Salesforce reported fourth-quarter and full-year fiscal 2026 results and initiated full-year fiscal 2027 guidance on February 25, 2026.

For Q4, Salesforce reported revenue of $11.2 billion, including subscription and support revenue of $10.7 billion, up 13% year over year.

For FY26, Salesforce reported revenue of $41.5 billion, reinforcing how subscription-led the business remains, with subscription and support representing the vast majority of the total.

For FY27, Salesforce initiated revenue guidance of $45.8 billion to $46.2 billion and initiated subscription and support revenue growth guidance of slightly under 12% year over year. Salesforce noted that part of its FY27 growth outlook reflects newly included revenue from Informatica, an enterprise data management software company it acquired, so the guidance is not purely organic growth.

On AI monetization, Salesforce said Agentforce ARR reached $800 million, up 169% year over year, and it has closed 29,000 Agentforce deals since launch, up 50% quarter over quarter. Salesforce also reported Agentforce and Data 360 ARR exceeding $2.9 billion, up over 200% year over year, and said more than 60% of Agentforce and Data 360 Q4 bookings came from existing customer expansion.

As supporting context on contracted demand, Salesforce reported a current remaining performance obligation of $35.1 billion, up 16% year over year, and a remaining performance obligation of $72.4 billion, up 14% year over year.

INSIDER TAKE

For senior leaders across the subscription economy, this earnings report is useful less as a SaaS scorecard and more as a blueprint for how a scaled subscription business is framing growth in 2026 and 2027: protect the recurring base, then build a monetizable AI layer that expands inside existing accounts.

• The core subscription engine is still the center of gravity. Salesforce’s revenue mix remains overwhelmingly recurring, with subscription and support driving nearly all of the reported top line. The cross-category takeaway is simple: stable recurring fees are still the foundation that funds new product bets and cushions volatility.

• AI is being productized as a paid layer, not just a feature set. Agentforce ARR is small relative to the overall revenue base, but its growth rate is the signal. This is the familiar subscription playbook: launch a new value layer, package it clearly, prove it in the field, then scale it through expansion.

• Expansion is the default motion for AI revenue. Salesforce’s disclosure that most Agentforce and Data 360 bookings are coming from existing customer expansion is a reminder that AI commercialization is increasingly a lifecycle motion. For operators, that means the go-to-market plan has to include onboarding, enablement, and renewal-ready proof of value, not just a launch announcement.

• Expect the “unit of value” conversation to move closer to the invoice. Salesforce is introducing operational AI metrics, such as agentic work units, alongside ARR. Across the subscription economy, the comparable work is defining the billable unit that maps to outcomes and can be explained in plain language at renewal, whether that is tasks completed, workflows automated, credits consumed, or another auditable unit.

• Treat guidance as the plan, but keep the benchmarking lens clean. The Informatica contribution note is not the story, but it matters when executives use public comps as demand signals. The practical lesson: separate underlying momentum from newly included revenue when you translate a vendor’s outlook into your own market read.

• Backlog metrics are corroboration, not the headline. Current RPO and total RPO can support a forward demand narrative, but for a broad subscription audience, they are best used as context behind guidance, not as the lead claim