Q3 2026 Salesforce Inc Earnings Call

December 3, 2025

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 third quarter fiscal 2026 conference call.

Operator: 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 Q3, F26 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 Strategy and Investor Relations. Sir, you may begin.

Speaker #1: 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.

Speaker #1: At this time, I would like to turn the call over to Mike Spencer, Executive Vice President of Finance and Strategy and Investor Relations. Sir, you may

Speaker #1: At this time, I would like to turn the call over to Mike Spencer, Executive Vice President of Finance and Strategy and Investor Relations. Sir, you may begin.

Speaker #2: Good afternoon, and thanks for joining us today on our fiscal 2026 third quarter results conference call. Our press release, SEC filings, and a replay of today's call can be found on our website.

Michael Spencer: Good afternoon, and thanks for joining us today on our F26 Q3 results conference call. Our press release, SEC filings, and a replay of today's call can be found on our website. Joining me on the call today is Marc Benioff, Chair and CEO, Robin Washington, Chief Operating and Finance Officer. We also have Srini Tallapragada, President and Chief Engineering and Customer Success Officer, and Miguel Milano, President and Chief Revenue 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. 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.

Speaker #2: Joining me on the call today is Marc Benioff, Chair and CEO; Robin Washington, Chief Operating and Finance Officer. We also have Shrini Telepragata, President and Chief Engineering and Customer Success Officer; and Miguel Milano, President and Chief Revenue Officer, joining us for the Q&A portion of the call.

Speaker #2: Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties, and assumptions, which could change. Shenanity's risk materialized, or should our assumptions prove to be incorrect, actual company results or outcomes could differ materially from these forward-looking statements.

Speaker #2: 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 reports for Forms 10-K, 10-Q, and any other SEC filings.

Michael Spencer: 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 in our most recent reports on Forms 10-K, 10-Q, and any 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 and reconciliations between our GAAP and non-GAAP results, and guidance can be found in our earnings materials and press release. And with that, let me hand the call over to Marc.

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 in our most recent reports on Forms 10-K, 10-Q, and any 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 and reconciliations between our GAAP and non-GAAP results, and guidance can be found in our earnings materials and press release. And with that, let me hand the call over to Marc.

Speaker #2: 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 and reconciliations between our GAAP and non-GAAP results.

Speaker #2: And guidance can be found in our earnings materials and press release. And with that, let me hand the call over to

Speaker #2: Mark. All right, great job, Mike.

Marc Benioff: All right, great job, Mike. Thanks, everyone, for joining us today. Well, as you can see, first of all, great seeing everyone at Dreamforce. We are so happy that you are all with us. Now you can see we've delivered strong results for the quarter across all of our key metrics. We're continuing to execute on the path to our $60 billion dream that we outlined in detail with all of you at Investor Day. We delivered really strong bookings. Miguel is here. He's going to talk to you about that. We've delivered incredible results with Agentforce. It's really exceeding our expectations. We're going to hit all the details, but I think that you can see 3.2 trillion tokens delivered for our customers. It's all exceeding our expectations. We're going to get into all of that detail as well. That's the core of our organic innovation.

Speaker #3: And thanks, everyone, for joining us today. Well, as you can see, first of all, it’s great seeing everyone at Dreamforce. We are so happy that you are all with us.

Speaker #3: And now you can see we've delivered strong results for the quarter across all of our key metrics. We're continuing to execute on the path to our $60 billion dream that we outlined in detail with all of you at Investor Day.

Speaker #3: And we delivered really strong bookings. Miguel is here; he's going to talk to you about that. We've delivered incredible results with Agentforce, and it's really exceeding our expectations.

Speaker #3: We're going to hit all the details, but I think that you can see $3.2 trillion tokens delivered for our customers. It's all exceeding our expectations.

Speaker #3: We're going to get into all of that detail as well. That's the core of our organic innovation. We're making these disciplines strategic acquisitions, like Informatica, also now online in the company.

Marc Benioff: We're making these disciplined strategic acquisitions like Informatica, also now online in the company. We're really excited about the harmonization, integration, and federation that Informatica plus Data 360 plus MuleSoft is giving us. That's going to strengthen our overall leadership in data and, of course, AI. We're ensuring that we have the distribution capacity. That's extremely important for us because we are a direct seller in place to support long-term growth. Miguel has made some fantastic investments over the last 12 months in all of our core segments, and we're going to talk about that as well.

We're making these disciplined strategic acquisitions like Informatica, also now online in the company. We're really excited about the harmonization, integration, and federation that Informatica plus Data 360 plus MuleSoft is giving us. That's going to strengthen our overall leadership in data and, of course, AI. We're ensuring that we have the distribution capacity. That's extremely important for us because we are a direct seller in place to support long-term growth. Miguel has made some fantastic investments over the last 12 months in all of our core segments, and we're going to talk about that as well.

Speaker #3: We're really excited about the harmonization, integration, federation, that Informatica plus data 360 plus MuleSoft is giving us. And that's going to strengthen our overall leadership in data and, of course, AI.

Speaker #3: And we're ensuring that we have the distribution capacity. That's extremely important for us because we are a direct seller in place to support long-term growth.

Speaker #3: Miguel has made some fantastic investments over the last 12 months in all of our core segments, and we're going to talk about that as well.

Speaker #3: And finally, Robin is going to speak in more detail about the capital allocation strategy and the investments that we're making for fiscal year 27, which we're getting very excited about.

Marc Benioff: And finally, Robin is going to speak in more detail about the capital allocation strategy and the investments that we're making for fiscal year 2027, which we're getting very excited about, and a very clear focus on our continued path for, I would say, very sustainable, profitable, durable growth and innovation in the company. Now, you are all at Dreamforce. You saw that energy, the level of customer success. It exceeded my expectations. And you saw how we're bringing humans, data, AI, apps together to build the Agentic Enterprise. And we just couldn't be more excited about that and how customers are receiving the message. Every CEO I met at Dreamforce, and I mean, every CEO I speak to just in the last couple of days, I had some great meetings.

And finally, Robin is going to speak in more detail about the capital allocation strategy and the investments that we're making for fiscal year 2027, which we're getting very excited about, and a very clear focus on our continued path for, I would say, very sustainable, profitable, durable growth and innovation in the company. Now, you are all at Dreamforce. You saw that energy, the level of customer success. It exceeded my expectations. And you saw how we're bringing humans, data, AI, apps together to build the Agentic Enterprise. And we just couldn't be more excited about that and how customers are receiving the message. Every CEO I met at Dreamforce, and I mean, every CEO I speak to just in the last couple of days, I had some great meetings.

Speaker #3: And a very clear focus on our continued paths for, I would say, a very sustainable, profitable, durable growth and innovation in the company. Now, you are all at Dreamforce.

Speaker #3: You saw that energy, the level of customer success. It exceeded my expectations. And you saw how we're bringing humans, data, AI, apps together to build the agentic enterprise.

Speaker #3: And we just couldn't be more excited about that and how customers are receiving the message. Every CEO I met at Dreamforce—and I mean every CEO I speak to—just in the last couple of days, I had some great meetings.

Speaker #3: And I'll tell you that everyone knows that they want to get to the next level in their business, to bring AI in, become more productive, become more efficient.

Marc Benioff: I'll tell you that everyone knows that they want to get to the next level in their business, to bring AI in, become more productive, become more efficient, become elevated, as Matthew said in the opening video. But they all know they now, they've got to become these agentic enterprises. I don't think for a lot of them, two years, three years ago, maybe even a year ago, they really understood that opportunity. They are now more motivated than ever to do it. We're going to hear about that, some great stories from the quarter. Of course, you know we've all read that crazy MIT study where customers went off trying to build their own models and trying to build their own toolkits and this and that and DIY it. Now they realize the real value from AI is delivering, number one, customer agents.

I'll tell you that everyone knows that they want to get to the next level in their business, to bring AI in, become more productive, become more efficient, become elevated, as Matthew said in the opening video. But they all know they now, they've got to become these agentic enterprises. I don't think for a lot of them, two years, three years ago, maybe even a year ago, they really understood that opportunity. They are now more motivated than ever to do it. We're going to hear about that, some great stories from the quarter. Of course, you know we've all read that crazy MIT study where customers went off trying to build their own models and trying to build their own toolkits and this and that and DIY it. Now they realize the real value from AI is delivering, number one, customer agents.

Speaker #3: Become elevated, as Matthew said in the opening video. But they all know they now, they've got to become these agentic enterprises. And I don't think for a lot of them, two years, three years ago, maybe even a year ago, they really understood that opportunity.

Speaker #3: And they are now more motivated than ever to do it. We're going to hear about that, some great stories from the quarter, and of course, you know, we've all read that crazy MIT study where, you know, customers went off trying to build their own models and trying to build their own toolkits.

Speaker #3: And this and that, and, you know, DIY it. And now they realize the real value from AI is delivering, you know, number one, customer agents.

Speaker #3: And we have so many examples, but now I think about 500 million dollars in Agentforce revenue. Talking about customer agents, but also on what's really exciting here at Salesforce, and some of you have seen it, but probably a lot of you haven't, is employee agents.

Marc Benioff: And we have so many examples, but now I think about $500 million in Agentforce revenue, talking about customer agents. But also, and what's really exciting here at Salesforce, and some of you have seen it, but probably a lot of you haven't, is employee agents. And we've really delivered an incredible new framework, deeply integrated into our Slack product. Every Salesforce employee already uses it every day. I do. And it's the core of every demonstration we give to our customers to show how we have unleashed with Slack something new called Slackbot, which is really the heart of our employee agent strategy. And you're going to see that. It's incredible.

And we have so many examples, but now I think about $500 million in Agentforce revenue, talking about customer agents. But also, and what's really exciting here at Salesforce, and some of you have seen it, but probably a lot of you haven't, is employee agents. And we've really delivered an incredible new framework, deeply integrated into our Slack product. Every Salesforce employee already uses it every day. I do. And it's the core of every demonstration we give to our customers to show how we have unleashed with Slack something new called Slackbot, which is really the heart of our employee agent strategy. And you're going to see that. It's incredible.

Speaker #3: And we've really delivered an incredible new framework deeply integrated into our Slack product. Every Salesforce employee already uses it every day. I do. And it's the core of every demonstration we give to our customers to show how we have unleashed with Slack something new called Slack Bot.

Speaker #3: Which is really the heart of our employee agent strategy. And you're going to see that. It's incredible. It is able to go not only through Slack, but and not only through the whole internet, but also through all of our customers' data that they have basically, you know, provisioned in a secure way through Salesforce as well and deliver a context and I'll tell you in now before I do a customer visit or call or whatever it is, I'll just kind of sit right down.

Marc Benioff: It is able to go not only through Slack, but not only through the whole internet, but also through all of our customers' data that they have basically provisioned in a secure way through Salesforce as well, and deliver a context. And I'll tell you, now, before I do a customer visit or call or whatever it is, I'll just kind of sit right down. I was with a really good friend of mine. Just this weekend, I had lunch with him, and he's a top venture capitalist. And he had been a huge investor in Coinbase. And I'll tell you that we were just sitting there just talking about, hey, tell me about everything with your venture capital company. Tell me everything about this venture capitalist. And then also tell me everything about Coinbase and the company and our relationship.

It is able to go not only through Slack, but not only through the whole internet, but also through all of our customers' data that they have basically provisioned in a secure way through Salesforce as well, and deliver a context. And I'll tell you, now, before I do a customer visit or call or whatever it is, I'll just kind of sit right down. I was with a really good friend of mine. Just this weekend, I had lunch with him, and he's a top venture capitalist. And he had been a huge investor in Coinbase. And I'll tell you that we were just sitting there just talking about, hey, tell me about everything with your venture capital company. Tell me everything about this venture capitalist. And then also tell me everything about Coinbase and the company and our relationship.

Speaker #3: I was with a really good friend of mine just this weekend. I had lunch with him, and he's a top venture capitalist and he had been a huge investor in Coinbase.

Speaker #3: And I'll tell you that we were just sitting there just talking about, hey, tell me about everything with your venture capital company. Tell me everything about this venture capitalist.

Speaker #3: And then also tell me everything about Coinbase and the company and our relationship. And then, bam, it's able to deliver to me an absolute and complete not only analysis, not only a summarization, not only all of the detail, but next steps, how to sell, what I should do, exactly for the customer, and I love doing this.

Marc Benioff: And then, bam, you know it's able to deliver to me an absolute and complete not only analysis, not only a summarization, not only all of the detail, but next steps, how to sell, what I should do exactly for the customer. And I love doing this to customers because they don't think it's possible. And then when they see it, they say, wow, this is what AI was meant to be. And I'm like, this is context. This is data. This is apps. This is the best of the large language models and delivering it all to you. Well, anyway, let's get into the quarter. Q3 revenue was up $10.26 billion. It's up 9% year over year, 8% in constant currency. Our non-GAAP operating margin came in strong at 35.5%. And CRPO was outstanding. You see already $29.4 billion, up 11%.

And then, bam, you know it's able to deliver to me an absolute and complete not only analysis, not only a summarization, not only all of the detail, but next steps, how to sell, what I should do exactly for the customer. And I love doing this to customers because they don't think it's possible. And then when they see it, they say, wow, this is what AI was meant to be. And I'm like, this is context. This is data. This is apps. This is the best of the large language models and delivering it all to you. Well, anyway, let's get into the quarter. Q3 revenue was up $10.26 billion. It's up 9% year over year, 8% in constant currency. Our non-GAAP operating margin came in strong at 35.5%. And CRPO was outstanding. You see already $29.4 billion, up 11%.

Speaker #3: The customers, because they don't think it's possible. And then when they see it, they say, wow, this is what AI was meant to be.

Speaker #3: And I'm like, this is context. This is data. This is apps. This is the best of the large language models. And delivering it all to you.

Speaker #3: Well, anyway, let's get into the quarter. Q3 revenue was up $10.26 billion. It's up 9% year over year and 8% in constant currency. Our non-GAAP operating margin came in strong at 35.5%.

Speaker #3: And CRPO was outstanding. You see already 29.4 billion, up 11%. Miguel is going to talk about, you know, this great quarter he had, the best quarter I think we've had actually in three years.

Marc Benioff: Miguel is going to talk about this great quarter he had, the best quarter I think we've had actually in three years, and 11% in constant currency. RPO is nearly $60 billion, growing 12% year over year. Kind of huge numbers, but very exciting, considering we've also rebuilt all the products as well and delivering this AI future for everyone. This really is signaling to us that it's a strong pipeline, a future revenue as customers ground their AI future in Agentforce. The third quarter operating cash flow was a whopping $2.3 billion, up 17% year over year. Free cash flow was $2.2 billion, up 22% year over year. We expect to finish the year with nearly $15 billion in operating cash flow. That was pretty awesome, I think. I think it's more operating cash flow at $15 billion than even Walmart. So that's awesome.

Miguel is going to talk about this great quarter he had, the best quarter I think we've had actually in three years, and 11% in constant currency. RPO is nearly $60 billion, growing 12% year over year. Kind of huge numbers, but very exciting, considering we've also rebuilt all the products as well and delivering this AI future for everyone. This really is signaling to us that it's a strong pipeline, a future revenue as customers ground their AI future in Agentforce. The third quarter operating cash flow was a whopping $2.3 billion, up 17% year over year. Free cash flow was $2.2 billion, up 22% year over year. We expect to finish the year with nearly $15 billion in operating cash flow. That was pretty awesome, I think. I think it's more operating cash flow at $15 billion than even Walmart. So that's awesome.

Speaker #3: And 11% in constant currency. And RPO is nearly 60 billion growing, 12% year over year. Kind of huge numbers. But very exciting. Considering we've also rebuilt all the products as well.

Speaker #3: And delivering this AI future for everyone. You know, this really is signaling to us that it's a strong pipeline, a future revenue, as customers ground their AI future in Agentforce.

Speaker #3: And the third quarter operating cash flow was a whopping 2.3 billion, up 17% year over year. Free cash flow was 2.2 billion, up 22% year over year.

Speaker #3: And we expect to finish the year with nearly $15 billion in operating cash flow. That was pretty awesome, I think. I think it's more operating cash flow at $15 billion than even Walmart.

Speaker #3: So that's awesome. Agentforce and data reached nearly 1.4 billion in ARR in the quarter, up 114% year over year, including Agentforce ARR. Of about 540 million, 330% year over year, and I think all of our account executives, you know, I think we've got about 15,000 of them.

Marc Benioff: Agentforce and data reached nearly $1.4 billion in ARR in the quarter, up 114% year over year, including Agentforce ARR of about $540 million, 330% year over year. I think all of our account executives, you know I got about 15,000 of them. I don't know what the exact number is out there, are all selling this now. People really can understand it. We can demo it. We can show it. But I think you've all seen what our customers are doing. The one I love and that I use because I'm a huge customer is Williams-Sonoma's version of Agentforce, which they call Olive. If you haven't been on the Williams-Sonoma support, Williams-Sonoma's website and seen the sous-chef that they call Olive and used it, I think the quality is what I'm most impressed with, that it's really very, very good. You don't see hallucinations.

Agentforce and data reached nearly $1.4 billion in ARR in the quarter, up 114% year over year, including Agentforce ARR of about $540 million, 330% year over year. I think all of our account executives, you know I got about 15,000 of them. I don't know what the exact number is out there, are all selling this now. People really can understand it. We can demo it. We can show it. But I think you've all seen what our customers are doing. The one I love and that I use because I'm a huge customer is Williams-Sonoma's version of Agentforce, which they call Olive. If you haven't been on the Williams-Sonoma support, Williams-Sonoma's website and seen the sous-chef that they call Olive and used it, I think the quality is what I'm most impressed with, that it's really very, very good. You don't see hallucinations.

Speaker #3: I don't know what the exact number is out there, are all selling this now. People really can understand it. We can demo it. We can show it.

Speaker #3: But I think you've all seen like what our customers are doing. And, you know, the one I love and that I use because I'm a huge customer is William Sonoma's version of Agentforce, which they call Olive.

Speaker #3: And if you haven't been on the William support, William Sonoma's website and seen the sous chef that they call Olive, and used it, I think the quality is what I'm most impressed with.

Speaker #3: It's really very, very good. You don't see hallucinations; you see really kind of the customer personality, the quality, the ability to deliver, you know, value.

Marc Benioff: You see really kind of the customer personality, the quality, the ability to deliver value. And they are saying it's about 60% of their chats. We've got a whole nother level to go with them with voice, which is coming, which is very exciting. This is our fastest growing product ever. And every Salesforce app now, not just sales, service, marketing, commerce, all of them, Tableau, Slack, our new ITSM, supply chain products, they've all been rebuilt. And Srini here is going to talk about what we've done to bring Agentforce into every product we have. And we transform Agentforce from being a product to a platform so that all of our apps can reason, learn, take action, collaborate with users. But it's really about humans and apps and the AI and the data all working together.

You see really kind of the customer personality, the quality, the ability to deliver value. And they are saying it's about 60% of their chats. We've got a whole nother level to go with them with voice, which is coming, which is very exciting. This is our fastest growing product ever. And every Salesforce app now, not just sales, service, marketing, commerce, all of them, Tableau, Slack, our new ITSM, supply chain products, they've all been rebuilt. And Srini here is going to talk about what we've done to bring Agentforce into every product we have. And we transform Agentforce from being a product to a platform so that all of our apps can reason, learn, take action, collaborate with users. But it's really about humans and apps and the AI and the data all working together.

