CRM: F1Q27 Partner Survey - Sequential Stability at Modest Rates

研报英文原文证据摘录

CRM: F1Q27 Partner Survey - Sequential Stability at Modest Rates

May 21, 2026

John DiFucci john.difucci@guggenheimpartners.com CRM: F1Q27 Partner Survey - Sequential Stability at

212 518 9670 Modest Rates

Richard Magnus

richard.magnus@guggenheimpartners.com

212 518 9308 Key Message: We are publishing a detailed view of our survey of 54 Salesforce channel

partners along with our preview note (CRM F1Q27 Preview: Stable But Modest Trends, Tamjid Chowdhury

tamjid.chowdhury@guggenheimpartners.com Agentforce Hope). The partner survey indicated a relatively stable environment, as net

212 823 6739 scores were mixed, while revenue weighted metrics were relatively stable. This iteration

of our survey showed that Agentforce POCs continue moving into production, though

still with little associated revenue. That said, we continue to maintain the viewpoint that

incremental Agentforce monetization remains unclear, if not unlikely. Reiterate Neutral.

CRM NEUTRAL Guggenheim 360°: The Ecosystem of Our Best Research. The Guggenheim 360°

Salesforce, Inc. series spotlights our analysts' most differentiated work—research that reflects a deep

Sector: Software understanding of our covered industries, primary studies using proprietary methods, access

Company Update to subject matter experts, thought-provoking conclusions, and actionable portfolio ideas.

Share Price $176.31 Demand Environment:

as the margin of performance relative Price Target NA • F1Q27 survey results were relatively stable q/q,

to internal targets (weighted by partner revenue) increased q/q to +5%, vs. +4% in F4Q26.

The net score (% exceeding - % missing), however, declined q/q to 28 (from 42); we Revenue ($B)

(FY JAN) 1Q 2Q 3Q 4Q FY note that 2 out of the last 3 1Qs had a typical seasonal pattern. The unweighted margin