ~2B more over the next year. - Hybrid “determinism” approach (use LLM only when needed) to control costs. - Customer production with AgentForce +70% QoQ; >50% of new bookings came from existing customers expanding (suggests a consumption flywheel).

Platform + integrations (Informatica + harmonization) create an execution opportunity—timing matters (good + risk) - Data strategy: Data 360 (formerly Data Cloud) is described as the foundation for AgentForce deployments. - In Q3, Data 360 ingested 32T records (+119% YoY), including 15T via “zero copy” integrations (+341% YoY). - Informatica acquisition: described as 3 months ahead of schedule and under budget; CFO expects it to be accretive within ~12 months. - Opportunity: combined “harmonize/integrate/federate + apps” positioning to improve AI accuracy and reduce hallucinations. - Main execution risk/negative: near-term revenue recognition dynamics—especially on-prem Tableau and MuleSoft—create quarter-to-quarter predictability issues.