Speaker #3: And they are saying it's about 60% of their chats. We've got a whole other level to go with them with voice, which is coming, which is very exciting.

Speaker #3: You know, this is our fastest-growing product ever. And every Salesforce app now, not just, you know, Sales, Service, Marketing, and Commerce— all of them: Tableau, Slack, our new ITSM, supply chain products— they’ve all been rebuilt. Trini’s here, and she is going to talk about what we've done to bring Agentforce into every product we have.

Speaker #3: And they, you know, we transformed Agentforce from being a product to a platform so that all of our apps can reason, learn, take action, and collaborate with users.

Speaker #3: But it's really about humans and apps and the AI and the data all working together. And that is what's so exciting that every part of our platform is now so deeply integrated.

Marc Benioff: And that is what's so exciting, that every part of our platform is now so deeply integrated. And because all the data is unified and every app shares the same metadata, they speak the same language. And you really get that feeling when you are using the Slackbot. And Srini will tell you about it because all of a sudden, Slackbot is able to read across all of our data, but then talk directly to you and give you that elevated experience. So when an LLM is interacting with Agentforce, it's getting that strategic context from our data, from the data on the internet as well, from the data that it's been trained in, and then knows how your business operates. It's really able to give you that. And that's because Salesforce is unique in that we have data that makes business more valuable.

And that is what's so exciting, that every part of our platform is now so deeply integrated. And because all the data is unified and every app shares the same metadata, they speak the same language. And you really get that feeling when you are using the Slackbot. And Srini will tell you about it because all of a sudden, Slackbot is able to read across all of our data, but then talk directly to you and give you that elevated experience. So when an LLM is interacting with Agentforce, it's getting that strategic context from our data, from the data on the internet as well, from the data that it's been trained in, and then knows how your business operates. It's really able to give you that. And that's because Salesforce is unique in that we have data that makes business more valuable.

Speaker #3: And because all the data is unified and every app shares the same metadata, they speak the same language. You really get that feeling when you are using the Slack Bot, and Trini will tell you about it.

Speaker #3: Because all of a sudden Slack Bot is able to read across all of our data, but then talk directly to you and give you that elevated experience.

Speaker #3: So when an LLM is interacting with Agentforce, it's getting that strategic context from our data, from the data on the internet as well, and from the data that it's been trained in.

Speaker #3: And then you know how your business operates. It's really able to give you that. And that's because Salesforce is unique in that we have the data that makes businesses more valuable.

Speaker #3: It's that customer data, the service data, the sales data, the marketing data. And then we're able to deliver it in a tremendously friendly way.

Marc Benioff: It's that customer data, the service data, the sales data, the marketing data. And then we're able to deliver it in a tremendously friendly way. We've rebuilt all of our products to deliver this agentic enterprise, really just getting going. I think Srini will tell you, if we were really brainstorming a few years ago when we first created our GPT series, where we're starting to begin to integrate the large language models, I don't think we exactly knew that at this point, we were able to deliver this incredible customer agent experience and this incredible employee agent experience. In fact, six of our top 10 deals in the quarter are now driven by companies that just want to transform with Agentforce. And that's a big thought because a year ago, we were basically just starting to ship the product. It was just coming out of beta.

It's that customer data, the service data, the sales data, the marketing data. And then we're able to deliver it in a tremendously friendly way. We've rebuilt all of our products to deliver this agentic enterprise, really just getting going. I think Srini will tell you, if we were really brainstorming a few years ago when we first created our GPT series, where we're starting to begin to integrate the large language models, I don't think we exactly knew that at this point, we were able to deliver this incredible customer agent experience and this incredible employee agent experience. In fact, six of our top 10 deals in the quarter are now driven by companies that just want to transform with Agentforce. And that's a big thought because a year ago, we were basically just starting to ship the product. It was just coming out of beta.

Speaker #3: We've rebuilt all of our products to deliver this agentic enterprise, really just getting going. I think Trini will tell you if we were really brainstorming a few years ago when we first created our GPT series, where we started to begin to integrate the large language models. I don't think we exactly knew that at this point we were able to deliver this incredible customer agent experience and this incredible employee agent experience.

Speaker #3: In fact, six of our top 10 deals in the quarter are now driven by companies that just want to transform with Agentforce. And that's a big thought because a year ago, we were basically just starting to ship the product, you know, it was just coming out of beta.

Speaker #3: It was like a very strong, you know, version one. But it's more than a strong version one now. And I think everyone can go and look at that example with William Sonoma or with Shark Ninja or with, you know, so I mean, there's so many great examples that I use every day.

Marc Benioff: It was like a very strong version one, but it's more than a strong version one now. I think everyone can go and look at that example with Williams-Sonoma, or with SharkNinja, or with, I mean, there's so many great examples that I use every day. I know Miguel's got his remarkable pad in front of him. So I think that in just a year since we introduced Agentforce, we've closed over 18,500 Agentforce deals. 9,500 of them are paid transactions. It's up 50% quarter over quarter. All of our reps now kind of have the acuity. They've got the nomenclature. They're enabled. That was a huge lift for us to start to bring the whole company into this AI revolution and give them the tools and now these great customer examples. It's happening around the world.

It was like a very strong version one, but it's more than a strong version one now. I think everyone can go and look at that example with Williams-Sonoma, or with SharkNinja, or with, I mean, there's so many great examples that I use every day. I know Miguel's got his remarkable pad in front of him. So I think that in just a year since we introduced Agentforce, we've closed over 18,500 Agentforce deals. 9,500 of them are paid transactions. It's up 50% quarter over quarter. All of our reps now kind of have the acuity. They've got the nomenclature. They're enabled. That was a huge lift for us to start to bring the whole company into this AI revolution and give them the tools and now these great customer examples. It's happening around the world.

Speaker #3: I know Miguel's got his remarkable pad in front of him. So, you know, I think that in just a year since we introduced Agentforce, we've closed over 18,500 Agentforce deals, 9,500 of them are paid transactions.

Speaker #3: It's up 50% quarter over quarter. All of our reps now kind of have the acuity. They've got the nomenclature. They're enabled. That was a huge lift for us to start to bring the whole company into this AI revolution and give them the tools and now these great customer examples.

Speaker #3: And it's happening around the world. I just got back from Japan, and I saw it there. I was in the UK, and I saw it there.

Marc Benioff: I just got back from Japan, and I saw it there. I was in the UK. I saw it there. I've seen it, obviously, throughout the whole United States. It's really a global phenomenon. So Agentforce is now powered. Here's a few interesting things. Agentforce is powered 1.2 billion large language model calls. That's interactions when agents invoke a model to understand context and decide the next best action across the apps. You've seen the Omnichannel Supervisor built into the Service Cloud where all of a sudden, I'm a customer. I'm coming into the website, even like Salesforce to help.salesforce.com or any of our customers' websites. And I'm in there, and I'm working. And then all of a sudden, I've hit kind of the limit of what the LLM can do. I can escalate immediately, also right to a human.

I just got back from Japan, and I saw it there. I was in the UK. I saw it there. I've seen it, obviously, throughout the whole United States. It's really a global phenomenon. So Agentforce is now powered. Here's a few interesting things. Agentforce is powered 1.2 billion large language model calls. That's interactions when agents invoke a model to understand context and decide the next best action across the apps. You've seen the Omnichannel Supervisor built into the Service Cloud where all of a sudden, I'm a customer. I'm coming into the website, even like Salesforce to help.salesforce.com or any of our customers' websites. And I'm in there, and I'm working. And then all of a sudden, I've hit kind of the limit of what the LLM can do. I can escalate immediately, also right to a human.

Speaker #3: I've seen it obviously throughout the whole United States. It's really a global phenomenon. So Agentforce is now powered. Here's a few interesting things. Agentforce is powered 1.2 billion large language model calls.

Speaker #3: That's interactions when agents invoke a model to understand context and decide the next best action. Across the apps, you've seen the omnichannel supervisor like built into the service cloud where all of a sudden, you know, I'm in, I'm a customer, I'm coming into the website, even like Salesforce to help that Salesforce.com or any of our customers' websites.

Speaker #3: And I'm in there and I'm working and then all of a sudden I've hit kind of the limit of what the LLM can do.

Speaker #3: I can escalate immediately, also right to a human, and that's where the humans, the agents, and the AI, along with the data, all have to work together.

Marc Benioff: And that's where the humans and the agents and the AI and the data all have to work together. Our top 50 customers, including, and Miguel's got this story in his pocket, but Falabella, Vivint, DirecTV, there's so many great stories. More than 200 million Agentforce LLM calls in Q3 alone on track to power another 2 billion over the next year. And those LLMs now are calling these Agentforce actions, such as updating the opportunities, creating a case, handling service inquiry. And the number of average weekly actions has now risen about 140% Q over Q. So we're really seeing the adoption and the usage. And that's what's more exciting. And here's a number we really haven't focused on, I think, in an earnings script. And I don't even think we hit it last time exactly. But Agentforce has processed more than 3.2 trillion tokens.

And that's where the humans and the agents and the AI and the data all have to work together. Our top 50 customers, including, and Miguel's got this story in his pocket, but Falabella, Vivint, DirecTV, there's so many great stories. More than 200 million Agentforce LLM calls in Q3 alone on track to power another 2 billion over the next year. And those LLMs now are calling these Agentforce actions, such as updating the opportunities, creating a case, handling service inquiry. And the number of average weekly actions has now risen about 140% Q over Q. So we're really seeing the adoption and the usage. And that's what's more exciting. And here's a number we really haven't focused on, I think, in an earnings script. And I don't even think we hit it last time exactly. But Agentforce has processed more than 3.2 trillion tokens.

Speaker #3: And our top 50 customers, including, and Miguel's got this story in his pocket, but you know, Falabella, Vivint, DirecTV—there's so many great stories.

Speaker #3: More than 200 million Agentforce LLM calls in Q3 alone on track to power another 2 billion over the next year. And those LLMs now are calling these Agentforce actions such as updating the opportunities, creating a case, handling service inquiry, and the number of average weekly actions has now risen about 140% Q over Q.

Speaker #3: So we're really seeing, you know, the adoption and the usage, and that's what we're excited about. And here's a number we really haven't focused on.

Speaker #3: I think in an earnings script, and I don't even think we hit it last time exactly, but Agentforce's process more than 3.2 trillion tokens.

Speaker #3: So, 3.2 trillion tokens for our LLM gateway so far. And we're going to start talking about that concept. We saw that in OpenAI's recent announcement that we were in their trillion-token club.

Marc Benioff: So 3.2 trillion tokens for our LLM gateway so far. And we're going to start talking about that concept. We saw that in OpenAI's recent announcement that we were in their trillion token club. And of course, we use all of the large language models. They're all great. We love all of them. We love all of our children. But they're also all just commodities. And we can have the choice of choosing whatever one we want, whether it's OpenAI, Gemini, or Anthropic, or there's other open source ones. They're all very good at this point. So we can swap them in and out. The lowest cost one is the best one for us, making us basically the top user of these foundation models.

So 3.2 trillion tokens for our LLM gateway so far. And we're going to start talking about that concept. We saw that in OpenAI's recent announcement that we were in their trillion token club. And of course, we use all of the large language models. They're all great. We love all of them. We love all of our children. But they're also all just commodities. And we can have the choice of choosing whatever one we want, whether it's OpenAI, Gemini, or Anthropic, or there's other open source ones. They're all very good at this point. So we can swap them in and out. The lowest cost one is the best one for us, making us basically the top user of these foundation models.

Speaker #3: And of course, we use all of the large language models; you know, they're all great. We love all of them. We love all of our children, but they're also all just commodities, and we can have the choice of choosing whatever one we want.

Speaker #3: Whether it's OpenAI or Gemini or Anthropic or what there's other open source ones, they're all very good at this point. So we can swap them in and out.

Speaker #3: The lowest cost one is the best one for us, making us, you know, basically the top user of these foundation models. And that point that we did 3.2 trillion tokens let Bilbo Baggins know that we've got you know adoption and usage happening here with this large language model gateway.

Marc Benioff: At that point that we did 3.2 trillion tokens, let Bilbo Baggins know that we've got adoption and usage happening here with this large language model gateway. That was just a shout-out to J.R.R. Tolkien himself. But that's the end of the jokes for the call. In October alone, token usage was nearly 540 billion, up 25% month over month. And I just don't think any other enterprise software company has stats quite like this. This isn't your Clippy. This is not your kind of a good AI demo. This is real enterprise adoption of agentic AI and capability at scale globally. And those numbers are going to keep growing as customers put Agentforce to work across their business. But not every task or step in a workflow needs to call the LLM. We call that determinism.

At that point that we did 3.2 trillion tokens, let Bilbo Baggins know that we've got adoption and usage happening here with this large language model gateway. That was just a shout-out to J.R.R. Tolkien himself. But that's the end of the jokes for the call. In October alone, token usage was nearly 540 billion, up 25% month over month. And I just don't think any other enterprise software company has stats quite like this. This isn't your Clippy. This is not your kind of a good AI demo. This is real enterprise adoption of agentic AI and capability at scale globally. And those numbers are going to keep growing as customers put Agentforce to work across their business. But not every task or step in a workflow needs to call the LLM. We call that determinism.

Speaker #3: That was just a cue out to J.R.R. Tolkien himself. But that's the end of the jokes for the call. In October alone, token usage was nearly 540 billion, up 25% month over month.

Speaker #3: And I just don't think any other enterprise software company has stats quite like this. This isn't your Clippy. This is not your kind of a good AI demo.

Speaker #3: This is real enterprise adoption of agentic AI and capability at scale globally. And those numbers are going to keep growing as customers put Agentforce to work across their business, but not every task or step in a workflow needs to call the LLM.

Speaker #3: We call that determinism. And determinism is really important because, for those of us who grew up in software, we used to call it "if-then" statements, but now we call it determinism.

Marc Benioff: And determinism is really important because for those of us who grew up in software, we used to call it if-then statements. But now we call it determinism. But determinism is that, hey, if I need to do this, go to the LLM. But if I probably don't need to go to the LLM, just do that. So that is going to even reduce our costs further and not hit the LLM as much as we do. And that's why we built hybrid reasoning and AgentScript. And our AI teams are just crushing it on that. And we're giving customers the best of both worlds, combining LLM-driven reasoning and deterministic precision. We had strong performance across Agentforce Service, Agentforce Sales, and Slack. And those three apps are just a powerful combination for just us at Salesforce because we use those every single day. We live on them.

And determinism is really important because for those of us who grew up in software, we used to call it if-then statements. But now we call it determinism. But determinism is that, hey, if I need to do this, go to the LLM. But if I probably don't need to go to the LLM, just do that. So that is going to even reduce our costs further and not hit the LLM as much as we do. And that's why we built hybrid reasoning and AgentScript. And our AI teams are just crushing it on that. And we're giving customers the best of both worlds, combining LLM-driven reasoning and deterministic precision. We had strong performance across Agentforce Service, Agentforce Sales, and Slack. And those three apps are just a powerful combination for just us at Salesforce because we use those every single day. We live on them.

Speaker #3: But determinism is that, hey, if I need to do this, go to the LLM, but if I probably don't need to go to the LLM, just do that.

Speaker #3: So that is going to even reduce our costs further and not hit the LLM as much as we do. And that's why we built hybrid reasoning and agent script in our AI teams are just crushing it on that.

Speaker #3: And we're giving customers the best of both worlds, combining LLM-driven reasoning and deterministic precision. We had strong performance across Agentforce service, Agentforce sales, and Slack.

Speaker #3: And those three apps are just a powerful combination for just us at Salesforce because we use those every single day. We live on them.

Speaker #3: It is really the hat trick for Salesforce with large customers to say, "Let us show you what we're doing in service. Let us show you what we're doing in sales."

Marc Benioff: It is really the hat trick for Salesforce with large customers to say, let us show you what we're doing in service. Let us show you what we're doing in sales. Let us show you what we're doing in Slack. And it's a wow experience right now. It's only going to get better. And in fact, if we included the full contribution of Agentforce just in service, we used to call it Service Cloud. Now we call it Agentforce Service. But you look at Agentforce Service; we would show an additional point of growth in Q3. Now, Mike likes to carve off the agent thing, revenue. He wants to have it in his own line, blah, blah, blah. It's a huge argument between me and Mike. And the reality is, look, you're not going to have Agentforce Service or Agentforce Sales without the AI. So it's just moving.

It is really the hat trick for Salesforce with large customers to say, let us show you what we're doing in service. Let us show you what we're doing in sales. Let us show you what we're doing in Slack. And it's a wow experience right now. It's only going to get better. And in fact, if we included the full contribution of Agentforce just in service, we used to call it Service Cloud. Now we call it Agentforce Service. But you look at Agentforce Service; we would show an additional point of growth in Q3. Now, Mike likes to carve off the agent thing, revenue. He wants to have it in his own line, blah, blah, blah. It's a huge argument between me and Mike. And the reality is, look, you're not going to have Agentforce Service or Agentforce Sales without the AI. So it's just moving.

Speaker #3: Let us show you what we're doing in Slack. And it's a wow experience right now. It's only going to get better. And in fact, if we included the full contribution of Agentforce just in service, we used to call it service cloud, now we call it Agentforce service, but you look at Agentforce service, we would show an additional point of growth in Q3.

Speaker #3: Now, Mike likes to carve off the agent thing, revenue. He wants to have it in his own line, blah, blah, blah. It's a huge argument between me and Mike.

Speaker #3: And you know, the reality is, look, you're not going to have Agentforce service or Agentforce sales without the AI. So, you know, it's just moving, and Slack is now where it's all coming together. That is this incredible conversational interface for every app, every agent, every workflow.

Marc Benioff: And Slack is now where it's coming all together. And that is this incredible conversational interface for every app, every agent, every workflow. I'm going to get to a really cool point in a second. And when we release this new Slackbot, you've got to see it. So you've all got friends who are Salesforce employees. Take them aside and have them show you Slackbot. And just do whatever query you want and say, hey, I'm talking to this customer. I'm talking to that. Tell me this. And you're going to see some incredible things, how it has the ability to search across Salesforce and build agents and create things and do this incredible work on your behalf. Now, I'll tell you, and I'll just tell you that for me, Slackbot is like chatting with just one of our Ohana that knows everything about Salesforce. So it's pretty awesome.

And Slack is now where it's coming all together. And that is this incredible conversational interface for every app, every agent, every workflow. I'm going to get to a really cool point in a second. And when we release this new Slackbot, you've got to see it. So you've all got friends who are Salesforce employees. Take them aside and have them show you Slackbot. And just do whatever query you want and say, hey, I'm talking to this customer. I'm talking to that. Tell me this. And you're going to see some incredible things, how it has the ability to search across Salesforce and build agents and create things and do this incredible work on your behalf. Now, I'll tell you, and I'll just tell you that for me, Slackbot is like chatting with just one of our Ohana that knows everything about Salesforce. So it's pretty awesome.

