海外公司财报点评：I收入快速增长，剩余履约义务表现亮眼
Guoxin Securities·2025-12-17 11:06

Investment Rating - The investment rating for Salesforce (CRM.N) is "Outperform" [5] Core Insights - Salesforce reported a revenue of $10.26 billion for Q3 2025 (FY2026 Q3), a year-on-year increase of 9%, driven by the performance of Agentforce, Data 360, and Agentforce for Sales & Service [1][7] - The company achieved a GAAP net profit of $2.086 billion, exceeding expectations of $1.581 billion, with a non-GAAP operating margin increase of 240 basis points to 35.5% [1][7] - Remaining performance obligations (CRPO) reached $29.4 billion, up 11% year-on-year, indicating strong pipeline generation [2] - The annual revenue guidance for FY2026 has been raised to $41.15–$41.25 billion, reflecting a growth of approximately 9% [3] Summary by Sections Financial Performance - For Q3 2025, Salesforce's revenue was $10.26 billion, a 9% increase year-on-year, aligning closely with expectations [1][7] - The GAAP net profit was $2.086 billion, surpassing the forecast of $1.581 billion, with significant improvements in profit margins [1][7] - Operating cash flow reached $2.3 billion, a 70% increase year-on-year, while free cash flow was $2.2 billion, up 22% [1] Growth Drivers - The current remaining performance obligations (CRPO) reached $29.4 billion, an 11% increase year-on-year, marking one of the largest pipeline generation quarters in recent years [2] - The annual recurring revenue (ARR) for Agentforce and Data reached nearly $1.4 billion, with Agentforce's ARR growing by 330% year-on-year [2] - The company completed the acquisition of Informatica three months ahead of schedule, with expectations of significant revenue contributions in the coming fiscal years [2] Future Outlook - The revenue forecast for FY2026 has been adjusted to $41.15–$41.25 billion, with Informatica expected to contribute approximately 80 basis points to this growth [3] - The projected revenues for FY2025, FY2026, and FY2027 are $41.367 billion, $46.248 billion, and $50.681 billion, respectively, reflecting an upward revision from previous estimates [3][12]