Salesforce (CRM) Stock Today: Q3 2026 Earnings Preview, AI Agentforce Bet and Analyst Forecasts (Dec. 3, 2025)

Salesforce, Inc. (NYSE: CRM) heads into a high‑stakes earnings night on Wednesday, December 3, 2025, with its stock trading around $235–236 per share, up modestly intraday but still deeply in the red for 2025. ^[1]

After a year in which the shares have fallen roughly 30% year to date and become one of the weakest performers in the Dow, several major Wall Street firms and independent analysts are suddenly calling Salesforce “historically cheap” heading into its third‑quarter fiscal 2026 (Q3 FY26) earnings release after the closing bell. ^[2]

At the same time, management is talking up a “record year” and a long‑term AI transformation, while partners and some customers warn that AI adoption is slower and messier than the marketing suggests. ^[3]

Here’s a detailed look at where Salesforce stock stands today, what’s expected from tonight’s earnings, and how analysts currently value CRM going into 2026 and the company’s new 2030 targets.

Where Salesforce (CRM) Stock Trades on December 3, 2025

Current price: About $235–236 per share during Wednesday trading, up less than 1% on the day. ^[4]
52‑week range: Roughly $222 to $369, highlighting substantial volatility over the past year. ^[5]
YTD performance: Down around 30% in 2025, making Salesforce one of the worst performers in the Dow Jones Industrial Average. ^[6]

Several recent articles note that CRM now trades at around 20x forward GAAP earnings, far below the 40–50x multiples the stock often commanded during its high‑growth years. ^[7] On a trailing basis, one comparison piece pegs Salesforce at roughly 34x earnings, versus about 20x for Adobe, even though Adobe sports higher margins but lower scale. ^[8]

This compression in valuation — combined with slowing but still mid‑single‑digit to high‑single‑digit growth — is the foundation of today’s “value vs. value‑trap” debate around CRM.

Why December 3 Matters: Q3 FY26 Earnings After the Bell

Salesforce will release Q3 FY26 results after market close on Wednesday, December 3, with a conference call scheduled for 5:00 p.m. ET (2:00 p.m. PT). ^[9]

Company guidance versus Wall Street expectations

From its Q2 report in September, Salesforce guided for: ^[10]

Q3 FY26 revenue:
- Guidance: $10.24 – $10.29 billion (8–9% year‑over‑year growth).
Q3 FY26 non‑GAAP EPS:
- Guidance: $2.84 – $2.86 (GAAP EPS $1.60 – $1.62).
CRPO (remaining performance obligations):
- Expected growth slightly above 10%.

Analyst expectations have converged near the top half of that range:

Consensus revenue: ~$10.27 billion, up from about $9.44 billion in the same quarter last year. ^[11]
Consensus non‑GAAP EPS: Around $2.86, compared with $2.41 a year ago. ^[12]

Multiple previews — from Benzinga, TipRanks, and Investing.com — frame this quarter as a “low bar but high‑stakes” moment: expectations are modest but the narrative around AI, growth, and long‑term credibility is crucial. ^[13]

Fundamentals in 2025: Record Year on Paper, Slower Growth in Reality

Q1 and Q2 FY26: solid results, slower top line

Salesforce is on track for what management calls a “record year” for fiscal 2026, driven less by explosive revenue growth and more by margin expansion and cash flow. ^[14]

Key results so far this fiscal year:

Q1 FY26 (quarter ended April 30, 2025): ^[15]

Revenue: $9.8 billion, up 8% year over year.
Subscription & support revenue: $9.3 billion, up 8–9%.
GAAP operating margin: 19.8%; non‑GAAP operating margin: 32.3%.
Operating cash flow: $6.5 billion (+4% Y/Y).
Data Cloud & AI ARR: Over $1.0 billion, growing more than 120% year over year.
Guidance raised: full‑year FY26 revenue to $41.0–41.3 billion and non‑GAAP operating margin to 34.0%.

