Salesforce (CRM) 28 Aug 242025 Q2 Earnings call transcript

[Operator Instructions]. Welcome to Salesforce's Fiscal 2025 Second Quarter Results Conference Call. [Operator Instructions]. I would now like to hand the conference over to your speaker, Mike Spencer, Executive Vice President of Finance and Strategy and Investor Relations. Sir, you may begin.

for Results today Conference thanks XXXX the and Quarter Second Call. afternoon, joining on us Fiscal Good

Our press release, today's call SEC filings and be on a found our website. can replay of

Benioff, the today President on Chief and Operating and Officer; Millham, Financial CEO; Officer. me Joining and is Marc Amy Chair call Weaver, President Chief Brian and

As between be non-GAAP release. and guidance can our found and our our results today materials include will commentary reminder, GAAP a non-GAAP Reconciliations earnings in measures. and press

contain may risks, incorrect, today our statements that which comments change. differ to our of to of actual should forward-looking are subject could materially materialize from uncertainties could be Some results assumptions prove or assumptions, these and company these forward-looking Should any risks statements.

and affect do law, that other other in and update these uncertainties assumptions SEC recent forward-looking is the included XX-Q Except A and our by any SEC results on as description could we filings, including responsibility report any statements. to not filings. our undertake most these factors financial XX-K, of Forms risks, required

let And Marc. over to the call that, me hand with

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super OpenTable great story. is another

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It last of Weaver. our transformation, margin an an parts increased excellence, a Ohana. been off ever XX been Salesforce all us fantastic before who our financial amazing Amy. today unprecedented just leader with I hand platform and positioned She's valued in phenomenal continued personally operational work for years investments discipline, Now years, to growth. over Amy Brian, particular, has take incredible with want our thank in a me been to across a deeply member better spearheaded of resulting of an as organization has I a for different to She's partner many it financial to few strategic expansion, the Amy and than is moment

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to you, Amy. Now over

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in XX% year-over-year in Subscription and currency. and constant nominal support revenue grew X%

leap benefited reminder, a revenue had timing QX license headwind quarter-over-quarter of the in year, QX in revenue the a resulting to As growth. from

perspective, in Americas business or the India constant constant and remains We parts strong XX% growth grew XX% U.S. revenue and X% or geographic in Japan, currency. constant constrained. X% the of currency, a and APAC while grew nominal and EMEA in saw X% Canada, currency. in EMEA From new both grew

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more were and and automotive travel manufacturing While hospitality energy and constrained. transportation

driven lever Our multi-cloud powerful Cloud Sales subscription quarter revenue growth continues due constant shift and from double-digit premium And was mix us. by as Brian, growth Service by driven in pricing heard ARPU to for you've and be support in growth discipline. both another primarily to of Cloud, currency a

of of those QX, in momentum number organic of Cloud, grew or cloud $X see X the fastest-growing XXX% than number strong added In QX, to continue In our customers added one doubled. customers clouds. of around paid And customers XX,XXX a than more spending new X,XXX annually, million and innovation. more remains customers and which more our nearly we Data year-over-year,

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free due QX year-over-year. cash driving cash operating flow profitable strong QX XX% cash was And growth we million, XX% up to $XXX year-over-year. was flow our trajectory. are million, flow $XXX up

year-over-year $XXX outperformance revenue billion, constant in or CRPO, in headwind, XX% nominal which results in RPO FX at at CRPO obligation, slightly bookings well Current $XX.X ended largely RPO represents driven execution XX% ended growth XX% currency. performance RPO, QX remaining under up which was $XX.X to as future year-over-year million all This by as Turning contract. up year-over-year. includes favorability. above a early currency. renewal billion,

share return, shareholders quarterly return. QX, high our to $X.X to happy in in to nearly capital million issued total $X.X executed return I'm a quarter billion, record that dividends. On in say This repurchases billion $XXX the and in we brings

from stock-based now 'XX fully result, dilution compensation. we FY As expect to more a than offset

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are on persist. years the we the past buying experiencing conditions assuming the over few environment, that First, been we've

impact. On revenue a FX FX, guidance year-over-year incorporate XX to $XXX basis or continues our headwind million points

