Chief Operating and Financial Officer Robin Washington told analysts that the mix of cloud versus on-premises contracts in the Tableau analytics unit shifted more heavily toward cloud services than the company had forecast. Revenue from on-premises Tableau and MuleSoft integration products is recognized immediately, whereas cloud revenue is booked over time, influencing quarterly comparisons.
For the fiscal fourth quarter, Salesforce projected adjusted earnings of $3.02 to $3.04 per share on revenue between $11.13 billion and $11.23 billion. Analysts polled by LSEG had expected $3.04 per share and $10.9 billion in revenue. The guidance implies year-over-year growth of 11% to 12%, including roughly three percentage points attributed to Informatica, the data-management company Salesforce acquired in November for about $8 billion.
Washington said the forecast also reflects an ongoing transition of MuleSoft and Tableau customers to cloud subscriptions and continued softness in marketing and commerce applications.
Despite the upbeat results, Salesforce shares have lagged behind the broader technology sector in 2025. Through Wednesday’s close, the stock was down 29% for the year, compared with a 21% gain in the Nasdaq Composite Index. Some investors have expressed concern that rapid advances in artificial intelligence could eventually overlap with the company’s core products.
During the quarter, Salesforce expanded its AI capabilities by purchasing two startups: Regrello, whose software automates tasks, and Waii, which generates database queries from natural-language prompts. The company also unveiled Agentforce, a suite that automates IT service requests, sales tasks, and customer support workflows, and set a long-term revenue goal of $60 billion by fiscal 2030, ahead of most analyst estimates.
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Annualized revenue tied to Agentforce rose 330% from a year earlier to more than $500 million, with paid deals climbing to over 9,500 from roughly 6,000 at the end of September.
Free cash flow increased 22% year over year to $2.18 billion, slightly below the $2.24 billion average forecast compiled by StreetAccount.
Salesforce leadership emphasized that the company will continue to invest in artificial intelligence while integrating recent acquisitions and migrating legacy customers to subscription-based offerings. Management noted that the shift to cloud delivery for Tableau and MuleSoft could produce near-term revenue headwinds, though recurring revenue is expected to rise over the longer term.
In addition to the Informatica deal, which closed earlier in November, Salesforce is reviewing further opportunities to enhance its data and AI portfolio. Executives reiterated the company’s commitment to disciplined spending and capital allocation, pointing to sustained margin expansion as a key objective.
The shares gained approximately 2% in extended trading following the announcement.
Crédito da imagem: Jessica Christian | San Francisco Chronicle | Getty Images
