Q4 2026 Salesforce Inc Earnings Call

February 25, 2026

Operator: Good afternoon, everyone. My name is Layla, and I will be your conference operator today. At this time, I would like to welcome you to the Salesforce Q4 and Full Year Fiscal 2026 Conference Call. This conference is being recorded, and all lines have been placed on mute to prevent any background noise. After the speakers prepare remarks, there will be a question-and-answer session. At this time, I would like to turn the call over to Mike Spencer, Executive Vice President of Finance and Investor Relations. Sir, you may begin.

Speaker #1: Good afternoon, everyone. My name is Leila, and I will be your conference operator today. At this time, I would like to welcome you to the Salesforce fourth quarter and full year fiscal 2026 conference call.

Speaker #1: This conference

Mike Spencer: Good afternoon, and thanks for joining us today on our fiscal 2026 Q4 results conference call. We are trying out a new format today, and as such, have shortened our prepared remarks to ensure we have time for your questions. Our press release, SEC filings, and a replay of today's call can be found on our website. Joining me on the call today are Marc Benioff, Chair and CEO, and Robin Washington, Chief Operating and Finance Officer. We also have Miguel Milano, President and Chief Revenue Officer, and Patrick Stokes, President and Chief Marketing Officer, joining us for the Q&A portion of the call. Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties, and assumptions, which could change.

Mike Spencer: Should any of these risks materialize or should our assumptions prove to be incorrect, actual company results or outcomes could differ materially from these forward-looking statements. A description of these risks, uncertainties, and assumptions, and other factors that could affect our financial results or outcomes is included in our SEC filings, including our most recent report on Forms 10-K, 10-Q, and other SEC filings. Except as required by law, we do not undertake any responsibility to update these forward-looking statements. As a reminder, our commentary today will include non-GAAP measures. Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings materials and our press release. With that, let me hand the call to Marc.

Speaker #2: our assumptions prove to be incorrect, actual company results or outcomes could differ materially from these forward-looking statements. A description of these risks, uncertainties, and assumptions, and other factors that could affect our financial results or outcomes is included in our SEC filings, including our most recent report on Forms 10-K, 10-Q, and other SEC filings.

Marc Benioff: All right. Thanks so much, Mike. We're so thrilled to be here with everybody. I'll tell you what, we're here in this beautiful San Francisco on the 60th floor of Salesforce Tower. It is a gorgeous day, 70 degrees, the AI capital of the world. We're coming here to you live. Really excited about everything that's going on. Let's start with the highlights from one of the absolute best years in our history and one of the best performances in software ever, guiding one of the best performances in software ever. We have delivered phenomenal performance across revenue, across margin expansion, across cash flow, and CRPO and RPO. I mean, the numbers are really incredible. For the full year, we delivered $41.5 billion in revenue, up 10% year-over-year, 9% constant currency.

Marc Benioff: We had $11.2 billion in revenue for Q4, up 12% year-over-year, 10% constant currency. CRPO rose to $35.1 billion, up 16% year-over-year, and 13% in constant currency. We passed an incredible milestone with $72 billion in total RPO, which is up 14% year-over-year. That is $72 billion in total RPO, up 14% year-over-year, in case you missed that point. I did read a tweet that RPO does not matter, but evidently, we have it if it does matter. Total RPO, $72 billion. Last year, we laid out a path towards double-digit revenue growth by the second half of fiscal year 2027, and we're hitting our marks.

2 billion in revenue, for the fourth quarter up. 12% year-over-year, 10% constant currency crpo rows to 35.1 billion up 16% year-over-year and 13% in constant currency and we passed an incredible Milestone with 72 billion in total RPO, which is up 14% year-over-year. Now, that is 72 billion in total RPO up 14% year-over-year. In case you missed that point, I did read a tweet that RPO does not matter but evidently we have it, if it doesn't matter. So total, RPO 72 billion.

Marc Benioff: Based on our strong Q4 performance and the fast start with Informatica, we're updating our fiscal year 2030 revenue target to $63 billion. That means we've only spent two years of the 2040s. Kind of hard to believe. I have never seen performance like this, but this obviously is not a rational market. We all know this, so we're using our remarkable cash flows to take advantage. You know, this is not our first SaaSpocalypse. We have been through many SaaSpocalypses. You know, I remember the horrible SaaSpocalypse of 2020, when not only the software industry was dying, but we were all dying. We made it through that, and now everyone is back, doing great. We're so grateful to make it through that, and we're gonna make it through this one as well.

Last year we laid out a path towards double digit Revenue growth by the second half of fiscal year 27 and we're hitting our marks. And based on our strong Q4 performance, in the fast start with Informatica, we're updating our fiscal year 30 Revenue Target to 63 billion. Now that means we've only spending 2 years of the 40s, kind of hard to believe.

I have never seen performance like this, but this obviously is not a rational Market, we all know this. So we're using our remarkable cash flows to take advantage. You know, this is not our first SAS apocalypse. We have been through many SAS apocalypses. You know, I remember the horrible SAS Apocalypse of 2020 when not only the software industry was dying but we were all dying but we made it through that and now everyone is back doing great. So we're so grateful to make it through.

Marc Benioff: It's just been a great marketing opportunity and a great buying opportunity, and that's why we are doing this incredible repurchase authorization of $50 billion. In fiscal year 26, we returned more than $14 billion, or 99% of our free cash flow to shareholders. Thank you, Robin, for that. Today, we're increasing our share repurchase authorization to $50 billion because these are some low prices. Robin will share more about that in a moment. The biggest brands in the world are choosing Salesforce to lead their agentic transformation, companies like Amazon, Ford, AT&T, Moderna, GM, Pfizer, so many, and these are big deals in Q4, wins over $1 million. We're up 26% year-over-year. That's just so we know, in Q4, wins over $1 million, we're up 26% year-over-year. Congratulations, Miguel.

Do that and we're going to make it through this 1 as well and it's just a great marketing opportunity and a great buying opportunity and that's why we are doing this incredible repurchase authorization to fifty billion dollars in fiscal year 26.

Marc Benioff: Wins over $10 million were up 33% year-over-year. For example, the U.S. Army, run by Army Secretary Dan Driscoll, is doing an amazing job, has awarded us a 10-year indefinite delivery, indefinite quantity contract with a ceiling of $5.6 billion. Thank you, Dan. This level of financial performance is a clear signal, that companies across every industry and region are investing in Salesforce to become agentic enterprises. Just like we've been talking about now for two years at Dreamforce, that the agentic enterprise is a real idea, and we're gonna talk about Agentforce, and I think it just became an $800 million business. We're gonna talk about that. You've heard me talk about it at Dreamforce and on these calls, our vision of humans and agents working together. For years, companies bought apps. We all use apps.

We returned more than 14 billion dollars or 99% of our free cash flow to shareholders. Thank you Robin for that. And today we're increasing our share purchase authorization to 50 billion dollars because these are some low prices so rather than we'll share more about that in a moment. The biggest brands in the world are choosing sales force to lead their agentic transformation companies like Amazon Ford, AT&T madna GM fiser, so many and these are Big deals in Q4. Wins over a million, we're up 20% year-over-year. That's just so we know in Q4 wins over a million were up 26% year-over-year. Congratulations. Miguel wins over 10 million were up 33% year-over-year. For example, the US Army run by Army, secretary Dan Driscoll is doing an amazing job has awarded us. A 10-year indefinite delivery. Indefinite quantity, contract with a sealing of 5.6 billion dollars. Thank you, Dan,

This level of financial performance is a clear signal, a clear signal, that companies across every industry and region are investing in Salesforce to become agentic Enterprises. Just like we've been talking about now for 2 years at dreamforce that the agentic Enterprise is a real idea. And we're going to talk about agent force and I think it just became an 800 Million Dollar business. We're going to talk about that, you've heard me talk about it at dreamforce and on these calls, our vision of humans and agents working together for years companies, bought apps.

Marc Benioff: I've got apps right here on my phone. I've got apps on my computer, but now I'm using apps and agents. I use them at home, I use them in my company. We've been talking about that. That is a reality. We have 83,000 employees here at Salesforce, humans, and we have lots of agents running around as well. Miguel qualified 50,000 leads this week with agents. We have apps and agents, we have humans and agents working together. We've been talking about that at Dreamforce as well, this is just an incredible opportunity for Salesforce. Our market is bigger than ever because not only are we selling apps, we're selling apps and agents.

We all use apps. I've got apps right here on my phone. I've got apps on my computer, but now I'm using apps and agents. I use them at home, I use them in my company. We could've been talking about that. That is a reality. We have a, we have 83,000 employees here at Salesforce humans and we have lots of Agents running around as well. Miguel qualified 50,000 leads this week with agents. So we have apps and agents, we have humans and agents working together. We've been talking about that at dreamforce.

Marc Benioff: Bringing humans, agents, apps, and data together, not just to make people better at their jobs, but to redefine how work gets done, this is just an incredible, exciting moment in software. We're seeing incredible demand for Agentforce. In its first 15 months, we closed 29,000 deals, up 50% year quarter over quarter. Customers in production have increased as well, nearly 50% in Q4. It can do more, have more power, more capability than ever. If you haven't seen the new Agentforce, you haven't seen Agentforce, the level of determinism, the voice capabilities, Agentforce Studio, and Agentforce Builder. We are spending a huge amount of time on Agentforce. I just saw the new Agentforce demos from our team. It was incredible. We even have Agentforce running in Slack. We have Agentforce Builder running in Slack.

As well. And this is just an incredible opportunity for Salesforce. Our Market is bigger than ever because not only selling apps, we're selling apps and agents. So bringing humans, agents apps, and data together, not just to make people better at their jobs, but to redefine how work gets done. This is just an incredible exciting moment in software. So we're seeing incredible demand for agent force in its first 15 months. We closed 29,000 deals up.

Marc Benioff: We have amazing things happening. Our Agentforce Data 360 ARR, including Informatica, now exceeds $2.9 billion. I heard ARR doesn't matter anymore. In case it does, we have $2.9 billion, up 200% year-over-year. More than 75% of our top 100 wins in Q4 included both Agentforce and Data 360. In a bit, we're gonna hear from three amazing customers. Wyndham, one of my very favorite customers in the world, the world's largest hotel chain. SharkNinja, I just got one of their great new products I'm sure you know about. They've got the best slushy machine, one of the most innovative consumer product companies in the world. SaaStr, an incredible community of B2B software founders, executives, investors, and I think you all know that I love Cason.

Marc Benioff: I've never been more excited about our business here at Salesforce. No one else is delivering this level of capability, at this scale, to this many customers. We are taking the power of the agentic enterprise, of these apps and Salesforce, and we're giving them the security, reliability, availability, scalability that you need to make them successful in business like ours. In all businesses, in small and medium businesses, in general sized businesses, in very large enterprises, in the government, and in ISVs as well. This is a category that just did not really exist a year ago. You know, I will just say that look at IT service management. You know, we just launched Salesforce IT service in October, you know, Salesforce ITSM, and in just a few months, Miguel has won over 180 customers. Amazing, Miguel.

Doesn't matter anymore. But in case it does, we have 2.9 billion up 200% year-over-year more than 75% of our top 100 wins in Q4 included, both agent, force and data 360 in a bit. We're going to hear from 3, amazing customers win them 1 of my very favorite customers in the world, the world's largest hotel chain shark ninja. I just got 1 of their great new products. I'm sure you know about, they've got the best slushie machine but 1 of the most Innovative consumer product companies in the world and fester in incredible community of B2B software, Founders Executives investors and I think you all know that I love Jason but I've never been more excited about our business here at Salesforce. No 1 else is delivering this level of capability at this scale to this many customers and we are taking the power of the agentic Enterprise of these apps and Salesforce. And we're giving them the security reliability availability scalability that

That you need to make them successful in business, like ours, but in all businesses—in small and medium businesses, in generalized businesses, in very large enterprises, in government, and in ISVs as well. So this is a category that just did not really exist a year ago, you know. I will just say that, look at IT service management—you know, we just launched Salesforce IT Service in October.

You know, Salesforce itsm.

Marc Benioff: I especially loved 5 customers who got to leave the purgatory of ServiceNow, like Sunrun, Cornerstone, Coolsys, and there's others too, that we're not allowed to mention, but I might mention them anyway, who are leaving ServiceNow now for the new Salesforce IT service product, which is about apps and agents helping you manage all your ITSM. Don't just think it's just that. We built an amazing new life sciences product this year, Agentforce for Life Sciences. Since we launched, so many of the global pharma companies, and I've met with so many of the CEOs myself, they're leaving Viva, purgatory of Viva, including AstraZeneca, Novartis, Takeda, and of course, Albert at Pfizer. They're all saying that they are going to Salesforce Life Sciences, which is a product that has apps and agents. This is amazing.

And in just a few months, Miguel has won over 180 customers, amazing Miguel. But I especially loved 5, customers who get to leave the Purgatory of service now, like Sunrun, Cornerstone cool systems. And there's others too that were not allowed to mention, but I might mention them anyway,

Who are leaving service now. Now, for the new sales force, it service product which is about apps and agents, helping you manage all your itsm. But don't just think, it's just that we built an amazing New Life Sciences product. This year agent force for Life Sciences.

And since we launched so many of the global Pharma companies and I've met with so many of the CEOs myself, they're leaving Viva, the Purgatory of Viva including astroica novardis ticada, and, of course, Albert at fiser. They're all saying that they are going to Salesforce Life Sciences which is a product that has apps and agents.

Marc Benioff: They are the most regulated businesses in the world. They're choosing Salesforce. You know, over the years, I've met with untold numbers of customers, call it thousands, call it more than that. They used to tell me that maybe, Okay, I want to roll my own AI. I'm gonna build my own model. I'm gonna build my own agent. I said, Tell me about that. Let me know how that goes. Show me exactly what you're doing. You can just turn it on in the Salesforce product you already have. You have Sales Cloud, turn on the agents. You have Service Cloud, turn on the agents. You have Marketing Cloud, turn on the agents. You have Slack, turn on Slackbot. That idea that every app now has the capability to have agents.

And this is amazing. They are the most regulated businesses in the world, and they're choosing Salesforce. And, you know, over the years I've met with

Untold numbers of customers. Call it thousands call it more than that. They used to tell me that maybe okay, I I want to roll my own AI. I'm going to build my own model, I'm going to build my own agent. I said, tell me about that, let me know how that goes. Show me exactly what you're doing or you can just turn it on in the sales force product you already have

Marc Benioff: Customers tell me that they want to basically kind of get to that next level, and the way to do that is by including this context, the ability for the AI, the data, to know you. No better example of that than Slackbot. Immediately as you turn it on, you're a Slack customer, it looks at all your Slack, it looks at your DMs, it looks through Salesforce, it looks through Google, it looks even at Microsoft Teams, as hard as that is for some agents to go and do, but we've told them how to do it.

Marc Benioff: It says, I understand your business, and I can give you help, advice, support. In fact, a recent survey of 100 CIOs found that the number of companies planning to use a platform like this idea of apps and agents, has now doubled just in the last 18 months because of this. They realize this is more than just turning on Moltbot on your Mac mini, okay? Which, by the way, I have a Mac, and the setup is great. OpenClaw, I love it.

You have sales Cloud, turn on the agents, you have service Cloud, turn on the agents, your marketing Cloud, turn on the agents, you have slack, turn on slackbot, and that idea that every app now has the capability to have agents. So customers tell me that they want to basically kind of get to that next level. And the way to do that is by including this context, the ability for the AI, the data to know, you know, better example of that than slackbot immediately as you turn it on your slack customer it looks at all your slack, it looks at your DMs, it looks through Salesforce, it looks through Google, it looks even that Microsoft teams as hard as that is for some agents to go and do but it's, we've told them how to do it. And then it says,

I understand your business and I can give you help advice support. And in fact a recent survey of 100 cio's found that the number of companies planning to use a platform like this, this idea of apps and agents has now doubled just in the last 18 months because

Because of this, they realize.

Marc Benioff: For companies who want to have the reliability, availability, security, okay, the sharing models, the key parts of that to really make sure that the business is safe and secure while you're running all these skilled agents. Well, let's just know that that is what Salesforce is doing, and that's why Salesforce has become one of these incredible companies, because our platform provides these amazing four layers that you see right here, that everyone needs to convert raw intelligence into real work, everything they need to become an agentic enterprise. Just look at this. Look at what we've built. Look at what we have built, and thank you to our team. They have done a phenomenal job. Srini can't be here 'cause he's in India. He was at the India AI Summit this week. He could not make it back here in time.

