F2Q强劲的新年度经常性净增营业利润支持下半年加速增长

27August 2026 RatingBuy CRM.N United States CRM US Software F2Q - Strong NNAOV Supports 2HAcceleration Research Analyst+1-212-250-8563 F2Q provided the clearest evidence yet that Salesforce's organic revenue growthhas troughed and its second-half reacceleration ismoreclearly insight,whilealsopushing back on concerns that Al will disintermediate core applications (via anAnthropic partnership). Constant currency cRPO growth accelerated to 14% y/y.1ptabovepriorguidanceand our13%expectation,asstrongbookingsand near-Management also raised FY27 organic revenue guidanceby $100mn and guidedF3Q cRPO growth to approximately 14% in constant currency, above our andStreet expectations of ~13%.The combination of F1H net new AOV growthsignificantlyoutpacingAOV growth andSlack delivering its fastestquarterlynetnew AoV result since the acquisition meaningfully bolsters confidence in theplanned2Horganicrevenue acceleration. Research Analyst+1-212-250-6775 Research Associate+1-212-250-1575 NickGiovacchinResearch Associate+1-212-250-9075 KeychangesPrice target (USD) The quarter also provided tangible evidence that Al can expand,rather thandiminish,thevalueof Salesforce's installed base.AgentforceARR now exceeds$1.5bn (up from $1.2bn in F1Q), while AWUs (effectively tokens consumed)increased 97% q/q to 3.2bn, premium Agentforce SKU bookings more thandoubled sequentially, and accounts with agents in production grew 70% q/q. HalfofAgentforcebookingscamefromcustomersreplenishingconsumedcredits,anencouraging indication that deployments are increasingly generating recurringrevenue as customers realize value.The deepened Anthropic partnership andlaunch of Claudeforce also help alleviate concerns that frontier models willdiminish the need for Salesforce, instead positioning its data,applications, andgovernance as the trusted foundation through which customers access thosemonetization, particularly as headless and outcome-based pricing remain early,butprovidecredibleevidenceagainstinvestorconcerns.Weacknowledgeresultswerenotcompletely spotless,primarilymarked bytermlicense revenuevolatilityand weakness in Integration and Analytics, while management said it was tooearly to characterize better Marketing results as sustainable. 2552758%Source: Deutsche Bank On profitability, F2Q non-GAAP operating margin of 34.1% exceeded our 33.7%estimate nicely, while FY27 guidance was maintained at 34.3%, suggesting theimproved growth outlook is not coming at the expense of the profitabilityframework.In our view, the investor debate now shifts from whether or notsecond-halfaccelerationoccurstoitsmagnitudeanddurabilityintoFY28.Whileabroaderre-ratinglikelystill requiressustained organicaccelerationand scaled Salesforce should support improved sentiment. We reiterate our Buy rating and raise ourtarget price to $275 from $255, and look forward to further detail on thedurability of acceleration and Salesforce's evolving Al monetization strategy atDreamforce. (+) F2Q cc cRP0 +14% y/y was nicely ahead of guidance of approximately 13% and we estimate implies ~10% y/y organic cc, ahead of our expectations andacceleratinga touch from F1Q. organic Subscription revenue growth of +6.8% y/y cc slightly decelerated from7.6% in F1Q, as expected. (+) F2Q NGOM of 34.1% (-20bps y/y) was ahead of Street 33.7%. (+) Agentforce ARR exceeds $1.5bn and grew over 240% y/y. Effective F2Q,AgentforceARRincludes Slackbot and Headless360Alofferings.ManagementnotedthatAgentforceforSalesandServiceseatsgrewy/y,whileAgentforceOneEdition and Agentforce for Apps bookings more than doubled q/q. (-) Term-license revenues declined 15% y/y in F2Q, which compares with +5% y/ylast quarter though off a ~7-pt tougher compare (+17% y/y growth in F2Q26 vs+10% y/y growth inF1Q26). (+) Agentforce Apps revenue growth of 7% y/y in constant currency was stablewithlastquarter,whileData360,Platform&Otheracceleratedmodestlyto23%y/y in constant currency from 21% last quarter. (-)AgentforceMarketingandCommercerevenuedeclined2%y/y,comparedwitha1%declinelastquarter,andweexpecttheportfoliotoremainaheadwindtooverall companygrowth in FY27.Integration andAnalytics growthdeceleratedto 1% y/y from 3% last quarter. What we liked/What we're watching on guidance (+) FY27 Total revenue guidance was raised to $46.1-46.4bn, up 11-12% y/y and11% in CC, including slightly above 3pts from Informatica. The $200mn raise, or$300mn CC, reflects $100mn of organic growth and $200mn from the pendingContentfuland Finacquisitions. (+)FY27Subscription&Support revenuegrowth guidance was raisedto"slightlyunder12%"from"approximately11%"cc and includes"slightlyabove3pts"ofgrowth contribution from Informatica compared to "approximately 3pts"Management continues to expect organic revenue re-acceleration in the secondhalfofFY27 (=) FY27 NGOM guidance was reiterated at 34.3% and implies y/y expansion of~20bps. (=) FY270CF and FCF y/ygrowth guidance was reiterated at 4-5%. (=) F3Q cRP0 growthguided to~14% y/y cc