Salesforce stock down 32% year-to-date despite fastest revenue growth in seven quarters and AI portfolio tripling year-over-year

Salesforce closed fiscal 2026 with current remaining performance obligations of $35.1 billion, up 16% year-over-year, driven by larger deal sizes and early renewals. Revenue grew 12% in Q4 with non-GAAP operating margin expanding 110 basis points to 34.2%.

The company's AI portfolio — Agentforce and Data Cloud combined — generated roughly $2.9 billion in annualized recurring revenue (ARR) exiting fiscal 2026, more than tripling year-over-year. Agentforce alone contributed about $800 million in ARR after a 169% surge, with roughly 60% of deals coming from existing customers.

For first-quarter fiscal 2027, Salesforce guided revenue of $11.03–$11.08 billion and adjusted earnings of $3.11–$3.13 per share. The company has beaten Zacks Consensus EPS Estimates in each of its trailing four quarters, with average surprise running at 11.6%.