This is more than just turning on Milk Bot on your Mac Mini, okay? Which, by the way, I have a Mac and the setup is great. Open Claw. I love it.

But for companies who want to have the reliability, availability, security, okay—the sharing models, the key parts of that to really make sure that the business is safe and secure while you're running all these scaled agents—well, let's just know that that is what Salesforce is doing. And that's why Salesforce has become one of these incredible companies, because our platform provides these amazing—

Four layers that you see right here that everyone needs to convert raw intelligence into the real world. Everything they need to become an agentic enterprise. Just look at this. Look at what we've dealt.

Marc Benioff: Look at what our engineering team has built, and thank you to them. Look at where it starts. First of all, yes, we can use all those large language models. We love them all. You know, we love all of our children equally. Down below here, whether it's Anthropic, OpenAI, Mistral, or Llama, you know, all of them. There's more coming. They're amazing. You know, world models are coming. They're amazing. They're all down below here, and we're using them. Then, of course, we bring them into Data 360, and that lets you harmonize your data, integrate your data, and federate. That means connect into other data sources throughout your company and grab it.

India. He was at the India AI Summit this week. He could not make it back here in time.

Look at what our engineering team has built and thank you to them.

Marc Benioff: You know, other data repositories, you might be using Snowflake or Databricks, you might be using BigQuery or, you know, anything, even IBM Mainframes. You can bring it into Data 360, activate your data, then it comes up into your apps. If you're using the Service app and you want to have an experience like help.salesforce.com for your company, now the Service app has that agentic capability. The data's coming up. It comes up to the next level to Agentforce. You can build your agents, train your agents, put the guardrails in your agents, give them voice. They can talk now. They're talking. All of a sudden, you can even manage and orchestrate and collaborate from Slack.

Look at where it starts. First of all, yes, we can use all those large language models. We love them all. You know, we love all of our children equally and down below here whether it's anthropic or a open AI or Mistral or llama, you know, uh, all of them and there's more coming, they're amazing, you know, World models are coming, they're amazing. They're all down below here, and we're using them. And then, of course, we bring them into Data, 360 and that lets you harmonize your data and integrate your data and Federate that means Connect into other data sources throughout your company and grab it, you know, other data repositories, you might be using snowflake or date of bricks, you might be using big query or, you know, anything even IBM mainframes and you can bring it into the data 360 and then it comes up into your apps. So if you're using the service app and you want to have an experience like help.salesforce.com for your company, now the service app has that agentic capability at the data is coming up and it comes up next to the next level to agent force and you can

Marc Benioff: This is our architecture, and all of this is unified, integrated and that idea that we can deliver this unified platform to our customers to help them deliver humans and agents working together. You can see right here, Agentforce has the tooling to build, to manage, to orchestrate the agents, to make them talk, to give them determinism, you know, to give them the capabilities that they want. Then we have the engagement layer to deliver agentic enterprises, where work happens in Slack, across our apps. If you haven't seen Slackbot. You know, I talk to a lot of customers who are like, I don't see Slackbot. Why are you using it?

Build your agents, train your agents, put the guardrails in your agents, give them voice. They can talk. Now they're talking, and then all of a sudden, you can even manage and orchestrate and collaborate from Slack. So this is our architecture, and all of this is unified, integrated, and that idea that we can deliver this.

Unified platform.

2, our customers to help them deliver.

Marc Benioff: I have the free edition. I'm like, Well, maybe you should pay us and get the Enterprise edition, because, boom! That's when all of a Slackbot turns on, and you can go through your whole company, run your company. I had, you know, one of our customers over last night, Aneel Bhusri, at Workday. I'm like, Have you seen Slackbot, Aneel? He's like, No, I haven't seen it yet. I'm like, You're the biggest Slack customer we have! I'm like, I had to sit there and say, Look at this. I'm like, said to Slackbot, I'm having drinks with Aneel, and I just am trying to, like, give him a demo of Slackbot. What should I say to him? What is the strategy between Salesforce and Workday? Boom, boom, it just went through the whole thing, showed him every deal.

Marc Benioff: He couldn't believe everything that was happening between these, our two companies. He had to get updated 'cause he's the new CEO of Workday, and it was amazing. That was my real experience. You know, together, all of this is the complete operating system for the agentic enterprise. Yes, I'm using it myself, you know, and we're using it. We're customer zero, and that's crucial because, look, we already know now our customers aren't going to deploy just one agent. There's going to be many agents, many capabilities, the ability to automate many different types of work, and they're going to deploy hundreds or thousands. Many are going to be from us, others are going to be from other amazing companies, you know, like that one that I just mentioned, Workday. I love them. These agents can't work in isolation.

Humans and agents working together. So you can see right here agent force has the tooling to build to manage the orchestrate the agents to make them talk to give them determinism you know to give them the capabilities that they want. And then we have the engagement layer to deliver agentic Enterprises where work happens in slack across our apps. If you haven't seen slackbot, you know I talked to a lot of customers. Like I don't see slackbot why are you I have the free edition? I'm like well maybe you should pay us and get the Enterprise Edition because boom, that's when all the slackbot turns on and you can go through your whole company. Run your company. I had, you know, 1 of our customers over last night, Neil, bushy at workday. I'm like, have you seen slackbot? And, you know, he's like, no, I haven't seen it yet. I'm like, you're the biggest slack customer we have. I'm like, I had to sit there and say, look at this, and I'm like, said it's slackbot. I'm having drinks with a Neil, and I just am trying to, like, give him the demo of slackbot. What should I say to him? What is the strategy between Salesforce and workday? And then boom. Boom, boom, boom. It just went through the whole thing. Showed him every deal. He couldn't believe.

Everything that was happening between these two companies. He had to get updated because he's the new CEO of Workday. And

It was amazing. That was my real experience, you know?

Together. All of this is the complete operating system for the agentic Enterprise. Yes, I'm using it myself.

Marc Benioff: You know, like ET, each one of them needs to phone home, okay? That home is Salesforce, and they are calling us through the MCP server or maybe even just through one of our core platforms, and the more agents that our company deploys, us or anyone else, the more essential our platform becomes. This is my personal testimonial. I am giving you my personal testimonial of how I run Salesforce. You can come here. I will show you how I run a business with apps and agents together, and it's why nearly 90% of Forbes' top 50 AI companies use Salesforce and Slack.

You know, and we're using it, we're customer zero. And that's crucial because look we already know. Now, our customers aren't going to deploy just 1 agent. There's going to be many agents, many capabilities. The ability to automate many different types of work and they're going to deploy hundreds or thousands. Many are going to be from us. Others can be from other amazing companies, you know, like that 1 that just mentioned worked at 11 but these agents can't work in isolation, you know like like ET each 1 of them needs to phone home.

Okay, so that home is sales force and they are calling us through the mCP server or maybe even just through 1 of our core platforms and the more agents that our company deploys us or anyone else. The more essential our platform becomes. This is my personal testimonial.

I'm giving you my personal testimonial of how I run Salesforce. You can come here, I will show you how I run a business with apps and agents together, and it's why nearly 90%—90%—of Forbes top 50 AI companies...

Marc Benioff: If there is a SaaSpocalypse, I think it might be eating, being eaten by the Sasquatch, because there are a lot of companies using a lot of SaaS, because SaaS just got a lot better with agents as a service. I won't get exactly tell you what that, you know, says, but let's just say they're SaaS, and there's also agents as a service. I want to tell you how we're measuring the value our platform delivers to customers. Today, we are one of the largest consumers of tokens in the world to date. Over 19 trillion tokens. We continue to show you that because we want you to see that we're actually doing what we say.

Forbes' top 50 AI companies use Salesforce and Slack. And if there is a SaaS apocalypse, I think it might be 'eat or be eaten' by the essay Sasquatch, because—

There are a lot of companies using a lot of SaaS because SaaS just got a lot better with agents as a service. Now, I won't exactly tell you what that, you know, says, but let's just say there's SaaS and there's also agents as a service.

Now, I want to tell you how our measuring the value, our platform delivers to customers today, we are 1 of the largest consumers of tokens in the world today. Now, over 19 trillion tokens. So we continue to show you that because we want you to see that we're actually

Marc Benioff: I know that there's been some enterprise software companies who say they're doing agents or they're doing AI, then they're not showing up in the token rankings from the language model companies, you know, we're, here's 19 trillion, okay. We really want to take this to another level. Another level is a token on its own doesn't know your customers, your pipeline, your org chart, but Salesforce does. The value isn't in the token. The value is when what our platform does with it, the work. That's why today we're introducing an additional metric, the Agentic Work Unit, created by our very own Patrick Stokes, sitting here at the table. The AWU, not to be confused with our customer, AWS. An AWU represents one unit of AI work, Agentic Work Unit. We're rolling this out to see how you like it.

Marc Benioff: Actually, here in earnings, it's a record updated, workflow triggered, decision made, MCP called, and to date, AI agents on the Salesforce platform delivered 2.4 billion agentic work units. That is where AI isn't just thinking or calling things, it's getting work done, transactions. In Q4 alone, we delivered about 771 million of them. You know, we're still trying to exactly figure out exactly what these numbers mean for us, but what it means for me is that we are doing what we say. That is, we are explaining that humans and agents are working together. We are showing you a business at scale, running them. We are showing them how we are making our business better. Our service is so much better this year because we're using our new Service Cloud with our Omni-Channel Supervisor, deployed with Agentforce.

But we really want to take this to another level. And another level is a token on its own. Doesn't know your customers, your pipeline, your org charts, but Salesforce does, and the value isn't in the token, the value is when what our platform does with it. The work. That's why. Today, we're introducing an additional metric, the agentic work unit created by our very own, Patrick Stokes sitting here at the table. The awu not to be confused with our customer AWS and awu represents 1 unit of AI work, agentic work unit. We're rolling this out to see how you like it actually here in earnings. It's a record updated workflow, triggered decision made mCP called and today, AI agents on the Salesforce platform delivered 2.4 billion. Agentic work units that is where AI isn't just thinking or calling things. It's getting work done. Work done transactions. And in Q4 alone, we delivered about 771 million of them. You know, we're still trying to exactly figure out exactly what

Marc Benioff: Our sales, Miguel just hit record sales numbers. You can see them. We've never sold or had so much ACV in our history in Q4, because not only does he have his 15,000 account executives, but he has all these agents who are out there doing this amazing work. That is so exciting. This is raw intelligence converted into real work. It's driving efficiency and growth. Okay, now let me tell you about one of the biggest drivers of these work units, Slackbot. A lot of you use Slack. I use Slack every day. It's the ultimate employee agent, and many of you know that X, the social media platform, hosts about 500 million messages a day, right? Elon Musk do an amazing job on X. Incredible what he has done. Did you know that Slack hosts about 1 billion messages a day?

These numbers mean for us. But what it means for me is that we are doing what we say that is, we are explaining that humans and agents are working together. We are showing you a business at scale running them. We are showing them how we're making our business better. Our service is so much better this year because we're using our new service. Cloud with our Omni Channel supervisor deployed with agent force. Our sales Miguel, just hit record sales numbers. You can see them we've never sold or had so much

JCV in our history of the fourth quarter. Because not only does he have his 15,000 account executives, but he has all these agents who are out there doing this amazing work.

So that is so exciting. This is Ron intelligence converted into the real work. It's driving efficiency and growth. Okay. Now let me tell you about 1 of the biggest drivers of these work units. Slack bot, a lot of you use slack. I use slack every day. It's the employee ultimate employee agent and many of you know that X the social media platform hosts about 500 million messages a day, right?

Elon Musk—he's done an amazing job on X. It's incredible what he has accomplished. But did you know?

Marc Benioff: While X, amazing X, I use it myself, I just tweeted something, you know, 500 million messages a day. Well, Slack is hosting 1 billion messages a day. Remember, every one of them is about getting work done. That's why we bought it. Remember, Slack's ticker symbol was work. Slackbot can access all of those messages as well as your files, your calendar, your Salesforce, your Google, your Microsoft Teams, your this, your that. Slackbot goes around, pulls it all together, and then it knows your business. It's able to orchestrate with other agents. It has an incredible partner marketplace, really the number one AI ecosystem in the world, and has more than 350 AI apps and agents already. There is no other AI ecosystem like it. One of those partners is the great Anthropic. We love Anthropic. We love Dario, Daniela.

That Slack hosts about a billion messages a day.

So while X amazing X I use it myself. I just tweeted something.

You know, 500 million messages a day. Well, Slack is hosting a billion messages a day. And remember, every one of them is about getting work done—that’s why we bought it. Remember, Slack’s ticker symbol was WORK.

Slackbot can access all of those messages as well as your files, your calendar, your sales force, your Google, your Microsoft teams, you're this. You're that slackbot goes around pulls it all together and then it knows your business. So then it's able to orchestrate with other agents, that has an incredible partner Marketplace, really the number 1, a ecosystem in the world and has more than 350 AI apps and agents already. There is no other AI ecosystem. Like it 1 of those Partners is the Engrade anthropic we love.

Marc Benioff: I tweeted about what they did yesterday. Incredible demo. Just yesterday, Dario demonstrated how he is doing something amazing with Salesforce in the enterprise. Every single one of their demos, whether it was for HR, engineering, investment banking, started and ending in Slack. Pretty awesome. It's about, you know, agents and apps, humans and agents, it's all working together. You can see it in his demos. You can see it in our demos. By the way, Anthropic runs its whole global operation on Salesforce and Slack. I think actually every AI company does. Yeah, I think they do. Maybe you saw they're hiring a Salesforce admin, Dario. Let us know if you need new names, but I think it's just a point we're making, that Salesforce is doing great with these AI companies.

Entropic, we love Dario Daniela. I tweeted about what they did yesterday. Incredible demo just yesterday Dario demonstrated, how he is doing something amazing with Salesforce and the Enterprise, every single 1 of their demos, whether it was for HR engineering Investment, Banking started in ending in slack, pretty awesome. And so,

It's about, you know, agents and apps, humans and agents—it's all working together. You can see it in his demos, you can see it in our demos. By the way, Anthropic runs its whole global operation on Salesforce and Slack. I think actually every AI company does.

Yeah, I think they do. So maybe you saw their higher in the Salesforce admin, Dario.

Marc Benioff: We're so thrilled of our relationship with Dario, and I think we just put another $100 million into the new round. We're up about $330 million into Anthropic invested. It's almost about 1% of Anthropic, and believe me, I wish we had invested a lot more, John. I don't know why we didn't do more. With that, it's time we're gonna hear from some of our most inspiring customers becoming agentic enterprises. We have the great Mark. Mark, I see you. Mark is there from SharkNinja. Hey, Mark.

Let us know if you need new names, but I think it's, uh, just a point we're making that sales force is doing great with these AI companies. We're so thrilled of our relationship with Dario and, um,

I think we just put another hundred million dollars into the new round. We're up about 330 million dollars into anthropic invested is almost about 1% of anthropic and believe me. I wish we had invested a lot more John. I don't know why we didn't do more. Okay, with that it's time we're going to hear from some of our most inspiring customers, becoming agentic Enterprises. We have the great Mark, Mark, I see you.

[Company Representative] (SharkNinja): Hey, Mark. Congratulations to you and your team. What a quarter!

Mark Barrocas: Hey, Mark. Congratulations to you and your team. What a quarter!

Mark is there from shark ninja. Hey Mark. Hey Mark, congratulations to you and your team what a quarter.

Marc Benioff: Mark, I'm so thrilled to talk to you, and I love all your products, and thank you for the Christmas presents. I have them, and I'm using them.

Mark, I'm so thrilled to talk to you, and I love all your products. Thank you for the Christmas presents—I have them and I'm using them.

[Company Representative] (SharkNinja): Appreciate it. I'm really happy that, you know, so much of our, you know, holiday selling season was really driven by the launch of Salesforce. That, as you know, happened at the end of September. You know, would love to talk to you about it.

Mark Barrocas: Appreciate it. I'm really happy that, you know, so much of our, you know, holiday selling season was really driven by the launch of Salesforce. That, as you know, happened at the end of September. You know, would love to talk to you about it.

Marc Benioff: Well, Mark, you know that we've been working together now, just me and you, as well as with our whole sales team, to make we can automate all of SharkNinja. We want to automate your sales, service, marketing, your commerce, everything you're doing. I'm so excited about your future. We have our best team working with you. Give us your view of what's happened and the value we've been able to deliver. What's your biggest surprise? You know, what in the slushie machine, what came out?