Speaker #3: I'm going to get to a really cool point in a second. And when we released this new Slack bot and you've got to see it.

Speaker #3: So you've all got friends who are Salesforce employees. Take them aside and have them show you the Slack bot. And just, you know, do whatever query you want and say, "Hey, I'm talking to this customer."

Speaker #3: I'm talking to that. Tell me this. And you're going to see some incredible things, how it has the ability to search across Salesforce and build agents and create things and do this incredible work on your behalf.

Speaker #3: Now, I'll tell you, and I'll just tell you that for me, you know, Slack bot is like chatting with just one of our Ohana that knows everything about Salesforce.

Speaker #3: So it's pretty awesome. But nearly 90% now of all of the Forbes Top 50 AI companies are using Salesforce. Let's just think about that for a second.

Marc Benioff: But nearly 90% now of all of the Forbes top 50 AI companies are using Salesforce. Let's just think about that for a second. 90% of all the Forbes top 50 AI companies, those are the Anthropics, the OpenAIs, and the blah, blah, blah companies. Okay. That is, or Cognition, Cursor, Figure AI. Okay. They all average about four clouds each already. And 80% of them are using Slack to run their business. So if you're with those companies, hey, say, hey, show me how you're using Slack. They may not have Slackbot yet because we've only turned it on for a small number of customers. We're about to hit the switch, and everybody's going to see this employee agent power. So most people have seen the customer agent power. Now they're going to see the employee agent power.

But nearly 90% now of all of the Forbes top 50 AI companies are using Salesforce. Let's just think about that for a second. 90% of all the Forbes top 50 AI companies, those are the Anthropics, the OpenAIs, and the blah, blah, blah companies. Okay. That is, or Cognition, Cursor, Figure AI. Okay. They all average about four clouds each already. And 80% of them are using Slack to run their business. So if you're with those companies, hey, say, hey, show me how you're using Slack. They may not have Slackbot yet because we've only turned it on for a small number of customers. We're about to hit the switch, and everybody's going to see this employee agent power. So most people have seen the customer agent power. Now they're going to see the employee agent power.

Speaker #3: Ninety percent of all the Forbes Top 50 AI companies are those like Anthropic, OpenAI, and other notable companies such as Cognition, Cursor, and Figure AI.

Speaker #3: Okay. They all average about four clouds each already. And 80% of them are using Slack to run their business. So if you're with those companies, hey, say, hey, show me how you're using Slack.

Speaker #3: They may not have a Slack bot yet because we've only turned it on for, you know, a small number of customers. We're this employee agent power.

Speaker #3: About to hit the switch, and everybody's going to see. So, most people have seen the customer agent power. Now they're going to see the employee agent power.

Speaker #3: And they're going to see how it's built on Agentforce, how it's built on the apps, and how it's built on the data. Now, with all these companies, you know, we're really partnering with them.

Marc Benioff: And they're going to see how it's built on Agentforce, how it's built on the apps, and how it's built on the data. Now, with all these companies, we're really partnering with them so we can really leverage the best of what they're building, the frontier models, the agents, and even Srini's using the coding agents now. And look, you've heard me say this over the last few years. And we kind of, Miguel's going to come to this point, but we all know the speed of innovation in the last three years has far outdated the speed of customer adoption. And customers have been racing to catch up to what we've been doing. But we do see that changing. And we saw that at Dreamforce. And I know all of you saw that also, that customers are really saying, yeah, I'm going to use this now.

And they're going to see how it's built on Agentforce, how it's built on the apps, and how it's built on the data. Now, with all these companies, we're really partnering with them so we can really leverage the best of what they're building, the frontier models, the agents, and even Srini's using the coding agents now. And look, you've heard me say this over the last few years. And we kind of, Miguel's going to come to this point, but we all know the speed of innovation in the last three years has far outdated the speed of customer adoption. And customers have been racing to catch up to what we've been doing. But we do see that changing. And we saw that at Dreamforce. And I know all of you saw that also, that customers are really saying, yeah, I'm going to use this now.

Speaker #3: So we can really leverage the best of what they're building: the frontier models, the agents, and even trainees using the coding agents now. And look, you've heard me say this over the last few years, and you know, we kind of, Miguel's going to come to this point, but we all know the speed of innovation in the last few years has far exceeded the speed of customer adoption.

Speaker #3: And customers have been racing to catch up to what we've been doing. But we do see that changing. And we saw that at Dreamforce.

Speaker #3: And I know all of you saw that also, that customers are really saying, "Yeah, I'm going to use this now. I'm going to do this."

Marc Benioff: I'm going to do this. I'm going to put in my customer agents. I'm going to put my employee agents. I'm going to get my Omnichannel Supervisor. I'm going to harmonize my data. I'm going to federate my data. I'm going to upgrade my apps. And customers in production with Agentforce have jumped now 70% year quarter over quarter. So customers in production with Agentforce jumped 70% quarter over quarter. That's the stats that we're looking for. Great companies like Uber, like Conagra, like LY, like Williams-Sonoma, like all these great companies that we've been talking about. And the consumption flywheel is gaining traction. In the quarter, more than 50% of new Agentforce bookings, as well as 50% of Data 360 bookings, came from existing customers expanding their investment, which was awesome and really showed adoption.

I'm going to do this. I'm going to put in my customer agents. I'm going to put my employee agents. I'm going to get my Omnichannel Supervisor. I'm going to harmonize my data. I'm going to federate my data. I'm going to upgrade my apps. And customers in production with Agentforce have jumped now 70% year quarter over quarter. So customers in production with Agentforce jumped 70% quarter over quarter. That's the stats that we're looking for. Great companies like Uber, like Conagra, like LY, like Williams-Sonoma, like all these great companies that we've been talking about. And the consumption flywheel is gaining traction. In the quarter, more than 50% of new Agentforce bookings, as well as 50% of Data 360 bookings, came from existing customers expanding their investment, which was awesome and really showed adoption.

Speaker #3: I'm going to put in my customer agents. I'm going to put in my employee agents. I'm going to get my omnichannel supervisor. I'm going to harmonize my data.

Speaker #3: I'm going to federate my data. I'm going to upgrade my apps. And customers in production with Agentforce have jumped now 70% year quarter over quarter.

Speaker #3: So, customers in production with Agentforce jumped 70% quarter over quarter. That's the stats that we're looking for. Great companies like Uber, ConAgra, LY, and Williams-Sonoma, among others, have all been part of this conversation.

Speaker #3: And the consumption flywheel is gaining traction. In the quarter, more than 50% of new Data 360 Agentforce bookings, as well as 50% of bookings, came from existing customers expanding their investment, which was awesome.

Speaker #3: And really showed adoption. And we are very focused on adoption more than ever before, especially as an Agentforce data 360 is the foundation. For every Agentforce deployment and its accelerating in Q3, data 360, the product formerly known as Data Cloud, in Q3, data 360 ingested 32 trillion records.

Marc Benioff: We are very focused on adoption more than ever before, especially as in Agentforce. Data 360 is the foundation for every Agentforce deployment, and it's accelerating. In Q3, Data 360, the product formerly known as Data Cloud, in Q3, Data 360 ingested 32 trillion records, 32 trillion records, up 119% year over year. And that includes 15 trillion through zero-copy data integration, up 341% year over year. So Dentsu, Moody's, KPMG, Ferguson, Zoom, and dozens more invested in Data 360 in the quarter. And I couldn't be more excited about completing our acquisition of Informatica. It's three months ahead of schedule as we like it here at Salesforce. We like things ahead of schedule, and we like them under budget. And I'll tell you, Amit, I know all of you know Amit. His team are great. We're thrilled to have them.

We are very focused on adoption more than ever before, especially as in Agentforce. Data 360 is the foundation for every Agentforce deployment, and it's accelerating. In Q3, Data 360, the product formerly known as Data Cloud, in Q3, Data 360 ingested 32 trillion records, 32 trillion records, up 119% year over year. And that includes 15 trillion through zero-copy data integration, up 341% year over year. So Dentsu, Moody's, KPMG, Ferguson, Zoom, and dozens more invested in Data 360 in the quarter. And I couldn't be more excited about completing our acquisition of Informatica. It's three months ahead of schedule as we like it here at Salesforce. We like things ahead of schedule, and we like them under budget. And I'll tell you, Amit, I know all of you know Amit. His team are great. We're thrilled to have them.

Speaker #3: 32 trillion records, up 119% year over year. That includes 15 trillion through zero copy data integration, up 341% year over year. Dentsu, Moody's, KPMG, Ferguson, Zoom, and dozens more invested in Data 360 in the quarter.

Speaker #3: And I couldn't be more excited about completing our acquisition of Informatica. It's three months ahead of schedule, as we like it here at Salesforce.

Speaker #3: We like things ahead of schedule, and we like them under budget. And I'll tell you, Amit, I know all of you know Amit. His team is great; we're thrilled to have them.

Speaker #3: And you know, when we were doing the due diligence on the company, and we saw a lot of things in the labs, that we're looking forward to bringing to the market, because look, that data layer, and I haven't done the math exactly, but I think if you do some of the math, I think it's about a $10 billion business for us next year now.

Marc Benioff: When we were doing the due diligence on the company, we saw a lot of things in the labs that we're looking forward to bringing to the market. Because look, that data layer, and I haven't done the math exactly, but I think if you do some of the math, I think it's about a $10 billion business for us next year now. When you look at Data 360 plus MuleSoft plus Informatica, Mike has got his pencil out trying to figure out if I'm right, but I think I am. When you look at a $10 billion business, that's the first layer. That's data. So Informatica with Data 360, MuleSoft, I mean, that is taking everything to this new level.

When we were doing the due diligence on the company, we saw a lot of things in the labs that we're looking forward to bringing to the market. Because look, that data layer, and I haven't done the math exactly, but I think if you do some of the math, I think it's about a $10 billion business for us next year now. When you look at Data 360 plus MuleSoft plus Informatica, Mike has got his pencil out trying to figure out if I'm right, but I think I am. When you look at a $10 billion business, that's the first layer. That's data. So Informatica with Data 360, MuleSoft, I mean, that is taking everything to this new level.

Speaker #3: You know, when you look at Data 360, plus MuleSoft, plus Informatica, Mike is doing, got his pencil out trying to figure out if I'm right. But I think I am.

Speaker #3: When you look at a $10 billion business, that's the first layer. That's data. So, Informatica with Data 360, MuleSoft— I mean, that is taking everything to this new level.

Speaker #3: And when you get into the world of harmonization, integration, and federation, and then you're trying to deliver to the AI the intelligence, the accuracy, the reliability to wipe out the hallucinations, delivering the AI context.

Marc Benioff: And when you get into the world of harmonization, integration, federation, and then you're trying to deliver to the AI the intelligence, the accuracy, the reliability to wipe out the hallucinations, delivering the AI context. Now, we're seeing momentum across multiple sectors. We had incredible wins this quarter. Miguel's going to talk to them about CVS Health, Telecom Argentina, TD Bank, and the IRS, somebody who's going to be getting a big check from all of us. They're now on Agentforce. So your IRS agents are Agentforce agents. And Engie and so many more are becoming agentic enterprises. And Costco, we love Costco. It's a great, well, we love all of our retailer friends equally. They're all of our children. But we do love that Costco warehouse experience. And it's a great expansion for us in the quarter.

And when you get into the world of harmonization, integration, federation, and then you're trying to deliver to the AI the intelligence, the accuracy, the reliability to wipe out the hallucinations, delivering the AI context. Now, we're seeing momentum across multiple sectors. We had incredible wins this quarter. Miguel's going to talk to them about CVS Health, Telecom Argentina, TD Bank, and the IRS, somebody who's going to be getting a big check from all of us. They're now on Agentforce. So your IRS agents are Agentforce agents. And Engie and so many more are becoming agentic enterprises. And Costco, we love Costco. It's a great, well, we love all of our retailer friends equally. They're all of our children. But we do love that Costco warehouse experience. And it's a great expansion for us in the quarter.

Speaker #3: Now we're seeing momentum across multiple sectors. We had incredible wins this quarter. Miguel's going to talk to them about CVS Health and Telecom Argentina and TD Bank and the IRS.

Speaker #3: Somebody who's going to be getting a big check from all of us. They're now on Agentforce. So your IRS agents are Agentforce agents. And Engie and so many more are becoming agentic enterprises.

Speaker #3: And Costco, we love Costco. It's a great, well, we love all of our retailer friends equally. They're all of our children. But we do love that Costco warehouse experience and it's a great expansion for us in the quarter.

Speaker #3: We're driving AI and digitization across everything they do for their members. We're doing some incredible things there. With Google, we worked with, you know, Javier. If you don't know Javier, he's probably one of the top, I don't know, five, one, two, I mean, the best CIOs I've ever worked with in the whole industry. He was at Coke, was at P&G, was at Mondelez, and now somehow Costco got him.

Marc Benioff: We're driving AI and digitization across everything they do for their members. We're doing some incredible things there with Google. We worked with Javier, if you don't know Javier, probably one of the top, I don't know, five, one, two, I mean, best CIOs I've ever worked with in the whole industry. Was it Coke? Was it P&G? Was it Mondelez? Now, somehow Costco got him. I still don't know how Costco got Javier, but congratulations to Costco. So many times having great results there. So really excited to see these customers, especially these big customers. Of course, we know General Motors. We love Mary. Amazing. Have one of her new Escalade IQs. She's tired of me telling her how much I love it. Expanding Salesforce across the Automotive Cloud, Data 360, MuleSoft, Agentforce Sales, Agentforce Service. But really cool, Agentforce plus their other collaborative product.

We're driving AI and digitization across everything they do for their members. We're doing some incredible things there with Google. We worked with Javier, if you don't know Javier, probably one of the top, I don't know, five, one, two, I mean, best CIOs I've ever worked with in the whole industry. Was it Coke? Was it P&G? Was it Mondelez? Now, somehow Costco got him. I still don't know how Costco got Javier, but congratulations to Costco. So many times having great results there. So really excited to see these customers, especially these big customers. Of course, we know General Motors. We love Mary. Amazing. Have one of her new Escalade IQs. She's tired of me telling her how much I love it. Expanding Salesforce across the Automotive Cloud, Data 360, MuleSoft, Agentforce Sales, Agentforce Service. But really cool, Agentforce plus their other collaborative product.

Speaker #3: I still don't know how Costco got Javier, but congratulations to Costco. So many times having great results there. So, I'm really excited to see these customers, especially these big customers. And, of course, we know General Motors; we love Mary.

Speaker #3: Amazing. You know, have one of her new Escalade IQs. She's tired of me telling her how much I love it. Expanding Salesforce across the automotive cloud, data 360, MuleSoft, Agentforce sales, Agentforce service.

Speaker #3: But really cool, Agentforce tossed their other collaborative product. We won't tell you what it is, but you probably know the name. And they're now using Slack.

Marc Benioff: We won't tell you what it is, but you probably know the name. And they're now using Slack. So Mary, we're thrilled that you're doing that. We love working with you. You're an incredible CEO, and you're showing the world how to turn an iconic company into an agentic enterprise. Great products and great systems. And with Agentforce, Mary is speeding up case resolution for her call centers. Slack is now the company's primary communications hub, scaling to 96,000 employees in just nine months. Last month, we launched Agentforce IT Service, or Agentforce ITSM, or, you know, the IT company that we're targeting. We never really went after this before. And then all of a sudden, we realized we have the top service product in the world, and then we've got the top field service product in the world.

We won't tell you what it is, but you probably know the name. And they're now using Slack. So Mary, we're thrilled that you're doing that. We love working with you. You're an incredible CEO, and you're showing the world how to turn an iconic company into an agentic enterprise. Great products and great systems. And with Agentforce, Mary is speeding up case resolution for her call centers. Slack is now the company's primary communications hub, scaling to 96,000 employees in just nine months. Last month, we launched Agentforce IT Service, or Agentforce ITSM, or, you know, the IT company that we're targeting. We never really went after this before. And then all of a sudden, we realized we have the top service product in the world, and then we've got the top field service product in the world.

Speaker #3: So, Mary, we're thrilled that you're doing that. We love working with you. You're an incredible CEO, and you're showing the world how to turn an iconic company into an agentic enterprise.

Speaker #3: Great products. And great systems. And with Agentforce, Mary is speeding up case resolution for her call centers. Slack is now the company's primary communications hub, scaling to 96,000 employees in just nine months.

Speaker #3: Last month, we launched Agentforce IT service, or Agentforce ITSM, or you know that company that we're targeting. We never really went after this before.

Speaker #3: And then, all of a sudden, we realized we have the top service product in the world. And then, we've got the top field service product in the world.

Speaker #3: And customers want this kind of, you know, trinity from us that includes IT service. And for whatever reason, because we had certain people in our company—we won't go into the names—who didn't want to build it.

Marc Benioff: Customers want this kind of trinity from us that includes IT service. For whatever reason, because we had certain people in our company, we won't go into the names, who didn't want to build it. Building that database that drives it, well, already we're selling product and really doing a phenomenal job there. The former CEO of AI, Sarah Moodu, is running this thing. PenFed went live with ITSM, with Agentforce for IT Service. We've got all kinds of customers who've bought products from these competitors and never deployed them, or don't like these guys. Well, guess what? We are going to deliver some incredible capabilities. We think that, well, when you look at PenFed, I think they went live with Agentforce for IT Service as well as member service and collections.

Customers want this kind of trinity from us that includes IT service. For whatever reason, because we had certain people in our company, we won't go into the names, who didn't want to build it. Building that database that drives it, well, already we're selling product and really doing a phenomenal job there. The former CEO of AI, Sarah Moodu, is running this thing. PenFed went live with ITSM, with Agentforce for IT Service. We've got all kinds of customers who've bought products from these competitors and never deployed them, or don't like these guys. Well, guess what? We are going to deliver some incredible capabilities. We think that, well, when you look at PenFed, I think they went live with Agentforce for IT Service as well as member service and collections.

Speaker #3: And you know, that building, that database drives it. Well, already we're selling product and really doing a phenomenal job there. You know, the former CEO of AI, Sarah Moodoo, is running this thing.

Speaker #3: And you know, PennFed went live with ITSM, with Agents for IT Service. We’ve got all kinds of customers who’ve bought products from these competitors, have never deployed them, or don’t like these guys.

Speaker #3: Well, guess what? We are going to deliver some incredible capabilities. And you know, we think that, well, when you look at PennFed, I think they went live with Agents for IT Service, as well as Member Service and Collections.

Speaker #3: They project a 30% reduction in operational expenses, resulting in $2 million in savings with this product. It is killer. So tell your friends who need ITSM; they can get it now from Salesforce.

Marc Benioff: They're projecting a 30% reduction in operational expenses and $2 million in savings with this product. It is killer. So tell your friends who need ITSM. They can get it now from Salesforce. We're seeing incredible momentum also. Here's another competitive situation. Life Sciences Cloud. With Life Sciences Cloud, with new bookings tripling year over year, it's always been a strong vertical for us, but we have this partner who decided to become our competitor, Veeva. We're taking market share from Veeva. They even had to talk about it in their earnings call that they lost all these deals to us, but they have not seen the losses yet that are coming, highlighted by a notable new win at Haleon in this quarter, but just in the past few months, more than 120 industry leaders have selected Life Sciences Cloud.

