salesforce(US:CRM) Zhi Tong Cai Jing·2025-09-01 04:32Core Insights - Salesforce (CRM.US) is set to release its Q2 earnings report on September 3, with expected revenue of $10.14 billion, reflecting an 8.7% year-over-year growth, and a non-GAAP EPS of $1.80, up nearly 23% year-over-year [1] - Despite a 23% decline in stock price year-to-date, Salesforce is leveraging artificial intelligence through its Agentforce platform, which has achieved over $100 million in annual recurring revenue (ARR) with 4,000 paid customers and over 8,000 transactions [1] - The company reported Q1 revenue of $9.83 billion, an 8% year-over-year increase, and a non-GAAP EPS of $2.58, exceeding market expectations [1] Financial Performance - Non-GAAP operating margin improved to 32.3%, with free cash flow reaching $6.3 billion, and remaining performance obligations (cRPO) grew 12% year-over-year to $29.6 billion, indicating strong operational quality [1] - In Q1, 30% of orders came from existing customer expansions, and when combined with Data Cloud, ARR could approach $1 billion, representing a 120% year-over-year increase [1] Strategic Developments - Management has announced an $8 billion acquisition of data management company Informatica and signed a final agreement to acquire AI-native solution provider Regrello, which will enhance automation and integration with Agentforce and Slack [2] - Since June, Salesforce has launched Agentforce 3 and vertical industry versions for public sectors and manufacturing, aimed at building customer confidence in AI solutions [2] Market Outlook - Morgan Stanley noted that recent price increases for enterprise products could provide new revenue momentum for 2027-2028, while current market expectations for Q2 EPS of $2.78 and revenue of $10.14 billion remain conservative [3] - The current expected P/E ratio for Salesforce is approximately 22, which is 33% lower than the industry median, suggesting a potential target price of $328.9, indicating a possible upside of 32.69% [3]