Here’s what Wall Street experts are saying about Salesforce ahead of earnings

Salesforce (CRM) is scheduled to report results of its second fiscal quarter after the market close on Wednesday, September 3, with a conference call scheduled for 5:00 pm ET. What to watch for:

GUIDANCE: Along with its first quarter earnings report, Salesforce guided to FY26 earnings per share of $11.27-$11.33 on a revenue of $41B-$41.3B, which compared to analyst estimates of $11.17 and $40.82B, respectively, at the time of the report. Consensus for EPS has since risen to $11.29, while estimates for revenue have jumped to $41.24B. The company also provided Q2 EPS guidance of $2.73-$2.78 on revenue of $10.11B-$10.16B. Consensus for earnings, which was at $2.73 at the time, has increased to $2.78, and consensus for revenue, which was at $10.01B, has risen to $10.14B.

PARTNERSHIPS, FEATURES: In May, Salesforce announced a network of certified life sciences partners to accelerate customer migration to Life Sciences Cloud, its HIPAA-ready, pre-validated, GxP-compliant platform. The company also announced that Takeda (TAK) selected Salesforce Life Sciences Cloud for Customer Engagement to strengthen its involvement with healthcare professionals. Additionally in May, Salesforce announced that Indeed is deploying Agentforce to support employer account onboarding with digital labor. The U.S. General Services Administration also announced in May a OneGov agreement with Salesforce to lower the price of Slack. In June, Salesforce announced that the Indiana Fever and its parent organization Pacers Sports & Entertainment are deploying Agentforce. The company also announced updated pricing for Enterprise Editions and Unlimited Editions for Sales Cloud, Service Cloud, Field Service, and select Industries Clouds with list prices increasing by an average of 6%. Salesforce also extended its relationship with Nexstar Media Group (NXST) in June and expanded its partnership with PayPal (PYPL). The company also announced Agentforce 3, a major upgrade to its digital labor platform. Additionally in the month, PepsiCo (PEP) announced plans to deploy Agentforce and Cognizant (CTSH) introduced a new suite of customer and operations transformation services built for Agentforce. In July, Genesys announced $1.5B in new investment commitments from Salesforce and ServiceNow (NOW).

ACQUISITIONS: In May, Salesforce announced it had signed a definitive agreement to acquire Convergence.ai, an AI agent company recognized for developing advanced systems that perform complex, human-like tasks in digital environments. Convergence’s technology enables AI agents to navigate dynamic interfaces, managing everything from web-based workflows to multi-step processes by adapting in real time to challenges like pop-ups, errors, and UI updates. Convergence’s team and technology are expected to play a central role in advancing Agentforce, strengthening Salesforce’s AI capabilities and accelerating the development of next-generation agents built for increasingly sophisticated workflows.

Additionally in May, Salesforce and Informatica (INFA) announced they entered into an agreement for Salesforce to acquire Informatica for approximately $8B in equity value, net of Salesforce’s current investment in Informatica. Under the terms of the agreement, holders of Informatica’s Class A and Class B-1 common stock will receive $25 in cash per share. Salesforce will acquire all outstanding shares of common stock of Informatica that it does not already own. The transaction has been approved by the boards of directors of both Salesforce and Informatica and is expected to close early in Salesforce’s fiscal year 2027, subject to the receipt of required regulatory clearances and satisfaction of other customary closing conditions. Stockholders holding in aggregate approximately 63% of the voting power of Informatica Class A and Class B-1 common stock have delivered a written consent approving the transaction. The transaction will be funded through a combination of cash on Salesforce’s balance sheet and new debt. Salesforce expects to achieve accretion on a non-GAAP operating margin, non-GAAP earnings per share, and free cash flow basis starting in the second year following the expected closing of the transaction and continuing thereafter, driven by substantial cost synergies and revenue uplift with a new comprehensive data portfolio. The transaction is not expected to disrupt Salesforce’s capital return program.

In July, Salesforce announced it had signed a definitive agreement to acquire Bluebirds, a leading AI-powered prospecting platform that helps sales teams identify and engage high-potential leads using advanced lead intelligence and data enrichment. Bluebirds’ agentic technology streamlines top-of-funnel prospecting, helping sales teams connect with the right leads faster and work more efficiently. Salesforce plans to bring these capabilities into Sales Cloud and Agentforce, giving customers new ways to automate pre-sales work and drive productivity.

ANALYST VIEWS: Last week, Citi lowered the firm’s price target on Salesforce to $275 from $295 and kept a Neutral rating on the shares. Partner feedback in Q2 suggests “an underwhelming demand picture,” said the analyst, who would wait for more data points around wider Agentforce rollouts and commercialization before turning more constructive. The firm, which sees “limited Q2 upside,” expects revenue growth to remain in the high-single digits in the near-term, the analyst added.

Meanwhile, BofA lowered the firm’s price target on Salesforce to $325 from $350 and kept a Buy rating on the shares. Recent talks with partners suggest that deal activity leaned more “in line” with expectations during Q2, said the analyst, who expects Q2 revenue and cRPO to be largely in line with its estimates for $10.1B and $19.2B, respectively. Inline results are “not likely to be a catalyst for the stock,” the analyst added.

Additionally, Oppenheimer lowered the firm’s price target on Salesforce to $315 from $370 and kept an Outperform rating on the shares ahead of the Q2 earnings update with low expectations and multiples reflecting a lot of bad news. The firm’s research mosaic points to softening business trends for Salesforce and limited near-term catalysts, beyond better second half of the year enterprise IT spending seasonality. In Oppenheimer’s view, the Q2 earnings update may not catalyze new opinions on Salesforce. AI messaging and estimates are unlikely to materially change post results and there remains execution risk in the second half of 2026 from lingering macro- and AI-related uncertainty. Nevertheless, Agentforce and Data Cloud are investable themes, margin growth continues, and multiples are already discounting many risks, the analyst contended.