They're projecting a 30% reduction in operational expenses and $2 million in savings with this product. It is killer. So tell your friends who need ITSM. They can get it now from Salesforce. We're seeing incredible momentum also. Here's another competitive situation. Life Sciences Cloud. With Life Sciences Cloud, with new bookings tripling year over year, it's always been a strong vertical for us, but we have this partner who decided to become our competitor, Veeva. We're taking market share from Veeva. They even had to talk about it in their earnings call that they lost all these deals to us, but they have not seen the losses yet that are coming, highlighted by a notable new win at Haleon in this quarter, but just in the past few months, more than 120 industry leaders have selected Life Sciences Cloud.

Speaker #3: And we're seeing incredible momentum also. Here's another competitive situation: Life Sciences Cloud. With Life Sciences Cloud, new bookings tripled year over year. It's always been a strong vertical for us, but we have this partner who decided to become our competitor—Veeva.

Speaker #3: And you know, we're taking market share from Viva. They even had to talk about it in their earnings call that they lost all these deals to us, but they have not seen the losses yet that are coming.

Speaker #3: Highlighted by a notable new win at Haley this quarter, but just in the past few months. More than 120 industry leaders have selected Life Sciences Cloud.

Speaker #3: I was talking to the CEO of one of the top five life sciences companies just yesterday. He's a good friend of mine. And, you know, going to life sciences cloud, all led, by the way, with Pfizer and Albert, who decided to be the number one.

Marc Benioff: I was talking to the CEO of one of the top five life sciences companies just yesterday. He's a good friend of mine. Going to Life Sciences Cloud, all led, by the way, with Pfizer and Albert Bourla, who decided to be the number first one. So grateful to him. It's a great product. It includes five of the top 20 pharma companies already, but you're going to see them all use Life Sciences Cloud. Most recently, Novartis is gone [to] Salesforce Life Sciences Cloud, and I don't know. Takeda, all of them are going to go. Our public sector solutions ARR also grew 50% year over year in Q3. Really cool products. I was just in Washington, D.C., last week. I already mentioned the IRS. I was with the Treasury Secretary. I was with a number of the Cabinet secretaries.

I was talking to the CEO of one of the top five life sciences companies just yesterday. He's a good friend of mine. Going to Life Sciences Cloud, all led, by the way, with Pfizer and Albert Bourla, who decided to be the number first one. So grateful to him. It's a great product. It includes five of the top 20 pharma companies already, but you're going to see them all use Life Sciences Cloud. Most recently, Novartis is gone [to] Salesforce Life Sciences Cloud, and I don't know. Takeda, all of them are going to go. Our public sector solutions ARR also grew 50% year over year in Q3. Really cool products. I was just in Washington, D.C., last week. I already mentioned the IRS. I was with the Treasury Secretary. I was with a number of the Cabinet secretaries.

Speaker #3: And I'm so grateful to him. It's a great product. It includes five of the top pharmaceutical companies, five of the top 20 pharmaceutical companies already, but you're going to see them all use Life Sciences Cloud.

Speaker #3: And most recently, Novartis is gone. Salesforce, Life Sciences Cloud, and, I don't know, all Cicada, all of them are going to go. And our public sector solutions ARR also grew 50% year over year in Q3.

Speaker #3: Really cool products. I was just in Washington, D.C., last week. I already mentioned the IRS. I was with the Treasury Secretary, I was with a number of the Cabinet Secretaries.

Speaker #3: All of them are rebuilding what they're doing, re-automating. And we want to help all of them. I'm inspired to see some of the largest and most impactful government agencies running their businesses and their critical workflows and their agents.

Marc Benioff: All of them are rebuilding what they're doing, re-automating. We want to help all of them. I'm inspired to see some of the largest, most impactful government agencies running their businesses and their critical workflows and their agents and their data on Salesforce, including the Air Force, Army, Dan Driscoll. We're really proud to work with Dan and the Army. He just told me he came in and delivered his recruiting goals nine months early using Agentforce Sales and Department of Agriculture. Of course, we run the whole Veterans Affairs. We have 120 apps there now. It used to be a huge problem, Veterans Affairs, for the whole country. Veterans were not getting the service and support they needed. We cleaned that up for them. As I mentioned, also the IRS, but for everyone, we're in there doing our best.

All of them are rebuilding what they're doing, re-automating. We want to help all of them. I'm inspired to see some of the largest, most impactful government agencies running their businesses and their critical workflows and their agents and their data on Salesforce, including the Air Force, Army, Dan Driscoll. We're really proud to work with Dan and the Army. He just told me he came in and delivered his recruiting goals nine months early using Agentforce Sales and Department of Agriculture. Of course, we run the whole Veterans Affairs. We have 120 apps there now. It used to be a huge problem, Veterans Affairs, for the whole country. Veterans were not getting the service and support they needed. We cleaned that up for them. As I mentioned, also the IRS, but for everyone, we're in there doing our best.

Speaker #3: And their data on Salesforce, including the Air Force and Army. Dan Driscoll, we're really proud to work with Dan and the Army. You know, he just told me he came in and delivered his recruiting goals nine months early using Agentforce Sales and the Department of Agriculture.

Speaker #3: And, of course, we run the whole Veterans Affairs with 120 apps there now. It used to be a huge problem at Veterans Affairs for the whole country.

Speaker #3: And veterans were not getting the service and support they needed. We cleaned that up for them. And, as I mentioned, also the IRS. But for everyone, we're in there doing our best.

Speaker #3: And we're, you know, delivering at a very reasonable cost and on budget. And, you know, we're really excited to be working with the government and helping them to become agentic enterprises.

Marc Benioff: We're delivering at very reasonable cost and on budget. We're really excited to be working with the government and helping them to become agentic enterprises. We're really excited to work with the IRS. I just want to say the Office of the Chief Counsel has automated up to 98% of their manual activities, decreasing the time to fully open a tax court case from 10 days to 30 minutes. Another division saving an estimated 500,000 minutes a year, retiring multiple legacy systems. Now Agentforce with IRS is going to be able to further optimize, automate, accelerate business processes across the entire agency. Just want to congratulate Secretary Besson for his tremendous leadership and what he's done in transforming the IRS and also all of the Treasury. This week, we launched the UK's first AI police officer.

We're delivering at very reasonable cost and on budget. We're really excited to be working with the government and helping them to become agentic enterprises. We're really excited to work with the IRS. I just want to say the Office of the Chief Counsel has automated up to 98% of their manual activities, decreasing the time to fully open a tax court case from 10 days to 30 minutes. Another division saving an estimated 500,000 minutes a year, retiring multiple legacy systems. Now Agentforce with IRS is going to be able to further optimize, automate, accelerate business processes across the entire agency. Just want to congratulate Secretary Besson for his tremendous leadership and what he's done in transforming the IRS and also all of the Treasury. This week, we launched the UK's first AI police officer.

Speaker #3: And we're really excited to work with the IRS. I just want to say the Office of the Chief Counsel has automated up to 98% of their manual activities.

Speaker #3: Decreasing the time to fully open a tax court case from 10 days to 30 minutes. Another division is saving an estimated $500,000 minutes a year by retiring multiple legacy systems.

Speaker #3: And now, Agentforce with the IRS is going to be able to further optimize, automate, and accelerate business processes across the entire agency. I just want to congratulate Secretary Bessent for his tremendous leadership and what he's done in transforming the IRS and also all of the Treasury.

Speaker #3: This week, we launched the UK's first AI police officer. We work with multiple police departments to roll out Bobby. Everybody loves Bobby. It's the Agentforce service agent that is the public's first point of contact for non-emergency calls.

Marc Benioff: We work with multiple police departments to roll out Bobby. Everybody loves Bobby. It's the Agentforce service agent that is the public's first point of contact for non-emergency calls. Bobby autonomously provides instant responses on more than 90 topics. Police departments have already seen a 20% reduction in non-emergency demand, and they are just getting started. This is what real enterprise adoption looks like. No other company is delivering agents of this scale. When you look at what others in our space are doing, the difference is clear. We're delivering this capability to a global customer base, more than 150,000 Salesforce customers. 1 million companies are now on Slack, now have the immediate opportunity to work side by side with agents and Agentforce, and the apps they're already using every day to become elevated. That's why we're uniquely positioned for this new era.

We work with multiple police departments to roll out Bobby. Everybody loves Bobby. It's the Agentforce service agent that is the public's first point of contact for non-emergency calls. Bobby autonomously provides instant responses on more than 90 topics. Police departments have already seen a 20% reduction in non-emergency demand, and they are just getting started. This is what real enterprise adoption looks like. No other company is delivering agents of this scale. When you look at what others in our space are doing, the difference is clear. We're delivering this capability to a global customer base, more than 150,000 Salesforce customers. 1 million companies are now on Slack, now have the immediate opportunity to work side by side with agents and Agentforce, and the apps they're already using every day to become elevated. That's why we're uniquely positioned for this new era.

Speaker #3: And Bobby autonomously provides instant responses on more than 90 topics, and police departments have already seen a 20% reduction in non-emergency demand. And they are just getting started.

Speaker #3: And this is what real enterprise adoption looks like. No other companies are delivering agents of this scale. When you look at what others in our space are doing, the difference is clear.

Speaker #3: We're delivering this capability to a global customer base of more than 150,000 Salesforce customers, and 1 million companies are now on Slack. We now have the immediate opportunity to work side by side with agents and Agentforce in the apps they're already using every day to become elevated.

Speaker #3: And that's why we're uniquely positioned for this new area. We have the strategy, the platform, the global scale. And I would say also, you know, our core values—very much trust, customer success, equality, and sustainability—remain very much intact.

Marc Benioff: We have the strategy, the platform, the global scale. And I would say also our core values: trust, customer success, equality, and sustainability remain very much intact. I also want to thank all of our incredible Ohana for everything they've done during the quarter to make this quarter so successful, make Dreamforce so successful, and all the world tours that are happening, and so many great customer stories. But I especially want to thank all of our Ohana who have done 10 million volunteer hours to support the communities where they live and work. We are so grateful to them. And now I'd like to throw it over to Robin. Thank you, Mark, and good afternoon, everyone. It was great to see many of you at my first Dreamforce COFO, which was unforgettable.

We have the strategy, the platform, the global scale. And I would say also our core values: trust, customer success, equality, and sustainability remain very much intact. I also want to thank all of our incredible Ohana for everything they've done during the quarter to make this quarter so successful, make Dreamforce so successful, and all the world tours that are happening, and so many great customer stories. But I especially want to thank all of our Ohana who have done 10 million volunteer hours to support the communities where they live and work. We are so grateful to them. And now I'd like to throw it over to Robin.

Speaker #3: I also want to thank all of our incredible Ohana for everything they've done during the quarter to make this quarter so successful, make Dreamforce so successful, and for all the world tours that are happening and so many great customer stories.

Speaker #3: But I especially want to thank all of our Ohana who have completed 10 million volunteer hours to support the communities where they live and work.

Speaker #3: We are so grateful to them. And now I'd like to throw it over to...

Speaker #3: Robin. Thank you, Marc.

Robin Washington: Thank you, Mark, and good afternoon, everyone. It was great to see many of you at my first Dreamforce COFO, which was unforgettable.

Speaker #2: And good afternoon, everyone. It was great to see many of you at my first Dreamforce's COFO, which was unforgettable. The energy was incredible. As Marc just talked about and carried through the quarter, as you can see from our bookings momentum.

Marc Benioff: The energy was incredible, as Mark just talked about, and carried through the quarter, as you can see from our bookings momentum. We're excited to see our customers' transformation to the Agentic Enterprise accelerate, driven by Growth 360 Playbook, including multi-cloud, pricing and packaging, our balanced portfolio, and continued innovation. I just want to share a few key data points with you. More than 70% of our top 100 wins included five or more clouds. In pricing and packaging, new bookings for Agentforce One Edition and A for X, or as we call it, Agentforce for Apps, our most premium SKU doubled quarter over quarter. Our consumption flywheel is spinning. Agentforce accounts and production increased 70% quarter over quarter. And more than 50% of Agentforce bookings came from existing customers refilling the tanks. Agentforce and Data 360 ARR was up 114% year over year.

The energy was incredible, as Mark just talked about, and carried through the quarter, as you can see from our bookings momentum. We're excited to see our customers' transformation to the Agentic Enterprise accelerate, driven by Growth 360 Playbook, including multi-cloud, pricing and packaging, our balanced portfolio, and continued innovation. I just want to share a few key data points with you. More than 70% of our top 100 wins included five or more clouds. In pricing and packaging, new bookings for Agentforce One Edition and A for X, or as we call it, Agentforce for Apps, our most premium SKU doubled quarter over quarter. Our consumption flywheel is spinning. Agentforce accounts and production increased 70% quarter over quarter. And more than 50% of Agentforce bookings came from existing customers refilling the tanks. Agentforce and Data 360 ARR was up 114% year over year.

Speaker #2: We're excited to see our customers transformation to the agentic enterprise accelerate. Driven by growth 360 playbook, including multicloud, pricing and packaging, our balanced portfolio, and continued innovation.

Speaker #2: I just want to share a few key data points with you. More than 70% of our top 100 wins included five or more clouds.

Speaker #2: And pricing and packaging, new bookings for Agentforce One Edition and A4X, or as we call it, Agentforce for Apps, our most premium SKU, doubled quarter over quarter.

Speaker #2: Our consumption flywheel is spinning. Agentforce accounts and production increased 70% quarter over quarter, and more than 50% of Agentforce bookings came from existing customers refilling the tanks.

Speaker #2: Agentforce and Data 360 ARR was up 114% year over year. This is inclusive of Agentforce ARR, which is up 330% year over year. Clearly, we have the winning formula here.

Marc Benioff: This is inclusive of Agentforce ARR, which is up 330% year over year. Clearly, we have the winning formula here. So let's turn to the results of the quarter. Revenue in the third quarter was $10.26 billion, up 9% year over year in nominal and 8% in constant currency, driven by the trifecta of Agentforce, Data 360, and Agentforce sales and service performance. This was partially offset by a faster-than-anticipated migration to cloud for Tableau and on-prem revenue timing in Tableau and MuleSoft. As we've shared with you before, the on-prem portion of MuleSoft and Tableau revenue is recognized in period, which creates less predictable revenue quarter over quarter. Subscription and support revenue grew 10% year over year in nominal and 9% in constant currency. Q3 revenue attrition ended the quarter at approximately 8%, in line with recent trends.

This is inclusive of Agentforce ARR, which is up 330% year over year. Clearly, we have the winning formula here. So let's turn to the results of the quarter. Revenue in the third quarter was $10.26 billion, up 9% year over year in nominal and 8% in constant currency, driven by the trifecta of Agentforce, Data 360, and Agentforce sales and service performance. This was partially offset by a faster-than-anticipated migration to cloud for Tableau and on-prem revenue timing in Tableau and MuleSoft. As we've shared with you before, the on-prem portion of MuleSoft and Tableau revenue is recognized in period, which creates less predictable revenue quarter over quarter. Subscription and support revenue grew 10% year over year in nominal and 9% in constant currency. Q3 revenue attrition ended the quarter at approximately 8%, in line with recent trends.

Speaker #2: So let's turn to the results of the quarter. Revenue in the third quarter was $10.26 billion, up 9% year over year in nominal terms and 8% in constant currency.

Speaker #2: Driven by the trifecta of Agentforce, Data 360, and Agentforce sales and service performance. This was partially offset by a faster-than-anticipated mixed shift to cloud for Tableau and on-prem revenue timing in Tableau and MuleSoft.

Speaker #2: As we've shared with you before, the on-prem portion of MuleSoft and Tableau revenue is recognized in period, which creates less predictable revenue quarter over quarter.

Speaker #2: Subscription and support revenue grew 10% year over year in nominal terms and 9% in constant currency. Q3 revenue attrition ended the quarter at approximately 8%, in line with recent trends.

Speaker #2: We delivered another quarter of profitable growth with Q3 non-GAAP operating margin up 240 basis points and GAAP operating margin up 130 basis points. The strong performance this quarter was driven in part by the timing of expenses.

Marc Benioff: We delivered another quarter of profitable growth, with Q3 non-GAAP operating margin up 240 basis points and GAAP operating margin up 130 basis points. The strong performance this quarter was driven in part by timing of expenses and a bad debt expense adjustment based on our strong collection performance. Current remaining performance obligation, or CRPO, ended Q3 at $29.4 billion, up approximately 11% year over year in nominal and constant currency, inclusive of a $200 million foreign exchange tailwind. This better-than-expected performance was driven by strong bookings and a modest benefit from early renewals, and the timing of on-prem revenue. I'm pleased to share that for the first time since fiscal year 2022, net new AOV growth outpaced AOV growth.

We delivered another quarter of profitable growth, with Q3 non-GAAP operating margin up 240 basis points and GAAP operating margin up 130 basis points. The strong performance this quarter was driven in part by timing of expenses and a bad debt expense adjustment based on our strong collection performance. Current remaining performance obligation, or CRPO, ended Q3 at $29.4 billion, up approximately 11% year over year in nominal and constant currency, inclusive of a $200 million foreign exchange tailwind. This better-than-expected performance was driven by strong bookings and a modest benefit from early renewals, and the timing of on-prem revenue. I'm pleased to share that for the first time since fiscal year 2022, net new AOV growth outpaced AOV growth.

Speaker #2: And a bad debt expense adjustment based on our strong collection performance. The current remaining performance obligation (CRPO) ended Q3 at $29.4 billion, up approximately 11% year over year in nominal and constant currency.

Speaker #2: Inclusive of a $200 million foreign exchange tailwind, this better-than-expected performance was driven by strong bookings and a modest benefit from early renewals and the timing of on-prem revenue.

Speaker #2: And I'm pleased to share that for the first time since fiscal year 2022, net new AOV growth outpaced AOV growth. From a geographic perspective, we saw strong business growth in North America and EMEA.

Marc Benioff: From a geographic perspective, we saw strong business growth in North America and EMEA, led by France and the UK, while Asia-Pacific was more constrained, particularly in Australia and India. From a segment perspective, we continue to see strong performance in our small and mid-market business. Enterprise growth accelerated this past quarter. From an industry perspective, business services and consultancy, healthcare and life sciences, and retail and consumer goods performed well, while comms, media, and manufacturing, automotive, and energy were more measured. As committed, I wanted to quickly update you on the progress we made on our three strategic priorities. First, customer success. Repeating what Marc said, our top priority is accelerating Agentforce and Data 360 adoption. We are relentlessly reallocating our resources to high-growth areas, and it's paying off.

From a geographic perspective, we saw strong business growth in North America and EMEA, led by France and the UK, while Asia-Pacific was more constrained, particularly in Australia and India. From a segment perspective, we continue to see strong performance in our small and mid-market business. Enterprise growth accelerated this past quarter. From an industry perspective, business services and consultancy, healthcare and life sciences, and retail and consumer goods performed well, while comms, media, and manufacturing, automotive, and energy were more measured. As committed, I wanted to quickly update you on the progress we made on our three strategic priorities. First, customer success. Repeating what Marc said, our top priority is accelerating Agentforce and Data 360 adoption. We are relentlessly reallocating our resources to high-growth areas, and it's paying off.

