🚀 Salesforce ($CRM): Why This Quarter Reinforces My Conviction
As many of you know, Salesforce remains one of my core portfolio positions, and Q2 FY2027 was another strong reminder of why.
✅ Revenue grew 11% YoY to $11.35B.
✅ cRPO reached $33.5B, growing 14% YoY, signaling healthy future demand.
✅ Free cash flow surged 81% YoY to $1.1B.
✅ Management raised full-year revenue guidance, reflecting confidence in the business momentum.
But what excites me most isn't just the quarter. It's the strategic positioning.
🤖 Agentforce is scaling fast
Agentforce ARR exceeded $1.5B, while Agentforce and Data Cloud combined approached $3.9B ARR, growing over 210% YoY. This is no longer an AI concept story. It is becoming a meaningful revenue driver.
🤝 The Anthropic partnership could be a major long-term catalyst
During the quarter, Salesforce expanded its relationship with Anthropic and announced a new Claude integration that allows users to interact directly with Salesforce data, generate insights, update CRM records, and automate workflows through natural language.
In my view, this is where the real opportunity lies.
While many AI companies are competing to build the best models, Salesforce owns something arguably more valuable:
• Customer relationships
• Enterprise workflows
• Proprietary business data
• CRM system of record
Claude may provide the intelligence layer, but Salesforce owns the operational layer where business decisions are actually executed.
The partnership also gives Salesforce exposure to Anthropic's success beyond product integration. The company recorded a significant gain on its Anthropic investment this quarter, highlighting the value of that strategic stake.
To me, Salesforce is increasingly becoming an AI platform company, not just a CRM vendor.
Key reasons I remain bullish:
📈 Accelerating bookings growth
📈 Strong recurring revenue and backlog growth
📈 Massive free cash flow generation
📈 Agentforce monetization gaining traction
📈 Anthropic partnership strengthening AI capabilities
📈 Potential second-half organic revenue reacceleration highlighted by management
The market spent much of 2026 questioning whether Salesforce could return to sustained growth. This quarter suggests the company is not only growing, but positioning itself at the center of enterprise AI adoption.
That's why $CRM remains one of my highest-conviction, core portfolio holdings.
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