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Salesforce's double digits, minus Informatica: agentic AI is real and still 2% of revenue
Fourth-quarter revenue grew 12 percent with $399 million of it acquired, and Agentforce ARR reached $800 million. The CFO's actual promise is organic reacceleration in the second half of FY27.
The Investor · Invest desk
What happened
- Agentforce ARR reached $800 million, up 169 percent, across more than 29,000 deals closed since launch, up 50 percent quarter over quarter.
- The company introduced a new metric, Agentic Work Units, reporting 2.4 billion delivered to date across Agentforce and Slack, up 57 percent sequentially.
- The board authorized a $50 billion repurchase program replacing unused authorizations and raised the quarterly dividend 5.8 percent to $0.44 a share.
Why it matters
- contradiction The CEO describes agentic AI as a tailwind the business already has; the CFO's commitment is to reaccelerate organic growth starting in the second half of FY27.
- constraint The FY30 revenue goal needs faster compounding than fiscal 2026 delivered without acquisitions, which turns Agentforce attach rates into an obligation rather than a talking point, or implies more...
- exposure Renewal conversations now point at a consumption unit that Salesforce both defines and meters, with no published price attached, so the customer cannot audit the thing being sold.
- precedent With nearly all of this year's free cash flow already returned and a multi-year authorization on top, the cost of running agents has to be absorbed in margin or passed through in pricing.
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 [19], the remaining $10.8 billion is roughly 8 percent growth, not 12 [20]. 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 [21].
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" [31]. Marc Benioff, in the same release, calls agentic AI "a tailwind for our business" already [30]. 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 [23]. Agentforce and Data 360 together exceed $2.9 billion, about 7 percent of the year [13][24], and $1.1 billion of that came in with Informatica Cloud [13], leaving roughly $1.0 billion for Data 360 outside the acquisition [29]. Spread the Agentforce ARR across the 29,000 deals closed since launch and the average is about $27,600 [25]. 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 [26]. 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 [30] from this year's base requires about 11 percent compounded for four years [22], above the 10 percent reported for fiscal 2026 [3] and well above the ex-acquisition pace in the quarter just closed [20]. Meanwhile $14.3 billion went to shareholders against $14.4 billion of free cash flow, which is essentially all of it [8][7][27], and the new authorization is close to four years of this year's $12.7 billion repurchase run rate [28].
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.
What to watch
- Q1 and Q2 FY27 cRPO growth stated excluding Informatica: the CFO's H2 FY27 reacceleration claim is testable on exactly that line.
- Whether Salesforce ever publishes a price per Agentic Work Unit, or a denominator of tasks attempted versus completed.
- Whether average Agentforce ARR per deal rises or falls as deal count grows, which shows whether expansion is priced or discounted.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence68
- Adoption61
- Hype gap+28
- Incentives88
- Confidence66
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Salesforce reported fourth quarter fiscal 2026 revenue of $11.2 billion, up 12% year over year and 10% in constant currency, including a $399 million Informatica contribution; the quarter and fiscal year ended January 31, 2026.
- [2]
Fourth quarter subscription and support revenue was $10.7 billion, up 13% year over year and 11% in constant currency, including $388 million from Informatica.
- [3]
FY26 revenue was $41.5 billion, up 10% year over year and 9% in constant currency.
- [4]
Remaining performance obligation was $72.4 billion, up 14% year over year.
- [5]
Current remaining performance obligation was $35.1 billion, up 16% year over year and 13% in constant currency, including 4 points of Informatica contribution.
- [6]
FY26 GAAP operating margin was 20.1% and non-GAAP operating margin was 34.1%.
- [7]
FY26 operating cash flow was $15.0 billion, up 15% year over year, and free cash flow was $14.4 billion, up 16%.
- [8]
Salesforce returned $14.3 billion to shareholders in FY26, including $12.7 billion in share repurchases and $1.6 billion in dividends.
- [9]
The company announced a $50 billion share repurchase authorization, replacing all previously unused authorizations.
- [10]
The board declared a quarterly dividend of $0.44 per share, a 5.8% year-over-year increase.
- [11]
Benioff said Agentforce ARR reached $800 million, up 169% year over year.
- [12]
Salesforce has closed over 29,000 Agentforce deals since launch, up 50% quarter over quarter.
- [13]
Agentforce and Data 360 annual recurring revenue exceeds $2.9 billion, up over 200% year over year, including $1.1 billion of Informatica Cloud ARR and $800 million of Agentforce ARR.
- [14]
Salesforce introduced Agentic Work Units to measure tasks accomplished by an AI agent, with 2.4 billion delivered to date across Agentforce and Slack, growing 57% quarter over quarter.
- [15]
Salesforce has processed more than 19 trillion tokens to date, up 5x year over year.
- [16]
More than 60% of Agentforce and Data 360 fourth-quarter bookings came from existing customer expansion.
- [17]
Agentforce accounts in production increased nearly 50% quarter over quarter.
- [18]
Salesforce industry businesses finished the year at $6.6 billion ARR, up nearly 20% year over year.
- [19]
Implied fourth quarter FY25 revenue of about $10.0 billion.
- [20]
Excluding the Informatica contribution, fourth quarter revenue of about $10.8 billion implies roughly 8% year-over-year growth rather than the reported 12%; both figures rest on rounded reported inputs.
- [21]
Excluding the stated 4 points of Informatica contribution, current remaining performance obligation grew about 12% reported and about 9% in constant currency.
- [22]
Growing from $41.5 billion in FY26 to $63 billion in FY30 requires a compound annual growth rate of about 11% over four years.
- [23]
Agentforce ARR of $800 million equals about 1.9% of FY26 revenue.
- [24]
Combined Agentforce and Data 360 ARR of $2.9 billion equals about 7% of FY26 revenue.
- [25]
Agentforce ARR of $800 million spread across more than 29,000 closed deals averages about $27,600 of ARR per deal.
- [26]
More than 19 trillion tokens processed to date against 2.4 billion Agentic Work Units implies roughly 7,900 tokens per work unit.
- [27]
FY26 shareholder returns of $14.3 billion equal about 99% of FY26 free cash flow of $14.4 billion.
- [28]
The $50 billion repurchase authorization is roughly 3.9 years of FY26's $12.7 billion repurchase pace.
- [29]
Backing out $1.1 billion of Informatica Cloud ARR and $800 million of Agentforce ARR leaves about $1.0 billion of the $2.9 billion Agentforce plus Data 360 figure.
- [30]
Benioff said agentic AI is a tailwind for the business and that Salesforce is well on its way to $63 billion in revenue in FY30.
- [31]
CFO and COO Robin Washington said performance makes Salesforce even more confident in its path to reaccelerate organic revenue growth in H2 FY27, and cited NNAOV acceleration in H2 FY26.
ReportedInsufficientSource: Robin Washington, President and Chief Financial and Operating Officer, SalesforceView cited source
Sources
1 independent publisher whose own reporting we read for this story.
- Salesforce.com, Inc. - Salesforce Delivers Record Fourth Quarter Fiscal 2026 Results
investor.salesforce.com
1 article · August 24, 2026
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