We can automate all of shark ninja. We want to automate your sales service marketing or Commerce, everything you're doing. I'm so excited about your future. We have our best team working with you. Give us a give us a, your view of what's happened and the value we've been able to deliver. What's your biggest surprise? You know what, what in the slushy machine, what came out?

[Company Representative] (SharkNinja): Yeah, look, Mark, I mean, we launch 25 products a year, and we're really innovating at speed, and we need customer service solutions that move just as fast. I mean, most companies treat service as a cost center. For us, Mark, it's really about lifetime value of the consumer. I mean, we view service as a growth engine for the business, and it's not just about serving, you know, servicing problems, it's about building lifetime value. We set up with you and your team, a guided shopping agent in 8 weeks, right before the holiday season. I was nervous about it as I went to my team, and I said, We're putting this in place in October? There's generally kind of a cutoff in our business where, you know, after October 1st, you don't really do anything.

Mark Barrocas: Yeah, look, Mark, I mean, we launch 25 products a year, and we're really innovating at speed, and we need customer service solutions that move just as fast. I mean, most companies treat service as a cost center. For us, Mark, it's really about lifetime value of the consumer. I mean, we view service as a growth engine for the business, and it's not just about serving, you know, servicing problems, it's about building lifetime value. We set up with you and your team, a guided shopping agent in 8 weeks, right before the holiday season. I was nervous about it as I went to my team, and I said, We're putting this in place in October? There's generally kind of a cutoff in our business where, you know, after October 1st, you don't really do anything.

[Company Representative] (SharkNinja): We launched this in eight weeks. It brought tremendous value to the consumer. I mean, it helped them with researching, buying, and troubleshooting, really all in one seamless conversation. It was a great success for us this holiday season.

Mark Barrocas: We launched this in eight weeks. It brought tremendous value to the consumer. I mean, it helped them with researching, buying, and troubleshooting, really all in one seamless conversation. It was a great success for us this holiday season.

Look Mark. I mean we launched 25 products a year and we're really innovating at speed and we need customer service solutions that move just as fast. I mean most companies treat Services a cost center for us Mark. It's really about lifetime value of the consumer. I mean we've used Service as a growth engine for the business and it's not just about serving, you know, servicing problems. It's about building lifetime value. We set up with you and your team, a guided shopping agent in 8 weeks, right? Before the holiday season, I was nervous about it as I went to my team and I said we're putting this in place in October. Uh, there's generally kind of a cut off in our business where, you know, after October 1st, you don't really do anything. And we launched this in 8 weeks and it, it brought tremendous value to the consumer. I mean, it helped them with researching and buying and troubleshooting really all in 1 seamless conversation. So it was a great success for us this holiday season.

Marc Benioff: Well, Mark, you know, I think that working with you has been extremely interesting because you're very much a B2C company. You know, there's so many exciting things that you're doing. You know, when you look at what Salesforce has done and deployed, especially in regards to AI and agents and apps, you know, where has it really impacted you the most?

Well Mark, you know, I think that working with you has been extremely interesting because you're very much a b2c company and you know there's so many exciting things that you're doing. Um you know when you look at what Salesforce has done and deployed especially in regards to Ai and agents and apps you know where is it? Really impacted you? The most

[Company Representative] (SharkNinja): Well, look, I mean, let me start with this stat for you. I mean, just since we launched Salesforce in Q4, I mean, agents have participated in a quarter of a million consumer engagements during that period of time. Just in a really, really short period of time, a quarter of a million engagements. You know, we put so many products out into the market, you know, sometimes that many products creates complexity for the consumer. Whether they're calling about a service issue, or a troubleshooting issue, or a where's my order issue, it's allowed our customer service agents to focus on really the challenging issues, and it's freed up an enormous amount of time for them. It's a win for the consumer because the consumer is getting their questions answered quickly, they're not waiting.

Mark Barrocas: Well, look, I mean, let me start with this stat for you. I mean, just since we launched Salesforce in Q4, I mean, agents have participated in a quarter of a million consumer engagements during that period of time. Just in a really, really short period of time, a quarter of a million engagements. You know, we put so many products out into the market, you know, sometimes that many products creates complexity for the consumer. Whether they're calling about a service issue, or a troubleshooting issue, or a where's my order issue, it's allowed our customer service agents to focus on really the challenging issues, and it's freed up an enormous amount of time for them. It's a win for the consumer because the consumer is getting their questions answered quickly, they're not waiting.

[Company Representative] (SharkNinja): It's a win for us because it's driving down cost, and it's, in the end, just having a better service experience.

Mark Barrocas: It's a win for us because it's driving down cost, and it's, in the end, just having a better service experience.

Marc Benioff: Well, Mark, I just want to thank you so much. We're so grateful to you as a customer of Salesforce. It has been an absolute pleasure getting to know you, working with you, and I think that we have such a great future together, and thank you for the Christmas presents. I'm using them. I made some amazing mango sorbet, actually, this week, and it was awesome.

Well look, I mean, let me start with this stat for you. I mean, just since we launched Salesforce and Q4 I mean, agents are participating in a quarter of a million consumer engagements during that period of time. So just in a really, really short period of time, a quarter of a million engagements, you know, we put so many products out into the market and, you know, sometimes that many products creates complexity for the consumer. And so whether they're calling about a service issue or troubleshooting issue or a, where's my order issue? Um, it's allowed our customer service agents to focus on really the, the really challenging issues, um, and it's freed up an enormous amount of time for them. It's a win for the consumer because the consumer is getting their questions answered quickly. They're not waiting and it's a win for us because it's driving down cost. Um, and it's in the end just having a better service experience.

[Company Representative] (SharkNinja): Sounds great! Thanks, Mark.

Mark Barrocas: Sounds great! Thanks, Mark.

Well Mark, I just want to thank you so much for so grateful to you as a customer of Salesforce, it has been an absolute pleasure getting to know you working with you. And I think that we have such a great future together and and thank you for the Christmas presents. I'm using them. I have made some amazing mango sorbet, actually this week and it was awesome.

Marc Benioff: Bye, Mark. Great to see you. Well, I've been so thrilled to work with Mark, I have to also introduce you to another really good friend of mine, Jeff, at Wyndham. You probably heard from Jeff this week. He had a phenomenal quarter, doing great, the number 1 hotel in the world. Jeff, we are so thrilled. You know, Jeff, congratulations on everything that's going on with Wyndham. We're thrilled. Give us your vision of what's going on in the world and with Wyndham, and we'd love to hear how you're using Salesforce as well.

Sounds great. Thanks, Marc. Bye, Marc. Great to see you.

[Company Representative] (Wyndham): Well, we have, Mark, I mean, when you think about just how far we've come in the last year, today, we have over 5,000 deployments of Agentforce across our over 8,300 hotels. It is a huge, huge part of our agentic platform, and we are really just getting started. We're starting to roll out to Canada and internationally. With Salesforce tools like MuleSoft and Data 360, we have built a single source of truth, unified all of our guests' reservation information and data, all of their loyalty information, and all of their CRM data, that all of our agents now are operating with the same trusted and real-time guest and hotel information, which they weren't before. We're calling it Wyndham Guest 360.

Geoff Ballotti: Well, we have, Mark, I mean, when you think about just how far we've come in the last year, today, we have over 5,000 deployments of Agentforce across our over 8,300 hotels. It is a huge, huge part of our agentic platform, and we are really just getting started. We're starting to roll out to Canada and internationally. With Salesforce tools like MuleSoft and Data 360, we have built a single source of truth, unified all of our guests' reservation information and data, all of their loyalty information, and all of their CRM data, that all of our agents now are operating with the same trusted and real-time guest and hotel information, which they weren't before. We're calling it Wyndham Guest 360.

Well, I've been so thrilled to work with Mark, but I have to also introduce you to another really good friend of mine, Jeff at Windham, and you probably heard from Jeff this week, he had a phenomenal quarter doing great. The number 1 hotel in the world, Jeff, we are so thrilled. You know, Jeff, congratulations on everything that's going on with Windom, we're thrilled. Give us your vision of what's going on in the world and with Windom, and, and we'd love to hear how you're using Salesforce as well.

Well, we have Marc—I mean, when you think about just how far we've come in the last year, today we have over 5,000 deployments of AgentForce across our over 8,300 hotels. It is a huge, huge part of our agentic platform, and we are really just getting started. We're starting to roll out to Canada and internationally, but with Salesforce tools like MuleSoft and Data360, we have built a single source of truth, unified all of our guest reservation information and data, all of their loyalty information, and all of their CRM data. So that all of our agents—

[Company Representative] (Wyndham): It is a key enabler for our agent foundry, and it is delighting in better guest experiences, improving those experiences, and building on increased loyalty engagement. Most importantly, Mark, you've talked a lot about labor, which is agentic. It is taking millions of dollars of labor costs from our small business owners in the front office out of their operation, and it is driving millions of dollars of increased revenue for these franchisees.

Geoff Ballotti: It is a key enabler for our agent foundry, and it is delighting in better guest experiences, improving those experiences, and building on increased loyalty engagement. Most importantly, Mark, you've talked a lot about labor, which is agentic. It is taking millions of dollars of labor costs from our small business owners in the front office out of their operation, and it is driving millions of dollars of increased revenue for these franchisees.

Now, are operating with the same trusted and real time guests in hotel information, which they weren't before we're calling it, Windom guest 360. It is a key enabler for our agent Foundry and it is delighting

In better guest experiences, improving those experiences and building on increased loyalty engagement. But most importantly, Marc, you've talked a lot about

About Labor, which is a gentic. It is taking millions of dollars of labor cost from our small business owners in the front office out of their operation and it is driving millions of dollars of increased revenue for these franchises.

Marc Benioff: Well, I just have to say, Mark, I just have to say this one thing, which is, I have been hugely surprised at how fast you have gone, Jeff. We work with all the major hotel companies, and I love them all, and I stay in them all. They're fantastic. I'm actually gonna stay at a Wyndham hotel tonight. I'm flying east. I have to ask you this question, Jeff, because I don't understand, how are you going so fast? What are you doing? Is this because you're leading from the top? I mean, you seem to like, you know, I just talked from Mark at SharkNinja. He really is owning this. Why are you guys going so fast? Why are you doing so well? I mean, it's just incredible.

I have to say Mark I just have to say this 1 thing which is

I have been hugely surprised at how fast you have gone, Jeff.

What we work with all the major Hotel companies and I love them all and I stay in the mall, they're fantastic. I'm actually I'm actually going to stay at a Windham Hotel Tonight. I'm flying East.

[Company Representative] (Wyndham): We are-

Geoff Ballotti: We are-

Marc Benioff: You're loading out these apps and agents, your team is crushing it. What is going on?

[Company Representative] (Wyndham): We're in the hospitality business, we always say it's all about humans. Yes, it is humans, as you've always said, with agents, who are driving that customer success together. Think about our customers. Before our integration with you all, our agents had to spend time gathering basic guest information on who Marc Benioff was before he checked in tonight, that was not easily at their fingertips, or even worse, asking Mark for his information that we should have had. Our agents now have encyclopedic knowledge, think about it, of all of your guest history, all of your booking behavior, all of your loyalty status, 'cause we tied it all together, giving us an ability to answer any question imaginable that any guest like you might have before you check in tonight, before your stay, in moments, not minutes.

Geoff Ballotti: We're in the hospitality business, we always say it's all about humans. Yes, it is humans, as you've always said, with agents, who are driving that customer success together. Think about our customers. Before our integration with you all, our agents had to spend time gathering basic guest information on who Marc Benioff was before he checked in tonight, that was not easily at their fingertips, or even worse, asking Mark for his information that we should have had. Our agents now have encyclopedic knowledge, think about it, of all of your guest history, all of your booking behavior, all of your loyalty status, 'cause we tied it all together, giving us an ability to answer any question imaginable that any guest like you might have before you check in tonight, before your stay, in moments, not minutes.

But I have to ask you this question Jeff because I don't understand. How are you going so fast? What are you doing? Is this, because you're leading from the top. I mean you seem to like, you know I just talked from Mark at shark, ninja, he really is owning this, why are you guys going so fast? Why are you doing so well? I mean, it's just incredible, low low low, you're loading out, these apps and agents that's in your team is crushing it. What is going on? We're we're in the hospitality business and we always say, it's all about humans. Yes, but it is humans. As you've always said with agents who are driving that customer success together, think about our customers for before, our integration with you, all our agents, had to spend time Gathering, basic guest information on who Marc benioff was before he checked in tonight, and that was not easily at their fingertips, or or even worse, asking Mark for his information that we should have had and our agents now have encyclopedic knowledge. Think about it, of all of your guests history, all of your booking Behavior.

All of your loyalty status cuz we tied it all together, giving us an ability.

[Company Representative] (Wyndham): We're booking you into your preferred room based on our knowledge, our guest Salesforce knowledge of your past stay history. We are successfully working now, I hope, to upsell you a suite upgrade, if we haven't already, an early check-in. Sounds like you're getting in late, a late check-out tomorrow, if you'd like one. I don't know if you have pets, but if you were, those agents would be selling you a pet fee, or an F&B amenity for your pet.

Geoff Ballotti: We're booking you into your preferred room based on our knowledge, our guest Salesforce knowledge of your past stay history. We are successfully working now, I hope, to upsell you a suite upgrade, if we haven't already, an early check-in. Sounds like you're getting in late, a late check-out tomorrow, if you'd like one. I don't know if you have pets, but if you were, those agents would be selling you a pet fee, or an F&B amenity for your pet.

To answer any question imaginable that that any guests, like, you might have before you check in tonight before your stay in moments not minutes.

Marc Benioff: Don't tell my dogs about that. They're gonna jump in.

[Company Representative] (Wyndham): Look, this is all being done autonomously, which small business owners and operators would not have had time to do before. We have been working so hard. It is generating so much money. We're seeing faster average speeds of answer. Zero hold times. I've heard you talk a lot about why no customer should wait, and that's why we're doing it. We're receiving, and we're removing, more importantly, millions and millions of dollars, as I said, in the front office, but we're generating millions of dollars of increased ancillary revenues to these small business owners. It's not costing them anything.

Geoff Ballotti: Look, this is all being done autonomously, which small business owners and operators would not have had time to do before. We have been working so hard. It is generating so much money. We're seeing faster average speeds of answer. Zero hold times. I've heard you talk a lot about why no customer should wait, and that's why we're doing it. We're receiving, and we're removing, more importantly, millions and millions of dollars, as I said, in the front office, but we're generating millions of dollars of increased ancillary revenues to these small business owners. It's not costing them anything.

And and we're booking you into your preferred room based on our knowledge, our guests Salesforce knowledge of your past Day history. We are successfully working. Now I hope to upsell you a sweet upgrade. If we haven't already in early check-in, sounds like you're getting in late, a late checkout tomorrow. If you'd like 1, I don't know, if you're bringing, if you have pets, but if if you were with those agents, would be selling you a, a, a pet peeve or an FNB amenity for your dogs about that they're going to jump, they're going to jump in.

But look, this is all being done autonomously which which small business owners and operators would not have had time to do. Before we we we have been working so hard, it is generating so much money. We're seeing faster average speeds of answer zero whole times. I've heard you talk a lot about why? No customer should should wait. And that's why we're doing it. We're receiving and and we're moving more importantly, millions and millions of dollars as I said in the in the front office. But we're generating

[Company Representative] (Wyndham): We're also seeing, which is really, really important, a 200 basis point increase in direct bookings from AI voice agents and AI voice agent conversion, versus having to get those bookings through expensive third-party online travel agencies. That is increasing guest satisfaction. Our guest satisfaction scores are up 400 basis points. They've never been higher, and this customer experience that we've created is more efficient. Again, humans with agents driving customer success. We're agent first, and we're very proud of it.

Geoff Ballotti: We're also seeing, which is really, really important, a 200 basis point increase in direct bookings from AI voice agents and AI voice agent conversion, versus having to get those bookings through expensive third-party online travel agencies. That is increasing guest satisfaction. Our guest satisfaction scores are up 400 basis points. They've never been higher, and this customer experience that we've created is more efficient. Again, humans with agents driving customer success. We're agent first, and we're very proud of it.

Millions of dollars of increased ancillary revenues to these small business owners, it's not costing them anything. And we're also seeing, which is really, really important. A 200 basis, point increase in direct bookings from AI voice agents,

Marc Benioff: Well, I just wanna thank you so much, Jeff. Thank you, and thanks to your team, because I'll tell you, it takes a great leader like you, but it also takes a great team, and you've got both, and you've made something really incredible happen. Great job, and congratulations.

