Salesforce, Inc. (NYSE: CRM) heads into Friday’s post‑Christmas session with investors balancing two competing narratives: strong “agentic AI” momentum (and a fresh boost to full‑year guidance) versus the ongoing market debate over how quickly AI agents translate into durable, profitable growth at enterprise scale. [1]
U.S. equities resume regular trading hours on Friday, Dec. 26, 2025, after Christmas Day (Dec. 25) closed both NYSE and Nasdaq. The previous session (Dec. 24) was an early close—a detail that matters because holiday liquidity can exaggerate price moves and volumes. [2]
Below is what to know before the opening bell.
Salesforce stock price check: where CRM stands heading into Dec. 26
Salesforce shares last closed at $265.26 (Dec. 24), up about 0.7% on the session. The day’s range was roughly $262.67–$266.32, with about 2.08 million shares traded—well below typical non-holiday activity for a mega-cap software name. [3]
On a longer lens, Salesforce’s 52‑week range has been wide: $221.96 (low) to $367.09 (high). At ~$265, CRM is still materially below its 52‑week peak, which helps explain why “re‑rating” talk (valuation expanding if growth accelerates) remains a key part of the bullish thesis. [4]
The headline driver: Salesforce raised FY26 guidance as Agentforce traction builds
The most market-moving fundamental catalyst in the current news cycle remains Salesforce’s fiscal Q3 2026 results (quarter ended Oct. 31, 2025), released Dec. 3. Management highlighted accelerating adoption of its AI products—especially Agentforce—and raised full‑year forecasts. [5]
What Salesforce reported (Q3 FY26): the numbers investors keep quoting
From the company’s Q3 release, the metrics most directly tied to “quality of growth” and forward visibility were:
- Current remaining performance obligation (cRPO): $29.4B, +11% YoY
- Remaining performance obligation (RPO): $59.5B, +12% YoY
- Subscription & support revenue: $9.7B, +10% YoY
- Total revenue: $10.3B, +9% YoY
- Non‑GAAP operating margin: 35.5% (GAAP operating margin 21.3%)
- Operating cash flow: $2.3B, +17% YoY; free cash flow: $2.2B, +22% YoY
- Capital returns: $4.2B total, including $3.8B in buybacks and $395M in dividends [6]
Why this matters for CRM stock: RPO/cRPO trends are closely watched in subscription software as a “revenue pipeline” proxy, while margins and free cash flow are central to Salesforce’s post‑2023 investor narrative around disciplined execution and shareholder returns.
Updated outlook: Q4 FY26 and full‑year FY26 guidance (including Informatica impacts)
Salesforce’s guidance table is now core to the CRM bull/bear debate because it bakes in both AI momentum and acquisition effects:
Q4 FY26 guidance
- Revenue:$11.13B–$11.23B
- GAAP EPS:$1.47–$1.49; Non‑GAAP EPS:$3.02–$3.04
- cRPO growth: ~15% (GAAP), ~13% in constant currency, with specified FX impacts
- Salesforce noted that Q4 growth includes an estimated Informatica contribution [7]
Full‑year FY26 guidance
- Revenue:$41.45B–$41.55B (raised)
- Operating margin:20.3% GAAP, 34.1% non‑GAAP
- Non‑GAAP EPS:$11.75–$11.77 (raised)
- Operating cash flow growth: ~13%–14%; free cash flow growth: ~13%–14% [8]
Reuters specifically underscored the guidance raise as a signal that AI adoption is gaining momentum, even with a modest revenue “near miss” versus consensus in Q3. [9]
The Agentforce question: is Salesforce becoming an “AI winner” fast enough?
Salesforce is pitching Agentforce + Data 360 as its next growth engine. In Q3, the company said:
- Agentforce + Data 360 ARR approached ~$1.4B, up 114% YoY
- Agentforce ARR surpassed $0.5B in Q3, up 330% YoY
- Salesforce has closed 18,500+ Agentforce deals since launch, including 9,500+ paid deals [10]
This is the backbone of the “AI monetization is real” narrative—and it’s also why investor expectations are high: AI must not only grow, but do so profitably and repeatably, without eroding trust, security, or customer ROI.