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for expect XX% at the full consistent generally expect to still and constant subscription growth approximately year. X% And currency. we For we year-over-year support above in revenue, attrition slightly remain

notably Now 'XX our turning a are we raising flow. strong core Agentforce and QX fiscal data intentional profitability XX.X%, operating to incorporates On growth and year-over-year. a margin AI of and our representing investments cash result businesses. non-GAAP improvement opportunities, point to and -- This margins, in basis performance, as our XXX

as be guidance percent is prior the to Stock-based result of ESPP increase modest a X.X% primarily of a reset. now compensation expected our is mechanical revenue. The from

includes is for expected result, 'XX, of restructuring points below basis improvement margin year-over-year, representing XXX be operating now charges a a slightly GAAP which fiscal XX%, guidance transformation. slight As in our to year from ongoing cost increase

GAAP EPS $X.XX $XX.XX We EPS be of year Non-GAAP diluted fiscal is to to 'XX $X.XX. to expected expect $XX.XX. diluted

As you continued flow cash few last heard the focused driving over expansion. us emphasize quarters, have we are on

growth revenue. to raising are year cash results This of growth be to As slightly approximately a 'XX result XX% year to below X% expect headwind. of year. to XX%, CapEx disciplined cash fiscal fiscal capital XX% free cash the for deployment, now approximately now the we inclusive flow in XX% our fiscal of for flow of We operating be tax

including in be will the X% inclusive in nominal result deal the in CRPO X% and constant year-over-year for is nominal currency quarter-over-quarter growth. On This is for Now tailwind. expected we year. QX guidance we significant X.X% This from $XXX closed $X.XX billion to growth QX. constant year-over-year QX in to revenue, up expect last of approximately $X.XX billion, currency. million very point FX X the headwind

hope incredible shareholders I innovation CRPO at the thank [indiscernible] all our see of or and their happening Agentforce while cumulative recently, in reminder, platform virtually. for be were able person seen in Dreamforce new and both we effect, participate our more normalized the continue Salesforce, support. continued impacted and employees to a by have whether you our As materially to will

up open Marc. to call back going to we for send am it I before So the questions, though

you're amazing And thanks again CFO. better awesome and congratulations General an And so Amy. transition much, you're success. Counsel, Well, on an this Okay. the even

General to CFO. who's in Sabastian delivering capability who Counsel the have us. we table I you're going with as bring the And the at to Now next can't wait see sitting here

I extremely I say all this you still souls our we going have anything know families, experienced condolences goodbye I'm are and their So, quarter are because it's think are heavy grief, -- and individuals, lost all didn't but next with thing company heart, to Board this all we to or you, Sandy sad of with And we members processing are that our to a as all with amazing of I and them amazing our and to spirits and our say as and have wish a X to parts our families, been it's these beyond people. have we amazing that have to amazing people X also Susan.

industry, not for for our not they much company, so but were of They our also they of did just also the but just and Board they great company, me. leaders great were did members, personally, friends great much so

say tell everyone want I'm much so to grateful them I I how on them, and of I to much because you, And and it I'm over I part is Sandy and how that every the single have least for sorry turn them, So this what but just this love I Susan I to missed do, I'll Mike. favorite day. the missed and call

Morgan from Weiss Keith That from question comes Stanley.

working And CFO. past quarter. heart Congratulations as over years on broken X the a great Amy, see you been you really with going. really It's solid

You've an in the role. job amazing done

excitement around all growth parts adding AI expansion of growth, industry Two-part or equation international the are expanding generative the AI and the capabilities about. question. of We're there. solution. or sort excited a lot lot Salesforce. There's One new that really and equation it's on for portfolio cloud whether to of of other A the multi-cloud

for more when where you question become Brian. us those AI points to a build contributor growth? maybe does growth And Like up guys how a getting the And of there. help equation? are material Gen Can understand you

rates picture still pricing coming how to down the for deflection on question of gains, these those to worry pricing. get value gains With go-forward does second productivity the around of coming account So is the number about then seats the And XX% solutions from into the change used being with productivity agents Salesforce going Investors basis? that? are a

turn Salesforce. And Brian, is like It are and innovation, all right, to specialties Let here because and all it a moment. moment. this open me is our just those then exciting growth, over about an it are it's X up it's you and of and at about

we're and quarter, on we when think see growth and apps, sell are, the mostly think continue lot doing can going services apps and I'd we sold our you years, we're the last our for XX to those. And focused I about around of to say apps. in we a So selling the

international we're our as at been selling inspiring been other platforms, in And capabilities like Asia. that very also apps, incredible see see in world not regions Cloud rates. as there company. well, And to we're also where which have just agents. And through selling performing the right our our parts well. growing just of now but some Data us. that but to And And that the are not And that And also has that our of in continue we our selling are also verticals, growth. we as core double-digit highest this we you're see

core transformation So levels of you the to really I'm give going that Brian things. mind, the my it's turn over international that in X -- to really of stack the stack is a and X of total verticalization combination detail. The growth of it these technology to growth,

