F1Q27 Earnings: Confidence Builds in 2H Acceleration.

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F1Q27 Earnings: Confidence Builds in 2H Acceleration.

May 28, 2026 Salesforce, Inc

(CRM, Buy, $255 PT)

Allan Verkhovski

F1Q27 Earnings: Confidence Builds in 2H Acceleration. (415) 248-5407 averkhovski@btig.com

Nick DannewitzAPPLICATION WHAT YOU SHOULD KNOW: This quarter had several moving pieces for a seasonally (415) 248-2298 ndannewitz@btig.com

quieter Q1, but the main takeaway is that with another quarter under its belt, CRM is Company Data

increasingly confident in accelerating growth in the 2H of the year. We did not get

the clear inflection in accelerating bookings that would support second-half revenue Closing Price $177.51

acceleration, as CC cRPO growth was 13.2%, compared with 13.4% in Q4 and just Price Target $255.00

below consensus of 13.3%. That performance was driven by continued momentum Market Cap (M) $154,611.21SOFTWARE in Agentforce, Data 360, and Slack. Q1 CC cRPO, Q2 guidance for ~13% growth vs. Enterprise Value (M) $182,054.21

consensus at 12.7%, and the decision to maintain FY27 CC organic subscription revenue Shares Out (M) 871.00

growth at ~8% were exactly in line with our preview. It is important to note that despite Avg Daily Vol-3 Months (M) 13.21

Tableau worsening during the quarter and the outlook assuming increased softness in

Tableau bookings and renewals, greater license revenue volatility from Informatica’s RevisionsEQUITY on-prem business, in addition to ongoing weakness in marketing and commerce, CRM Previous Current

still modestly raised the midpoint of FY27 revenue guidance by $50 million. What Rating Buy Buy

came in notably better than we had previewed was organic total revenue, which grew Price Target $255.00 $255.00

7.1% in CC, compared with 6.4% in Q4. CRM benefited from on-premise Informatica FY27E REV 46,041.24 45,973.50