$CRM Salesforce: $11.13B revenue, +13.3% YoY, with operating leverage.

Revenue beat by 0.7%, while non-GAAP EPS of $3.88 beat by 24.4%.

The margin profile remains the cleanest part of the story. GAAP operating margin improved to 21.1%, up 130 bps YoY. Non-GAAP operating margin reached 34.8%, up 250 bps YoY.

Subscription and support revenue grew 13.9% YoY to $10.59B, with 81.6% gross margin. cRPO reached $33.6B, up 13.5% YoY.

The AI narrative is getting more measurable. Agentforce ARR crossed $1B. AI + data ARR reached $3.4B. Agentforce processed 28.6T tokens, up 152% QoQ, and generated 3.8B Agentic Work Units, up 111% QoQ.

But, when does usage growth show up more clearly in cRPO and forward revenue acceleration?

Q2 revenue guidance of $11.27B–$11.35B missed estimates by 0.7%, and revenue was down 0.6% QoQ. Tableau, Commerce, and Marketing remain soft spots.

Slack was a standout. It was tied to nearly half of $1M+ wins, up 80% YoY, while Slack AWUs grew nearly 350% QoQ.

Capital returns were aggressive. Salesforce launched a $25B ASR, retired 103M shares, and reduced diluted shares by 10.2% YoY.

Overall: strong margins, improving AI traction, solid large-deal activity. The debate stays focused on conversion — whether Agentforce and Slack usage can become durable bookings and revenue growth.