Speaker #2: Led by France and the UK, while Asia Pacific was more constrained, particularly in Australia and India. From a segment perspective, we continue to see strong performance in our small and mid-market business.

Speaker #2: Enterprise growth accelerated this past quarter. From an industry perspective, business services and consultancy, healthcare and life sciences, and retail and consumer goods performed well, while communications and media, and manufacturing, automotive, and energy were more measured.

Speaker #2: As committed, I wanted to quickly update you on the progress we made on our three strategic priorities. First, customer success. Repeating what Marc said, our top priority is accelerating Agentforce and Data 360 adoption.

Speaker #2: We are relentlessly reallocating our resources to high-growth areas, and it's paying off. Q3 was one of our biggest pipeline generation quarters ever. Customers leveraging our forward-deployed engineers are seeing 33% faster deployment times.

Marc Benioff: Q3 was one of our biggest pipeline generation quarters ever, and customers leveraging our forward-deployed engineers are seeing 33% faster deployment times. Second, operational excellence. As customer zero, our SDR agent has worked hundreds of thousands of leads, generating tens of millions in incremental pipeline. We see that same velocity with Agentforce on helpsalesforce.com, which passed two million conversations this quarter. It took nine months to reach the first million and just half that time to double it. Another clear example of our internal consumption flywheel taking off. The third area I want to cover is responsible capital allocation. Informatica enhances our trusted data foundation, and it will be a CREDO within 12 months. We also returned more than $4 billion to shareholders in Q3.

Q3 was one of our biggest pipeline generation quarters ever, and customers leveraging our forward-deployed engineers are seeing 33% faster deployment times. Second, operational excellence. As customer zero, our SDR agent has worked hundreds of thousands of leads, generating tens of millions in incremental pipeline. We see that same velocity with Agentforce on helpsalesforce.com, which passed two million conversations this quarter. It took nine months to reach the first million and just half that time to double it. Another clear example of our internal consumption flywheel taking off. The third area I want to cover is responsible capital allocation. Informatica enhances our trusted data foundation, and it will be a CREDO within 12 months. We also returned more than $4 billion to shareholders in Q3.

Speaker #2: Second, operational excellence. As customer zero, our SDR agent has worked hundreds of thousands of leads, generating tens of millions in incremental pipeline. We see that same velocity with Agentforce on Help, Salesforce.com.

Speaker #2: Which passed 2 million conversations this quarter. It took nine months to reach the first million and just half that time to double it. Another clear example of our internal consumption flywheel taking off.

Speaker #2: The third area I want to cover is responsible capital allocation. Informatica enhances our trusted data foundation, and it will be a CRETUS within 12 months.

Speaker #2: We also returned more than $4 billion to shareholders in Q3. We continue to see a meaningful opportunity to invest in ourselves, and we are on track for a 50% step-up in share repurchases in the second half of this fiscal year.

Marc Benioff: We continue to see a meaningful opportunity to invest in ourselves, and we are on track for a 50% step-up in share repurchases in the second half of this fiscal year. Turning to guidance, I want to frame our outlook inclusive of Informatica. To help you model this clearly where relevant, I'll give our organic performance, layer in the acquisition impact, and then provide the consolidated figures for Q4 and fiscal year 26. Starting with subscription and support revenue, we are reiterating our fiscal year 26 organic subscription and support growth guidance of approximately 9% year over year in constant currency. This is fueled by continued momentum in Agentforce and Data 360, partially offset by weaknesses in marketing and commerce, and the on-prem dynamic for MuleSoft and Tableau.

We continue to see a meaningful opportunity to invest in ourselves, and we are on track for a 50% step-up in share repurchases in the second half of this fiscal year. Turning to guidance, I want to frame our outlook inclusive of Informatica. To help you model this clearly where relevant, I'll give our organic performance, layer in the acquisition impact, and then provide the consolidated figures for Q4 and fiscal year 26. Starting with subscription and support revenue, we are reiterating our fiscal year 26 organic subscription and support growth guidance of approximately 9% year over year in constant currency. This is fueled by continued momentum in Agentforce and Data 360, partially offset by weaknesses in marketing and commerce, and the on-prem dynamic for MuleSoft and Tableau.

Speaker #2: Turning to guidance, I want to frame our outlook inclusive of Informatica. To help you model this clearly where relevant, I'll give our organic performance, layer in the acquisition impact, and then provide the consolidated figures for Q4 and fiscal year '26.

Speaker #2: Starting with subscription and support revenue, we are reiterating our fiscal year '26 organic subscription and support growth guidance of approximately 9% year over year in constant currency.

Speaker #2: This is fueled by continued momentum in Agentforce and Data 360, partially offset by weaknesses in marketing and commerce, and the on-prem dynamic for MuleSoft and Tableau.

Speaker #2: Informatica will contribute approximately 80 basis points of additional growth, resulting in total subscription and support growth of slightly under 10% year over year in constant currency.

Marc Benioff: Informatica will contribute approximately 80 basis points of additional growth, resulting in total subscription and support growth of slightly under 10% year over year in constant currency. Turning to total revenue, we are narrowing our fiscal year 26 revenue guidance on an organic basis to $41.15 to 41.25 billion, growth of approximately 9% in nominal and 8% in constant currency. This is attributed to a $25 million FX headwind since last quarter and the on-prem dynamic for Tableau and MuleSoft. We anticipate a contribution of approximately 80 basis points from Informatica, resulting in fiscal year 26 revenue of $41.45 billion to 41.55 billion, or approximately 9 to 10% in nominal and approximately 9% in constant currency.

Informatica will contribute approximately 80 basis points of additional growth, resulting in total subscription and support growth of slightly under 10% year over year in constant currency. Turning to total revenue, we are narrowing our fiscal year 26 revenue guidance on an organic basis to $41.15 to 41.25 billion, growth of approximately 9% in nominal and 8% in constant currency. This is attributed to a $25 million FX headwind since last quarter and the on-prem dynamic for Tableau and MuleSoft. We anticipate a contribution of approximately 80 basis points from Informatica, resulting in fiscal year 26 revenue of $41.45 billion to 41.55 billion, or approximately 9 to 10% in nominal and approximately 9% in constant currency.

Speaker #2: Turning to total revenue, we are narrowing our fiscal year '26 revenue guidance on an organic basis to $41.15 billion to $41.25 billion. Growth is up approximately 9% in nominal terms and 8% in constant currency.

Speaker #2: This is attributed to a $25 million FX headwind since last quarter and the on-prem dynamic for Tableau and MuleSoft. We anticipate a contribution of approximately 80 basis points from Informatica, resulting in fiscal year 2026 revenue of $41.45 billion to $41.55 billion.

Speaker #2: Or approximately 9% to 10% in nominal terms and approximately 9% in constant currency. Before I turn to profitability, I want to highlight that with our current trajectory of net new AOV growth, we project to finish fiscal year '26 with half two net new AOV growth ahead of half two AOV growth.

Marc Benioff: Before I turn to profitability, I want to highlight that with our current trajectory of net new AOV growth, we project to finish fiscal year 2026 with H2 net new AOV growth ahead of H2 AOV growth. Turning to margin. As a result of the close timing of Informatica, we are maintaining our non-GAAP operating margin guidance at 34.1% and adjusting our GAAP operating margin to 20.3%. We are raising our annual guidance on operating cash flow growth to approximately 13% to 14% growth as a result of our strong Q3 bookings performance. We expect capital expenditures to remain slightly below 2% of revenue, resulting in free cash flow growth of approximately 13% to 14%. Organic CRPO growth for Q4 is expected to be approximately 11% year over year in nominal, and 9% year over year in constant currency.

Before I turn to profitability, I want to highlight that with our current trajectory of net new AOV growth, we project to finish fiscal year 2026 with H2 net new AOV growth ahead of H2 AOV growth. Turning to margin. As a result of the close timing of Informatica, we are maintaining our non-GAAP operating margin guidance at 34.1% and adjusting our GAAP operating margin to 20.3%. We are raising our annual guidance on operating cash flow growth to approximately 13% to 14% growth as a result of our strong Q3 bookings performance. We expect capital expenditures to remain slightly below 2% of revenue, resulting in free cash flow growth of approximately 13% to 14%. Organic CRPO growth for Q4 is expected to be approximately 11% year over year in nominal, and 9% year over year in constant currency.

Speaker #2: Turning to margin. As a result of the close timing of Informatica, we are maintaining our non-GAAP operating margin guidance at 34.1% and adjusting our GAAP operating margin to 20.3%.

Speaker #2: We are raising our annual guidance on operating cash flow growth to approximately 13% to 14% growth as a result of our strong Q3 bookings performance.

Speaker #2: We expect capital expenditures to remain slightly below 2% of revenue, resulting in free cash flow growth of approximately 13% to 14%. Organic CRPO growth for Q4 is expected to be approximately 11% year over year in nominal terms and 9% year over year in constant currency.

Speaker #2: As a reminder, we are lapping our acquisition of Own in Q4 FY '25, which represents slightly under a point of impact. Inclusive of Informatica, we expect CRPO growth of approximately 15% year over year in nominal terms, including a $500 million FX tailwind, resulting in approximately 13% constant currency growth.

Marc Benioff: As a reminder, we are lapping our acquisition of OWN in Q4 FY25, which represents slightly under a point of impact. Inclusive of Informatica, we expect CRPO growth of approximately 15% year over year in nominal, including a $500 million FX tailwind, resulting in approximately 13% constant currency growth. Consistent with our investor day outlook, we remain on track to re-accelerate revenue in 12 to 18 months. In closing, our momentum is building, fueled by Agentforce. We are executing against our FY30 framework and investing with discipline, positioning us incredibly well for the future. Finally, a big thank you to all our employees for their dedication and hard work delivering a successful Q3. I'll turn it back to you, Mike. Thanks, Robin. With that, we're going to move to the Q&A portion of our call. Operator, can we please move to the first question? We will now begin Q&A.

Speaker #2: Consistent with our investor day outlook, we remain on track to reaccelerate revenue in 12 to 18 months. In closing, our momentum is building, fueled by Agentforce.

Speaker #2: We are executing against our FY '30 framework and investing with discipline, positioning us incredibly well for the future. Finally, a big thank you to all our employees for their dedication and hard work delivering a successful Q3.

Speaker #2: I'll turn it back to you, Mike. Thanks, Robin. And with that, we're going to move to the Q&A portion of our call. Operator, can we please move to the first question?

Michael Spencer: Thanks, Robin. With that, we're going to move to the Q&A portion of our call. Operator, can we please move to the first question?

Speaker #2: We will now begin Q&A.

Operator: We will now begin Q&A.

Speaker #1: For today's session, we will be utilizing the raise hand feature. If you'd like to ask a question, simply click on the raise hand button at the bottom of your screen.

Marc Benioff: For today's session, we will be utilizing the raise hand feature. If you'd like to ask a question, simply click on the raise hand button at the bottom of your screen. Once you've been called on, please unmute yourself and begin to ask a question. Please limit to one question. Thank you. We will now pause a moment to assemble the queue. Your first question will come from Keith Weiss with Morgan Stanley. Please unmute and ask your question. Excellent. Thank you, guys, for taking the question and congratulations on a really solid quarter. Also great to see you guys putting your money where your mouth is and the accelerated share buybacks, expressing your conviction and sort of the value of Salesforce as a stock where it is.

For today's session, we will be utilizing the raise hand feature. If you'd like to ask a question, simply click on the raise hand button at the bottom of your screen. Once you've been called on, please unmute yourself and begin to ask a question. Please limit to one question. Thank you. We will now pause a moment to assemble the queue. Your first question will come from Keith Weiss with Morgan Stanley. Please unmute and ask your question.

Speaker #1: Once you've been called on, please unmute yourself and begin to ask a question. Please limit to one question. Thank you. We will now pause for a moment to assemble the queue.

Speaker #1: Your first question will come from Keith Weiss with Morgan Stanley. Please unmute and ask your question.

Speaker #1: question.

Keith Weiss: Excellent. Thank you, guys, for taking the question and congratulations on a really solid quarter. Also great to see you guys putting your money where your mouth is and the accelerated share buybacks, expressing your conviction and sort of the value of Salesforce as a stock where it is.

Speaker #2: Excellent. Thank

Speaker #2: You guys for taking the question, and congratulations on a really solid quarter. It's also great to see you putting your money where your mouth is with the accelerated share buybacks.

Speaker #2: Expressing your conviction in sort of the value of Salesforce as a stock, where it is I had a question from Miguel. And trying to sort of tap into your experience and talking to these large customers, because there's still a very big mismatch in the marketplace in terms of what we hear from investors in terms of the expectation that generative AI is going to be injurious to the SaaS-based application layer, that enterprise customers are going to try to build their own functionality, are going to try to replace solutions like Salesforce with DIY solutions that they can build around these models.

Marc Benioff: I had a question from Miguel and trying to sort of tap into your experience in talking to these large customers because there's still a very big mismatch in the marketplace in terms of what we hear from investors in terms of the expectation that generative AI is going to be injurious to the SaaS-based application layer, that enterprise customers are going to try to build their own functionality, are going to try to replace solutions like Salesforce with DIY solutions that they can build around these models versus what we're seeing in the inflection in your business. So can you talk to us a little bit about what you're hearing from customers and their appetite or desire, if they have one, of building out their own applications versus going to a vendor like Salesforce to try to get to this generative AI functionality or capabilities? Okay, Keith, thank you.

I had a question from Miguel and trying to sort of tap into your experience in talking to these large customers because there's still a very big mismatch in the marketplace in terms of what we hear from investors in terms of the expectation that generative AI is going to be injurious to the SaaS-based application layer, that enterprise customers are going to try to build their own functionality, are going to try to replace solutions like Salesforce with DIY solutions that they can build around these models versus what we're seeing in the inflection in your business. So can you talk to us a little bit about what you're hearing from customers and their appetite or desire, if they have one, of building out their own applications versus going to a vendor like Salesforce to try to get to this generative AI functionality or capabilities?

Speaker #2: Versus what we're seeing in the inflection in your business. So can you talk to us a little bit about what you're hearing from customers in their appetite or desire, if they have one, for building out their own applications versus going to a vendor like Salesforce to try to get to this generative AI functionality?

Speaker #2: capabilities? Keith, thank you.

Miguel Milano: Okay, Keith, thank you.

Speaker #3: Thank you so much. That's spot-on question. And it's the heart. I think it's the heart of the matter. And I think there is a really different perspective on what is really happening.

Marc Benioff: Thank you so much. That's a spot-on question. And it's the heart. I think it's the heart of the matter. And I think there is a really different perspective on what is really happening. This past quarter, I was in three continents, 12 countries. I talked to 400 customers, many one-on-ones, many one-to-several at dinners. And the reality is very different. There is something very large, very important, and I want to emphasize this. I don't think we've made, Marc and Robin, enough justice to what is happening right now in front of us. There is a new, very large secular demand trend, which is the Agentic Enterprise.

Thank you so much. That's a spot-on question. And it's the heart. I think it's the heart of the matter. And I think there is a really different perspective on what is really happening. This past quarter, I was in three continents, 12 countries. I talked to 400 customers, many one-on-ones, many one-to-several at dinners. And the reality is very different. There is something very large, very important, and I want to emphasize this. I don't think we've made, Marc and Robin, enough justice to what is happening right now in front of us. There is a new, very large secular demand trend, which is the Agentic Enterprise.

Speaker #3: This past quarter, I was in three continents: 12 countries. I talked to 400 customers, many one-on-ones, many at several dinners. And the reality is very different.

Speaker #3: Large, very important. And I want to emphasize this. I don't think we've made, Mark, and there is something very Robin, enough justice to what is happening right now in front of us.

Speaker #3: There is a new, very large secular demand trend, which is the agentic enterprise. Every single company in the world, small, medium, or large, wants to become an agentic enterprise.

Marc Benioff: Every single company in the world, small, medium, large, wants to become an Agentic Enterprise, a company that is conversational, that is much smarter, that empowers employees by giving them extra information, that is able to execute autonomously, but also probabilistically on one side when AI wants to execute, deterministically when you want the current workflows to be executed. This is to increase growth, to reduce costs, to improve customer satisfaction. Every customer wants to do it. Now, the problem is they've been experimenting. They've been experimenting for two years. They've gone from experimentation now to frustration a little bit. Now they're all saying, you know what? This is hard. This is much harder than we thought. But they all want to go to scale because the opportunity, which is a multi-trillion, multi-trillion market cap opportunity, it's in front of us.

Every single company in the world, small, medium, large, wants to become an Agentic Enterprise, a company that is conversational, that is much smarter, that empowers employees by giving them extra information, that is able to execute autonomously, but also probabilistically on one side when AI wants to execute, deterministically when you want the current workflows to be executed. This is to increase growth, to reduce costs, to improve customer satisfaction. Every customer wants to do it. Now, the problem is they've been experimenting. They've been experimenting for two years. They've gone from experimentation now to frustration a little bit. Now they're all saying, you know what? This is hard. This is much harder than we thought. But they all want to go to scale because the opportunity, which is a multi-trillion, multi-trillion market cap opportunity, it's in front of us.

Speaker #3: Some at a company that is conversational, that is much smarter than others, empowers employees by giving them extra information that allows them to execute autonomously. However, it also works probabilistically when AI wants to execute and deterministically when you want current workflows to be executed.

Speaker #3: And this is, you know, to increase growth, to reduce costs, to improve customer satisfaction. Every customer wants to do it. Now, the problem is they've been experimenting.

Speaker #3: They've been experimenting for two years. They've gone from experimentation now to frustration a little bit, and now they are all saying, you know what, this is hard.

Speaker #3: This is much harder than we thought. But they all want to go to scale because the opportunities, which is a multi-trillion market cap opportunity, are in front of us.

Speaker #3: The time is multi-trillion for them, for us. And they want to go all in. They know it's hard because LLMs cannot do this alone.

Marc Benioff: The time is multi-trillion for them, for us. And they want to go all in. They know it's hard because LLMs cannot do this alone. And now, to answer your question, the last mile is hard. And the last mile is hard because companies need the context. For enterprise AI to be successful and accurate in the enterprise, you need the context. You need the data. You need the metadata. You need the deterministic workflows. You don't want the agents to be essentially executing based on what they found in an LLM. You want the agents to execute in a deterministic way the same workflows that that company had already codified in the apps for the years that humans are already using. And they need AI that is embedded where the humans are.

The time is multi-trillion for them, for us. And they want to go all in. They know it's hard because LLMs cannot do this alone. And now, to answer your question, the last mile is hard. And the last mile is hard because companies need the context. For enterprise AI to be successful and accurate in the enterprise, you need the context. You need the data. You need the metadata. You need the deterministic workflows. You don't want the agents to be essentially executing based on what they found in an LLM. You want the agents to execute in a deterministic way the same workflows that that company had already codified in the apps for the years that humans are already using. And they need AI that is embedded where the humans are.

Speaker #3: And now to answer your question, the last mile is hard. The last mile is hard because companies need the context. For enterprise AI to be successful and accurate in the enterprise, you need the context.

