Salesforce 第3四半期決算：Agentforce AI が収益を押し上げ、見通しを引き上げ

Key Takeaways

• Earnings Beat: Salesforce reported Q3 earnings and revenue that topped analyst estimates, signaling strong execution.
• Agentforce Momentum: The new autonomous AI agent platform, Agentforce, is seeing faster-than-expected adoption, becoming a key growth driver.
• Raised Guidance: Management raised its full-year revenue and operating margin outlook, citing robust demand for AI-integrated CRM solutions.
• Stock Reaction: Shares surged in after-hours trading as investors cheered the return to accelerated growth fueled by AI.

Introduction

Salesforce (CRM) has once again proven its resilience and ability to innovate, delivering a “beat and raise” quarter for Q3 Fiscal Year 2026. In a market hungry for tangible AI returns, the cloud giant delivered exactly what investors wanted: proof that its massive bet on autonomous AI agents is paying off.

The company reported better-than-expected revenue and earnings per share (EPS), but the real star of the show was Agentforce. Launched earlier this year, the platform allows enterprises to build autonomous agents that can take action across customer service, sales, and marketing. The Q3 results suggest that Agentforce is not just a buzzword—it’s rapidly becoming a material revenue driver.

The Numbers: Q3 FY26 at a Glance

Salesforce’s financial discipline combined with new AI revenue streams resulted in a quarter that exceeded Wall Street’s expectations on almost every metric.

Top and Bottom Line

• Revenue: Came in ahead of estimates, driven by strength in the Data Cloud and subscription revenues.
• Non-GAAP EPS: Significantly beat consensus, highlighting the company’s continued focus on operational efficiency and margin expansion.
• Operating Margin: Reached new highs, demonstrating that Salesforce can invest in AI innovation while maintaining rigorous cost discipline.

Guidance Update

Perhaps most importantly, Salesforce raised its full-year fiscal 2026 guidance. The company now expects higher revenue and operating cash flow for the remainder of the year, a bullish signal that the momentum from Q3 is expected to accelerate into Q4 and beyond.

The Agentforce Factor

The narrative around Salesforce has shifted from “cost-cutting” back to “innovation-led growth,” and Agentforce is the primary catalyst.

What is Agentforce?

Unlike traditional chatbots that simply retrieve information, Agentforce agents are autonomous. They can reason, plan, and execute tasks—like processing a return, qualifying a sales lead, or optimizing a marketing campaign—without human intervention.

Why It’s Driving Growth

• Tangible ROI: Customers are seeing immediate efficiency gains. For example, early adopters in customer support are deflecting significant percentages of cases to autonomous agents.
• Data Cloud Integration: Agentforce relies on unified data. This is driving a “halo effect” for Salesforce’s Data Cloud, which is now one of the fastest-growing products in the company’s history.
• Pricing Power: The value proposition of autonomous labor allows Salesforce to command premium pricing, boosting average deal sizes.

Market Reaction & Analyst Sentiment

The market’s response was swift and positive. Salesforce shares jumped in after-hours trading, reflecting relief and optimism.

• The “AI Bubble” Test: With skepticism growing around AI capex vs. revenue, Salesforce’s results provide a crucial data point that enterprise AI is generating real revenue.
• Valuation: Analysts are likely to revise price targets upward, viewing the successful Agentforce rollout as a sign that Salesforce can sustain double-digit growth rates for longer than previously thought.

Broader Implications: The AI ROI Era

Salesforce’s Q3 report is more than just a win for Marc Benioff and co.; it’s a bellwether for the entire SaaS industry.

1. The Shift to Outcomes: Pricing is moving from “per seat” to “per outcome” (e.g., per conversation handled by an agent). Salesforce is leading this business model shift.
2. Data is the Moat: The success of Agentforce validates the strategy that AI is only as good as the data it sits on. Companies with proprietary, unified data (like those using Data Cloud) have a massive advantage.
3. Legacy Tech Strikes Back: It shows that incumbents with massive distribution channels can pivot to AI effectively, challenging the narrative that agile startups will eat their lunch.

What This Means for You

If you’re an Investor:

• Salesforce is demonstrating that it can successfully monetize AI, making it a potentially more attractive “AI play” than purely infrastructure stocks.
• Watch for the “consumption-based” revenue metrics in future quarters as Agentforce scales.

If you’re a Tech Leader:

• The era of “copilots” (assistants) is evolving into “agents” (autonomous workers). It’s time to evaluate where autonomous agents can replace workflows, not just assist them.
• Prioritize getting your data estate in order. You cannot leverage these new AI capabilities without a unified data layer.

Conclusion

Salesforce’s Q3 FY26 earnings were a statement of intent. By beating expectations and raising guidance, the company has silenced critics who worried about slowing growth. The rapid traction of Agentforce suggests that the next phase of the AI revolution—autonomous enterprise agents—is here, and Salesforce is firmly in the driver’s seat.