Recent product and ecosystem moves that keep AI in focus
Over the past two months, Salesforce kept shipping AI-adjacent catalysts that feed investor models around attach rates and platform stickiness:
- Agentforce 360 global rollout: Reuters reported Salesforce said Agentforce 360 would be available globally across its cloud suite, and cited 12,000 customers for the platform, including Reddit, OpenTable, and Adecco. [11]
- OpenAI partnership expansion: Salesforce and OpenAI announced expanded integrations—bringing Salesforce apps into ChatGPT experiences and enabling customers to use OpenAI frontier models (including GPT‑5) to build agents and prompts within Salesforce. [12]
- Partner monetization push: Salesforce said it is opening more Agentforce capabilities to partners/builders; a key availability note is the expected Salesforce Partner Marketplace app in 2026. [13]
These moves are strategically important because they aim to shift Agentforce from “feature” to “ecosystem,” where partners and third parties can scale distribution.
Real‑world adoption signals: public sector spotlight
Axios reported the IRS is rolling out Salesforce’s Agentforce across multiple divisions for tasks like summarization and search, positioning it as augmentation (not autonomous decision-making) with guardrails. For investors, high-profile deployments can function as proof points—especially in regulated environments. [14]
M&A and platform strategy: Informatica closed; another deal announced
Informatica acquisition: closed and already influencing guidance
Salesforce says it completed its acquisition of Informatica and is integrating Informatica’s data management capabilities into the Agentforce 360 platform. Salesforce also stated it expects the deal to become accretive to non‑GAAP operating margin and non‑GAAP EPS within 12 months, earlier than initially committed. [15]
Investors should keep an eye on:
- Integration execution (product + go‑to‑market)
- Whether Informatica improves Data 360 / governance differentiation enough to win larger AI workloads
- Any margin surprises (positive or negative) as integration costs and synergies flow through
New acquisition agreement: Qualified (agentic AI marketing)
On Dec. 17, Salesforce announced a definitive agreement to acquire Qualified, described as an agentic AI marketing provider aimed at engaging and converting inbound buyers. Salesforce said the deal is expected to close in Q1 of fiscal 2027, subject to approvals and customary conditions. [16]
For CRM stock watchers, this fits a pattern: Salesforce is building an “agentic enterprise” suite via both internal launches and targeted acquisitions that extend agent use cases (sales, service, marketing) and strengthen the data layer that powers them.
Shareholder returns: dividend details and buyback context
Salesforce’s capital return story remains central to the equity narrative—particularly for investors comparing CRM to other mega-cap software names on cash flow and discipline.
Dividend
Salesforce’s board declared a quarterly cash dividend of $0.416 per share, payable Jan. 8, 2026, to shareholders of record on Dec. 18, 2025. [17]
Share repurchases
Salesforce has also been active on buybacks:
- In Q3, it returned $3.8B via share repurchases (part of the $4.2B returned total). [18]
- Earlier in FY26, Salesforce announced a $20B increase to its repurchase authorization, bringing the total authorized to $50B (per its Q2 FY26 materials). [19]
Wall Street view: forecasts, price targets, and what analysts are watching
Consensus stance and 12‑month targets
According to MarketBeat’s aggregation:
- The consensus rating sits around “Moderate Buy”
- Analysts’ average target is around $326.68, with a wide range (illustrating disagreement on AI upside, growth durability, and valuation) [20]
A high-profile bull case in the current cycle
Barron’s published a fresh bullish take arguing Salesforce is positioned to “emerge an AI winner,” pointing to Agentforce ARR growth and improved profitability/margins as ingredients for a possible valuation rebound—while also acknowledging Salesforce has lagged some AI “momentum” peers. [21]
Positioning, technicals, and sentiment: what traders may focus on Friday
Holiday sessions often amplify technical levels because fewer participants can mean sharper reactions to support/resistance.