Speaker #3: You need the data. You need the metadata. You need the deterministic workflows. You don't want the agents to be essentially executing based on what they found in an LLM.

Speaker #3: You want the agents to execute in a deterministic way the same workflows that that company had already codified in the apps for the years that humans have been using.

Speaker #3: And they need AI that is embedded where the humans are. That's why it's so important to have the data, with the context, to have the apps, the deterministic workflows, to have the AI where the humans are.

Marc Benioff: That's why it's so important to have the data with the context, to have the apps, the deterministic workflows, to have the AI where the humans are. And only Salesforce can do that. And we are seeing an incredible increase in demand ahead of us. We are winning. You're seeing the bookings. I'm very proud of the quarter that we delivered. I'm very thankful to my team, the whole employee base of Salesforce. I'm also very thankful to our customers, and I'm very thankful to our partners. Marc, you want to add anything to that? No, I think that was great. Thanks, Miguel. Well done. Thanks, Keith. Operator, we'll move to the next question, please. Your next question will come from Raimo Lenschow with Barclays. Miguel, can I stay on that subject a little bit?

That's why it's so important to have the data with the context, to have the apps, the deterministic workflows, to have the AI where the humans are. And only Salesforce can do that. And we are seeing an incredible increase in demand ahead of us. We are winning. You're seeing the bookings. I'm very proud of the quarter that we delivered. I'm very thankful to my team, the whole employee base of Salesforce. I'm also very thankful to our customers, and I'm very thankful to our partners. Marc, you want to add anything to that?

Speaker #3: And only Salesforce can do that. We are seeing an incredible increase in demand ahead of us. We are winning. You're seeing the bookings.

Speaker #3: I'm very proud of the quarter that we delivered. I'm very thankful to my team, the whole employee base of Salesforce. I'm also very thankful to our customers.

Speaker #3: And I'm very thankful to our partners. Mark, do you...

Marc Benioff: No, I think that was great. Thanks, Miguel. Well done.

Speaker #2: Thanks, Miguel. Well done.

Michael Spencer: Thanks, Keith. Operator, we'll move to the next question, please.

Speaker #4: Thanks, great.

Speaker #4: Keith, operator, we'll move to the next question. Do you want to add anything to that?

Speaker #4: please. Your next

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

Speaker #1: Question will come from Remo Lencha with Barclays.

Raimo Lenschow: Miguel, can I stay on that subject a little bit?

Speaker #4: Hey, Miguel, can I stay on that subject a little bit? You've been expanding your sales rep quite a bit, and that's still part of the plan.

Marc Benioff: You've been expanding your sales reps quite a bit, and that's still part of the plan. How do you think about the ramping of those, and how do you also think about productivity for those extra reps coming on? Thank you. I have to credit Mark for that. We had a seminal moment a year ago where we, particularly Mark, he saw the demand coming, and he told us, let's invest in capacity. Let's also invest in enablement. So I became six months ago also the enablement leader for the company. And we have now today 20% more capacity in place. We're going to finish the year with 15% more capacity enabled already. We call it ramped. This is fundamental. It takes six to 12 months to, on average, to ramp AEs. We've done all the hard work exactly at the moment that the demand is coming at us.

You've been expanding your sales reps quite a bit, and that's still part of the plan. How do you think about the ramping of those, and how do you also think about productivity for those extra reps coming on? Thank you.

Speaker #4: How do you think about the ramping of those? And how do you also think about productivity for those extra reps coming on? Thank you.

Speaker #4: You. I have to credit Mark for.

Miguel Milano: I have to credit Mark for that. We had a seminal moment a year ago where we, particularly Mark, he saw the demand coming, and he told us, let's invest in capacity. Let's also invest in enablement. So I became six months ago also the enablement leader for the company. And we have now today 20% more capacity in place. We're going to finish the year with 15% more capacity enabled already. We call it ramped. This is fundamental. It takes six to 12 months to, on average, to ramp AEs. We've done all the hard work exactly at the moment that the demand is coming at us.

Speaker #3: We had a seminar moment a year ago where particularly, Mark, he saw the demand coming. He told us, "Let's invest in capacity."

Speaker #3: Let's also invest in enablement. I became, six months ago, the enablement leader for the company. We have now, today, 20% more capacity in place.

Speaker #3: We're going to finish the year with 15% more capacity enabled already. We call it ramped. This is fundamental. You know, it takes 6 to 12 months, on average, to ramp AEs.

Speaker #3: We've done all the hard work. Exactly at the moment that the demand is coming at us. So I see the pipelines growing. The top of the funnel is growing.

Marc Benioff: So I see the pipelines growing. The top of the funnel is growing. We've never seen a pipe-gen quarter like we did in Q3 with essentially very healthy double-digit growth in pipe-gen above our expectations. Next year, open pipeline is, again, double-digit healthy growth on open pipeline. That, matching the double-digit healthy growth on enabled capacity, it is very exciting. We are ready to capture the opportunity. And again, this is not just one more cloud that now we are very excited. Agentforce, Data Cloud is going to add 10% to 20% on the business that we do with every customer. The Agentic Enterprise, it's a new paradigm. Customers will use Salesforce in a totally different way. They will use Salesforce to be the platform for digital labor, for sales, for service, for marketing. And the impact on the way we can monetize those relationships is exponential. It's not linear growth.

So I see the pipelines growing. The top of the funnel is growing. We've never seen a pipe-gen quarter like we did in Q3 with essentially very healthy double-digit growth in pipe-gen above our expectations. Next year, open pipeline is, again, double-digit healthy growth on open pipeline. That, matching the double-digit healthy growth on enabled capacity, it is very exciting. We are ready to capture the opportunity. And again, this is not just one more cloud that now we are very excited. Agentforce, Data Cloud is going to add 10% to 20% on the business that we do with every customer. The Agentic Enterprise, it's a new paradigm. Customers will use Salesforce in a totally different way. They will use Salesforce to be the platform for digital labor, for sales, for service, for marketing. And the impact on the way we can monetize those relationships is exponential. It's not linear growth.

Speaker #3: We've never seen a PipeGen quarter like we did in Q3. We've essentially had very healthy double-digit growth in PipeGen, above our expectations. Next year, pipeline and open pipeline are again showing healthy double-digit growth.

Speaker #3: That matching the double-digit healthy growth on enabled capacity is very exciting. We are ready to capture the opportunity. And again, this is not just one more cloud that now we are very excited about. Agentforce and Data Cloud are going to add 10% to 20% to the business that we do with every customer.

Speaker #3: The agentic enterprise is a new paradigm. Customers will use Salesforce in a totally different way. They will use Salesforce to be the platform for digital labor, for sales, for service, for marketing.

Speaker #3: And the impact on the way we can monetize those relationships is exponential. It's not linear growth; it's exponential. Robin alluded to that at Investor's Day.

Marc Benioff: It's exponential. Robin alluded to that at Investor's Day. You were talking about three times, four times the ability to multiply the monetization on customers because, by the way, they are getting three or four times or ten times more value from our product. I'm already seeing a lot of examples of companies that had a great relationship with us, had a multi-cloud relationship with us, sales service, all our core clouds. They were very excited. And then Agentforce and Data Cloud came. They decided to become an agentic enterprise. They understood the last mile problem. They bet on Salesforce. And now the bookings that we do with them, the AOV, have doubled, tripled, in some cases, multiplied by four and five. And we are just getting started. We just want to get every single one of our 150,000, 200,000 customers through the agentic enterprise journey.

It's exponential. Robin alluded to that at Investor's Day. You were talking about three times, four times the ability to multiply the monetization on customers because, by the way, they are getting three or four times or ten times more value from our product. I'm already seeing a lot of examples of companies that had a great relationship with us, had a multi-cloud relationship with us, sales service, all our core clouds. They were very excited. And then Agentforce and Data Cloud came. They decided to become an agentic enterprise. They understood the last mile problem. They bet on Salesforce. And now the bookings that we do with them, the AOV, have doubled, tripled, in some cases, multiplied by four and five. And we are just getting started. We just want to get every single one of our 150,000, 200,000 customers through the agentic enterprise journey.

Speaker #3: You were talking about three times, four times the ability to multiply the monetization on customers because, by the way, they are getting three, four, or even ten times more value from our product.

Speaker #3: I'm already seeing a lot of examples of companies that had a great relationship with us, had a multi-cloud relationship with us, sales, service, all our core clouds.

Speaker #3: They were very excited. And then Agentforce and Data Cloud came. They decided to become an agentic enterprise. They understood the last-mile problem. They bet on Salesforce.

Speaker #3: And now the bookings that we do with them, the AOV has doubled, tripled, in some cases multiplied by four and five. And we are just getting started.

Speaker #3: We just want to get every single one of our 150,000 to 100,000 customers through the agentic enterprise journey. And for each of them, there is going to be a multiplier effect.

Marc Benioff: And for each of them, there is going to be a multiplier effect. Thanks, everyone. Operator, we'll move to the next question, please. Your next question will come from Brad Zelnick with Deutsche Bank. Great. Thanks so much. And my congrats on an amazing quarter. Marc, at this point, even without Informatica, and now more so with it, you have one of the largest infrastructure businesses in all of software, well over 10 billion in scale. What's Salesforce's competitive advantage in infrastructure? And how do you not only get credit for it in its own right, but leverage these core capabilities to drive the overall company's success? Really appreciate the question, Brad. I think, number one, just want to make sure everybody realizes we're not building data centers at Salesforce. We're preserving our gross margins and our cash flow. But we will use the data centers that are being built.

And for each of them, there is going to be a multiplier effect.

Michael Spencer: Thanks, everyone. Operator, we'll move to the next question, please.

Speaker #4: Thanks, Remo. Operator, we'll move to the next question, please.

Operator: Your next question will come from Brad Zelnick with Deutsche Bank.

Speaker #1: Your next question will come from Brad Zelnik with Deutsche Bank.

Brad Zelnick: Great. Thanks so much. And my congrats on an amazing quarter. Marc, at this point, even without Informatica, and now more so with it, you have one of the largest infrastructure businesses in all of software, well over 10 billion in scale. What's Salesforce's competitive advantage in infrastructure? And how do you not only get credit for it in its own right, but leverage these core capabilities to drive the overall company's success?

Speaker #4: Great. Thanks so much. And my congrats on an amazing quarter. Mark, at this point, even without Informatica and now more so with it, you have one of the largest infrastructure businesses in all of software, well over $10 billion in scale.

Speaker #4: What's Salesforce's competitive advantage in infrastructure, and how do you not only get credit for it in its own right, but leverage these core capabilities to drive the overall company's success?

Speaker #4: Success? Really appreciate the question, Brad.

Marc Benioff: Really appreciate the question, Brad. I think, number one, just want to make sure everybody realizes we're not building data centers at Salesforce. We're preserving our gross margins and our cash flow. But we will use the data centers that are being built.

Speaker #3: I think, number one, just want to make sure everybody realizes we're not building data centers at Salesforce. We're preserving our gross margins and our cash flow.

Speaker #3: But we will use the data centers that are being built, and we will take advantage of the lower costs that we're seeing in the market from the incredible buildout of data centers.

Marc Benioff: And we will take advantage of the lower costs that we're seeing in the market from the incredible buildout of data centers. But yes, you're right. Our data infrastructure is incredible. We call it our data foundation. And I think you realize it composes, as I mentioned, three key things: Informatica, Data 360, our Data Cloud, and also MuleSoft. And together, you're right, I think it will do about $10 billion next year in business. So this is a very significant software business. But it's fundamental. It's key for every one of our customers to move to this data foundation. And we are still at the beginning of that journey with so many of our customers. And one of the keys to it is its federation. I just came back from Japan, as I mentioned. One of the most important companies in Japan, other than Salesforce, is IBM.

And we will take advantage of the lower costs that we're seeing in the market from the incredible buildout of data centers. But yes, you're right. Our data infrastructure is incredible. We call it our data foundation. And I think you realize it composes, as I mentioned, three key things: Informatica, Data 360, our Data Cloud, and also MuleSoft. And together, you're right, I think it will do about $10 billion next year in business. So this is a very significant software business. But it's fundamental. It's key for every one of our customers to move to this data foundation. And we are still at the beginning of that journey with so many of our customers. And one of the keys to it is its federation. I just came back from Japan, as I mentioned. One of the most important companies in Japan, other than Salesforce, is IBM.

Speaker #3: But yes, you're right. Our data infrastructure is incredible. We call it our data foundation. And I think you realize it comprises, as I mentioned, three key things: Informatica, Data 360, our Data Cloud, and also MuleSoft.

Speaker #3: And together, you're right. I think it will do about $10 billion next year in business. So this is a very significant software business. But it's fundamental.

Speaker #3: It's key for every one of our customers to move to this data foundation. We are still at the beginning of that journey with so many of our customers.

Speaker #3: And one of the keys to it is its federation. I just came back from Japan, as I mentioned. One of the most important companies in Japan, other than Salesforce, is IBM.

Speaker #3: IBM has about 8,000 employees in Japan. We have about 4,000 employees in Japan. I think we're the largest software company in Japan right now.

Marc Benioff: IBM has about 8,000 employees in Japan. We have about 4,000 employees in Japan. I think we're the largest software company in Japan right now. The ability to federate Data 360 to the IBM mainframe, which is technology that we just introduced in Tokyo two weeks ago at our world tour. That idea that you're running Agentforce, but it is being fueled by not only the data and Data 360, but simultaneously the data in your IBM mainframe. That infrastructure is critical to delivering the AI that is accurate, that is reliable, that is low in hallucinations. This is fantastic for the company. It is not something that is totally independent. It's deeply integrated with everything that we do. All of our apps, Agentforce, our customer agents, our employee agents, everything is built on this fundamental foundation. I couldn't be more excited about it.

IBM has about 8,000 employees in Japan. We have about 4,000 employees in Japan. I think we're the largest software company in Japan right now. The ability to federate Data 360 to the IBM mainframe, which is technology that we just introduced in Tokyo two weeks ago at our world tour. That idea that you're running Agentforce, but it is being fueled by not only the data and Data 360, but simultaneously the data in your IBM mainframe. That infrastructure is critical to delivering the AI that is accurate, that is reliable, that is low in hallucinations. This is fantastic for the company. It is not something that is totally independent. It's deeply integrated with everything that we do. All of our apps, Agentforce, our customer agents, our employee agents, everything is built on this fundamental foundation. I couldn't be more excited about it.

Speaker #3: And the ability to federate Data 360 to the IBM mainframe, which is technology that we just introduced in Tokyo two weeks ago at our World Tour. That idea that you're running Agentforce, but it is being fueled by not only the data and Data 360, but simultaneously the data in your IBM mainframe.

Speaker #3: So that infrastructure is critical to delivering the AI that is accurate, that is reliable, that is low in hallucinogens, and this is a fantastic for the company.

Speaker #3: And it is not something that is totally independent. It's deeply integrated with everything that we do. So all of our apps, Agentforce, our customer agents, our employee agents—everything is built on this fundamental foundation.

Speaker #3: I couldn't be more excited about it.

Speaker #4: Thanks, Brad. Operator, we'll move to the next question.

Marc Benioff: Thanks, Brad. Operator, we'll move to the next question, please. Your next question will come from Brent Thill with Jefferies. Great. Marc, the halo effect Agentforce is having, I mean, it seems that sales and service were stable at high single-digit growth, Slack accelerated growth. Can you just speak to what you think this is doing for your other clouds and maybe even drill in on the Slack resurgence? Well, you're right on it, Brent. I think that it's an accelerator on the core. And I think that to address the question that went to Miguel, where there was a false narrative that somehow the core is in jeopardy because of these large language models.

Michael Spencer: Thanks, Brad. Operator, we'll move to the next question, please.

Speaker #4: please.

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

Speaker #1: Your next question will

Speaker #1: come from Brent Thill with Jefferies.

Brent Thill: Great. Marc, the halo effect Agentforce is having, I mean, it seems that sales and service were stable at high single-digit growth, Slack accelerated growth. Can you just speak to what you think this is doing for your other clouds and maybe even drill in on the Slack resurgence?

Speaker #5: Great. Mark, the halo effect Agentforce is having—I mean, it seems that sales and service were stable at high single-digit growth. Slack accelerated growth.

Speaker #5: Can you just speak to what you think this is doing for your other clouds and maybe even drill in on the Slack resurgence?

Marc Benioff: Well, you're right on it, Brent. I think that it's an accelerator on the core. And I think that to address the question that went to Miguel, where there was a false narrative that somehow the core is in jeopardy because of these large language models.

Speaker #3: Well, you're right on it, Brent. I think that it's an accelerator on the core. And I think that we need to address the question that went to Miguel, where there was a false narrative that somehow the core is in jeopardy because of these large language models.

Speaker #3: And while the large language models are very important, and they will expand in functionality, I'm sure, over time, the reality is that our ability to take our core applications, extend them, and deliver another level of value beyond what we were doing before.

Marc Benioff: And while the large language models are very important and they will expand in functionality, I'm sure, over time, the reality is that our ability to take our core applications, extend them, and deliver another level of value beyond what we were doing before. Now, we had already been doing predictive AI and all the kind of Einstein AI. But now with Agentforce, it's another level. And you could see it really at Dreamforce when we're demoing Agentforce Service with the Omnichannel Supervisor and the ability for the agent and the humans to interact autonomously. That was just awesome because it's humans, agents, the apps, and the data. And that, I think, is what is really driving this forward. And it's happening in sales. It's happening in service. It's happening in Slack. And I'm confident it's going to happen in marketing. It's going to happen in commerce.

And while the large language models are very important and they will expand in functionality, I'm sure, over time, the reality is that our ability to take our core applications, extend them, and deliver another level of value beyond what we were doing before. Now, we had already been doing predictive AI and all the kind of Einstein AI. But now with Agentforce, it's another level. And you could see it really at Dreamforce when we're demoing Agentforce Service with the Omnichannel Supervisor and the ability for the agent and the humans to interact autonomously. That was just awesome because it's humans, agents, the apps, and the data. And that, I think, is what is really driving this forward. And it's happening in sales. It's happening in service. It's happening in Slack. And I'm confident it's going to happen in marketing. It's going to happen in commerce.

Speaker #3: Now, we had already been doing predictive AI and all the kind of Einstein AI, but now with Agentforce, it's another level. And you could see it really at Dreamforce.

Speaker #3: When we were demoing the Agentforce service with the omnichannel supervisor and the ability for the agent and the humans to interact autonomously, that was just awesome.

Speaker #3: It's because it's humans and agents and the apps and the data. And that, I think, is what is really driving this forward. And it's happening in sales.

Speaker #3: It's happening in Service. It's happening in Slack. And I'm confident it's going to happen in Marketing. It's going to happen in Commerce. It's going to happen across every tableau, across every single product.

Marc Benioff: It's going to happen across every Tableau, across every single product. Every single product had to be rebuilt. So that took some time. I'd love for Srini to come in and kind of talk about that. But now, as we deliver those Agentforce products, and you saw each and every one of them at Dreamforce, how far they are, customers are excited to get to that next level. Srini. Just to kind of address those two questions, if you really look at agents, agents need context, really, and they need tools. And what is context? To get context, you need data across the enterprise, some in the company, which is in the platform, some you want to federate it, which is what we call zero-copy, and some through ingest, which is where Informatica is. You need to understand where all the data is in the company. You need a catalog.

