Earnings Live: Will Salesforce Stock Jump After Earnings Tonight?

Salesforce (NYSE: CRM) reports earnings after the close with shares up +3.7% over the past month, but still down –16.7% year-to-date and about 25% below their 52-week high of $369. Recent performance reflects investor uncertainty around AI monetization, macro software spending, and whether margin expansion has more room to run.

Consensus estimates call for $9.15 billion in revenue (+10% YoY) and non-GAAP EPS of $2.38, in line with company guidance. The street is particularly focused on subscription revenue durability, AI platform monetization, and whether Agentforce and Data Cloud — which now account for $900 million in ARR — are translating into deal flow and pricing power.

However, remaining performance obligation (RPO) growth and net new cRPO trends will be key tells on forward demand. While profitability has surged (non-GAAP op margin hit 31.4% in FY25), consensus is watching for sustained free cash flow conversion and whether Agentforce becomes more than an AI demo. Morningstar values the stock at $315 and assigns a “Wide Moat” rating — but Wall Street consensus price target is $362, leaving room for upside if Salesforce executes.

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