Salesforce Posts Record Q2 FY27 Revenue, Boosts Outlook on AI Gains and Anthropic Partnership

Salesforce posted fiscal second-quarter FY27 revenue of $11.35 billion against an LSEG consensus of $11.32 billion, up 11% year over year, with subscription and support revenue up 12% to $10.8 billion including a $440 million contribution from Informatica . GAAP diluted EPS rose 119% to $4.29 and non-GAAP diluted EPS rose 103% to $5.90 . Net income of $3.53 billion jumped 87% from a year earlier, and the company attributed a $2.6 billion gain on strategic investments to its stake in Anthropic .

Read the EPS carefully, because most of the leverage is one line. Stripping the Anthropic mark-up, the operating story is steadier than the 119% headline suggests: GAAP operating margin was 20.5% and non-GAAP operating margin 34.1%, while operating cash flow rose 71% to $1.3 billion and free cash flow rose 81% to $1.1 billion against a StreetAccount consensus of $643.2 million . Current remaining performance obligations reached $33.5 billion, up 14% and ahead of the $33.22 billion analysts expected .

The guidance move was real but modest. Salesforce now sees full-year revenue of $46.1 billion to $46.4 billion, up from the $45.9 billion to $46.2 billion it guided in May and roughly in line with an LSEG consensus of $46.11 billion, implying about 11% growth at the midpoint . Third-quarter revenue is guided to $11.42 billion to $11.50 billion versus $11.41 billion expected . Bloomberg highlighted the strength management projected in sales and bookings.

On the AI line itself, 24/7 Wall St reported AI portfolio ARR topping $3.9 billion, up 210% year over year, while CNBC put annualized Agentforce revenue above $1.5 billion, up 240% . Salesforce also announced Claudeforce, a plugin for Anthropic's Claude that drafts emails and updates records from chat, disclosed a $1.6 billion contract with the Department of Veterans Affairs, and revealed plans to acquire customer-service startup Fin for $3.6 billion . CRM shares rose between 12% and 14% in extended trading , though the stock had entered the print down 22% year to date while the S&P 500 gained 12% . SentiSense's analyst consensus sits at a $243.98 average target across 54 analysts, in a wide $160.00 to $475.00 band, with 39 of 54 at buy. The question the next two quarters settle is whether AI ARR keeps compounding once the Anthropic gain stops flattering the comparison.

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