Salesforce's double digits, minus Informatica: agentic AI is real and still 2% of revenue

Strip Informatica out of the fourth quarter and the double digits become single digits. The $11.2 billion included $399 million of Informatica revenue ^[1]. Against an implied year-ago quarter of about $10.0 billion ^[1], the remaining $10.8 billion is roughly 8 percent growth, not 12 ^[2]. Salesforce performs the same subtraction itself one line higher: current remaining performance obligation of $35.1 billion, up 16 percent, of which 4 points is Informatica ^[5], which leaves 12 percent reported and 9 percent in constant currency without it ^[3].

That is why the most load-bearing sentence in the release belongs to Robin Washington, the CFO, who said the quarter makes Salesforce "even more confident in our path to reaccelerate organic revenue growth in H2 FY27" ^[19]. Marc Benioff, in the same release, calls agentic AI "a tailwind for our business" already ^[18]. Both can be true, but only one of them is a forecast with a date on it.

The agentic line items are genuine and small. Agentforce ARR is 1.9 percent of fiscal 2026 revenue ^[5]. Agentforce and Data 360 together exceed $2.9 billion, about 7 percent of the year ^[13][6], and $1.1 billion of that came in with Informatica Cloud ^[13], leaving roughly $1.0 billion for Data 360 outside the acquisition ^[11]. Spread the Agentforce ARR across the 29,000 deals closed since launch and the average is about $27,600 ^[7]. More than 60 percent of fourth-quarter Agentforce and Data 360 bookings were expansion within existing accounts ^[16], which is consistent with that figure: the initial purchase is cheap, and the money is in the second one.

Agentic Work Units, which Salesforce defines as tasks accomplished by an AI agent ^[14], come with one piece of arithmetic the company did not print. Set 2.4 billion work units against more than 19 trillion tokens processed to date ^[15] and each unit consumes roughly 7,900 tokens ^[8]. There is no published price per work unit and no denominator of tasks attempted, so a buyer cannot yet turn the metric into a budget line or a renewal argument.

The FY30 number is where the discipline sits. Reaching $63 billion ^[18] from this year's base requires about 11 percent compounded for four years ^[4], above the 10 percent reported for fiscal 2026 ^[3] and well above the ex-acquisition pace in the quarter just closed ^[2]. Meanwhile $14.3 billion went to shareholders against $14.4 billion of free cash flow, which is essentially all of it ^[8][7][9], and the new authorization is close to four years of this year's $12.7 billion repurchase run rate ^[10].

So the token bill has to stay inside the margin. Non-GAAP operating margin finished fiscal 2026 at 34.1 percent ^[6] while token volume rose fivefold year over year ^[15]. Agent delivery is a consumption cost that grows with the metric Salesforce has chosen to headline, and the company has committed its cash to buybacks and dividends rather than holding it back. Operators pricing renewals should expect that cost to be recovered in the consumption terms, because there is nowhere else for it to go.