And and, and AI voice agent conversion versus having to get those bookings through expensive. Third-party online, travel agencies that is increasing guest satisfaction. Our Guest satisfaction scores are up 400 basis points they've never been higher and this customer experience that we've created is is more efficient again humans with agents. Driving customer success. We're agent first and and we're very proud of it.

[Company Representative] (Wyndham): We're proud to be with you. Our chief commercial officer was on stage with you at Dreamforce.

Geoff Ballotti: We're proud to be with you. Our chief commercial officer was on stage with you at Dreamforce.

Marc Benioff: I know. He did a great job.

[Company Representative] (Wyndham): Jeff Strickland-

Geoff Ballotti: Jeff Strickland-

Marc Benioff: Did a great job.

[Company Representative] (Wyndham): We'll be back this year.

Geoff Ballotti: We'll be back this year.

Marc Benioff: See you. I hope you come to Dreamforce this year. Bye, Jeff.

Well, I just want to thank you so much Jeff. Thank you. And thanks to your team because I'll tell you, it takes a great leader like you, but it also takes a great team and you've got both, and you've made something really incredible happen. Great job. And congratulations, we're, we're proud to be with you our, our chief commercial officer and was on stage with you at dream Force. You did a great job. Just reclining, we'll be back this year.

See you. I hope you come to Dreamforce this year. Bye, Jeff.

[Company Representative] (Salesforce): Bye, Mark.

Geoff Ballotti: Bye, Mark.

Hi Mark.

Marc Benioff: All right, well, I want to now introduce you to an incredible person who I've known for 20 years, and a very inspiring entrepreneur. He's really become a huge influencer in the world, who's getting his hands dirty at the great company called Factory, building agents, learning how they work, deploying them, really being on the bleeding edge, the cutting edge of this technology. Thanks for being here, Jason. I'm so thrilled to have you.

[Company Representative] (Factory): Super exciting. Yeah, congrats on the quarter, by the way.

Jason Lemkin: Super exciting. Yeah, congrats on the quarter, by the way.

Marc Benioff: Jason, I just want to ask you one question.

All right. Well you I want to now introduce you to incredible person who I've known for 20 years and it's very inspiring entrepreneur. Who's really become a huge influencer in the world is getting his hands dirty. At the great company called faster. Building, agents learning how they work. Deploying them really being on the bleeding edge. The Cutting Edge of this technology and thanks for being here. Jason, I'm so thrilled to have you super exciting. Yeah, congrats on the quarter, by the way.

[Company Representative] (Factory): Yes.

Jason Lemkin: Yes.

Marc Benioff: What is it that's making this happen? What is inspiring you to kind of transform yourself and transform, you know, Factory to this incredible opportunity?

Jason, I just want to ask you one quick question: What is it that's making this happen?

[Company Representative] (Factory): Well, look, maybe 2 things. We're builders. We've been... I mean, you were, I think you were, like, on RadioShack computers or something back in the day, right?

Jason Lemkin: Well, look, maybe 2 things. We're builders. We've been... I mean, you were, I think you were, like, on RadioShack computers or something back in the day, right?

What what transformed you know, faster to this incredible opportunity?

Marc Benioff: Right.

[Company Representative] (Factory): We've been building since we were kids, right?

Jason Lemkin: We've been building since we were kids, right?

Marc Benioff: Right down the street here, rolling game.

[Company Representative] (Factory): we've been build-...

Jason Lemkin: we've been build-...

Marc Benioff: You're right.

[Company Representative] (Factory): We're builders at our heart, right? This is the most exciting time to build ever for us as executives, entrepreneurs. Honestly, if you're not excited to be building an agent today, you should quit. You should go off and go to pasture, do your next thing. We backed into agents because I got tired, after our own big event, of rebuilding the team, and we went all in, and we said: I want to try to rebuild the whole team with agents, about almost 10 months ago. Agentforce was a key part of that. We wanted to push it early. Can you really do all of this, all these go-to-market motions with agents? The numbers are pretty good.

Jason Lemkin: We're builders at our heart, right? This is the most exciting time to build ever for us as executives, entrepreneurs. Honestly, if you're not excited to be building an agent today, you should quit. You should go off and go to pasture, do your next thing. We backed into agents because I got tired, after our own big event, of rebuilding the team, and we went all in, and we said: I want to try to rebuild the whole team with agents, about almost 10 months ago. Agentforce was a key part of that. We wanted to push it early. Can you really do all of this, all these go-to-market motions with agents? The numbers are pretty good.

Marc Benioff: Well, you've been a pioneer.

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: You know, it's a funny thing, because in our own independent world, here we are, we're out here building Agentforce...

Tired after our own big event of rebuilding, the team and we went all in and we said, I want to try to rebuild the whole team with agents about uh almost 10 months ago. The agent force was a key part of that can't. And we wanted to push it early. Can you really do all of this? All these go to market motions with agents and um, the numbers are pretty good. Well, you've been a Pioneer, you know, you you

The funny thing.

[Company Representative] (Factory): Yeah

Jason Lemkin: Yeah

Marc Benioff: ... Slackbot, you know that. We also acquired Momentum, and we acquired, you know, Qualified and so forth. We're so excited about these companies. All of a sudden, whoa! You kind of were building our vision of the future totally independently.

In our own independent World. Here we are. We're out here, building agent force slackbot, you know, that we also acquired momentum and we acquired, you know, qualified and so forth were so excited about these companies. And then all of the sudden,

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: You know, we felt very validated in a way. It was kind of crazy. We looked at you and said, Wow, this is a true visionary. You know, you really have always had a lot of clarity, not just in SaaS, before that, you know that.

Whoa. You kind of were building our vision of the future totally independently. Yeah. You know. And so

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: Now here you are, you know, as agents as a service as well. You're a visionary now as well. I guess once a visionary, always a visionary. Give us your vision then. You know, where are we going? You've heard about the SaaSpocalypse-

[Company Representative] (Factory): Yeah

Jason Lemkin: Yeah

Marc Benioff: You know that this isn't our first SaaSpocalypse.

[Company Representative] (Factory): No.

Jason Lemkin: No.

Marc Benioff: We've had a few of them. you know, now, you know, where are we going over the next couple of years?

[Company Representative] (Factory): Well, I think, and I think this is good for Salesforce, but I think we're underestimating how powerful these agents are. Look, for most people, AI is confusing, the media is confusing. What the hell is going on? Let me simplify this. I was just looking at our numbers on Agentforce this morning. So far, again, we're a small organization, we went from 15 humans to 2.5 and 20 agents. Okay, that's a lot of change. On Agentforce alone, as a tiny organization, we've closed $2.7 million. That's not the U.S. Army contract you got, but that's a lot for us, $2.7 with an agent, and we have $3.5 million more in the pipeline. Those are agents, and it works. That is exciting.

Jason Lemkin: Well, I think, and I think this is good for Salesforce, but I think we're underestimating how powerful these agents are. Look, for most people, AI is confusing, the media is confusing. What the hell is going on? Let me simplify this. I was just looking at our numbers on Agentforce this morning. So far, again, we're a small organization, we went from 15 humans to 2.5 and 20 agents. Okay, that's a lot of change. On Agentforce alone, as a tiny organization, we've closed $2.7 million. That's not the U.S. Army contract you got, but that's a lot for us, $2.7 with an agent, and we have $3.5 million more in the pipeline. Those are agents, and it works. That is exciting.

You know, we felt very validated in a way. It was kind of crazy but then we looked at you and said, wow, this is a true Visionary and you know, you really have always had a lot of clarity not just in SAS before that, you know, that and now here you are you know, as agents as a service as well. You have a You're A Vision there right now as well. So I guess, once a Visionary always a Visionary but give us your vision. Then you know, where are we going? Because you've heard about the SAS apocalypse. Yeah and you know that this isn't our first test apocalypse we've had a few of them but you know now you know, where are we going over the next couple of years.

well, I think and I think this is good for a sales force, but

[Company Representative] (Factory): That is exciting that these agents can go out and sell for you.

Jason Lemkin: That is exciting that these agents can go out and sell for you.

Marc Benioff: It is kind of crazy and amazing, isn't it?

[Company Representative] (Factory): It's crazy.

Jason Lemkin: It's crazy.

Marc Benioff: Yeah.

[Company Representative] (Factory): Not only was this not really possible a year ago, I mean, a year. You know, the problem with all of us, we were using ChatGPT in the early days. It was all hallucinations. It was hard to believe this stuff would work even 18 months ago, wasn't it? It was hard to believe. Everything got okay last summer, and then at the end of the year, it got great. There's reasons at Salesforce it got great, but to be nerdy, even at Anthropic, your customer, when they rolled out these four dot models, up to four or five, for B2B stuff like we do, it wasn't a little bit better. It was, like, jaw-droppingly better. Hallucinations would be worse than a human makes, and the productivity is high.

Jason Lemkin: Not only was this not really possible a year ago, I mean, a year. You know, the problem with all of us, we were using ChatGPT in the early days. It was all hallucinations. It was hard to believe this stuff would work even 18 months ago, wasn't it? It was hard to believe. Everything got okay last summer, and then at the end of the year, it got great. There's reasons at Salesforce it got great, but to be nerdy, even at Anthropic, your customer, when they rolled out these four dot models, up to four or five, for B2B stuff like we do, it wasn't a little bit better. It was, like, jaw-droppingly better. Hallucinations would be worse than a human makes, and the productivity is high.

I think we're underestimating how powerful these agents are. I think, look for most people, AI is confusing. The media is confusing. What the hell's going on? Let me simplify this. I was just looking at our numbers on agent, force this morning, so far. And again, we're a small organization. We went from 15 humans to 2 and a half, and 20 agents. Okay, that's a lot of change. But an agent for us alone as a time, your organization, we've closed 2.7 million dollars. That's, that's not a, the, the, the Army contract you got, but that's a lot for us, 2.7 million with an agent. And we have 3.5 million more in the pipeline. Those are agents and it works. And so that is exciting. That is exciting that these agents can go out and sell for you. And the first thing I did is kind of crazy and amazing, isn't it? It's crazy. It's, it just wasn't Not only was this not really possible a year ago and this is this, I mean, a year, you know, the problem with all of us, we were using chat to be in the early days, it was all hallucinations. It was hard to believe. This stuff would work even 18 months ago, wasn't it? It was hard to believe, but everything got okay.

[Company Representative] (Factory): It's just we've never seen these gains, and the idea that now our Salesforce instance can run autonomously versus doing manual data entry, I mean, this was always a dream.

Jason Lemkin: It's just we've never seen these gains, and the idea that now our Salesforce instance can run autonomously versus doing manual data entry, I mean, this was always a dream.

Last summer. And then at the end of the year, it got great. And there's reasons that Salesforce got great, but to be nerdy even at anthropic your customer when they rolled out. These 4 dot models up to 4, or 5 for B2B stuff like we do, it wasn't a little bit better. It was like jaw-droppingly better. The the hallucinations will be worse than the human makes and the productivity is high. So it's just we've never seen these games and the idea of

Marc Benioff: I want to tell everyone exactly why I wanted you here, because number one is, yes, we love. By the way, Market SharkNinja was awesome, right?

That now our Salesforce instance can run autonomously versus doing manual data entry. I mean, this was always a dream I want to tell.

[Company Representative] (Factory): Great.

Jason Lemkin: Great.

Marc Benioff: We had Jeff, you know, at Wyndham, and these are very big companies, like good-sized companies, not the biggest companies in the world, but incredible companies. You're a small company.

Exactly why I wanted you here, because, number one is yes, we love—by the way, Market Chart Ninja was awesome. Alright, great. And then we had Jeff, you know, at Wyndham, and these are very big companies, like good-sized companies.

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: You're in some ways a solopreneur, right?

[Company Representative] (Factory): Yes.

Jason Lemkin: Yes.

Marc Benioff: You're an entrepreneur. You know, I think that it is gonna go across the whole market. That is, small businesses are benefiting, medium. You know, we call small businesses 0 to 200 employees. Maybe that's where you are. We have 200, you know, to 200 to 2,000, you know, medium.

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: We have the 2,000 to 5,000 in general business, then we have the 5,000, the monsters, then we have the government, we have software companies. Every segment is impacted by this, don't you think? Every company is impacted.

And, um, not the biggest companies in the world, but incredible companies, but you're a small, you're a small company, you're in some ways a so solopreneur, right? You're an entrepreneur, you're, you know, and I think that it is going to go across the whole Market. That is small businesses are benefiting medium. You know, we sell we call small businesses 0 to 200 employees. Maybe that's where you are. Then we have 200, you know, to 200 to 2,000, you know, medium. Then we have the 2,000 to 5,000 and general business and then we have the 5,000, the monsters, then we have the government, we have software companies.

[Company Representative] (Factory): I think everyone is gonna look at their business and say: What can I fully automate with an agent? You're gonna unleash a torrent of creativity, right? The key thing that I've learned for folks is just start with one use case. For us, it was the idea you came up with, like, last summer, reactivate the leads the sales team never talked to. That was our first use case. Find something, or with Wyndham-

Jason Lemkin: I think everyone is gonna look at their business and say: What can I fully automate with an agent? You're gonna unleash a torrent of creativity, right? The key thing that I've learned for folks is just start with one use case. For us, it was the idea you came up with, like, last summer, reactivate the leads the sales team never talked to. That was our first use case. Find something, or with Wyndham-

Marc Benioff: That's a huge thing, right? 'Cause, like, there's 20 million, 30 million, we don't even know, maybe 100 million people we didn't call back in, like-

[Company Representative] (Factory): Yeah

Jason Lemkin: Yeah

Marc Benioff: 26 years. Miguel called back 50,000 people with agents last week that we would not have gotten to. Even though he's got all these reps, he still doesn't have the ability to call everybody back. It's amazing.

Every segment is impacted by this, don't you think every company is impacted? I think everyone is going to look at their business and say, what can I fully automate with an agent, everyone's going to, you're going to unlock a torrent of creativity, right? The key thing that I've learned for folks is just start with 1, use case for us. It was what you the idea you came up with like last summer reactivate the leads the sales team never talked to. That was our first use case, find something or with window a huge thing, right? Cuz like we there's 20 million 30 million I we don't even know maybe a hundred million people. We didn't call back in last 26 years but Miguel called back 50,000 people with agents.

[Company Representative] (Factory): We did $3,000 with Agentforce. I was just looking at a couple examples. We closed a $250,000 customer this week. The first one with Agentforce was Freshworks. You know Freshworks. They do support and a bunch of other stuff. They've changed. Girish isn't the CEO anymore. The marketing team's turned over. We don't know anybody. The agent found the right person and closed the deal. That's sort of magical. That wouldn't have really been possible without agents and AI, would it?

Jason Lemkin: We did $3,000 with Agentforce. I was just looking at a couple examples. We closed a $250,000 customer this week. The first one with Agentforce was Freshworks. You know Freshworks. They do support and a bunch of other stuff. They've changed. Girish isn't the CEO anymore. The marketing team's turned over. We don't know anybody. The agent found the right person and closed the deal. That's sort of magical. That wouldn't have really been possible without agents and AI, would it?

Marc Benioff: Isn't it exciting?

[Company Representative] (Factory): Yeah, it's just like-

Jason Lemkin: Yeah, it's just like-

Marc Benioff: That's exciting, right?

[Company Representative] (Factory): It's exciting.

Jason Lemkin: It's exciting.

Marc Benioff: Yeah.

[Company Representative] (Factory): The fact that every company can start with something here. They can reactivate something, or even with Wyndham, responding after hours. Actually, my old head of customer success is now head of SMB at PayPal. They use Agentforce. He just told me, texted me this morning, or DM'd this morning, they have a broken merchant flow where folks would sign up to use PayPal, and then they would abandon it, like an abandoned cart. They put Agentforce on it, and the conversion rates are much higher, but they couldn't get any people to do this, right? All of us have some process where there's no one to do it.

Jason Lemkin: The fact that every company can start with something here. They can reactivate something, or even with Wyndham, responding after hours. Actually, my old head of customer success is now head of SMB at PayPal. They use Agentforce. He just told me, texted me this morning, or DM'd this morning, they have a broken merchant flow where folks would sign up to use PayPal, and then they would abandon it, like an abandoned cart. They put Agentforce on it, and the conversion rates are much higher, but they couldn't get any people to do this, right? All of us have some process where there's no one to do it.

Marc Benioff: That's why I think it is so exciting.

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: 'Cause you have humans and agents working together.

