실적분석 2026년 8월 26일

Salesforce ($CRM) FY2027 Q2 Earnings Analysis — Revenue and Adjusted EPS Top Estimates, Full-Year Revenue Outlook Raised

Earnings Scorecard

Revenue: $11.345 billion (+11% YoY, consensus $11.315 billion) ✅ Beat

EPS: Adjusted diluted $5.90 (consensus $3.27) ✅ Beat

Guidance: Raised — FY2027 revenue to $46.1–$46.4 billion ($200 million higher sequentially)

Stock reaction: +12.90% after-hours ($232.15) — as of 08:27 06:00 KST

Positives

Current RPO: $33.5 billion, +14% YoY, signaling a re-acceleration

AI & Data annualized revenue: approximately $3.9 billion, up more than 210% YoY

Full-year revenue guidance: raised by $200 million to $46.1–$46.4 billion

The revenue pipeline converting over the next 12 months has picked up again, and AI & Data products led growth. The full-year raise combines $100 million of organic growth with $200 million from a pending acquisition, so the core business signal lies in RPO and the organic component.

Negatives

EPS breakdown: roughly $2.53 of the $5.90 adjusted figure came from a mark-to-market gain on strategic investments

Interest expense: $473 million, up sharply from $67 million a year earlier

M&A and FX: Informatica contributed to the growth rate, and the FX tailwind has faded

Operating income of $2.331 billion was roughly flat versus a year ago, meaning core profit did not expand in line with revenue growth. Investors should look through interest expense tied to the $25 billion accelerated share buyback and the EPS distortion from mark-to-market gains.

What Management Said

Management expressed confidence in a second-half organic revenue re-acceleration, citing AI and Data demand and a recovery in orders. Part of the full-year revenue raise is tied to a pending acquisition, so the market treated the $100 million of organic upside and the RPO re-acceleration as the core business signal.

Market Reaction and What to Watch Next

The after-hours move appears to have been driven by a combination of the full-year guidance raise, RPO re-acceleration, and AI product growth — rather than the modest revenue beat alone.

Confirm whether Q3 revenue lands within the $11.42–$11.50 billion guidance range

Track the trend in core EPS excluding the mark-to-market gain on strategic investments

Monitor the close of the Conductor and Own acquisitions and whether the full-year guidance assumptions remain intact