Technical backdrop (indicator snapshots)
Technical indicator pages often differ by methodology and timing, but Investing.com’s read-through currently flags:
- 14‑day RSI: 66.039
- 50‑day moving average: 259.84
- 200‑day moving average: 246.53 [22]
The takeaway most traders will infer: CRM is above key moving averages, which many interpret as a constructive trend—though an RSI in the mid‑60s can also invite “overbought-ish” debates if the stock runs into resistance.
Short interest: not especially crowded
MarketBeat reported that, as of Dec. 15, 2025, Salesforce had:
- ~16.02M shares sold short
- About 1.76% of float
- ~1.5 days to cover [23]
That’s not the profile of a heavily shorted stock—meaning dramatic “short squeeze” dynamics are less likely to be the main driver absent a major surprise headline.
Insider trading: mixed but includes notable buying
Insider data aggregations show a mix of sales (often for diversification or tax reasons) and purchases. One standout noted by MarketBeat: Director G Mason Morfit bought 96,000 shares at $260.58 on Dec. 5, alongside other smaller insider transactions. [24]
Insider buys don’t guarantee future performance, but investors often track them for sentiment—especially when purchases are sizeable.
Key risks investors should not ignore
Even with upbeat guidance and AI headlines, there are material risks that can re-price CRM stock quickly:
1) AI ROI scrutiny and “prove-it” expectations
Reuters noted that investors have been pressing enterprise software companies—including Salesforce—to show tangible returns on large AI investments amid broader fears of hype. [25]
2) Legal overhang: AI training data lawsuit
Reuters reported Salesforce was hit with a proposed class action lawsuit by authors alleging the company used thousands of books to train its xGen AI models without permission. Salesforce declined comment in Reuters’ report. While outcomes are uncertain, litigation risk can shape AI strategy costs and disclosures across the sector. [26]
3) Integration execution risk (Informatica now; Qualified next)
Salesforce is explicitly tying its data strategy and AI governance story to Informatica, and adding more M&A on top. Integration missteps—or slower-than-expected synergy realization—can pressure margins and distract sales execution. [27]
What to watch specifically at the Dec. 26 open
Here’s a practical checklist for CRM stock watchers into Friday morning:
- Market tone: Dec. 26 is part of the “Santa Claus rally” window many strategists track; broad index direction often bleeds into mega-cap software trading. [28]
- Liquidity/volatility: Expect holiday-thin volume dynamics to persist early, even though Friday is a regular session. The prior session was a shortened day. [29]
- AI catalyst headlines: Anything incremental around Agentforce adoption, large customer wins, or partner marketplace monetization can move the stock because the market is actively re‑rating “AI winners.” [30]
- Levels traders may reference: Many will watch whether CRM holds above the ~260 area (near the cited 50‑day average) and whether it can build above the mid‑260s range established into the holiday close. [31]
Bottom line
Salesforce enters the Dec. 26, 2025 market open with raised FY26 guidance, strong cash generation, and accelerating Agentforce metrics supporting the bull case that CRM can regain leadership status in enterprise software’s AI era. [32]
But the stock still trades in a market that demands proof: investors will keep pressure on Salesforce to convert AI momentum into sustained revenue acceleration, clean margins, and defensible differentiation—while managing litigation and integration risks that come with scaling an AI platform built on trusted data. [33]
This article is for informational purposes only and is not investment advice.
References
1. www.reuters.com, 2. www.nyse.com, 3. www.marketbeat.com, 4. investor.salesforce.com, 5. www.salesforce.com, 6. www.salesforce.com, 7. investor.salesforce.com, 8. investor.salesforce.com, 9. www.reuters.com, 10. www.salesforce.com, 11. www.reuters.com, 12. www.salesforce.com, 13. www.salesforce.com, 14. www.axios.com, 15. www.salesforce.com, 16. www.salesforce.com, 17. investor.salesforce.com, 18. www.salesforce.com, 19. investor.salesforce.com, 20. www.marketbeat.com, 21. www.barrons.com, 22. www.investing.com, 23. www.marketbeat.com, 24. www.marketbeat.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.salesforce.com, 28. www.marketwatch.com, 29. www.nyse.com, 30. www.salesforce.com, 31. www.investing.com, 32. www.salesforce.com, 33. www.reuters.com