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: You're working with your agents. It's the apps and the agents working together. You know, it's kind of fun because I think that for the last well, 26 years, you and I, we've been in this kind of SaaS industry, and it's all been all about apps.

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: That's the apps aren't gone away, as PayPal's still using those apps. By the way, PayPal is a huge customer in sales, B2B, and also service, call center, contact center.

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: Now, just as you articulated so beautifully, more productivity, more capability, you know, the ability, the lost card idea, you know, that's what we're finding, this ability. Now we're selling not just in the SaaS apps world, we're also selling agents. Yeah, these two are gonna be two markets. Who knows, maybe one will be bigger than the other. Maybe they'll both be the same size. We don't exactly know.

Ate something or even with Windom responding after hours. Um, and actually my old head of customer success is now head of SNB at PayPal. They use agent force and he just told me texted me this morning or DM this morning. They have a broken Merchant flow where folks would sign up to use PayPal and then they would abandon it like an abandoned cart. They put Asian force on it and the conversion rates are much higher, but they couldn't get any people to do this, right? So, all of us, have some process that is known to do it. So exciting. Because you have humans and agents working together. You're working with your agents, it's the apps and the Agents working together. But, you know, it's kind of fun because I think that for the last 26 years you and I we've been in this kind of sass industry and it's all been all about apps. Yeah. And that's now and the apps aren't got gone away. But those PayPal's still using those apps they have. By the way, pay account, pal is a huge customer in sales B2B, and also service Call Center contact center. Yeah, but now just as you articulated, so beautifully,

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: We just gave guidance, you know, that we're gonna do $46.2 billion this year, you know, on revenue. I can't tell you when the... And Agentforce is, like, about an $800 million business, you know, now.

more productivity, more capability, you know, the ability to the lost card idea, you know, that's what we're finding in this ability. So now we're selling not just in the SAS Apps World. We're also selling agents and yeah, these 2 are going to be 2 and who knows, maybe 1 will be bigger than the other, maybe they'll both do the same size, we don't exactly know. I mean we're still we're just gave we just gave guidance you know that we're going to do 46.2 billion this year you know, on revenues. So I can't tell you when the you know and and agent forces like about an 800 Million Dollar business.

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: I can't tell you exactly when Agentforce will be a $46 billion or $30 billion dollar but it has the potential to go, just like…

[Company Representative] (Factory): What's 46 times 3?

Jason Lemkin: What's 46 times 3?

Marc Benioff: I'm still planning...

[Company Representative] (Factory): Help me, what's 46 times 3? Help me, you guys. That's how big I think Agentforce will be.

Jason Lemkin: Help me, what's 46 times 3? Help me, you guys. That's how big I think Agentforce will be.

Marc Benioff: 46 times 3 is 120 plus 18 is-

[Company Representative] (Factory): Yes.

Jason Lemkin: Yes.

Marc Benioff: - uh, thirty-eight, a hundred and thirty-eight.

[Company Representative] (Factory): I think Agentforce, and I'm not being facetious, I think it'll be a $140 billion business.

Jason Lemkin: I think Agentforce, and I'm not being facetious, I think it'll be a $140 billion business.

Marc Benioff: You have other math you wanna do at the table? Got it.

[Company Representative] (Factory): because I think the value is about 3x the software.

Jason Lemkin: because I think the value is about 3x the software.

Marc Benioff: Yeah.

[Company Representative] (Factory): This is why I think the SaaSocalypse or Sasquatchocalypse or whatever, I think there's some truth to this because agents are changing the world. If you don't have Agentforce, if you're one of the leaders, and you don't-

Jason Lemkin: This is why I think the SaaSocalypse or Sasquatchocalypse or whatever, I think there's some truth to this because agents are changing the world. If you don't have Agentforce, if you're one of the leaders, and you don't-

Marc Benioff: Yeah

[Company Representative] (Factory): You're not there, I think it's fair to be concerned, right?

Jason Lemkin: You're not there, I think it's fair to be concerned, right?

Yeah, I don't know. So I can't tell you exactly when agent force will be a 46 billion or 30 billion but it it has the potential to go just like uh but but I'm still planning to help me. What's 46 * 3? Help me, you guys, that's how big I think 3 is 120. Plus 18 is 3,838, I think agent force and I I I'm not being fit is, I think it'll be 100 billion business because I think the value is about 3x. The software. Yeah, this is why I think the SAS ocalypse or Sasquatch or whatever. I I I I think there's some truth to this because agents are changing the world and if you're not if you don't have agent force, if you're 1 of the leaders and you don't and you're not there,

Marc Benioff: Yeah.

[Company Representative] (Factory): The value... You know, I wrote this post about how much more valuable Salesforce is us with our agents. It's not a little more valuable.

Jason Lemkin: The value... You know, I wrote this post about how much more valuable Salesforce is us with our agents. It's not a little more valuable.

Marc Benioff: I read it. It was awesome.

[Company Representative] (Factory): It's, like, 10 times more valuable.

Jason Lemkin: It's, like, 10 times more valuable.

Marc Benioff: I don't think you were using Salesforce really six months ago.

[Company Representative] (Factory): Not really. Our team had shrunk-

Jason Lemkin: Not really. Our team had shrunk-

Marc Benioff: Yeah

[Company Representative] (Factory): The value was, we were using it as a data store.

Jason Lemkin: The value was, we were using it as a data store.

Marc Benioff: You just fired some reps or whatever.

[Company Representative] (Factory): Yeah, well, never fired, they left. Yeah, yeah.

Jason Lemkin: Yeah, well, never fired, they left. Yeah, yeah.

Marc Benioff: Okay, they left.

[Company Representative] (Factory): They left.

Jason Lemkin: They left.

Marc Benioff: You know what I mean.

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: But now you have, like, a team of agents and humans, and your company's bigger and more successful than ever.

[Company Representative] (Factory): We're using Salesforce all day long.

Jason Lemkin: We're using Salesforce all day long.

Marc Benioff: Your conference is gonna be amazing this year, right?

[Company Representative] (Factory): Yeah. Yeah.

Jason Lemkin: Yeah. Yeah.

Marc Benioff: Okay.

[Company Representative] (Factory): Even, and actually, what's interesting is, not only are these agents using more of Salesforce, I just figured this out today. The most dated part of our software stack is a company called Marketo. You'll remember from the old days for marketing automation, right?

Jason Lemkin: Even, and actually, what's interesting is, not only are these agents using more of Salesforce, I just figured this out today. The most dated part of our software stack is a company called Marketo. You'll remember from the old days for marketing automation, right?

Marc Benioff: Absolutely.

[Company Representative] (Factory): Back in the day, very innovative, right? Jaw-dropped in the day. We're sort of a prisoner. We're stuck on it. These agents.

Jason Lemkin: Back in the day, very innovative, right? Jaw-dropped in the day. We're sort of a prisoner. We're stuck on it. These agents.

Marc Benioff: I got some things to show you there.

[Company Representative] (Factory): The agents, our Salesforce agents, have taken all of that data and put it into Salesforce. Now Salesforce is accumulating all the value from all these other stores and becoming a hub. That's why whatever the math is, I'm gonna bet on the 150. I'm not gonna... It might take 8 years, but I think the agentic side is worth 3 to 4 times the software side.

Jason Lemkin: The agents, our Salesforce agents, have taken all of that data and put it into Salesforce. Now Salesforce is accumulating all the value from all these other stores and becoming a hub. That's why whatever the math is, I'm gonna bet on the 150. I'm not gonna... It might take 8 years, but I think the agentic side is worth 3 to 4 times the software side.

I think it's fair to be concerned, right? But the value, you know, I wrote this post about how much more valuable sales force is us with our agents. It's not a little more valuable. I read it, it was awesome. It's like 10 times more valuable, so I don't think you were using sales force. Really 6 months ago, not really we our team had shrunk and the value was we were using it as a data store and some reps or whatever never fired they left. Yeah yeah. Okay. They left. They left. Yeah. And but now you have like a team of agents and humans and your company's bigger and more successful than ever. And we're, and we're using Salesforce all the amazing this year, right? Yeah. Okay. Or even? And and, and, and actually, what's interesting is not only are these agents using more sales works. I just figured this out today. The most dated part of our software stack is a company called Marketo. You remember from the old days for marketing and automation, right? Absolutely. Back in the day, very Innovative right jaw dropped in the day. We're sort of a prisoner. We're stuck on it. These agents, I got some things to show you there. Yeah, but the agents are so,

Salesforce agents have taken all of that data and put it into Salesforce. So now Salesforce is accumulating all the value from all these other stores and becoming the hub. So that's why whatever the math is, one, I'm going to bet on the 150. I'm not going to—it might take eight years.

Marc Benioff: A plus.

[Company Representative] (Factory): Yeah.

Jason Lemkin: Yeah.

Marc Benioff: Great job.

[Company Representative] (Factory): Thank you.

Jason Lemkin: Thank you.

Marc Benioff: Thanks for being here. We really appreciate you joining the earnings call.

[Company Representative] (Factory): It's great. Thanks, everybody.

Jason Lemkin: It's great. Thanks, everybody.

Marc Benioff: Thank you. All right, there we go. We just had three great customers.

Robin Washington: Yeah.

Marc Benioff: We gave some numbers, and now I'm turning it over to you, Robyn. Take it over.

Robin Washington: Thanks, Mark. What an amazing trilogy of three great questions.

Marc Benioff: Congratulations on such a great quarter.

Robin Washington: Absolutely, on a great year. We're gonna turn to the numbers and tell everybody about it. Good afternoon. We closed an exceptionally strong fiscal year. We have rebuilt our platform to convert the raw intelligence of LLMs into real work that drives revenue, as we just heard about, reduces costs, and scales reliably without limits. This is powering the transition to the agentic enterprise for our customers and ourselves. To share a few data points, as expected, Mark said we had a great quarter or great year. We finished the fiscal year 26 with second half net new AOV growth ahead of second half AOV growth. Agentforce and Data 360 ARR, inclusive of Informatica Cloud ARR, reached $2.9 billion. That's up over 200% year-over-year.

But I think it's three. I think the agentic side is worth three to four times. The software side—A+, great job. Thanks for being here. Really appreciate you joining the earnings call. It's great, thanks everybody. All right, there we go. We just had three great customers, we gave some numbers, and now I'm turning it over to you, Robin. Take it over. Thanks Mark, what an amazing trilogy of three—great questions, such a great quarter. Oh, absolutely. On a great year, we're going to turn to the numbers and tell everybody about it. So, good afternoon. We closed an exceptionally strong fiscal year. Um, we have rebuilt our platform to convert the raw intelligence of LLMs into real work that drives revenue, as we just heard about, reduces costs, and scales reliably without limits. This is powering the transition to the agentic enterprise for our customers and ourselves.

So to share a few data points as expected. Smart said we had a great quarter or great year, we finished the fiscal year, 26 with second half, net New aov, Growth ahead of second half. Aob growth.

Robin Washington: This includes Informatica Cloud ARR of $1.1 billion and Agentforce ARR of approximately $800 million, which is up 169% year-over-year. New bookings for Agentforce One Edition and Agentforce for Apps, or as we call it, A4X, our most premium SKUs, nearly tripled quarter-over-quarter. Our consumption flywheel is spinning faster than ever. In the quarter, more than 60% of Agentforce and Data 360 bookings came from existing customers expanding their commitments. Looking at our largest deals, every single one of our top 10 wins included Agentforce, data, sales, service, platform, and analytics. Our newest addition to our portfolio, Informatica, landed in six of those top 10 wins, proving it is a critical component of us building the data foundation for the agentic enterprise. Let's dive a bit further into these incredible results.

Agent, force and data. 360 ARR inclusive of Informatica Cloud ARR. Reach 2.9 billion that's up over 200% year-over-year.

And agent force, arrr of approximately 800 million which is up 169% year-over-year.

Our consumption flywheel is spinning faster than ever.

In the quarter, more than 60% of Agent Force and Data 360 bookings came from existing customers expanding their commitments.

Looking at our largest deals, every single 1 of our top 10 wins including agent force,

Data.

Sales service platform and analytics. Our newest addition to our portfolio. Informatica landed in 6 of those top 10 wins.

Proving it is a critical component of us building the data foundation for the agentic enterprise.

So let's dive a bit further into these incredible results.

Robin Washington: Subscription and support revenue grew slightly above 10% year-over-year in nominal and constant currency. Total revenue was $41.5 billion, up 10% year-over-year in nominal and 9% in constant currency, driven by Agentforce, Data 360, Slack, Agentforce Sales, and Service performance. Informatica's Q4 results also outperformed our expectations. This strong performance was partially offset by continued weakness in marketing and commerce, weaker than expected Tableau performance, and the on-prem revenue timing in Tableau and MuleSoft we shared last quarter. Q4 revenue attrition ended the year at approximately 8%, in line with recent trends. Our current remaining performance obligation, or CRPO, ended Q4 at $35.1 billion, which was up approximately 16% year-over-year in nominal and 13% in constant currency, driven by strong net new AOV, especially in Agentforce, Data 360, Slack, and Sales.

Description and support revenue grew slightly above 10% year-over-year in nominal and constant currency.

Total revenue was $41.5 billion, up 10% year-over-year in nominal and 9% in constant currency, driven by agent force, Data Cloud, 360, Slack, and agent for sales and service performance.

Informatica's Q4 results. Also, outperformed our expectations.

This strong performance was partially offset by continued weakness in marketing and commerce.

Weaker than expected. Tableau performance and the on-prem revenue timing in Tableau and mulesoft we shared last quarter.

Q4 Revenue attrition ended the year at approximately 8% in line with recent trends.

Our current remaining performance obligation or crpo ended Q4 at 35.1 billion, which was up approximately 16% year-over-year in nominal and 13% in constant currency.

Robin Washington: This does include a four-point contribution from Informatica. Our top priority remains accelerating growth. Based on our FY26 net new AOV performance, we are more confident in our path to reaccelerate organic revenue in second half FY27, as outlined at Investor Day. Given our strong net new AOV performance and the incorporation of Informatica, we are updating our FY30 framework as follows: We are now targeting FY30 revenue of $63 billion, which represents an 11% CAGR from FY26 to FY30. We remain on track to Rule of 50 by FY30, and we are pleased that with our continued focus on operational excellence, we delivered 60 basis points of expansion in FY26.

Driven by Strong, net new aov, especially in agent force data 360 slack and sales. This does include a 4-point contribution from Informatica.

Our top priority remains accelerating growth.

Based on our FY 26, net new aov performance. We are more confident in our path to react to organic revenue and second half FY. 27 as outlined at investor day.

Given our strong net, new AOV, performance, and the incorporation of Informatica, we are updating our FY30 frame as follows.

We are now targeting FY. 30 revenue of 63 billion.

Which represents an 11% CAGR from FY '26 to FY '30.

We remain on track to rule of 50 by FY, 30.

And we are pleased that, with our continued focus on operational excellence, we delivered 60 basis points of expansion in FY26.

Robin Washington: As we think about FY '27 and fueling our framework, we are making targeted investments, including advancing our Hyperforce third-party infrastructure for trust and security, ramping our AE capacity, and scaling FDEs to drive adoption. These investments are partially funded by efficiency we've unlocked, becoming the lean agentic enterprise as our own customer zero. Before we turn to guidance, a quick update on capital allocation. I'm proud to say that we have achieved all elements of our Investor Day commitments, including capital allocation. Also, our board has approved a 5.8% increase in our quarterly dividend to $0.44 per share. Additionally, and as you've heard, given the current stock price dislocation, the most prudent investment we can make is in Salesforce. We are updating our share repurchase authorization to $50 billion. Let's talk about FY '27.

As we think about FY, 27, and fueling our framework.

We are making targeted Investments.

Including advancing our higher Force, third party infrastructure, for trust and security.

Ramping. Our AE capacity.

And scaling fdes to drive adoption.

These Investments are partially funded by efficiency. We've unlocked becoming the lean agentic Enterprise as our own customer zero.

Before we turn to guidance, a quick update on capital allocation,

I'm proud to say that, we have achieved all elements of our investor day commitments.

Including Capital, allocation.

Also, our board has approved a 5.8% increase in our quarterly dividend.

To 44 cents per share.

Additionally, and as you've heard, given the current stock price dislocation, the most prudent investment we can make is in Salesforce.

We are updating our share repurchase authorization to 50 billion dollars.

So, let's talk about FY, 27.

