Ahead of Monday’s Earnings: Is Salesforce Preparing for a Breakout?

On December 3, 2025, Salesforce will release its Q3 FY26 financial results during its scheduled earnings conference call. Investors are watching closely, as the report could potentially trigger notable movement in the stock price. Ahead of the announcement, here is a recap of Salesforce’s latest available financial performance and the key trends shaping expectations.

Salesforce has released its most recent quarterly results for Q2 FY26, offering a clear picture of where the company stands as it moves deeper into the fiscal year. With solid revenue growth, expanding margins and rapidly increasing demand for its AI and data products, the company continues to reinforce its position as a leader in enterprise software. Yet, despite the progress, several risks remain on the horizon.

Strong Revenue and Margin Growth

Salesforce reported $10.2 billion in total revenue, an increase of 10% year-over-year. Subscription and Support — the company’s core engine — reached $9.7 billion, reflecting 11% growth. Profitability also strengthened, with a 34.3% non-GAAP operating margin and 22.8% GAAP operating margin, demonstrating operational efficiency and cost discipline.

The company also returned $2.6 billion to shareholders, through a combination of dividends and share buybacks, signaling confidence in its long-term trajectory.

AI and Data Cloud Momentum

One of the most noteworthy highlights is the rapid adoption of Salesforce’s new AI and data solutions. The combined annual recurring revenue (ARR) of Data Cloud and Agentforce exceeded $1.2 billion, representing a remarkable 120% year-over-year increase. This segment is emerging as Salesforce’s next major growth engine.

Strength in Backlog and Commitments

Salesforce’s Remaining Performance Obligation (RPO), which represents future contracted revenue, grew to $29.4 billion, up 11% from last year. This underscores strong customer trust and long-term visibility.

Risks and Challenges Ahead

Despite the positive results, growth remains more modest compared to Salesforce’s high-growth years. Macroeconomic uncertainty, currency fluctuations and cautious enterprise IT spending could slow momentum.

Additionally, while AI and data solutions are gaining traction, their long-term profitability and adoption curves remain evolving factors.

Final Thoughts

Overall, Salesforce remains a financially strong, innovation-driven company with a robust recurring-revenue base and emerging new growth vectors. Investors will be paying close attention on Monday to see whether Salesforce can maintain — or exceed — this trajectory in Q3 FY26.