CRM F1Q27 Preview: Stable But Modest Trends, Agentforce Hope

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CRM F1Q27 Preview: Stable But Modest Trends, Agentforce Hope

May 20, 2026

John DiFucci john.difucci@guggenheimpartners.com CRM F1Q27 Preview: Stable But Modest Trends,

212 518 9670 Agentforce Hope

Richard Magnus

richard.magnus@guggenheimpartners.com

212 518 9308 Key Message: We see near-term upside potential to both F1Q27 results and F2Q27

guidance, and see an achievable numerical setup for FY27. Partner sentiment felt stable Tamjid Chowdhury

tamjid.chowdhury@guggenheimpartners.com q/q, underpinned by a continued challenging marketplace for CRM's core offerings.

212 823 6739 Partners remain hopeful regarding Agentforce and described some traction and product

improvements, though deal sizes remain very small, and revenue contribution is even

less apparent. Our quarterly survey of over 50 CRM partners revealed stable but modest

trends across multiple key metrics for current and next quarter expectations. CRM is set

CRM NEUTRAL to report on 05/27.

Salesforce, Inc. "Customers are questioning long term deals as procurement Sector: Software models change. There is uncertainty around whether pricing

Earnings Preview will hold over the life of a contract." - Contract Consultant

Share Price $180.10 Checks Reveal More of the Same. We spoke to 6 partners, and all of them came

Price Target NA in line with plan. The overall tone from partners felt tempered, though was stable q/q,

driven by a challenging macro backdrop that led to some elongated deal cycles and deal

scrutiny from purchasers. Agentforce's presence in deals continues to increase, though

Revenue ($B) monetization remains less apparent, and most spend on Agentforce is coming from CRM

(FY JAN) 1Q 2Q 3Q 4Q FY budget reallocation. Sales and Service Cloud were described as "stable", while Marketing,