Robin Washington: We are initiating fiscal year 2027 revenue guidance of $45.8 to 46.2 billion. Growth of approximately 10% to 11% in nominal and constant currency. We expect subscription and support growth guidance of slightly under 12% year-over-year, or approximately 11% year-over-year in constant currency. This is fueled by continued momentum in Agentforce and Data 360, partially offset by weakness in Marketing, Commerce, and Tableau. Our non-GAAP operating margin guidance is 34.3%, an expansion of 20 basis points. As I mentioned, this is the year where we are making further investments to fuel long-term growth and ensure customer success with Agentforce. We expect GAAP operating margin of 20.9%, an expansion of 80 basis points.

We are initiating fiscal year, 27 Revenue, guidance of 45.8 to 46.2 billion.

Growth of approximately 10% to 11% in nominal and constant currency.

We expect subscription and support growth guidance of slightly under 12%.

Year-over-year, or approximately 11% year-over-year in constant currency.

partially offset by weakness and marketing Commerce and tableau

Our non-gaap operating margin guidance is 34.3% an expansion of 20 basis points.

As I mentioned, this is the year where we are making further investments to fuel long-term growth and ensure customer success with Agent Force.

We expect GAAP operating margin of 20.9% and an expansion of 80 basis points.

Robin Washington: Turning to Q1 guidance, we expect revenue of $11.03 to 11.08 billion, growth of approximately 12% to 13% in nominal and 10% to 11% in constant currency. CRPO growth for Q1 is expected to be approximately 14% year-over-year in nominal and approximately 13% year-over-year in constant currency. Clearly, we are executing against our FY 2030 framework, accelerating growth and investing with discipline, including investing in Salesforce via share repurchases. Before we wrap up, to better reflect our agentic enterprise strategy, we are reevaluating our revenue by cloud disclosures in FY 2027. Stay tuned for an update on this disclosure prior to our Q1 earnings release. Finally, a big thank you to all of our employees for their dedication and hard work, delivering a very successful FY 2026, and onward to an incredible FY 2027.

Turning to Q1 guidance, we expect revenue of $11.03 billion to $11.08 billion, growth of approximately 12 to 13% in nominal and 10 to 11% in constant currency.

Crpo growth for q1 is expected to be approximately 14% year-over-year in nominal and approximately 13% year-over-year in constant currency.

Clearly, we are executing against our FY. 30 frame accelerating growth.

And investing with discipline, including investing in Salesforce via share repurchases.

Before we wrap up to better reflect our agentic Enterprise strategy, we are re-evaluating our Revenue by Cloud disclosures in FY, 27. So stay tuned for an update on this disclosure prior to our q1 earnings release.

Robin Washington: Mike, I'll turn it over to you.

Marc Benioff: Thanks, Robyn. With that, Layla, we're going to go to the first question, please.

Mike Spencer: Thanks, Robyn. With that, Layla, we're going to go to the first question, please.

Finally, a big thank you to all of our employees for their dedication and hard work. Delivering, a very successful FY, 26, and onward to an incredible FY. 27, Mike, I'll turn it over to you.

Thanks Robin.

And with that, we're—Liya, we're going to go to the first question, please.

Operator: Thank you. At this time, if you would like to ask a question, please click on the Raise Hand button, which can be found in the black bar at the bottom of your screen. If you have joined by phone, please dial star 9 on your keypad to raise your hand. When it is your turn, you will receive a message on your screen inviting you to become a panelist. Please accept and wait until you are promoted to a panelist. Then you may unmute your audio, turn on your camera, and ask your question. As a reminder, we are allowing analysts one question and one related follow-up today. We will now pause a moment to assemble the queue. Your first question will come from Keith Weiss with Morgan Stanley.

Thank you at this time. If you would like to ask a question, please click on the raise hand button which can be found on the black bar at the bottom of your screen. If you have joined by phone, please dial Star 9 on your keypad to raise your hand. When it is your turn, you will receive a message on your screen inviting you to become a panelist.

Please accept and wait until you are promoted to a panelist. Then you may unmute your audio. Turn on your camera and ask your question.

As a reminder, we are allowing analysts 1 question and 1 related, follow-up. Today, we will now pause a moment to assemble the queue.

Keith Weiss: Excellent. Thank you, guys, for taking the question, and congratulations on a really nice end to FY26, particularly when it comes to the Agentforce numbers. The Agentforce numbers are definitely eye-popping, getting to a big scale and still growing at really, really high rates. On the other side of that, CRPO perhaps was a little bit disappointing. On an organic basis, you grew that at 9%, just in line with your guidance, and typically, we expect a little bit of a beat, 150 basis points of a beat. I think that's stoking some concerns with investors. Can Salesforce do both? Can we grow a big Agentforce business and sustain the growth and momentum in the broader Salesforce portfolio? Can we bring along the entirety of the business? Keep talk to that aspect.

And your first question will come from Keith Weiss with Morgan Stanley.

Keith Weiss: Can Agentforce catalyze the broader Salesforce product portfolio? Can it bring along everything? What gives you confidence in that acceleration in the back half of the year?

Excellent. Uh thank you guys for uh taking the question and congratulations on a uh a really nice end to FY 26. Particularly when it comes to the agent, force numbers, the agent force members. Uh, definitely I popping getting to a big scale and still growing um, at really, really high rates. But on the other side of that crpo, perhaps was a little bit disappointing on an organic basis. You grew that at 9% just in line with your guidance. And typically we expect a little bit of a beat 100, 100 150 basis points of a beat. And I think that stoking some concerns with investors can Salesforce do both, can we grow a big agent for his business and sustain the growth and momentum in the broader? Uh, um, Salesforce portfolio. Can we bring along the entirety of your business? So can you talk to that aspect can can agent force catalyze the broader sales force product portfolio, can it bring along everything and what gives you confidence in that acceleration in the back half of the year.

Marc Benioff: All right. Well, I think that that is absolutely a great question, and I think the reason why it's such a great question is because Salesforce is, just as you said, it's a comprehensive business. We're closing new business, new ideas, we have building new technology, and we also carry with us that we are a subscription business, so we're carrying with us our legacy as well, and we're renewing and moving that legacy business forward. That's also one of the exciting parts of Salesforce, because that also gives us the predictability to understand what's gonna happen in the future fiscal years. Yes, we are innovating, we're creating the future, we're adding to the future, we're also renewing our customers. I have to tell you, we're just very proud, actually, of the numbers.

All right. Well, I think that that is absolutely a great question. And I think the reason why it's such a great question is because Salesforce is just, as you said, it's a comprehensive business. We're closing new business, new ideas, we're building new technology, and we also carry with us that we are a subscription business. So we're carrying with us our legacy as well, and we're renewing and moving that legacy business forward. That's also one of the exciting parts of Salesforce because that also gives us—

Marc Benioff: I mean, this fiscal year is far better than I expected it at the beginning of the year. In the Q4, actually, even the Q3 and Q4, Miguel's numbers were far exceeded my expectations. To your point, Agentforce also, and also Data 360, are exceeding our expectations. Yes, could we sell more? Could we renew more? Can we do more? Can we do this? Can we do all these various things? We absolutely can, but we are very grateful for what we've been able to achieve so far. Robyn, do you want to add to that?

Robin Washington: Yeah, I agree with that. I think we're monetizing AI, Keith, through many different fashions. We've got multiple ways to monetize. We're seeing great growth, as I mentioned, in our premium SKUs. We're seeing acceleration. I think just listening to the three customer interviews talks about the great value that they're getting from core. It's also important to point out, we didn't talk about it a lot, but our seats, we're still seeing them grow year-over-year and quarter-over-quarter. What we see is now with Agentforce, with the system that you laid out, the system of agency, et cetera, we're just seeing incremental value to our software, and some of it's going to be consumption-based, but we're gonna have a hybrid model. Seats will continue to be a key component of our growth going forward.

Robin Washington: What we hope to see is just what you heard from the three customers today, incremental value coming as a result of our agentic technology and capabilities.

Marc Benioff: Great. Thanks, Keith. Layla, we'll take the next question, please.

Acceleration. I think just listening to the 3, customer interviews talks about the Great Value that they're getting from core. It's also important to point out. We didn't talk about it a lot, but our seats were still seeing them grow year on year and quarter on quarter. So what we see is now with agent force with the system that you laid out, the system of agency Etc. We're just seeing incremental value to our software and some of its going to be consumption based, but we're going to have a hybrid model seats, will continue to be a key component of our growth going forward. And what we hope to see is just what you heard from the 3 customers today incremental value coming as the result of our agentic technology and capabilities.

Great, thanks, Keith. Leila will take the next question, please.

Operator: Your next question will come from Brent Thill with Jefferies.

Your next question will come from brentville with Jeffries?

Brent Thill: Good afternoon. Mark, the $50 billion buyback, I guess many are asking, given the falloff in big multiples, why not lean a little harder in acquiring technology in M&A versus buying the stock back?

Afternoon.

Mark uh the 50 billion dollar buyback. I guess many are asking given the fall off in in big multiples why not lean a little harder in acquiring technology and and m&a versus uh versus buying the stock back.

Marc Benioff: Well, I really appreciate that. I think, Brent, the way to look at this is. I'll just tell you how I look at it, which is that there's many uses of cash. You know, number one is dividend. You know, we just increased the dividend by 5%. That's one use of cash. Very important. Then we're also look at buyback, traditional buybacks, okay? We're doing that. We've done that very aggressively over the last few years, as you know. Acquisitions, we'll continue to do acquisitions, but using our new formula that we've put into place, and we've done now quite a few acquisitions using that new formula, and it's been great.

Well, I really appreciate that. I think, uh, Brent, the way to look at this is—I'll just tell you how I look at it—which is that there are many uses of cash.

Marc Benioff: I wish I had used it actually through the entire history of Salesforce, as I believe, a much better understanding of how to do acquisitions that are accretive to the business, but not dilutive to investors. Debt. I think there is a role here that, you know, we're just very under-leveraged on our balance sheet. I think, you know, look, you're a great banker. You've been a great banker for decades now. I think if you look at our balance sheet, now we're gonna do more than $16 billion in cash flow this year. We're not using debt effectively. I think at these prices in the market, the ability actually to kind of come to terms that, you know, we had some acquisitions in the past.

You know, number 1 is dividend, you know, we're just increased the dividend by 5% that's 1, use of cash, very important. Um and then we're also look at buyback, traditional BuyBacks, okay, so we're we're doing that. We've done that very aggressively over the last few years. As, you know, and, uh, Acquisitions, we will continue to do Acquisitions but using our new formula that we put into place and we've done now quite a few Acquisitions, using that new formula, and it's been great. I wish I had used it actually through the entire history of sales force. I think we have a much better understanding of how to do Acquisitions that are accretive to the business, but not dilutive to investors and then debt. So I think there is a role here that, you know, we're just very underlever on our balance sheet and I think, you know, look, you're a great Banker, you've been a great Banker for decades. Now, I think, if you look at our balance sheet, now we're going to do more than 16 billion dollars in cash flow. This year, we're not using debt effectively. And I think at these prices in the market, the ability actually to kind of come to terms,

Marc Benioff: like Slack and Tableau that diluted our investors, I think now is the opportunity to take some of that stock back out of the market. these are great prices. I'm sure you would agree with that, and we want to use our capital correctly, and I think that is a great way to do that. I think our stock is a great price, and I want Robin to buy as much of it as she possibly can.

Robin Washington: Yeah. I'd maybe add to that, Brent. It doesn't preclude us from doing all the things you mentioned to grow, as Mark just said, with our free cash flow, with our cash balance.

That, you know, we had some Acquisitions in the past like slack and Tableau, the diluted our investors. I think now is the opportunity to take some of that stock back out of the market. And, uh, this is, these are great prices. I'm sure you would agree with that and we want to use our, uh, Capital correctly. And I think debt is a great way to do that. And I think our stock is a great price, uh, and I want to Robin to buy as much of it as you possibly can, and I'd maybe add to that, Brent, it doesn't preclude us from doing all the

Marc Benioff: Absolutely.

Robin Washington: With our access to market.

Marc Benioff: We have to do all four of these things.

Robin Washington: We're gonna do it. We brought 10 companies. We also returned over 99% of our free cash flow to our shareholders via buybacks and dividends. As we think about optimizing our balance sheet to Mark's point, we're positioning ourselves to grow organically, inorganically, and also return value to our shareholders.

Marc Benioff: I think that when you look at such a huge cash flow number, although we just finished a $15 billion year coming into what will be probably at least a $16.5 billion cash flow year.

Robin Washington: Right

Marc Benioff: ... you know, we should be really just thinking about how do we use cash correctly?

Robin Washington: Right.

Marc Benioff: What is the right way to use cash? Yes, I think that there are many ways to use cash, but focusing on those four things, you know, the dividend-

Robin Washington: Yes

Marc Benioff: the buyback, the acquisition, and debt, all four are critical.

Robin Washington: Yeah.

Marc Benioff: If you have other ideas or you have other thoughts...

Robin Washington: Please send them our way.

Marc Benioff: ... we're very open. I'd love to have the conversation, of course.

Things. You mentioned to grow as Mark just said with our free cash flow with our cash balance, with our access to markets, we're going to do we brought 10 companies and we also returned over 99% of our free cash flow to, to our shareholders via BuyBacks and dividends. So, as we think about optimizing our balance sheet, to Mark's point, we're positioning ourselves to grow organically, in our in our inorganically, and also return value to our shareholders. I think that when you look at such a huge cash flow number that we just finished a 15 billion year coming into it. What will we be? Probably at least a 16 and a half billion dollar cash flow year right? You know then we should be really just thinking about how do we use cash correctly? What is the right way to use cash? And yes, I think that there are many ways to use cash but focusing on those 4 things, you know, the dividend, the buyback, the acquisition and debt, All 4 critical. And if you have other ideas or you have other thoughts, we're very open. We will. I love to have the conversation. Of course.

Robin Washington: Yeah.

Mike Spencer: Well, thank you, Brent. Layla, let's go to the next question, please.

Robin Washington: Yeah.

Mike Spencer: Well, thank you, Brent. Layla, let's go to the next question, please.

Of course.

Well, thank you, Brent.

Leila, let's go to the next question, please.

Operator: Our next question will come from Kirk Materne with Evercore.

Kirk Materne: Yeah, thanks very much for taking the question. Mark, you alluded to it in your, in your comments. You know, the presentation yesterday by Anthropic, I thought was an interesting example of sort of a better together strategy with you and one of the model partners. There is, you know, continued concern that those providers might become more competitive with you over time. I was wondering if you just give us an idea of how you see the lines of demarcation in terms of partnering, as well as, you know, potentially competing down the line. You know, where you think you guys have a right to win, where they might have a right to win.

Our next question will come from Kirk Mataran with Evercore.

Yeah, thanks very much for taking the question. Um, Mark you alluded to it in your in your comments. Uh, you know, the presentation Yesterday by anthropic, I thought it was an interesting uh example of sort of a Better Together strategy with you and 1 of the model Partners. But there is, you know, continued concern, that that those providers might become more competitive with you over time.

Kirk Materne: I think just a little bit more color on that would be helpful in terms of people's view of where we might be going in terms of, you know, the partnerships with those companies. Thanks.

Marc Benioff: Well, no, I'd be delighted to do that. You know, maybe we can even put up our slide again of our kind of stack diagram, 'cause it makes it really clear what our vision of the world is, which is, you know, at one very critical part of this. You know, these new models, you know, whether it's OpenAI, whether it's Anthropic, whether it's Gemini, whether it's Llama, whether it's, you know, you pick, DeepSeek, Mistral, there are so many. You can go off as well to look at that there's thousands of them. We make some of them ourselves. These models are new parts of our infrastructure that we really did not have in place, you know, a few years ago. We had some of our own models.

I was wondering if you could just give us an idea of how you see the lines of demarcation in terms of partnering, as well as, you know, potentially competing down the line. You know, where you think you guys have a right to win, where they might have a right to win. I think just a little bit more color on that would be helpful in terms of people's view of where we might be going in terms of, you know, the partnerships with those companies. Thanks.

Whether it's OpenAI, whether it's Anthropic, whether it's Gemini, whether it's Llama, whether it's, you know,

Marc Benioff: You remember when we did Einstein, and I would talk about on the earnings call that I was using Einstein to understand what was happening in my business, that was all based on Salesforce models that we had. We've always had models at the bottom of our infrastructure, but now we really are able to kind of say, look at this, we've done 19 trillion tokens with these models. These models here, that's who we have today. They will change over time. They're a critical part of our infrastructure. I think the strategic question that you're asking is this: Not only does it look like that in this slide that we just saw, but could those models themselves become platforms? Could OpenAI then also be a platform? Could Anthropic be a platform? Can Gemini be a platform? Can DeepSeek be a platform?