Q2 FY26 (quarter ended July 31, 2025): ^[16]

Revenue: $10.2 billion, up 10% Y/Y (9% in constant currency).
Current remaining performance obligations (cRPO): $29.4 billion, up 11%.
GAAP operating margin: 22.8%; non‑GAAP margin: 34.3%.
Data Cloud & AI ARR: Over $1.2 billion, again up 120% Y/Y.
Agentforce traction: More than 12,500 Agentforce deals, over 6,000 of them paid; >60 large deals over $1 million that included Data Cloud and AI.
Updated guidance:
- Q3 revenue $10.24–$10.29B (8–9% growth).
- Full‑year FY26 revenue $41.1–$41.3B, up 8.5–9%.
- Non‑GAAP operating margin 34.1%.
- Operating cash‑flow growth 12–13%.

In other words, Salesforce is delivering single‑digit to high‑single‑digit revenue growth, but combining that with double‑digit growth in operating cash flow and a long streak of rising margins. That’s a very different profile from the 20%+ revenue growth era that defined much of the past decade — a shift that several commentators cite as a key reason the stock has re‑rated downward. ^[17]

Salesforce’s AI Strategy: The “Agentic Enterprise” and Agentforce 360

The core of Salesforce’s long‑term pitch is that it is no longer just a CRM player; it wants to be the platform for “Agentic Enterprises”: companies where humans and AI agents work side by side to automate workflows across sales, service, marketing, commerce, and more. ^[18]

At Dreamforce 2025, Salesforce and its ecosystem hammered home this theme with a cluster of AI announcements: ^[19]

Agentforce 360
The centerpiece of Salesforce’s AI roadmap, positioned as the connective fabric across its clouds. Agentforce 360 combines:
- An Agentforce platform where AI agents are built, tested, and deployed.
- Data 360 (rebranded from Data Cloud) as the governed, contextual data layer.
- Customer 360 apps (Sales, Service, Marketing, etc.) infused with domain‑specific AI.
- Slack as the conversational front‑end where humans and agents collaborate in real time.
Data 360 as the “brains”
Data 360 is pitched as an engine that turns messy, unstructured data (PDFs, tables, images) into structured context AI agents can reason over, using features like Intelligent Context and unified semantics via Tableau. ^[20]
Slack as “Agentic OS”
Slack adds deeper integration with Agentforce, with a redesigned Slackbot and support for the Model Context Protocol (MCP) so Salesforce agents can coordinate with third‑party models, including those from OpenAI. ^[21]
OpenAI partnership
At Dreamforce, Salesforce and OpenAI showcased a deeper partnership: GPT‑5 accessible from within Salesforce, and Agentforce 360 data able to surface securely in ChatGPT, enabling questions like “How are our Q3 sales tracking?” with live CRM data behind the scenes. ^[22]
Agentforce Voice and Builder
New tools let companies build voice‑based agents that can handle calls, pull records in real time, and complete transactions, plus a more conversational Agentforce Builder for designing agents via natural language and low‑code interfaces. ^[23]

From a business standpoint, Salesforce disclosed at its Dreamforce Investor Day that: ^[24]

Data + AI ARR reached $1.2 billion in Q2 FY26 (up 120% Y/Y).
Agentic AI ARR (Agentforce plus related offerings) is around $440 million, still only about 1% of total revenue but growing quickly.
Over 12,000 customers are already using Agentforce, with Salesforce estimating a 3–4x potential uplift in ARR when customers scale agentic AI across their business.

The strategic bet: if Salesforce can successfully upsell its large installed base from simple automation into AI agents priced per outcome or interaction, revenue and margins could inflect higher over the second half of the decade.

Long‑Term Guidance: FY30 Targets and the “50 by FY30” Framework

At the October 2025 Investor Day, Salesforce laid out an unusually explicit long‑term plan: ^[25]

FY30 revenue target:$60+ billion, excluding Informatica, implying 10%+ organic CAGR from FY26 to FY30.
“50 by FY30” profitable growth framework: The sum of
- subscription & support constant‑currency growth rate, and
- non‑GAAP operating margin
  is targeted to reach 50 by FY30.

