Salesforce After Q3 FY26 Earnings: High-Margin AI Platform, Solid Growth
Salesforce delivered a quarter that was operationally excellent but not growth-explosive:
Revenue around $10.3B, growing high single digits year-on-year.
Non-GAAP operating margin in the mid-30s, at or near record levels.
Free cash flow above $2B for the quarter, with healthy double-digit growth.
AI stack (Agentforce, Data Cloud, Einstein) now represents meaningful, recurring ARR, scaling quickly off a small base.
Guidance frames high-single-digit to low-double-digit top-line growth with mid-30s non-GAAP margin for the full year.
The equity story is shifting from “hyper-growth CRM pioneer” to “AI-enhanced, cash-rich enterprise platform compounder.”