And because humans, then cases. you think all you and apps think in think about pricing. not humans about number -- use two, about you on When when apps,

a example, Commerce Data So is is Cloud The for the product. Cloud consumption product. a consumption

a product. is product, product. Cloud Heroku consumption consumption Of is e-mail course, the Marketing a

of products time a for quite So had long Salesforce. at consumption-based course, we've non-human

idea of own you my I'll personal agents, give But just in goals. when this --

more. just giving I'm of have by 'XX any goal like identified that identified have at X fiscal in we we billion So Already going the end we XXX that million or have not the will in guidance that consumers looking is year of the My here. agents. just number on, trials

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you very -- This be is additional way, to is you a your phone have are be high new your our margin these we're It's to like, connecting it's be how way to we're like the in number. cloud. new as conversations. charge a manage this going with reaching customers selling opportunity, look, going look imagine, to and can do and about our website. credits we're at per are new think is This And data or good agents these to going as with this consumption conversational to helping probably you customers it a we

I'll and very Brian moment, to turn a exciting over it as it's So well.

Yes. And around Thanks product for your of and growth here acceleration, and I of question, the all deals our strategies Keith. multi-cloud appreciate knowledge pricing. international

around I all of looking track it's the Service and center. customers better. referencing of new their Agentforce the at Cloud running and and core that data much cloud are call lose these even our to all-in context important cost of fact you're a here, make that not of AI our And innovations apps in that think

drive to on about to conversations excited in innovation incredible operating center, all-in get and of those call And when technology the it's you through our we efficiencies allows monetize all we're and that bring think that scale a you technology cost because we that

things through for you through marketplace. channel think mentioned business AWS that in There the about, deals there. a a think are big know of going our the a diversification forward. resellers, other as either scale we is I about top earlier our and XX X of I international upside us, comments Marketplace should certainly, couple I our driver went believe,

So opportunity there. a big

big so as we one the are focus look aggressively is this haven't sure of and as a half as how we attrition driving this growth? the get more know excited that forward from our growth so another we that and you year feature get talked efficiencies Mark using the and technology more more and our they second customers. can beyond into inputs, we more to more drive value of managing new going is of said, we value usage, deliver a And for off much way about them. do derived to technology? us do future our maybe How at but to adoption, deliver make that many is many our a value then as about, to customers we're And we But era,

up Kash Next Rangan, Goldman is Sachs.

heart made heavy you with well feel my Mark, as Sandy.

I might long Sandy You a ago. used know for to work time

CFO unbelievable, you. the led was with fares . Back quarter, So became through know and a business, a and Legal Chief Officer to not a transformation. who Amy, do company the I anybody successful on congrats the

regard. in a So unique person you'll very down in go history as that

rate be might elections, One macro a it think conducive selling many level? Do been Mark, at more reductions environment thing, you've through you post high before. cycles so and

consumption through be who that is Clearly, you create don't that actually entirely that? question might does be we have that to that love going with world . on on not micro to I is so and you've aren't So more out the that been agents seen your how be it much it out your AI? So, of cloud you versus that to far about idea the is all play they also and confident using are fewer the this and how might we're based AI. that so float the need might seats going using this need productivity that in and And are further Clearly, your debate AI not and But perspective. only battle losers everything people. penetration you've dependent seats people going view, to there.

his Well, And are Thank Sandy's hearts and yes, wife Nancy for and saying that our so thanks, . daughters., Kash. much. his with you family with

already lifelong think you which dream tell stories. do large a script, X company, EMR quick to you to keeping of with user. working system. I very it's health -- able told in have They and this this management, relationship me lot And is do are the a we're kind they huge I X our organization. touch their be a large been of with just in just is let which with customers. Epic We patient care more

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service, of ours, their at be and And of servicing turn they their exactly be and that's example margin with companies major they're agent the look time doing going they're agent and hardware hey, a business, to you're long do Another want is not whole this very CEO, I've customer want I want in very going with we're to a the X spent agent an a reconceptualizing to years. just a just first had terms into where long for large that. customer acquisition a like huge in sales implementation. build and that to and known first And to you selling in time, I've going to computer first to how they a in be and that they for we're and machine, customers said you And conversation I is a of goals have organization.

