Salesforce (CRM) Grew Agentforce and Data 360 ARR More Than 200%. Is AI Finally Becoming Material to Growth?

Salesforce (CRM) Grew Agentforce and Data 360 ARR More Than 200%. Is AI Finally Becoming Material to Growth? Jeff Lewis Fri, September 4, 2026 at 6:32 PM GMT+2 4 min read CRM Salesforce, Inc.

(NYSE: CRM ) reported fiscal 2027 second-quarter revenue of $11. 345 billion, up 11% year over year. Agentforce and Data 360 annual recurring revenue, or ARR, reached nearly $3.

9 billion, an increase of more than 210%, while Agentforce ARR exceeded $1. 5 billion and grew more than 240%. Salesforce, Inc.

(NYSE:CRM) defines Agentforce and Data 360 ARR as the annualized recurring value of active Data 360 and certain generative-AI subscription agreements executed at quarter-end. The measure includes Agentforce, generative-AI products and features, and Headless 360. Approximately $1.

1 billion of the combined ARR came from Informatica Cloud. ARR is an operating metric, not recognized GAAP revenue, but its scale shows that the AI and data portfolio is no longer immaterial. The question for Salesforce, Inc.

(NYSE:CRM) is whether that momentum can raise growth across its much larger business. Salesforce (CRM) Earns Vote of Confidence from Truist after $3. 6 Billion Acquisition Bull Case The AI products are gaining scale.

Salesforce, Inc. (NYSE:CRM) reported current remaining performance obligations of $33. 5 billion, up 14% year over year on a company-defined non-GAAP constant-currency basis.

Constant-currency growth removes exchange-rate and hedging effects. For current RPO, prior-period non-dollar balances are retranslated at current-period ending rates. Current RPO represents contracted revenue expected within 12 months.

Total RPO increased 11% to $66. 3 billion. The 14% current RPO growth rate exceeded quarterly revenue growth and strengthened near-term visibility.

However, RPO is affected by acquisitions, renewal timing, and contract duration, so the figure does not isolate organic growth. Salesforce, Inc. (NYSE:CRM) also said bookings from Agentforce One Edition and Agentforce for Apps more than doubled sequentially, while Agentforce and Slack delivered 3.

2 billion Agentic Work Units during the quarter. Salesforce, Inc. (NYSE:CRM) defines an Agentic Work Unit as a discrete task executed by an AI agent in production, such as resolving a case or updating a record.

Cash generation strengthened as well. Salesforce, Inc. (NYSE:CRM) produced $1.

269 billion in operating cash flow, up 71%. Company-defined free cash flow increased 81% to $1. 098 billion and is defined as operating cash flow less capital expenditures, which totaled $171 million.

Bear Case Reported growth at Salesforce, Inc. (NYSE:CRM) still includes a meaningful acquisition contribution. Informatica generated $456 million of quarterly revenue, including $440 million within subscription and support revenue.

That contribution represented approximately 4. 5 percentage points relative to prior-year revenue and accounted for a material portion of the reported 11% increase. Story Continues Growth also remained uneven.

The broad Agentforce Apps reporting category, which includes Sales, Service, Marketing, Commerce, Flex Credits and Slack, grew subscription and support revenue 8% in constant currency. Data 360, Headless Platform and Other grew 20%, but that category includes Informatica. Salesforce, Inc.

(NYSE:CRM) also expanded the Agentforce ARR definition to include Slackbot and Headless 360, complicating year-over-year comparisons. Reported earnings contained a separate non-operating benefit. Net gains on strategic investments totaled $2.

613 billion and contributed $2. 43 to GAAP diluted earnings per share of $4. 29.

The gain improved reported earnings without demonstrating stronger software demand. Hedge Fund Sentiment The filings available so far reflect positions held before Salesforce, Inc. (NYSE:CRM) reported its fiscal 2027 second-quarter results.

Insider Monkey's database showed 99 hedge funds holding Salesforce, Inc. (NYSE:CRM) at the end of 2Q2026, down from 101 funds three months earlier. Conclusion Salesforce, Inc.

(NYSE:CRM) now has a financially meaningful AI and data portfolio, while faster current RPO growth shows demand reaching contracted backlog. However, Informatica supported reported revenue growth and strategic investments materially boosted GAAP earnings. Organic growth excluding acquisitions, together with sustained acceleration in the broader application portfolio, remains the better test of whether AI is lifting companywide performance.

While we acknowledge the potential of CRM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock . READ NEXT: Main Street Capital's (MAIN) Blowout Exit Fuels A Bigger Dividend and Here is Why Chevron (CVX) is a Favorite Among Hedge Funds Disclosure: None.

This article is originally published at Insider Monkey .