Salesforce.com Inc.: 1Q27 Preview: Expecting Agentforce Progress, Major Catalyst Still Pending

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Salesforce.com Inc.: 1Q27 Preview: Expecting Agentforce Progress, Major Catalyst Still Pending

Equity Research

U.S. Software

21 May 2026

Salesforce.com Inc.

1Q27 Preview: Expecting

Agentforce Progress, Major

CRM OVERWEIGHTCatalyst Still Pending

U.S. Software POSITIVE

Download data for CRM's open-source npm package Price Target USD 252.00

indicates improving momentum (see below). We expect slight Price (18-May-26) USD 179.48

upside to Q1 cRPO and a Q2 cRPO guide roughly in-line with PotentialSource: Bloomberg,Upside/DownsideBarclays Research +40.4%

Street (~13% y/y). Some moving dynamics in its model,

U.S. Softwarethough expecting stable Q1 results.

Raimo Lenschow, CFA

+1 212 526 2712

Our take: We expect CRM's Q1 to offer incremental but not yet narrative-shifting progress with raimo.lenschow@barclays.com

Agentforce. We continue to like encouraging leading indicators from the installed base, BCI, US

including enterprise customers “refilling the tank” of AI/Agentforce credits and expanding Eamon Coughlin

usage, alongside gradual movement of Agentforce use cases into production (from 2k in Q3 to +1 212 526 6142

3k in Q4), though this transition will naturally take time (SaaS peers have reiterated gradual eamon.coughlin@barclays.com

enterprise adoption cycles). From a segment perspective, we would expect ongoing headwinds BCI, US

in Marketing, Tableau, and Commerce to persist, though offset by continued strength in Slack,

Data Cloud, Industry Clouds, and steady performance across Sales and Service Cloud. Overall,

we expect management to reiterate solid Agentforce traction and long-term potential, but

believe it might take another quarter (or two) to meaningfully change the debate for longer-

term investors.