have is today which or our going to to into we we're agents. is them supplier goal a agent from force, to deeply in be the a that automate or have whole analytics but data to and to our obviously, it our them And organization has commerce we share going an their integrated sales Agentforce. not be force build great market or service marketing X% apps. whatever, just our force And to force build customers, to we're force continue or yes, So

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excited apps about Kash. this, our obviously excited and excited So been I'm about been have I Data always about very Cloud. have I our

leverages AI been I'm executed And how team our opportunity the of on our remarkable. wraps Now how it decade together has how and has this about very it just excited all experience. agents and

ISI. Kirk is Materne, Evercore Next

quarter. for so Amy, I'll It's pleasure echo the years. thanks on last you. efforts a been your working with And over congrats all X nice much the

challenges one has of with the perspective is, you been of an the risks. I for security complexity, AI Mark, have the questions the from enterprise X obviously,

up You brought before. this

get can it just up to quickly driving a And how Or is Data with takes that customers prerequisite existing value? level? for Cloud is Agentforce? of sort and something that running another So

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platform. is their they're it's And in own all still AI these that's I've about seen and how we there this graphics point platform build build X, deliver in to platform, but agents, apps, last how still X AI X, our it's the in the you've this, changed our going and how company, our incredible going use studios approach, They're going runs in to they the -- fine-tune architecture The platform. the They're about models the those prompts still customers models, in it our the the of some to of but and -- data really architecture our capability. and talk if and all this of centric. and it's

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come Our from last Jefferies. Bill question will Brent

understand simply to kind wants was to why probably maybe now, I of decision. everyone perspective for it's everyone chapter, great XX years think and your the your next just what ready think I the and on hear but love decision

does to business, of our you double-digit went you Is the one lowest levels at competitive? around in X%. seen is Is And think to take the double-digit Americas there What region? saturation of look for back we've kind the a running model Brian, it when It Americas were this sense to what of us issue? in growth? get Give a you happening growth.

Kurt, X Keith, nice all please certainly possibly as how thank I And Brent, know I've that and I'm will the working happy it. we the address but do the to that be not you expecting again, you, much comments, enjoyed next I question, with for on of and very ourselves. Kash, earnings call, was after and

will. definitely No, no, you

Definitely, all right. We're on the third. not moving fast that to

point. at So we'll have plenty of time, I forgot that goodbyes

The journey margin that lucky years anyone been journey CFO. be it came tour a a have our decision, in op their told extraordinary on I think me XX top extraordinarily first In of my [indiscernible] I X is dilution. and absolutely were my an they and minds has amazing really listening with a terms to have. the would things been month, giving years, remember as X just and shareholders, I full last

program out initiated set year. of billion. to on could see do years almost close we $XX We what buyback a the -- to going we've raised first doubled with XX% I operating year. And was to in XX% close nearly We're It to And we've be later, those. both my this X margin.

dividend And program. this in we layered a year,

the with dealt have We all other sorts opportunities along incredible of way.

on smooth X about in decades adventures. right years. This in at next CFO, like relax the transition managed sure me for I I've very experiences really the of looking a to X pack recharge feels of think CFO to time new and finding focused making and

question. thank the for you So

to over Brian, you. And

transition that. a Really tough from

question. thanks Brent, for the

many know, with we've as all, of saturated. is not not Salesforce where And is for I at ton and would would success the many, you First I that we Americas back. have of had holding years. the competition business biggest a is characterize market us say

that environment buying measured we what's is is in the SMB large think transactional particular, in the have, business really business very impacted market. I business largest the and

heavily to market. the And measured feel so it's going environment weighted in buying that

way would so that that we're it And I at not all. position saturated

deals think I at when that new fact, In coming, base. multi-cloud new happy you look our customer technology, a the the innovation that's bringing we're and very

a opportunity that huge to go it have to turn back we think business double-digit around I get growth. and

product looking they're And guide our so big into to future. customers that's and opportunity and development for out it innovation of coming this need love us them all teams because the our and

seeing the for that much and thanks double very Americas. back at the digits question, forward to So, in looking growth

General your Sabastian, these all things do the to becoming you here? Yes. our great in ring think you've put you now hat want Counsel about CFO, heard don't

right some days talent, system, really to incredible industry to every customers of early external Salesforce across have person to the entire going we're our think especially and I get and all internal forward. candidates our

Thank you good. so Very much.

look you over weeks. forward joining, seeing coming everyone, and with speaking and we Thanks, you to for Great. the

Thanks all.

Once conclude Thank does for conference. all that participation. again, your everyone, today's you

now may disconnect. You

Goodbye.