Salesforce Inc (NYSE:CRM, XETRA:FOO) is facing a near-term growth slowdown even as early indicators of AI adoption begin to emerge, according to analysts at Jefferies.
Remarking on Salesforce’s fourth quarter earnings report released on Wednesday, the analysts highlighted that current remaining performance obligations (cRPO) growth of 13% in constant currency came in only in line with company guidance and below the typical upside investors have seen in recent quarters. They also noted that most cloud segments also decelerated sequentially.
For fiscal 2027, Salesforce guided to organic revenue growth of 7% to 8% in constant currency, which the analysts view as slower than fiscal 2026’s roughly 8% pace and still within single digits. They added that fiscal 2027 “will also be an investment year,” with operating margin guidance of 34.3% implying only about 20 basis points of expansion.
Despite the moderation, Jefferies highlighted areas of momentum tied to the company’s Agentforce platform. The analysts pointed to “rapid growth in Agentforce metrics,” with cumulative Agentforce deals reaching 29,000, up 57% from the prior quarter. Agentforce annual recurring revenue reached $800 million, rising 48% quarter over quarter, though it still represents only about 2% of Salesforce’s fiscal 2026 revenue of $41.5 billion.
The analysts also cited improving customer adoption trends, noting that 60% of Agentforce and Data Cloud bookings now come from the installed base, up from 50% in the previous quarter.
They added that management expressed increased confidence in a second-half fiscal 2027 reacceleration.
Still, Jefferies flagged several areas to monitor. Fourth quarter cRPO growth matched guidance but fell short of the 14% to 14.5% level some investors were expecting. Organic cRPO growth of 9% year over year also trailed the 10% to11% range seen over the prior seven quarters.
The firm further noted that the fiscal 2027 outlook shows “no material AI contribution yet,” with the revenue growth guide representing a deceleration from fiscal 2026 and leaving “a material gap to returning to double-digit growth.”
Segment trends were similarly mixed. “Most Cloud segments decelerated in fiscal Q4,” the analysts wrote, with constant-currency growth slowing sequentially across nearly all disclosed segments except Sales Cloud, which was flat, and the Agentforce/Slack/Other category.
Jefferies also emphasized that fiscal 2027 is positioned as a spending year. After expanding operating margin by 110 basis points in fiscal 2026 to 34.1%, Salesforce is guiding to only modest improvement as it invests in Hyperforce infrastructure, expands sales capacity, and scales field development efforts to drive Agentforce adoption.
On capital allocation, Salesforce announced a new $50 billion share repurchase authorization replacing prior programs. The analysts noted the size “would represent 28% of its current market cap if completed,” adding that some investors may prefer more aggressive AI-focused acquisitions.
Jefferies said it is modeling approximately 7.8% organic growth and 10.8% inorganic growth for fiscal 2027, with operating margin of 34.3% in line with company guidance.
Beyond fiscal 2027, the firm assumes about one point of organic revenue expansion and expects Salesforce to remain on track toward its longer-term targets.
Shares of Salesforce added more than 4% at about $200 following the release of its earnings report.