In plain English: Salesforce believes it can maintain double‑digit revenue growth while operating margins remain in the mid‑30% range, powered in part by Data 360, Agentforce, and eventual synergies from the planned Informatica acquisition, which is expected to close in early FY27 with no change to FY26 guidance. ^[26]

What Analysts Are Saying About Salesforce Stock Right Now

Consensus ratings and price targets

Across major data providers, Salesforce is still rated a Buy / Moderate Buy, despite its rough 2025 share performance.

MarketBeat:
- Consensus rating: “Moderate Buy” based on 40 analysts (26 Buy, 13 Hold, 1 Sell).
- Average 12‑month price target: $325.42, implying roughly 38% upside from around $236.
- Target range: $221 (low) to $430 (high). ^[27]
StockAnalysis.com:
- 33 analysts, consensus rating: Buy.
- Average target: $326.52, roughly 39% upside from the current price.
- Same broad range: roughly $221–$430. ^[28]
Fintel / Citizens via Nasdaq:
- Citizens reiterated “Market Outperform” on December 2 with a $430 price target.
- Fintel’s aggregation shows an average target around $336.05, implying about 44% upside from a recent close near $233. ^[29]

In other words, although some firms have trimmed targets, Wall Street on average still models high‑30s to mid‑40s percent upside over the next 12 months.

Fresh pre‑earnings calls and target changes

Recent analyst moves ahead of tonight’s numbers include: ^[30]

Citizens (Patrick Walravens):
- Rating: Market Outperform
- Target: $430 (reiterated December 2).
Oppenheimer (Brian Schwartz):
- Rating: Outperform / Buy
- Target cut from $315 to $300, with the analyst emphasizing that the revision reflects lower software valuations across the sector, not a deterioration in Salesforce’s story.
- Highlights pricing benefits, strong Agentforce and Data Cloud momentum, and an ~8% free cash flow yield as reasons he still sees Salesforce as a winner in the AI transition. ^[31]
BofA Securities (Brad Sills):
- Rating: Buy / Strong Buy, target reduced from $325 to $305.
Citigroup (Tyler Radke):
- Rating: Neutral, target lowered from $276 to $253.
Mizuho (Gregg Moskowitz):
- Rating: Outperform, target trimmed from $350 to $340.
DA Davidson (Gil Luria):
- Rating: Neutral, with a $225 price target.

Benzinga notes that Salesforce has beaten revenue estimates in two consecutive quarters and in eight of the last ten, making expectations for Q3 look “manageable” — but that doesn’t guarantee how the market will react if AI metrics or guidance disappoint. ^[32]

Independent analysis: value case vs. execution risk

Several independent research shops and financial media outlets have weighed in with more nuanced takes:

A recent piece describing Salesforce as “historically cheap” points out that the stock’s forward P/E multiple has dropped under 20x, well below its multi‑year average, while the share price has fallen about 30% in 2025. The article frames today’s setup as a classic “cheap on paper vs. AI value‑trap” dilemma. ^[33]
Research from Gotrade’s desk argues Salesforce is going through a “messy but rational repricing” as it shifts from a growth‑at‑all‑costs SaaS name to a cash‑flow and margin compounder. The note highlights: ^[34]
- Forward GAAP P/E around 20–21x with ~8–9% revenue growth.
- Still‑strong gross margins and a long runway for operating margin to expand as stock‑based compensation and restructuring costs fade.
- The Informatica acquisition as a near‑term drag on GAAP EPS but potentially a long‑term boost to scale and cross‑sell in AI and data.
- A base‑case “three‑to‑five‑year fair value” in the $280–300 range, with a bullish scenario stretching to $320–340+ if AI and integration go well, and a bear‑case downside toward $190–205 if growth slows and margins stall.
On the flip side, a Columbia Threadneedle commentary (via Yahoo Finance) noted that Salesforce stock sold off after prior guidance, underscoring how sensitive investors remain to even small disappointments on growth or AI monetization. ^[35]