You pick deep deep sea Mistral, there's so many you go, you can go off as well. To look at that. There's thousands of them. We make some of them ourselves. These models are new parts of our infrastructure that we really did not have in place. You know, a few years ago, we had some of our own models. You remember when we did Einstein and I would talk about on the earnings call that I was using Einstein to understand what was happening in my business. That was all based on sales, force models that we had. So we've always had models at the bottom of our infrastructure, but now we really are able to kind of, say, look at this, we've done 19, trillion tokens. What are these models? So, the these models here, that that's who we have today, they will change over time. They're a critical part of our infrastructure. I think the Strategic question that you're asking, is this not only does it look like that in this slide that we just saw

Marc Benioff: Can Mistral be a platform? Can Llama be its own platform? That in the way that we have Windows and Mac, you know, or HTML or different things, as platforms where applications all of a sudden appear, will all of a sudden an application come in within one of those platforms and then use some of those services? Absolutely. Those could be new platforms. There will also be other new platforms. I have a platform right here as well, iOS. There are many platforms, and our job as a software company is to help our customers to create success and to take that and help them connect with their customers in a whole new way. We'll deliver our products, our capabilities, our value proposition with our customer relationships. Of course, we have over 150,000, I think, customers on our core, 1 million on Slack.

But could those models themselves become platforms? So, could open AI then also be a platform could. Um, and tropically a platform can Gemini, be a platform can deep seek be a platform. Can Mr. All be a platform, can llama be its own platform. So that in the way that we have Windows and Mac, you know, or HTML or different things as platforms, where applications all of a sudden appear, well, all of the sudden an application come in within 1 of those platforms, and then use some of those services.

Marc Benioff: We have 15,000 rent sales reps who are out there. Their job is to work with customers to help architect their future success with these ideas. Our primary vision, though, today, because this, in the current reality, this is about humans and agents working together, and these customers, like you saw today with Wyndham, with SharkNinja, even SaaStr, even Salesforce. Our job is to take what's available today and make it successful, and that isn't where those platforms are today, as you know. You know, in your business, you have you know, you work for an amazing company. Keith works for an amazing company.

Absolutely, those could be new platforms. There will also be other new platforms. I have a platform right here as well iOS. There are many platforms and our job as a software company, is to help our customers to create success and to take that and help them connect with their customers in a whole new way. So, we'll deliver our products, our capabilities, our value, proposition with our customer relationships. Of course, we have over 150,000. I think customers on our core, a million on slack, we have 15,000 risk sales reps who are out there, their job is to work with customers to help architect their future success with these ideas and our Primary Vision though today because this in the current reality, this is about humans and agents working together and these customers like you saw today with Windham with shark ninja even faster. Even Salesforce, our job is to take what's available today and make it successful and that isn't where those platforms are.

Marc Benioff: You know, in these large banks, where we are providing a lot of automation for the sales professionals, the service professionals, there is a lot to do to not only automate those call centers, those contact centers, the sales forces, the employees with Slack, but then to also then unleash the agents in a way that is compliant, that is secure, that is available, that is scalable, that is reliable, that is able to operate hand in hand. If you go to help.salesforce.com today and you want to get help from Salesforce, you know that you're going to be able to automatically connect to our contact center as well. That's incredible! We couldn't do that just a couple of years ago, as you know. That's the current way we're deploying. Well, could there be other ways that we deploy? It's definitely possible.

Today, as you know, you know, and in your business you have a—you know, you work for an amazing company, Keith works for an amazing company, you know, and these large banks where we are providing a lot of automation for the sales professionals, the service professionals. There is a lot to do to not only automate those call centers, those contact centers, the sales forces, the employees with Slack, but then to also then at least the agents in a way that is compliant, that is secure, that is available, that is scalable, that is reliable.

Able that is able to operate hand in hand. So if you go to help.salesforce.com today and you want to get help from Salesforce, you know that you're going to be able to automatically connect to our contact center as well.

Marc Benioff: The future, you know, could have many different forms, but we can see right now what we're gonna sell this year to our customers. We have a lot to sell and a lot to do.

Patrick Stokes: Thank you.

Kirk Materne: Thank you.

That's incredible. We couldn't do that just a couple of years ago, as you know. So that's the current way we're deploying. Well, could there be other ways that we deploy? It's definitely possible—the future could have many different forms. But we can see right now what we're going to sell this year to our customers. We have a lot to sell and a lot to do.

Marc Benioff: Great, thanks, Kirk. Layla, we'll take the next question, please.

Thank you, great. Thanks, Kirk. Leila will take the next question, please.

Operator: Your next question will come from Gabriela Borges with Goldman Sachs.

Gabriela Borges: Hi, good afternoon. Thanks for taking my question. I wanted to ask the team about the $2.4 billion disclosure on AWUs. Tell us a little bit about how you translate the tokens and the Agentic Work Units to monetization. I know you've been working on ELAs. How do you think about the evolution over time and the pricing model? Jason from SaaStr was just talking about the agentic value of the stack being 3 to 4 times more than software value of the stack. Tell us a little bit more about how the ELAs are going, and Robyn, for you specifically, how does it impact gross margin? Thank you.

Your next question will come from Gabriela Bores with Goldman Sachs.

Marc Benioff: I think Patrick should really lead this AWU discussion because it's kind of his brainchild, and he was very unhappy that, you know, I keep bringing out this token number, 'cause I'm very impressed that we have 19 trillion tokens. You know, because I think that really shows, you know, that we're really using these products to deploy these agents. Well, I mean, everybody can now know Agentforce is hugely successful, and all the new capabilities of Agentforce, the determinism, the voice, the programmability, Agentforce Studio, Agentforce Builder, and now Slackbot as well. I think that then there's another level, this idea of Agentic Work Units. Why don't you tell us what your vision?

Hi, good afternoon. Thanks for taking the question. I wanted to ask the team about the 2.4 billion disclosure on AWS. Tell us a little bit about how you translate the tokens and the agentic work units to monetization. I know you've been working on a alas. How do you think about the evolution of a time in the pricing model adjacent from sasra? I was just talking about the um agentic Valley of the stack being 3 to 4 times more than software value of the stack. So, tell us a little bit more about how the elas are going and Robin fee. Specifically, how does it impact? Gross margin. Thank you.

Patrick Stokes: Yeah, sure. You know, as we started looking at how our customers were using Agentforce, and we started looking at how we're consuming tokens from the model providers, right? All those models that fit at the bottom of our layer from OpenAI and from Anthropic, what they're doing is they're providing intelligence into our system, and we're able to measure that intelligence through the lens of a token, and that's how most of these model companies are charging. It's the amount of tokens that your platform, in our case, is consuming. When we started looking at that across our customers, we can start to see, okay, you know, our top 10 customers are consuming this many tokens. We know how many tokens Salesforce is consuming internally. It begs the question, well, are they doing anything? Are they working?

Patrick Stokes: Are they providing any value, or is it just input and output of intelligence, right? You know, you can ask it a question, it can write you a poem, but that's not really all that valuable in the enterprise world. What's valuable is creating a document for you or updating a record or, you know, helping us. Right here at this table, we all used Slackbot to prepare, you know, our notes here, our, you know, our customer stories. We're all preparing that with Slackbot. What we did is we said, what if we could count those individual work units? What if we could look at those work units relative to the tokens?

Yeah sure. So uh you know as we as we started looking at how our customers were using agent force uh and we started looking at how we're consuming tokens from the model providers, right? All those models that fit at the bottom of our layer from open Ai and from anthropic what they're doing is they're providing intelligence into our system and we're able to measure that intelligence through the lens of a token. And that's how most of these model companies are charging. It's the amount of tokens that your your platform in our case is is consuming. But when we started looking at that across our customers, we can start to see. Okay, you know, our top 10 customers are consuming this many tokens. We know how many tokens Salesforce is consuming internally, but it begs the question. Well, is it are they doing anything? Are they working, are they providing any value? Or is it just input and output of intelligence, right? So, you know, you can ask it a question. It can write you a poem but that's not really all that valuable in the Enterprise world with valuable is creating a document for you or updating a record. Or, you know, helping us right here at this table. We all use slack button.

Patrick Stokes: We said, Oh, there's a relationship between the two. We can start to see a ratio of tokens being consumed and work coming out. That ratio starts to become really interesting because now we can look at our customers and say, Hey, customer A, you have a really nice ratio. You're getting a lot of work done on the platform for the amount of tokens that you're consuming. Hey, Mr. Customer B, your relationship is actually not so good. You're consuming a ton of tokens and not getting a lot of work done. What can we do to help you? It becomes a really kind of interesting way.

To prepare, you know, our notes here, our, you know, our customer stories. We're all preparing that with Slackbot. And so, what we did is, we said, what if we could count those individual work units? And then, what if we could look at those work units relative to the tokens? And we said, oh, there's a relationship between the two. We can start to see a ratio of tokens being consumed and work coming out, and that ratio starts to become really interesting because now we can look at our customers and say, hey, customer A, you have a really nice ratio. You're

Patrick Stokes: The tokens are kind of a leading indicator, but the work unit, we think is a much more valuable indicator in terms of where the value is actually coming from for our customers and for our own transformation-

Robin Washington: Absolutely.

Patrick Stokes: into an agentic enterprise. Maybe on the monetization, I can toss to you.

Robin Washington: Yeah, I mean, you know, this is something that we continue. Look, I think you were asking specifically, Gabriela, about what does it do to gross margins. As we think about margins in the short run, we think we're pretty neutral. You know, Patrick talked about this differentiation between tokens and AWUs. Well, tokens, those prices, we're working with our various partners. Those are gonna start to go down over time and commoditize. Also importantly, when you think about our products, engineering and product is working on ways to continue to fine-tune our products for things like Agentforce Script, which is gonna make it easier for us to produce the work.

You're getting a lot of work done on the platform for the amount of tokens that you're consuming. And, hey, Mr. Customer B. Your relationship is actually not so good. You're consuming a ton of tokens and not getting a lot of work done. What can we do to, to help you? So, uh, it becomes a really kind of interesting way, the tokens are kind of a leading indicator, but the work unit, uh, we think is a much more valuable indicator, uh, uh, in terms of where the, the value is actually coming from for our customers and for our own transformation, uh, into an agentic, uh, Enterprise. But maybe on the monitor today, I can, I can talk to you. Yeah, I mean, you, you know, this is something that we continue to look. I think you were asking specifically Gabriella about what does it do to gross margins? And as we think about margins in the short run, we think we're pretty neutral. You know, Patrick talked about this differentiation between between tokens and aw, use well tokens, those prices were working with our various Partners. Those are going to start to go down over time and and commoditize, but also,

Patrick Stokes: Mm-hmm.

Robin Washington: reduce the overall cost. Those are things. Again, we're optimizing, we're using Customer Zero. Mark talks about the fact that we're reallocating resources. We're also looking at other things to overall continue to drive our efficiency down. Short term, we don't see gross margins getting worse, fairly neutral. Long term, we're doing everything in conjunction with our FY 27 framework and our overall operating margin improvement to continue to get efficiencies in gross margin and operating margin.

So, importantly, when you think about our products, engineering and product is working on ways to continue to fine-tune our products with things like agent force scripts, which is going to make it easier for us to produce the work, but reduce the overall cost. So those are things, and then again, we're optimizing, we're using Customer Zero. Marc talks about the fact that we're reallocating resources. We're also looking at other things to overall continue to drive our efficiency down. So, short term, we don't see growth.

Marc Benioff: Yeah. Miguel, do you want to take on the question about ELAs and kind of what we're seeing in the market and how customers are consuming this technology?

Margins are getting worse. Fairly neutral for a long time. We're doing everything in conjunction with our FY27 framework and our overall operating margin improvement to continue to get efficiencies in gross margin and operating margins.

Miguel Milano: Yeah. I've been working very hard for the last quarter to have this minute because I really want to tell you the story. Q3 was stellar. You heard the numbers at the time. We made a very clear commitment, Robyn and I, in partnership at the Investor Day. We shared 3 key messages to you all. Number one is, we were seeing the very likely possibility of revenue re-acceleration in 12 to 18 months. That was 4 months ago. Today, we are saying that the revenue re-acceleration, organic revenue acceleration of subscription and support is going to happen in H2, and we are committed to that, and we are certain now because we've seen the net new AUV growth outpacing the AUV growth in H2 last year.

Miguel, do you want to take on the question about ALAS and kind of what we're seeing in the market and how customers are consuming this technology? Yeah.

I've been working very hard for the last quarter to have this menu because I really, I really want to tell you the story. Uh, Q3 was Stellar, you you heard the numbers at the time? We made a very clear commitment Robin and I partnership at the investors day we we share 3 key messages to to you all. Number 1 is we were seeing

Miguel Milano: We're sitting now in Q1, we're looking at Q1 and Q2, and I can tell you with absolute confidence that the net new AOV growth is gonna significantly outpace the AOV growth. Now, four quarters of net new AOV pulling up the AOV growth is gonna finally translate in H2 into a revenue re-acceleration. That was number one. Number two was the your fiscal year 2030 long-term durable growth plan. We are recommitted to that, to the point that we've increased the target from 60 to 63, if you do the math, it's not all because Informatica, it's because we are more and more certain that we are gonna hit the numbers. Then the third thing, which is substantially important, and it goes to the monetization and to the ILAC question, is we have found the formula to monetize AI.

The the very likely uh possibility of Revenue re acceleration in 12 to 18 months, that was 4 months ago. Today, we are saying that the revenue re acceleration organic Revenue acceleration of prescription and support is going to happen in H2 and we have very calm committed to that and we are certain now because we've seen the Nano UV growth outpacing, the aov growth in H2 last year. We're sitting now in q1. We're looking at q1 and Q2 and I can tell you with absolute confidence that the menu will be growth is going to significantly outpace the aob growth. So now 4 quarters of Nano will be pulling up. The aob growth is going to finally translate in H2 into a revenue re acceleration that was number 2. Number

Number two was the year—fiscal year 30—a long-term, durable growth plan. We are recommitted to that, to the point that we've increased the target from 60 to 63. If you do the math, it's not all because of Informatica; it's because we are more and more certain that we are going to hit the numbers. And then the third thing, which is

Substantially important and it goes to the monetization. And to the Ila, uh, question is

Miguel Milano: There are three ways, distinct ways, the main ones, that we are using to monetize AI. Number one is our large install base of 100 million seats. We are upgrading to our premium SKUs that contain already embedded AI and unlimited access to agentic for employee use cases. Number one. We've seen, as Robin referred to earlier, that SKU business has tripled. Agentforce first edition and Agentforce for Sales and Service has tripled quarter-on-quarter. Last quarter, it doubled, so it's pretty monster. The second way to monetize is... This is very peculiar because now our apps are Agentforce Sales, Agentforce Service, all of them are agentic. Now the ROI that companies generate by implementing our apps has increased.

Have found the formula to monetize AI. There are 3 ways 3 ways, distinct ways the main ones that we are using to monetize. AI number 1 is our large install base of 100 million of seats. We are, we are upgrading to our premium skus that contain already embedded, uh, Ai and unlimited access, uh, to agentic for employee. Use cases. Number 1. We've seen as Robin referred to earlier,

That SKU, uh, Business has triple Agent Force, uh, First Edition and Agent Force for Sales and Service. Has tripled quarter-on-quarter; last quarter, it doubled, so it's pretty monster. The second way to monetize is

Miguel Milano: Now we have access to new seats that before, companies couldn't afford to roll out Salesforce or any of our apps. The third way is for customer-facing, agentic use cases, agents, we sell fuel, the credits, Flex Credits. Companies, if you look at the bookings of Agentforce in Q4, 50% were credits, Flex Credits, fuel, and 50% were higher SKUs. If you look at the top 12 deals, which, by the way, record, Robin and Mark, we've never done more than 10 deals above $10 million in any given quarter. This was our best Q4 ever, our best quarter ever. We did 12 deals above $10 million, one of them above $50 million, three of them above $20 million.

