Salesforce, Inc.: Q1 Results – When Will Agentic Work Units Convert to Subscription Growth?

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Salesforce, Inc.: Q1 Results – When Will Agentic Work Units Convert to Subscription Growth?

Idea

May 28, 2026 05:58 AM GMT

Morgan Stanley & Co. LLCMSalesforce, Inc. | North America Keith Weiss, CFA

Equity Analyst

Q1 Results – When Will Agentic Keith.Weiss@morganstanley.comElizabeth Porter, CFA +1 212 761-4149

Elizabeth.E.Porter@morganstanley.com +1 212 761-3632

Work Units Convert to Kathleen A Keyser

Research Associate

Katie.Keyser@morganstanley.com +1 212 761-0518

Subscription Growth?

Salesforce, Inc. (CRM.N, CRM UN)

Software | United States of America

Reaction to earnings

Stock Rating Overweight

Unchanged In-line Modest revision higher Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target $287.00

consensus EPS Shr price, close (May 27, 2026) $177.51

Mkt cap, curr (mm) $167,064

Source: Company data, Morgan Stanley Research 52-Week Range $278.77-163.58

While Agentforce KPIs ramped well in Q1, with management Fiscal Year Ending 01/26 01/27e 01/28e 01/29e

EPS ($)** 12.52 14.12 15.97 18.01

sustaining its conviction in a 2H ramp in organic subscription Prior EPS ($)** - 13.16 15.41 -

revenue growth, a second quarter of weaker bookings metric P/EEPS ($)§ 11.7621.0 13.2217.2 14.9015.6 17.5713.8

(cRPO just in line) likely caps the stock near term, despite an Div yld (%) 0.8 0.9 1.0 1.2

attractive valuation at 11X EV/CY27 FCF. Unlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

Key Takeaways e = Morgan Stanley Research estimates Quarterly EPS ($)

Q1 cRPO growth of 14% YoY fell short of expectations when adjusting for the 1% 2027e 2027e 2028e 2028e

Quarter 2026 Prior Current Prior Current