Partner and Ecosystem Checks: “Record Year” vs. “Pilot Purgatory”

One of the sharpest critiques comes from a Benzinga report syndicated via inkl, which contrasts Salesforce’s “record year” narrative with more cautious feedback from partners. ^[36]

Key points from that piece:

Management can point to 120% year‑over‑year growth in Data Cloud & AI ARR to $1.2 billion, over 12,500 Agentforce deals, and a 60% quarter‑over‑quarter jump in customers moving from pilot to production. ^[37]
However, a partner survey by Guggenheim reportedly shows the “net score” of partners beating their targets has fallen, with many describing the current environment as “pilot purgatory” — lots of experimentation, fewer large‑scale rollouts. ^[38]
Partners also flag data quality issues (“dirty data”) as a major roadblock limiting how fast companies can deploy generative AI at scale. ^[39]

This gap between executive optimism and field‑level caution is one of the main overhangs going into Q3: bulls say agentic AI is early but clearly working; bears say that without faster deployment and bigger deals, AI will remain a rounding error in Salesforce’s $40‑billion‑plus revenue base.

How Salesforce Compares to Adobe and the Broader AI Software Trade

A widely cited comparison from 24/7 Wall St sets Salesforce against Adobe, showing two AI‑driven software leaders taking very different paths: ^[40]

Salesforce:
- Revenue (TTM): about $39.5B.
- Net margin: ~16.9%.
- Operating margin: ~22.8%.
- Trailing P/E: ~34x.
- EPS growth: about 33% year over year.
Adobe:
- Revenue (TTM): around $23.2B.
- Net margin: ~30%.
- Operating margin: ~36%.
- Trailing P/E: ~20x.
- EPS growth: about 11%.

Despite weaker profitability, Salesforce trades at a premium multiple, which the article attributes to its larger scale and the perceived long‑term upside of its autonomous Agentforce strategy compared to Adobe’s more incremental AI add‑ons.

At the same time, a Barron’s report on slowing enterprise AI adoption notes that Salesforce’s AI products generated roughly $440 million in ARR as of Q2, only around 1% of total expected revenue for the year — another reminder that the AI story is still early relative to the size of the business. ^[41]

Bull vs. Bear Case for Salesforce (CRM) Going into Q3 FY26

The bull case

Supporters of the stock emphasize:

Recurring, predictable revenue: Around 94% of Salesforce’s revenue is subscription‑based, providing strong visibility and cash‑flow stability. ^[42]
Margin expansion story: GAAP and non‑GAAP operating margins have expanded consistently, with FY26 non‑GAAP margins guided above 34%, and cash‑flow growth outpacing revenue. ^[43]
Fast‑growing Data & AI businesses: Data & AI ARR has more than doubled year over year to over $1.2B, with agentic AI ARR at $440M and strong customer adoption metrics. ^[44]
Reasonable valuation versus history: Forward P/E in the high teens to low 20s is low by Salesforce’s historical standards and roughly in line with or below many large‑cap software peers, especially given its margin runway. ^[45]
Capital returns and balance sheet strength: Salesforce continues to return billions via buybacks and dividends, while maintaining sizeable free cash flow and investment capacity. ^[46]
Clear long‑term roadmap: The $60B+ FY30 revenue target and “50 by FY30” framework provide a structured plan for investors to track progress. ^[47]

From this angle, the stock looks like a high‑quality compounder temporarily priced like a slower, riskier software name, giving patient investors a potentially attractive entry point if the AI and margin stories keep playing out.