This is very peculiar because now our uh apps are agent, force sales agent for service. All of them are agentic. So now the ROI that companies generate by implementing our apps has increased. So now we have access to new seats that before companies couldn't afford to roll out, uh, sales force, or any of our apps. And the Third Way is for customer facing

Miguel Milano: When we look at those, and if you look at the three ways to monetize, six out of the top 10 deals basically were upgrades of the existing SKUs. Seven out of the top 10 deals, we added seats. Five out of the top 10 deals included credits for agentic use cases, customer-facing use cases. Three of them included everything. The beautiful thing is, in every story, every story that we heard today, that was very incredible, these three customer stories, I have a bunch of stories that I wanted to tell you, but we're running out of time here. In every one of these stories, we are monetizing AI through these three different angles, and we're seeing it in the bookings, we're seeing it in the pipeline. I'm very confident about Q1.

Identic. Use cases agents. Uh, we sell fuel, the credits Flex credits and companies. If you look at the uh, bookings of agent force in Q4 50% were credits Flex credits. Fuel fuel and 50% were higher skus. If you look at the top 12 deals, which, by the way record, uh, Robin and Mark, we've never done more than 10 deals about 10 million dollars in any given quarter. This was our best Q4 ever. Our best quarter ever. We did 12, uh, deals about 10 million dollars, uh, 1 of them above 53, of them above 20, when we look at those. And if you look at the 3 ways to monetize, uh,

Six out of the top ten deals, uh, basically were upgrades of the existing SKUs.

Seven are the top 10 deals.

We added seats.

And 5 out of the top 10 deals included, uh, credits. Uh, for, uh, agentic, uh, use cases, uh, customer-facing use cases, 3 of them included everything.

The beautiful thing is, in every story—every story that we heard today was very incredible. These three customer stories. I have a bunch of stories that I wanted to tell you, but we're running out of time here. In every one of these stories...

Miguel Milano: I mean, something happened in Q4 that was monster. I mean, Mark set a target to me and to my team. I need to see bookings starting with a number. We deliver above the number. That was incredible. I'm looking at the pipeline, double-digit growth in pipeline. I'm looking at my capacity. We've hired over time. We started last year, 12 months ago, with 0% growth in ramped AEs. These are AEs that are ready to sell. It takes our AEs a year or so to sell, to be prepared. We are starting this fiscal year with 15 to 17% more growth in ramped AEs. That's dynamite. We have double-digit growth in pipeline. I'm very confident about the net AOV growth, significantly outpacing AOV growth. ILAs have been a big part of this.

We're monetizing AI through these 3 different angles, and we're seeing it in the bookings. We are seeing it in the pipeline. I'm very confident about q1. I mean, something happening Q4, that was muster. I mean, Mark set up a Target to me and to my team. You, I need to see booking starting with the number and we deliver above the number. That was incredible. I'm looking at the pipeline doubled, your growth in pipeline. I'm looking at my capacity, I with higher over time we started last year 12 months ago with 0% growth in ramped Ace. This is these areas that are ready to sell. It takes our is a year or so, to sell to be prepared, we are starting this fiscal year with, uh, 15 to 17% more growth in ramped a

Miguel Milano: This is the number one product that we sell now. We sold 120 plus ILAs in Q4. I thought we were going to do between 50 and 100, we did 120. In the top 10 deals, we sold 8 ILAs, in the top 10 deals. These are customers that go all in and commit, and commit long term to our to the future, and they are outsized deals.

[Company Representative] (Salesforce): Very good. Thank you so much, Miguel. Thank you.

Marc Benioff: Very good. Thank you so much, Miguel.

That's that's Dynamite. We have double digit growth in pipeline. Uh, I'm very confident about the nuv growth significantly at PACE in aov growth. And ILS have been a big part of this. This is the number 1 product that we sell. Now we sold 100 and 20 plus ILS. In Q4, I thought we were going to do between 50 and 100. We did 120 in the top. 10 deals, we sold 8, ILS in the top 10 deals. These are customers that are go all in and commit and commit long-term to our uh, to the Future. And there are outsized deals.

Gabriela Borges: Thank you.

Very good. Thank you so much, Miguel.

[Company Representative] (Salesforce): Thanks, Gabe. Thanks, we'll take the last question now, please.

Marc Benioff: Thanks, Gabe. Thanks, we'll take the last question now, please.

Thank you. Thanks again. Thanks, we'll take the last question now, please.

Miguel Milano: It-

Operator: Your last question will come from Raimo Lenschow with Barclays.

Raimo Lenschow: Hey, thanks for squeezing me in here. I'll make it a quick one. If your cross-sell, or the token upsell is working so well, you said 60% of the booking came from that one, it's kind of almost getting the message out to more customers quicker. You now have 29,000 customers. How do you think about that evolution from kind of getting new customers and getting these guys up and productive this year? How do you think about the role there, and what are the roadblocks? Thank you.

Hey, your last question will come from Rainbow Leno with Barclays.

Hey, thanks for squeezing me in here, I'll make it a quick one. Um, if your cross-sell or the, the token upsell is working so well—you said 60% of the booking came from that one—um,

Miguel Milano: Yeah, Raimo, good to see you again. Listen, we did 29,000 Agentforce transactions. We have approximately 22,000, 23,000 customers. You said it very well. Our role, the role of my team, the role of my executive, the role of all the AEs, is to be in front of customers to explain these stories and the value that we can drive. I mean, today, yesterday or today, I don't know when, there was a world tour in Australia. We had 12,000-

It's kind of almost getting the message out to more customers quicker. You now have 29,000 customers—how do you think about that evolution, from kind of getting new customers and getting these guys up and productive this year? How do you think about the road there, and what are the roadblocks? Thank you.

Yeah, Raymond, good to see you again. Listen. Uh, we did 29,000 agent force transactions. We have approximately 22,000 to 23,000 customers.

[Company Representative] (Salesforce): Yes.

Marc Benioff: Yes.

Miguel Milano: Today, right?

[Company Representative] (Salesforce): Yes.

Marc Benioff: Yes.

Miguel Milano: Uh, twelve thousand, uh, um, customers-

[Company Representative] (Salesforce): It's actually tomorrow, but it's today.

Marc Benioff: It's actually tomorrow, but it's today.

Miguel Milano: It's yesterday.

[Company Representative] (Salesforce): Australian time.

Marc Benioff: Australian time.

Miguel Milano: I don't know. Whatever. 12,000 customers showed up. It happened. It already happened, by the way.

[Company Representative] (Salesforce): Yeah.

Robin Washington: Yeah.

Miguel Milano: I think we just need to. The key message that we are conveying to our customers is, we are, SaaS is more important than ever. In the world of LLMs, this is. I mean, we are so happy that this raw intelligence exists. To convert raw intelligence into reliable, accurate, scalable enterprise work, you need a sober infrastructure like the one that Mark described with our four layers, the system of context, the system of work. This is our big differentiator. Nobody has 40% market share in sales and service. I'm sorry. In the customer domain, we are the systems of work. We have the system of agency, very sophisticated. Some companies are building it, whatever, but we have the best because we are proven in 4,000 production customers, 23,000 total customers.

There was a world tour in Australia. We had 12,000—yes, today, right, yes. Uh, 12,000, uh, um, customers. It's actually tomorrow, but it's today. It's yesterday, Australia time. I don't know. Whatever—12,000 customers showed up. It, it happened. It's already happened, by the way. And I think we just need to—the key message that we are conveying to our customers is

we are SAS is more important than ever in the world of llms. This is in. I mean, we are so happy that that this raw intelligence exists, but to convert raw intelligence into reliable accurate. Scalable Enterprise work, you need a sovereign infrastructure, like the 1 that Mark described with our 4 layers. The system of context, the system of work, this is our big differentiator and nobody has 40% market, share in sales and service. I'm sorry. In the customer domain, we are the systems of work we have the system of agency, very sophisticated, some companies are building it.

Miguel Milano: Nobody has that at the scale and the complexity, because our agents are connected to the data, connected, able to trigger actions, and then we have the system of engagement, which is Slack. I mean, the demo of Anthropic was incredible. It started in Slack. What did they do? They took it out to another UI, which is awful, by the way, but I mean, it wasn't really as nice as Slack, but they did all the work, incredible work. Again, we are so lucky that these companies exist, and then they copy-pasted. They did that, right? They copy-pasted and they put it back on Slack. Okay, today, you can do that with Slackbot. You don't have to get out and in, we have a great partnership with Anthropic.

Whatever. But we have the best, because we are proven, in 4,000, production, customers 23,000 total customer. Nobody has that at the scale and the complexity because our agents are connected to the, to the data connected able to trigger actions. And then we have the system of Engagement which is slack. I mean, the demo of of of of of this of anthropic was incredible. It started in in, in in slack, then what did they do? They took it out to another UI which is awful by the way but it's I mean it wasn't really as nice as Slack.

They did all the work. Incredible work again—we are so lucky that this company exists. And then they copy-paste it.

Miguel Milano: Anyways, Raimo, we're very excited.

They did that, right? They copy-pasted and they put it back on Slack, okay? Today you can do that with Slackbot. You don't have to get out and in, and we have a great partnership with, uh, with Anthropic.

[Company Representative] (Salesforce): Patrick, I think you should come in here and talk about this.

Marc Benioff: Patrick, I think you should come in here and talk about this.

Um, but anyways, Ramo, uh, we're very excited.

Patrick Stokes: Yeah, I mean, you know, everybody right now, everybody through the past few years has been so enamored with the model, of course. It's this brand-new thing, this intelligence layer that we never had, but also the data. What's really happening around us is the apps are changing. The UI is changing, as Miguel is alluding to, and that's really what we're seeing because these old apps of these point-and-click buttons, though, you know, those were designed for human beings to interact with. What happens when you have human beings and agents in the same place, right? Suddenly, a lot of those interactions, those UI paradigms, kind of get thrown away. You don't need all of this complex UI anymore, and that's what makes Slack so powerful, and I think that's what Anthropic knows. I think that's what we saw in their demos yesterday, right?

Patrick, I think you should come in here and talk about this. Yeah, I mean, you know, everybody right now, everybody through the past few years has been so enamored with the model. Of course, it's just a brand new thing, this intelligence layer that we never had, but also the data.

Patrick Stokes: That you kind of, like, process the work, but ultimately, that work is getting done because some person or some agent is asking for it, and then you need to give it back to that person or that agent. Where do you do that? You do that in Slack, and that's what makes Slackbot so unbelievably powerful, is you never have to leave. Of course, it's powered by Claude. We love our partners at Anthropic, but it knows all of the context of your business, not just the context of your, you know, your systems of records, as we think about it, but all of the conversations happening inside of Slack. It has access to all of that, and the knowledge that it gains from that is truly unmatched. It might be our most important piece of data that we have.

But what's really happening around us is the apps are changing. The UI is changing as Miguel is alluding to and that's really what we're seeing because these old apps of these point-and-click buttons that you know those were designed for for human beings to interact with. But what happens when you have human beings and agents in the same place, right? Suddenly a lot of those interactions, those UI paradigms kind of get thrown away. You don't need all of this complex UI anymore and that's what makes slack so powerful. And I think that's what anthropic knows. I think that's what we saw in their demos yesterday, right? That you kind of like, process the work but ultimately it's coming. The that that work is getting done because some person or some agent is asking for it and then you need to give it back to that person or that agent and where do you do that? You do that in slack and that's what makes slack bot. So unbelievably powerful is you never have to leave and of course it's powered by. Claude we we we love our our partners of anthropic but it knows all of the context of

Patrick Stokes: When you put all that together into this brand-new user interface, you know, that's really where we see this big transformation in SaaS happening. It's that they're gonna change, and they're gonna just turn into this, you know, environment where humans and agents are really working together.

Robin Washington: I think to add to that, if you think about customer success, right? We're really doubling down, as we said, on FDEs. I think they're the folks that are on the ground with our selling teams, our solution selling teams, to ultimately make this vision a reality. I think that's the key component to converting it from ALAs to ultimately consuming. That's what we want to continue to see happening, is that consumption wheel continuing to fly.

Of your business—not just the context of your, you know, your systems of record as we think about it—but all of the conversations happening inside of Slack, it has access to all of that. And the knowledge that it gains from that is truly unmatched. It might be our most important piece of data that we have. And so, when you put all that together into this brand-new user interface, you know, that's really where we see this big transformation in SaaS happening. It's that the apps are going to, they're going to change, and they're going to just turn into this, you know, environment where humans and agents are really working together.

And I, I think to add to that, if you think about customer success, right? We're really doubling down, as we said, on FDES.

[Company Representative] (Salesforce): Well said.

Marc Benioff: Well said.

And I think they're the folks that are on the ground with our selling teams, our solutions selling teams, to ultimately make this vision a reality. And I think that's the key component to converting it from AAs to ultimately consuming. That's what we want to continue to see happening, is that consumption will continue to fly.

Mike Spencer: Well, great. Thank you, Raimo. We want to thank everyone for joining us today, and look forward to seeing you soon.

What's that?

[Company Representative] (Salesforce): Bye, everybody. Thanks so much!

Marc Benioff: Bye, everybody. Thanks so much!

Well, great. Thank you very much, and we want to thank everyone for joining us today. We look forward to seeing you soon.

[Company Representative] (Salesforce): It's not just what is possible, it's what you are going to make possible.

[Company Representative] (Salesforce): It's a transformational moment.

[Company Representative] (Salesforce): Agentforce.

Miguel Milano: Agentforce.

It's not just what is possible. It's what you are going to make possible. It's a transformational moment ago.

[Company Representative] (Salesforce): We're not just reimagining software. We're reimagining everything.

We're not just reimagining software.

[Company Representative] (Salesforce): It's called the Agentic Enterprise, powered by Agentforce.

[Company Representative] (Salesforce): This is an agentic revolution.

[Company Representative] (Salesforce): Big companies are using Agentforce.

We're reimagining everything. It's called the agentic Enterprise, powered by Agent Force. This is an agentic revolution.

[Company Representative] (Salesforce): There has been a massive pivot as we are trying to become an Agentic Enterprise.

[Company Representative] (Salesforce): Agentforce is fundamentally changing the nature of the digital world.

Miguel Milano: This is the Internet again. This is electricity. It's that level of change.

Big companies are using agent force. As we are driving to become an agentic, enterprise agent forces, fundamentally changing the nature of the digital world. This is the internet again. This is

[Company Representative] (Salesforce): The rate and growth of innovation is awesome in the last year.

Electricity, it's that level of change. The rate and growth of innovation is awesome in the last year.

[Company Representative] (Salesforce): Salesforce crushed the numbers, and their operating margin has expanded!

[Company Representative] (Salesforce): We are witnessing the greatest transformation in business history.

[Company Representative] (Salesforce): With the digital workforce, the game has completely changed.

Miguel Milano: We got business value immediately.

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Salesforce crushed the numbers again. They're operating more than just expanded. We are witnessing the greatest transformation in business history with the digital workforce. The game is completely changed. We got business value immediately. Agentforce revolutionized our business. It was

And a lot of it has to do with the customer success that we're seeing.

[Company Representative] (Salesforce): Around the world, companies are embracing this new way of working.

[Company Representative] (Salesforce): Humans with agents driving customer success together.

[Company Representative] (Salesforce): Together.

[Company Representative] (Salesforce): We just really think about it as giving knowledge workers superpowers.

[Company Representative] (Salesforce): That gives me time to get out with our partners and interact with them on a human level.

Miguel Milano: Salesforce has helped us do work quicker, where it matters in the moment of truth.

[Company Representative] (Wyndham): You multiply that by the thousands and thousands of patients that we treat, how could you not want to do that?

Geoff Ballotti: You multiply that by the thousands and thousands of patients that we treat, how could you not want to do that?

[Company Representative] (Salesforce): With Slack as the interface, it's not just chat, it's not just collaboration, it's the front door to the Agentic Enterprise.

[Company Representative] (Salesforce): Slackbot is the most powerful AI tool that we use. If you're running a business without Slack, you're doing it on hard mode. Salesforce, the revenue is just terrific.

Around the world, companies are embracing this new way of working—humans with agents driving customer success together. Together, together, together, we just really think about it as giving knowledge workers superpowers. That gets me time to get out with our partners and interact with them on a human level. Salesforce has helped us do work quicker where it matters, in the moments of truth, and you multiply that by the thousands and thousands of patients that we treat. How could you not want to do that with Slack as the interface? It's not just chat, it's not just collaboration, it's the front door to the agentic enterprise. Like, what is the most powerful AI tool that we use? If you're running a business without Slack, you're doing it on hard bugs.

[Company Representative] (Salesforce): This is the next revolution.

[Company Representative] (Salesforce): More than 50,000 people have come to San Francisco for Dreamforce.

[Company Representative] (Salesforce): This, my friends, is the Agentforce 360 platform.

[Company Representative] (Salesforce): We are building $10 billion businesses in service, sales-

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