It's going to happen across every Tableau, across every single product. Every single product had to be rebuilt. So that took some time. I'd love for Srini to come in and kind of talk about that. But now, as we deliver those Agentforce products, and you saw each and every one of them at Dreamforce, how far they are, customers are excited to get to that next level. Srini.

Speaker #3: Every single product had to be rebuilt. So that took some time. Love for Srini to come in and kind of talk about that. But now, as we deliver those Agentforce products, and you saw each and every one of them at Dreamforce, how far they are, customers are excited to get to that next level.

Speaker #4: Srini. I

Srini Tallapragada: Just to kind of address those two questions, if you really look at agents, agents need context, really, and they need tools. And what is context? To get context, you need data across the enterprise, some in the company, which is in the platform, some you want to federate it, which is what we call zero-copy, and some through ingest, which is where Informatica is. You need to understand where all the data is in the company. You need a catalog.

Speaker #5: I think, just to kind of tie those two questions together, if you really look at agents, agents need context, really. And they need tools. And what is context?

Speaker #5: Get context you need data across the enterprise. Some in the company, which is in the platform. Some you want to federate it, which is what we call data copy.

Speaker #5: And some through ingest, which is where Informatica is. You need to understand where all the data is in the company. You need a catalog.

Speaker #5: You need a master metadata. You need to organize all this data. And you need tools. This is what is enterprise context. Without having the enterprise context, it's very, very hard.

Marc Benioff: You need a master metadata. You need to organize all this data. You need tools. This is what is enterprise context. Without having enterprise context, it's very, very hard. And that's what our data foundation gives with Informatica, MuleSoft, and Data 360. On top of that. And Srini, really drill into that because people still don't understand. So just so you know, just on the ingest, for example, in quarter over quarter on Data 360, people have built their data lake. Just in Data Cloud, our ingest has increased by 38%. And zero copy has increased by 52% growth in terms of records. But this is unstructured data. So it's just not the structured data. It's all your documents, all your knowledge articles, all your user manuals. That has increased by 109% growth.

You need a master metadata. You need to organize all this data. You need tools. This is what is enterprise context. Without having enterprise context, it's very, very hard. And that's what our data foundation gives with Informatica, MuleSoft, and Data 360. On top of that. And Srini, really drill into that because people still don't understand. So just so you know, just on the ingest, for example, in quarter over quarter on Data 360, people have built their data lake. Just in Data Cloud, our ingest has increased by 38%. And zero copy has increased by 52% growth in terms of records. But this is unstructured data. So it's just not the structured data. It's all your documents, all your knowledge articles, all your user manuals. That has increased by 109% growth.

Speaker #5: And that's what our data foundation gives with Informatica, MuleSoft, and Data 360. On top of that.

Speaker #4: And Srini, really drill into that, because people still don't.

Speaker #5: So just so you understand, on the ingest, for example, in quarter over quarter, on Data 360, people have built their leg. Just in Data Cloud, our ingest has increased by 38%.

Speaker #5: At Zero Copy, it has increased by 52% growth in terms of records. But there's also unstructured data, so it's just not the structured data.

Speaker #5: It's all your documents, all your knowledge articles, all your user manuals. That has increased by 109% growth. And then this is how you create these unified profiles or unified product ID, unified customer master, unified account master.

Marc Benioff: Then this is how you create this unified profile or unified product ID, unified customer master, unified account master. That's what is the unified context you want in a real-time profile. That's very hard to do. But just if you have this context, it's not enough. You need the deterministic place for reasoning, where deterministic, where non-deterministic. Then you need the tools. The agents have to take actions. Some of the actions are in Salesforce already, the jobs to be done over 25 years for each vertical. We have really deep understanding of not just a sales rep does. We know what a sales rep does in a financial industry, different from what a sales rep does in a pharma, which is different from what a sales rep does in a telecommunications industry. So that's the jobs to be done.

Then this is how you create this unified profile or unified product ID, unified customer master, unified account master. That's what is the unified context you want in a real-time profile. That's very hard to do. But just if you have this context, it's not enough. You need the deterministic place for reasoning, where deterministic, where non-deterministic. Then you need the tools. The agents have to take actions. Some of the actions are in Salesforce already, the jobs to be done over 25 years for each vertical. We have really deep understanding of not just a sales rep does. We know what a sales rep does in a financial industry, different from what a sales rep does in a pharma, which is different from what a sales rep does in a telecommunications industry. So that's the jobs to be done.

Speaker #5: That's what a unified context you want in a real-time profile. That's very hard to do. But just having this context is not enough.

Speaker #5: You need the deterministic place for reasoning where deterministic, where non-deterministic. Then you need the tools. The agents have to take action. Some of the actions are in Salesforce already. The jobs to be done over 25 years per each vertical we have really deep understanding of, not just what a sales rep does; we know what a sales rep does in a financial industry.

Speaker #5: Different from what a sales rep does in pharma, which is different from what a sales rep does in the telecommunications industry. So that's the jobs to be done.

Speaker #5: Now imagine, in this context, you need the jobs to be done. You need the tools. And sometimes you have back-end systems where you need those APIs.

Marc Benioff: Now, imagine you need the context, you need the jobs to be done, you need the tools. Sometimes you have backend systems where you need those APIs. That's why MuleSoft is very important. Now, if you just think these three are enough, it's not enough. Because once you go live, you need an eval. You need to know how the agents are performing. You need auditing. You need compliance. You need local data residency tools. This is what we are finding enterprises who did do-it-yourself are realizing that it's good news, actually, for me. When I talk to CIOs, I see two types. People who are really advanced, who are visionaries, who started two years back with do-it-yourself, they really understand the pain point. They are the ones who are moving fast to the platform.

Now, imagine you need the context, you need the jobs to be done, you need the tools. Sometimes you have backend systems where you need those APIs. That's why MuleSoft is very important. Now, if you just think these three are enough, it's not enough. Because once you go live, you need an eval. You need to know how the agents are performing. You need auditing. You need compliance. You need local data residency tools. This is what we are finding enterprises who did do-it-yourself are realizing that it's good news, actually, for me. When I talk to CIOs, I see two types. People who are really advanced, who are visionaries, who started two years back with do-it-yourself, they really understand the pain point. They are the ones who are moving fast to the platform.

Speaker #5: That's why MuleSoft is very important. Now, if you just think these three are enough, it's not enough, because once you go live, you need an eval.

Speaker #5: You need to know how the agents are performing. You need auditing. You need compliance. You need local data residency tools. This is what we are finding: enterprises, due to yourself, are realizing that it's good news, actually, for me.

Speaker #5: When I talk to CIOs, I see two types: people who are really advanced, who are visionaries, who started two years back with do-it-yourself; they really understand the pain point.

Speaker #5: They are the ones who are moving fast to the platform. And then there are some people who still think they can do it and will convert them over years.

Marc Benioff: And then there are some people who still think they can do it and will convert them over years. So I see people who know what it takes, and so they know the day-two, day-three problems, and some people who still think. So to do this, it was not easy, correct? You had to build the platform. So four years back, we started with the Hyperforce layer. Then we created a data layer. We had to pull the data lake, a lake warehouse. That's what Data 360 was. We rebuilt the entire infrastructure on the platform, on the hyperscalers. We had to rewrite our entire metadata layer to do not thousands of records, but millions of objects. Then we had to rewrite all our applications, our core sales. It's no longer a Sales Cloud. It's Agentforce Sales. So because when I talk to Miguel, he doesn't just want a sales.

And then there are some people who still think they can do it and will convert them over years. So I see people who know what it takes, and so they know the day-two, day-three problems, and some people who still think. So to do this, it was not easy, correct? You had to build the platform. So four years back, we started with the Hyperforce layer. Then we created a data layer. We had to pull the data lake, a lake warehouse. That's what Data 360 was. We rebuilt the entire infrastructure on the platform, on the hyperscalers. We had to rewrite our entire metadata layer to do not thousands of records, but millions of objects. Then we had to rewrite all our applications, our core sales. It's no longer a Sales Cloud. It's Agentforce Sales. So because when I talk to Miguel, he doesn't just want a sales.

Speaker #5: So I see people who know what it takes, and so they know the day-to-day, three problems. And some people who still think.

Speaker #5: So, to do this, it was not easy, correct? You had to build a platform. So, four years back, we started with the Hyperforce layer.

Speaker #5: Then we created a data layer. We had to pull the data lake, a lake warehouse—that's what Data 360 was. We rebuilt the entire infrastructure on the platform, on the hyperscalers.

Speaker #5: We had to rewrite our entire metadata layer to handle not thousands of records, but millions of objects. Then we had to rewrite all our applications and our score sales.

Speaker #5: It's no longer a Sales Cloud. It's Agentforce Sales. When I talk to Miguel, he doesn't just want sales; he wants to transform his function into an agentic sales function.

Marc Benioff: He wants to transform his function into agentic sales function. I run customer success. So my job is not to do customer success. I want to write agentic customer success. This is why help.salesforce.com is important. That's what he is saying. So imagine each of these applications are changing. But this framework is helping another thing. When we started doing ITSM, normally it would have taken a long time. But because we had the foundation of the data layer, the Agentforce layer, the metadata layer, suddenly building an agentic ITSM became very easy. And that's what you're trying to see, the leverage. Same with Life Sciences Cloud. So we're not trying to build the regular way, but this took time. And now that we have this customer success you're seeing, this is what is going to make it a differentiator. And that's our promise to our customers.

He wants to transform his function into agentic sales function. I run customer success. So my job is not to do customer success. I want to write agentic customer success. This is why help.salesforce.com is important. That's what he is saying. So imagine each of these applications are changing. But this framework is helping another thing. When we started doing ITSM, normally it would have taken a long time. But because we had the foundation of the data layer, the Agentforce layer, the metadata layer, suddenly building an agentic ITSM became very easy. And that's what you're trying to see, the leverage. Same with Life Sciences Cloud. So we're not trying to build the regular way, but this took time. And now that we have this customer success you're seeing, this is what is going to make it a differentiator. And that's our promise to our customers.

Speaker #5: And I run customer success. So my job is not to do customer success. I want to write an agentic customer success. This is why help.salesforce.com is important.

Speaker #5: That's what you're seeing. So, imagine each of these applications are changing. But this framework is allowing another thing. When we started doing ITSM, normally it has taken a long time.

Speaker #5: But because we had the foundation of the data layer, the Agentforce layer, and the metadata layer, suddenly building an agentic ITSM became very easy. And that's what we are trying to see: the leverage.

Speaker #5: Same with Life Sciences Cloud. So we're not trying to build the regular way, but this took time. And now that we have this customer success you're seeing, this is what is going to make it a differentiator.

Speaker #5: And that's our promise to our customers. One more right thing is, our customers two years back, they would ask me, "What model are you supporting?"

Marc Benioff: One more slight thing is our customers two years back; they would ask me, "What model are you supporting? Where is it? What hyperscaler you're on?" They don't ask me any of those things now because we abstract all that complexity for them. That's the original promise of Salesforce when we said no software. Basically, that's what it is. We bring the customers to the future. We want to help our customers go to the Agentic Enterprise. And that's what we are doing. And all our forward deployment motions with our own PS services, with our customer success team, also with our SI partners, heavily invested with Accenture, Deloitte, PwC, and other global partners to really ensure that we also jointly partner with them. And in a lot of places, we are co-selling them. They're having combined FDE training.

One more slight thing is our customers two years back; they would ask me, "What model are you supporting? Where is it? What hyperscaler you're on?" They don't ask me any of those things now because we abstract all that complexity for them. That's the original promise of Salesforce when we said no software. Basically, that's what it is. We bring the customers to the future. We want to help our customers go to the Agentic Enterprise. And that's what we are doing. And all our forward deployment motions with our own PS services, with our customer success team, also with our SI partners, heavily invested with Accenture, Deloitte, PwC, and other global partners to really ensure that we also jointly partner with them. And in a lot of places, we are co-selling them. They're having combined FDE training.

Speaker #5: Where is it? What hyperscaler are you on? They don't ask me any of those things now because we abstract all that complexity for them. That's the original promise of Salesforce when we said, "No software."

Speaker #5: Basically, that's what it is. We bring the customers to the future. We want to help our customers go to the agentic enterprise, and that's what we are doing.

Speaker #5: And all our forward deployment motions with our own PS services, with our Customer Success team, and also with our SI partners—heavily invested with Accenture, Deloitte, PwC, and other global partners—to really ensure that we also jointly partner with them. In a lot of places, we are co-selling with them.

Speaker #5: We're having combined FDE training, and this together is what it takes to generate the agentic enterprise. And that's how all these points we're trying to tie together.

Marc Benioff: This together is what it takes to generate the Agentic Enterprise. That's how all these points we're trying to tie together. Hopefully, that answers your question. Very good. Thanks, Brad. Operator, we'll take the next question, please. Your next question will come from Kirk Materne with Evercore Partners. Yeah, thanks very much for taking the question and congrats on the momentum around Agentforce. Miguel, I think this one's for you. When Agentforce first came out, there were a lot of questions from partners, customers about pricing, just confusion, trying to get a handle on that. It seems with the momentum, people are more comfortable with that.

This together is what it takes to generate the Agentic Enterprise. That's how all these points we're trying to tie together. Hopefully, that answers your question.

Speaker #5: Hopefully, that answers your question.

Brent Thill: Very good.

Speaker #4: Very good. Thanks, Brent. Operator, we'll take the next question.

Michael Spencer: Thanks, Brad. Operator, we'll take the next question, please.

Speaker #4: please. Your next question will come from

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

Speaker #1: Kirk Materne with Evercore

Speaker #1: Partners. Yeah, thanks very much for taking the...

Kirk Materne: Yeah, thanks very much for taking the question and congrats on the momentum around Agentforce. Miguel, I think this one's for you. When Agentforce first came out, there were a lot of questions from partners, customers about pricing, just confusion, trying to get a handle on that. It seems with the momentum, people are more comfortable with that.

Speaker #4: Question and congrats on the momentum around Agentforce. Miguel, I think this one’s for you. When Agentforce first came out, there were a lot of questions from partners.

Speaker #4: Customers about pricing, just confusion, trying to get a handle on that. It seems with the momentum, people are more comfortable with that. And sort of the second part of the question is, there's still a lot of concern among investors about as Agentforce helps customers maybe keep headcount stable or even lower headcount in certain areas, how does Salesforce monetize in that kind of situation?

Marc Benioff: And sort of the second part of the question is there's still a lot of concern among investors about, as Agentforce helps customers maybe keep headcount stable or even lower headcount in certain areas, how does Salesforce monetize in that kind of situation? And I was wondering if you could just touch upon that a little bit because I think that'd be helpful to people to understand how AOV grows even in, say, a stable or declining headcount situation. Thanks. Yeah, thank you so much. Listen, Agentforce is at the heart of the agentic enterprise transformation. The momentum that we saw in Q3 is pretty significant, is unheard of, is beyond our expectations. And I want to differentiate between momentum on the bookings. Okay? Bookings is one part of the equation. The hardest part of the equation is the adoption.

And sort of the second part of the question is there's still a lot of concern among investors about, as Agentforce helps customers maybe keep headcount stable or even lower headcount in certain areas, how does Salesforce monetize in that kind of situation? And I was wondering if you could just touch upon that a little bit because I think that'd be helpful to people to understand how AOV grows even in, say, a stable or declining headcount situation. Thanks.

Speaker #4: And I was wondering if you could just touch upon that a little bit, because I think that'd be helpful to people to understand how AOV grows, even in, say, a stable or declining headcount situation.

Speaker #4: Thanks.

Miguel Milano: Yeah, thank you so much. Listen, Agentforce is at the heart of the agentic enterprise transformation. The momentum that we saw in Q3 is pretty significant, is unheard of, is beyond our expectations. And I want to differentiate between momentum on the bookings. Okay? Bookings is one part of the equation. The hardest part of the equation is the adoption.

Speaker #2: Yeah, thank you so much. Listen, Agentforce is at the heart of the agentic enterprise transformation. The momentum that we saw in Q3 is pretty significant.

Speaker #2: It's unheard of. It's beyond our expectations. And I want to differentiate between momentum on the bookings. Bookings is one part of the equation. The hardest part of the equation is the adoption.

Speaker #2: Now, on bookings, we saw the numbers of ARR, the 70% more customers in production. I think there's one statistic that we haven't mentioned, which is very powerful.

Marc Benioff: Now, on bookings, we saw the numbers of ARR, the 70% more customers in production. I think there's one statistic that we haven't mentioned, which is very powerful. We said that 50% or more of the bookings came from customers refilling the tank. Robin alluded to that. But I don't know if you remember, two quarters ago, I was super excited. I had to dig very deep to find that three customers came and refilled the tank in Q1. In Q3, 362 customers refilled the tank. That's an incredible testimony of the success that Agentforce is having in a very short time frame. Now, the other thing that we've learned is pricing matters. It's very complex. We've gone a long ways. We've had different ways of pricing the product. And now I think we have the whole portfolio of different commercial frameworks to meet customers where they want to be.

Now, on bookings, we saw the numbers of ARR, the 70% more customers in production. I think there's one statistic that we haven't mentioned, which is very powerful. We said that 50% or more of the bookings came from customers refilling the tank. Robin alluded to that. But I don't know if you remember, two quarters ago, I was super excited. I had to dig very deep to find that three customers came and refilled the tank in Q1. In Q3, 362 customers refilled the tank. That's an incredible testimony of the success that Agentforce is having in a very short time frame. Now, the other thing that we've learned is pricing matters. It's very complex. We've gone a long ways. We've had different ways of pricing the product. And now I think we have the whole portfolio of different commercial frameworks to meet customers where they want to be.

Speaker #2: We said that 50% or more of the bookings came from customers refilling the tank; Robin alluded to that. But I don't know if you remember, two quarters ago, I was super excited.

Speaker #2: I had to dig very deep to find that three customers came and refilled the tank in Q1. In Q3, 362 customers refilled the tank.

Speaker #2: That's an incredible testimony of the success that Agentforce is having in a very short time frame. Now, the other thing that we've learned is that pricing matters.

Speaker #2: It's very complex. We've come a long way. We've had different ways of pricing the product, and now I think we have the whole portfolio of different commercial frameworks to meet customers where they are and where they want to be.

Speaker #2: My favorite one, of course, is the Xtreme. Those customers who are really determined to become an agentic enterprise before their peers in their industry realize that the last mile is very hard.

Marc Benioff: My favorite one, of course, is the extreme. Those customers that are really determined to become an Agentic Enterprise before their peers in their industry, they realize that the last mile is very hard. They know that Salesforce is the last mile with humans, with the apps, with the data, and the context. They go all in with us. They ask, "Miguel, we don't want to be trapped here in two or three years because consumption, we used to have 10 different metrics. Make it easy for us." We went to them and we told them, "Listen, give me a flat fee. We'll give you, we'll pull all the power, all the power of Salesforce, including FDEs from Srini, and we will deliver the Agentic Enterprise promise." We have actually a point of view for every industry that includes hundreds of agents that have already been defined.

