Salesforce Inc (NYSE:CRM, XETRA:FOO) delivered better-than-expected results for its third quarter of fiscal 2026, with analysts highlighting strong momentum in the company’s AI-focused Agentforce platform and an improving pipeline of customer deals.
Shares of Salesforce surged 3.8% on Thursday afternoon after the cloud software giant reported total revenue of $10.26 billion, roughly in line with Street estimates of $10.27 billion, while non-GAAP earnings per share came in at $3.25, well above the $2.86 expected.
Salesforce also posted record non-GAAP operating margins of 35.5%, exceeding the Street’s 34.1% estimate, as the company continues to invest strategically in AI and Data initiatives.
Wedbush analysts said the results mark “a step in the right direction for CRM with a long way to go as the Agentforce strategy builds incremental momentum,” noting that the company signed 9,500 Agentforce deals—up from 6,000 in the prior period—and grew Agentforce annual recurring revenue to $540 million, a 330% increase year-over-year.
“FY4Q26 guidance came in above Street estimates on the top-line while meeting the Street’s EPS estimate as CRM balances investments into growth with margin expansion and free cash flow generation,” Wedbush added.
Bank of America emphasized that the quarter supports the bull case for an AI-driven acceleration at Salesforce, even if AI revenue has not yet contributed significantly. Analysts said several deal metrics suggest AI will become more material in fiscal 2027, citing a 70% quarter-over-quarter increase in customers live on consumption and strong early Agentic enterprise license agreements.
“Q3 results help bolster the bull case for an AI-driven reacceleration,” Bank of America said, maintaining a Buy rating and $305 price target.
Jefferies highlighted similar trends, pointing to encouraging Agentforce metrics and solid performance in core Sales and Service Clouds. The firm noted that 50% of Agentforce and Data Cloud bookings came from existing customers expanding their usage. “Despite encouraging proof of AF traction, CRM trades at an attractive 43% discount to peers on ’27 FCF,” Jefferies said, adding that the company is on track to accelerate revenue within 12-18 months as Agentforce functionality progresses.
While some segments, including Marketing & Commerce Cloud, Tableau, and Mulesoft, showed slower growth, analysts said the overall outlook remains positive. Salesforce expects fourth-quarter revenue of $11.13 billion to $11.23 billion, above the Street’s $10.91 billion estimate, with EPS guidance in line at $3.02 to $3.04.