The bear case

Skeptics focus on several pressure points:

Slower growth: Revenue growth around 8–10% is a far cry from the 20%+ days that once justified Salesforce’s premium multiple. If growth drifts lower or stalls, even a “cheap” multiple can prove deceptive. ^[48]
Underwhelming AI monetization (so far): Despite big AI marketing, AI ARR is still only ~1% of total revenue, and partner surveys suggest many customers remain stuck in POCs and pilots. ^[49]
Execution risk with Informatica and large‑scale AI rollouts: Integrating a major data‑infrastructure acquisition while re‑architecting customers around Data 360 and Agentforce is a complex, multi‑year task with plenty of room for missteps. ^[50]
Sector‑wide AI fatigue: Recent reports show big enterprise buyers taking a more cautious approach to AI projects, which could delay the revenue inflection many bulls are modeling. ^[51]
Still‑rich relative valuation by some measures: Even after its decline, Salesforce trades at a premium to some slower‑growing but more profitable peers; if growth or AI disappoint, further de‑rating is possible. ^[52]

In short, bulls see a mispriced, high‑quality franchise transitioning into a cash‑flow machine; bears see an ex‑growth SaaS name with a lot of AI sizzle and still‑uncertain steak.

Key Metrics for Investors to Watch in Tonight’s Q3 FY26 Report

For investors following Salesforce stock on December 3, the headline numbers will matter — but the details behind the AI and data narrative may matter even more. Here are the core metrics and themes to watch:

Revenue and EPS versus guidance and consensus
- Does Q3 revenue land within or above the $10.24–10.29B guidance and around the $10.27B consensus?
- How does non‑GAAP EPS compare to the $2.84–2.86 guided range?
Updated FY26 guidance
- Any raise, cut, or reiteration to full‑year revenue ($41.1–41.3B), margin, and cash‑flow targets will signal management’s confidence in the back half of the year. ^[53]
Data 360 and Agentforce metrics
- Growth in Data & AI ARR beyond the current $1.2B level.
- Updated figures on agentic AI ARR (currently ~$440M).
- New data on the number of paid Agentforce customers, large deals, and pilot‑to‑production conversions. ^[54]
cRPO and bookings growth
- With guidance calling for cRPO growth slightly above 10%, any deviation — up or down — will shape expectations for FY27 and beyond. ^[55]
Informatica acquisition commentary
- Updated timeline, synergy targets, and integration plans will help investors gauge whether the deal is primarily an EPS drag or a long‑term AI/data accelerator. ^[56]
Capital allocation
- The pace of share repurchases and dividends, and any changes in capital‑return philosophy, will be watched closely given the stock’s drawdown and the 8%‑ish cash‑flow yield some analysts highlight. ^[57]
Tone around AI adoption
- Does management address concerns about “pilot purgatory,” data quality, and partner feedback directly?
- Are there concrete examples of large, production‑scale AI deployments with measurable ROI? ^[58]

Bottom Line: Salesforce Stock’s Setup into 2026 and Beyond

As of December 3, 2025, Salesforce finds itself in an unusual spot:

The stock is cheap relative to its own history, trading at valuation multiples more typical of slower‑growth software or even mature industrials, after a roughly 30% decline this year. ^[59]
The business, however, is not broken: revenue keeps growing in high single digits, margins and cash flow are expanding, and Data & AI ARR is compounding triple‑digits off a still modest base. ^[60]
Analysts are broadly constructive: the average 12‑month price target clusters in the low‑to‑mid $320s, implying around 40% upside, with a wide but mostly bullish range. ^[61]

Whether that upside ever materializes will depend heavily on what Salesforce proves over the next few quarters:

Can Agentforce and Data 360 move from flashy demos and pilots to multi‑year, enterprise‑wide rollouts?
Will the Informatica acquisition unlock a richer, more integrated AI + data stack — or just add complexity and cost?
And can Salesforce sustain its “record year” narrative while convincing a skeptical market that AI is more than a 1% line item in a $40‑billion‑plus business?

For now, Salesforce (CRM) sits at the intersection of compressed expectations and ambitious AI promises. Tonight’s Q3 FY26 earnings call won’t answer every question, but it will go a long way toward deciding whether 2025’s drawdown was a buying opportunity — or a warning sign.