Q3 25 EPS
$2.41
MISS 1.47%
Est. $2.45
Q3 25 Revenue
$9.44B
BEAT +1.04%
Est. $9.35B
vs S&P Since Q3 25
-67.9%
TRAILING MARKET
CRM -49.3% vs S&P +18.6%
Market Reaction
Did CRM Beat Earnings? Q3 2025 Results
Salesforce delivered a mixed fiscal third-quarter 2025 report, posting revenue that cleared expectations while earnings fell just short of the bar analysts had set. Total revenue of $9.44 billion grew 8.3% year-over-year, edging past the $9.35 billio… Read more Salesforce delivered a mixed fiscal third-quarter 2025 report, posting revenue that cleared expectations while earnings fell just short of the bar analysts had set. Total revenue of $9.44 billion grew 8.3% year-over-year, edging past the $9.35 billion consensus estimate by 1.04%, but GAAP diluted EPS of $2.41 missed the $2.45 consensus by 1.47%, weighed down in part by $217 million in losses on strategic investments that shaved roughly $0.17 to $0.18 per share from both GAAP and non-GAAP results. Beneath the headline numbers, the profitability picture strengthened, with GAAP operating margin expanding 280 basis points to 20.0% and operating cash flow climbing 29% to $1.98 billion. Current remaining performance obligation grew 10% to $26.40 billion, signaling solid revenue visibility heading into the final quarter. Salesforce's AI agent platform, Agentforce, drew considerable investor attention as a key growth catalyst, helping lift the stock in premarket trading. For Q4, the company guided revenue of $9.90 billion to $10.10 billion and raised its full-year operating cash flow growth outlook to 24-26%.
Key Takeaways
- • Subscription and support revenue growth of 9% Y/Y driving overall top-line expansion
- • Sales cloud grew 11% in constant currency, leading all service offerings
- • GAAP operating margin expanded 280 basis points Y/Y to 20.0%
- • Non-GAAP operating margin expanded 190 basis points Y/Y to 33.1%
- • Operating cash flow grew 29% Y/Y to $1.98 billion
- • Current remaining performance obligation grew 10% Y/Y to $26.4 billion
- • Asia Pacific delivered strongest regional constant currency growth at 14%
CRM YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CRM Revenue by Segment
With YoY comparisons, source: SEC Filings
CRM Revenue by Geography
With YoY comparisons, source: SEC Filings
“We delivered another quarter of exceptional financial performance across revenue, margin, cash flow, and cRPO. Agentforce, our complete AI system for enterprises built into the Salesforce Platform, is at the heart of a groundbreaking transformation. The rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale. With Agentforce, we're not just witnessing the future—we're leading it, unleashing a new era of digital labor for every business and every industry.”
— Marc Benioff, Q3 2025 Earnings Press Release
CRM Earnings Trends
CRM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CRM EPS Trend
Earnings per share: estimate vs actual
CRM Revenue Trend
Quarterly revenue: estimate vs actual
CRM Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $3.05 | $3.81 | +24.92% | $11.20B | — |
| FY Full Year | $11.77 | $12.52 | +6.36% | $41.53B | +0.08% |
| Q3 26 BEAT | $2.86 | $3.25 | +13.57% | $10.26B | -0.13% |
| Q2 26 BEAT | $2.78 | $2.91 | +4.71% | $10.24B | +0.97% |
| Q1 26 BEAT | $2.55 | $2.58 | +1.29% | $9.83B | +0.81% |
| Q4 25 BEAT FY | $2.61 | $2.78 | +6.43% | $9.99B | -0.42% |
| FY Full Year | — | $10.20 | — | $37.90B | — |
| Q3 25 MISS | $2.45 | $2.41 | -1.47% | $9.44B | +1.04% |