My favorite one, of course, is the extreme. Those customers that are really determined to become an Agentic Enterprise before their peers in their industry, they realize that the last mile is very hard. They know that Salesforce is the last mile with humans, with the apps, with the data, and the context. They go all in with us. They ask, "Miguel, we don't want to be trapped here in two or three years because consumption, we used to have 10 different metrics. Make it easy for us." We went to them and we told them, "Listen, give me a flat fee. We'll give you, we'll pull all the power, all the power of Salesforce, including FDEs from Srini, and we will deliver the Agentic Enterprise promise." We have actually a point of view for every industry that includes hundreds of agents that have already been defined.

Speaker #2: They know that Salesforce is the last mile. With humans, with the apps, with the data and the context, the goal all in with us.

Speaker #2: And they ask, Miguel, we don't want to be trapped here in two or three years, because consumption—we used to have 10 different metrics—make it easy for us.

Speaker #2: And we went to them, and we told them, "Listen, give me a flat fee. We'll give you, we'll pull all the power, all the power of Salesforce, including FDEs from Shrini, and we will deliver the agentic enterprise promise."

Speaker #2: We have a point of view for every industry. That includes hundreds of agents that have already been defined. We have a database of agents with their roles and the workflows that they have to trigger on how they configure them.

Marc Benioff: We have a database of agents with their roles, with their workflows that they have to trigger on how they configure them. We have the phase one, phase two, phase three. Customers just buy on an ILA. We did 16 ILAs in an agentic enterprise license agreement. In Q3, we have about 100 ILAs in the pipeline. All these are multi-million-dollar deals. It is very exciting that it gives the customer the predictability that they need. Now, there are other customers that are more cautious. I'm going to the other extreme. Let's drill in on that. Here we have this enterprise license agreement. We call this agentic enterprise license agreement. When we first started with Agentforce, we were talking about, "Oh, it's going to be so much per conversation." It was this type of pricing, maybe transaction-based pricing, usage-based pricing.

We have a database of agents with their roles, with their workflows that they have to trigger on how they configure them. We have the phase one, phase two, phase three. Customers just buy on an ILA. We did 16 ILAs in an agentic enterprise license agreement. In Q3, we have about 100 ILAs in the pipeline. All these are multi-million-dollar deals. It is very exciting that it gives the customer the predictability that they need. Now, there are other customers that are more cautious. I'm going to the other extreme.

Speaker #2: And we have Phase One, Phase Two, Phase Three. Customers just buy on an ILA. We did 16 ILAs in Agentic Enterprise License Agreement in Q3.

Speaker #2: We have about 100 ILAs in the pipeline, and all these are multi-million dollar deals. It is very exciting, but it gives the customer the predictability that they need.

Speaker #2: Now, there are other customers that are more cautious, and I'm going to the other extreme.

Speaker #4: I'm thrilling on that. So here we have this enterprise license agreement. We call this agentic enterprise license agreement. You know, when we first started with Agentforce, we were talking about, oh, it's going to be so much per conversation.

Marc Benioff: Let's drill in on that. Here we have this enterprise license agreement. We call this agentic enterprise license agreement. When we first started with Agentforce, we were talking about, "Oh, it's going to be so much per conversation." It was this type of pricing, maybe transaction-based pricing, usage-based pricing.

Speaker #4: It was, you know, this type of pricing—maybe transaction-based pricing, usage-based pricing. But customers have pushed for more flexibility. We've moved fast to that.

Marc Benioff: But customers have pushed for more flexibility. We've moved fast to that. How has that really hit the market? Explain why that is so important for customers. Because Mark, good question. By the way, you and me came up with the ILA concept when we visited a few customers in Europe, from Unilever to PMI. We had great conversations. We realized that they wanted to move. They wanted to transform, but they were afraid about all these metrics, consumption, etc. So what we are doing now is very simple. We are putting the whole menu of options to them. We also have very successful SKUs that we launched, which are Agentforce for sales or Agentforce for service that are seat-based SKUs. People talk about seat-based versus consumption-based pricing. The reality is there are a lot of customers that want seat-based because seat-based gives you the predictability.

But customers have pushed for more flexibility. We've moved fast to that. How has that really hit the market? Explain why that is so important for customers.

Speaker #4: How has that really hit the market? Explain why that is.

Speaker #4: so important for customers. Because

Miguel Milano: Because Mark, good question. By the way, you and me came up with the ILA concept when we visited a few customers in Europe, from Unilever to PMI. We had great conversations. We realized that they wanted to move. They wanted to transform, but they were afraid about all these metrics, consumption, etc. So what we are doing now is very simple. We are putting the whole menu of options to them. We also have very successful SKUs that we launched, which are Agentforce for sales or Agentforce for service that are seat-based SKUs. People talk about seat-based versus consumption-based pricing. The reality is there are a lot of customers that want seat-based because seat-based gives you the predictability.

Speaker #3: It requires—by the way—you and I came up with the ILA concept when we visited a few customers in Europe. From YouDeliver to PMI, we had great conversations.

Speaker #3: And we realized that they wanted to move; they wanted to transform. But they were afraid of all these metrics, consumption, et cetera. So what we're doing now is very simple.

Speaker #3: We are putting the whole menu of options to them. We also have a very successful SKU that we launched, which is Agentforce for Sales or Agentforce for Service, both of which are seed-based SKUs.

Speaker #3: People talk about seed-based versus consumption-based pricing. The reality is there are a lot of customers that want seed-based because seed-based gives you the predictability.

Speaker #3: We've sold a lot of seed-based licenses for Agentforce and Data Cloud in Q3. In fact, that SKU has doubled year on year. It's a very massive success there.

Marc Benioff: So we've sold a lot of seat-based licenses for Agentforce and Data Cloud in Q3. In fact, that SKU has doubled year on year. It's very massive success there. But we also have customers from the beginning that they want to just pay per conversation or per agentic actions. So we have the whole portfolio. And we are meeting, and I love this sentence that Robin illuminated me with a while ago. We are meeting customers where they are. Every customer is a different point of the journey. So pricing is not we put pricing away from the table. And by the way, we also have flex pricing.

So we've sold a lot of seat-based licenses for Agentforce and Data Cloud in Q3. In fact, that SKU has doubled year on year. It's very massive success there. But we also have customers from the beginning that they want to just pay per conversation or per agentic actions. So we have the whole portfolio. And we are meeting, and I love this sentence that Robin illuminated me with a while ago. We are meeting customers where they are. Every customer is a different point of the journey. So pricing is not we put pricing away from the table. And by the way, we also have flex pricing.

Speaker #3: And we also have customers from the beginning that want to pay just per conversation or per agentic actions. So, we have the whole portfolio.

Speaker #3: And we are meeting, and I love this sentence that Robin illuminated me with a while ago: we are meeting customers where they are. Every customer is at a different point in the journey.

Speaker #3: So, pricing is not—we put pricing away from the table. And by the way, we also have flex pricing. If customers are now going to the second part of the question, if customers are worried, "OK, I don't want to invest here too much because I already have my service agents in the call centers."

Marc Benioff: If customers are now going to the second part of the question, if customers are worried, "Okay, I don't want to invest here too much because I already have my service agents in the call centers and my salespeople, and what if that reduces?" We have flex agreements where if you decide that because the future of agentic is human and agents working together. In most companies, humans are also going to increase. But if they decrease in some areas, you redeploy them. But they may not need a license of Salesforce. Well, you can use that payment to Salesforce into credits, into an ILA, or into a seat-based license. So we have the full flexibility. Now, humans and agents, I think you guys always ask the same thing on whether the number of seats is increasing, the price is increasing.

If customers are now going to the second part of the question, if customers are worried, "Okay, I don't want to invest here too much because I already have my service agents in the call centers and my salespeople, and what if that reduces?" We have flex agreements where if you decide that because the future of agentic is human and agents working together. In most companies, humans are also going to increase. But if they decrease in some areas, you redeploy them. But they may not need a license of Salesforce. Well, you can use that payment to Salesforce into credits, into an ILA, or into a seat-based license. So we have the full flexibility. Now, humans and agents, I think you guys always ask the same thing on whether the number of seats is increasing, the price is increasing.

Speaker #3: And my salespeople. And what if that reduces? We have flex agreements where if you decide that, because the future of Agentic is human and agents working together.

Speaker #3: In most companies, the number of humans will also increase. If they decrease in some areas, you can redeploy them. However, they may not need a license for Salesforce.

Speaker #3: Well, you can use that payment to Salesforce for credits, into an ILA, or into a seed-based license. So we have full flexibility. Now, humans and agents, I think you guys always ask the same thing on whether the number of seats is increasing and whether the price is increasing.

Speaker #3: Well, for our core clouds, we're seeing both increasing, which is exciting. We have the flexibility for customers if they want to move investment from one area to the other.

Marc Benioff: Well, for our core clouds, we're seeing both increasing, which is exciting. We have the flexibility for customers if they want to move investment from one area to the other. So far, we are seeing that the power of the agentic enterprise is when agents augment humans and they work together side by side with humans. Great. Thanks, Kirk. Operator, we'll take our last question, please. Your last question will come from Brad Sills with Bank of America. Oh, wonderful. Thank you so much. Marc, a question for you. I remember at the analyst meeting that we had at Dreamforce, you referred to some efforts to kind of get back to the basics within the sales channel in pipeline. I think you had mentioned that the leads were there, but you weren't watering the leads or the seeds were there. You weren't watering the seeds.

Well, for our core clouds, we're seeing both increasing, which is exciting. We have the flexibility for customers if they want to move investment from one area to the other. So far, we are seeing that the power of the agentic enterprise is when agents augment humans and they work together side by side with humans.

Speaker #3: So far, we are seeing that the power of the agentic enterprise is when agents augment humans. They work together side by side with humans.

Michael Spencer: Great. Thanks, Kirk. Operator, we'll take our last question, please.

Speaker #4: Great. Thanks, Kirk. Operator, we'll take our last question.

Speaker #4: please. Your

Operator: Your last question will come from Brad Sills with Bank of America.

Speaker #1: Your last question will come from Brad Sills with Bank of America.

Bradley Sills: Oh, wonderful. Thank you so much. Marc, a question for you. I remember at the analyst meeting that we had at Dreamforce, you referred to some efforts to kind of get back to the basics within the sales channel in pipeline. I think you had mentioned that the leads were there, but you weren't watering the leads or the seeds were there. You weren't watering the seeds.

Speaker #5: Oh, wonderful. Thank you so much. Mark, I have a question for you. I remember at the analyst meeting that we had at Dreamforce, you referred to some efforts to kind of get back to the basics in the sales channel and pipeline.

Speaker #5: I think you had mentioned that the leads were there, but you weren't watering the leads. Or the seeds were there; you weren't watering the seeds.

Speaker #5: I would love it if you could elaborate on that effort to kind of focus back on the basics of lead generation. What impact has that had on the pipeline?

Marc Benioff: Would love it if you could elaborate on that effort to kind of focus back on kind of back to the basics, lead generation, what impact that has had on the pipeline? Thank you so much. Okay. Well, I think that maybe this is our greatest accomplishment of the year. Of course, Srini has done a phenomenal job as well as Steve, and the entire technology team in building Agentforce. There's no question the product is more exciting than ever before. We went through this in detail today. But I think that probably the most exciting thing that we have done this year from my perspective is not only have we delivered this incredible piece of technology, but we've radically enhanced the capacity of the distribution organization at a level that we have not done in years. This is very important, not for this year, but for the subsequent years.

Would love it if you could elaborate on that effort to kind of focus back on kind of back to the basics, lead generation, what impact that has had on the pipeline? Thank you so much.

Speaker #5: Thank you so

Speaker #5: much.

Marc Benioff: Okay. Well, I think that maybe this is our greatest accomplishment of the year. Of course, Srini has done a phenomenal job as well as Steve, and the entire technology team in building Agentforce. There's no question the product is more exciting than ever before. We went through this in detail today. But I think that probably the most exciting thing that we have done this year from my perspective is not only have we delivered this incredible piece of technology, but we've radically enhanced the capacity of the distribution organization at a level that we have not done in years. This is very important, not for this year, but for the subsequent years.

Speaker #4: OK,

Speaker #4: Well, I think that maybe this is our greatest accomplishment of the year. Of course, Shrini has done a phenomenal job, as well as Steve and the entire technology team in building AgentForce.

Speaker #4: There's no question that the product is more exciting than ever before. We went through this in detail today. But I think that probably the most exciting thing we have done this year, from my perspective, is not only have we delivered this incredible piece of technology, but we've radically enhanced the capacity of the distribution organization at a level that we have not done in years.

Speaker #4: This is very important, not for this year, but for the subsequent years. This investment that we made this year in capacity is going to pay off across all six segments.

Marc Benioff: This investment that we made this year in capacity is going to pay off across all six segments. I just want you to remember Salesforce sells to companies 0 to 200 employees, 200 to 1,000, 1,000 to 5,000, 5,000 above, the US government, and across our ecosystem or the software industry. To really address all six segments, it's critical for us to have the capacity to do that. Miguel, what is your total capacity increase for the year so far? Today, as of today, 23%? About 23% capacity increase. Then we do four critical things. Not only have we delivered more capacity, we have, as Miguel said, trained them, enabled them. Obviously, these concepts that we're talking about, agentic enterprise, we've created this. We're envisioning this. We're defining what the future is with this.

This investment that we made this year in capacity is going to pay off across all six segments. I just want you to remember Salesforce sells to companies 0 to 200 employees, 200 to 1,000, 1,000 to 5,000, 5,000 above, the US government, and across our ecosystem or the software industry. To really address all six segments, it's critical for us to have the capacity to do that. Miguel, what is your total capacity increase for the year so far?

Speaker #4: Salesforce sells to companies with 0 to 200 employees, 200 to 1,000, 1,000 to 5,000, and 5,000 and above. We also serve the U.S. government and operate across our ecosystem within the software industry.

Speaker #4: And to really address all six segments, it's critical for us to have the capacity to do that. Miguel, what is your total capacity increase for the year?

Miguel Milano: Today, as of today, 23%?

Speaker #3: 20 as of today, 23%.

Marc Benioff: About 23% capacity increase. Then we do four critical things. Not only have we delivered more capacity, we have, as Miguel said, trained them, enabled them. Obviously, these concepts that we're talking about, agentic enterprise, we've created this. We're envisioning this. We're defining what the future is with this.

Speaker #4: About a 23% capacity increase. And then we do four critical things. Not only did we deliver more capacity, but we also trained and enabled them, as Miguel said.

Speaker #4: Obviously, these concepts that we're talking about—agentic enterprise—we've created this. We're envisioning this. We're defining what the future is with this. So we have to enable them and train them, and give them the ability to deliver that in every one of these market segments.

Marc Benioff: So we have to enable them and train and give them the ability to deliver that in every one of these market segments. Number two, that core capacity, we have to look at that across every single one of those segments. Several of those segments are delivering mid-double-digit growth at a level that we have not also seen in years. Huge shock to us. And we really think that so many of these segments are just on fire and doing incredibly well. And then three is we have to link the compensation plans of these incredible sellers to these goals, all the goals that you've kind of heard us outline in the script.

So we have to enable them and train and give them the ability to deliver that in every one of these market segments. Number two, that core capacity, we have to look at that across every single one of those segments. Several of those segments are delivering mid-double-digit growth at a level that we have not also seen in years. Huge shock to us. And we really think that so many of these segments are just on fire and doing incredibly well. And then three is we have to link the compensation plans of these incredible sellers to these goals, all the goals that you've kind of heard us outline in the script.

Speaker #4: Number two, that core capacity—we have to look at that across every single one of those segments. Several of those segments are delivering mid double-digit growth at a level that we have not also seen in years.

Speaker #4: Huge shock to us. And we really think that so many of these segments are just on fire and doing incredibly well. And then, three, we have to link the compensation plans of these incredible sellers.

Speaker #4: To these goals, all the goals that you've kind of heard us outline in the script. The last thing is we measure the participation of each seller across each segment, across each geo, across every operating unit.

Marc Benioff: And the last thing is we measure the participation of each seller across each segment, across each geo, across every operating unit, and find out why are they selling or why are they not selling this product in this geography in this segment. So it's a radical level of management. I would say that our ability to do that today far exceeds where we were even just three or four years ago. And Miguel, I think, has done a phenomenal job in making that happen. And I think that when we're running the largest Salesforce in the software industry, which is what we have, and the ability to deliver that across all of these segments with what I think is the most competitive piece of software we have ever had across every industry, every geography, across every segment, it's a Herculean task.

And the last thing is we measure the participation of each seller across each segment, across each geo, across every operating unit, and find out why are they selling or why are they not selling this product in this geography in this segment. So it's a radical level of management. I would say that our ability to do that today far exceeds where we were even just three or four years ago. And Miguel, I think, has done a phenomenal job in making that happen. And I think that when we're running the largest Salesforce in the software industry, which is what we have, and the ability to deliver that across all of these segments with what I think is the most competitive piece of software we have ever had across every industry, every geography, across every segment, it's a Herculean task.

Speaker #4: And find out why they are selling, or why they are not selling this product in this geography, in this segment. So it's a radical level of management.

Speaker #4: I would say that our ability to do that today far exceeds where we were even just three or four years ago. And Miguel, I think it's been a phenomenal job in making that happen.

Speaker #4: And I think that when we're running the largest Salesforce in the software industry, which is what we have, and the ability to deliver that across all of these segments with what I think is the most competitive piece of software we have ever had across every industry, every geography, and across every segment, it's a Herculean task.

Speaker #4: And Q3, when you look at these numbers and you saw we were guiding, I think, to that we were going to do 9% CRPO growth.

Marc Benioff: And Q3, when you look at these numbers and you saw we were guiding, I think, that we were going to do 9% CRPO growth, and it went to 11% because Miguel crushed it. And I'm really excited about Q4, but especially I'm excited about fiscal year 2027 and fiscal year 2028 because of the capacity increases that we're making now. Great. Well, thank you, Brad. And thank you, everyone, for joining us today. We look forward to seeing everyone over the coming weeks. Take care. Thank you for joining. This concludes today's call, and you may now disconnect.

And Q3, when you look at these numbers and you saw we were guiding, I think, that we were going to do 9% CRPO growth, and it went to 11% because Miguel crushed it. And I'm really excited about Q4, but especially I'm excited about fiscal year 2027 and fiscal year 2028 because of the capacity increases that we're making now.

Speaker #4: And it went to 11 because Miguel crushed it. I'm really excited about Q4, but especially I'm excited about fiscal year '27 and fiscal year '28.

Speaker #4: Because of the capacity increases that we're making now. Great! Well, thank you, Brad. And thank you, everyone, for joining us today. We look forward to seeing everyone over the coming weeks.

Michael Spencer: Great. Well, thank you, Brad. And thank you, everyone, for joining us today. We look forward to seeing everyone over the coming weeks. Take care.

Speaker #4: Take

Speaker #4: care. Thank you for

Operator: Thank you for joining. This concludes today's call, and you may now disconnect.

Q3 2026 Salesforce Inc Earnings Call

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