Good day, everyone. Welcome to Salesforce fourth quarter and full year fiscal 2025 results conference call. If you have a question today, please press star one on your telephone keypad. Also, this call is being recorded. 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. Good afternoon, and thanks for joining us today on our fiscal 2025 fourth quarter results conference call. Our press release, SEC filings, and a replay of today's call can be found on our website. Joining me on the call today is Mark Benioff, Chair and CEO, Amy Weaver, President and Chief Finance Officer, Brian Millam, President and Chief Operating Officer. In addition, we also have Robin Washington, our board member and incoming Chief Operating and Finance Officer here with us today. As a reminder, our commentary today will include non-GAAP measures. Reconciliations between our GAAP and non-GAAP results and guidance can be found in our earnings materials and press Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties and assumptions which could change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks, uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings, including our most recent report in Forms 10K, 10Q and any other SEC filings. except as required by law, we do not undertake any responsibility to update these forward-looking statements. And with that, let me hand the call to Mark. Well, hey, thanks so much, Mike. And,

you know, I'm so excited about this call and reading this script with you because this was just the best quarter we've ever had. And I think you're going to see that as we kind of unfold what's happening here. And I'm sitting here with Amy and Brian and Mike and Sebastian is also on the table. And our new MOFO, I mean COFO, Robin Washington is here. So welcome, Robin. We're thrilled to have you here as well. And look, I'm really excited about this. I really think that we have something incredible to talk about. And obviously, this was the quarter of age and force. We're going to talk about that. But it was really just another incredible quarter. And really, it's been another incredible year of growth and innovation. I'm sure you all can see we've had a really strong performance across all of our key metrics on revenue, on margin, EPS, cash flow, CRPO. We've passed some amazing milestones, including more than $60 billion in RPO. And this has been the highest cash flow in our company history. You can see we exceeded our cash flow guidance. I think Amy did about $12.9 billion last quarter, but I think we delivered $13.1-ish. And that was just incredible for the quarter. And now we're giving guidance. I think it's around $14.5 billion in guidance for next year on the cash flow guidance. So just awesome cash production. Few enterprise software companies have really ever delivered these kinds of numbers. And I guess only a couple have ever delivered guidance in the 40 billions, which is where we are. And our two newest major products are DataCloud and AgentForce, our AI product line now, we can see is a multi-billion dollar product line. So we're excited to be, you know, in that kind of rarefied air of delivering a multi-billion dollar AI product line. We ended this year with 900 million in data cloud and AI, ARR. It grew 120% year over year. We've never seen products grow at these levels, especially AgentForce. And data cloud and AI, AgentForce, this is now going to be incredible coming into fiscal year 26. As we begin this year and, well, since our founding, I couldn't be more excited about what's ahead. This is a moment like we've just never seen before, and in just a few months, we've seen this addressable market go from hundreds of billions of dollars, and I'm sure you saw those ARC slides that got released over the weekend where she said that she thought this digital labor revolution, which is really like kind of what we're in here now, this digital labor revolution, this looks like it's a anywhere from a few trillion to 12 trillion. I mean, I kind of agree with her. I think this is much, much bigger than software. I mean, for the last 25 years, we've been doing software to help our customers manage their data. That's very exciting. I think building software that kind of prints and deploys digital workers is more exciting. And you're going to hear some of these incredible stories in a second. Our formula now, really, for our customers is this idea that we have these incredible customer 360 apps. We have this incredible data cloud, you know, and this incredible agentic platform. These are the three layers, but it's that it is a deeply unified platform. It's a deeply unified platform. You know, it's just one piece of code. That's what makes it so unique in this market. And that is why customers are having so great success with it. It's not a collection of just jointed parts, you know, have to kind of self-assemble, DIY it, you know, all kinds of how do you get the security running? How do you do this? How do you do that? It's this idea that it's a deeply unified platform with one piece of code all wrapped in a beautiful layer of trust. And that's what gives AgentForce this incredible accuracy that we're seeing. I'm going to talk about even what we've seen at Salesforce with that is amazing. And I'll tell you that our customers are just seeing some great success with it. And that's why just 90 days after it went live, we've already have 3,000 paying Agent Force customers who are experiencing unprecedented levels of productivity, efficiency, and cost savings. No one else is delivering at this level of capability. and we're really seeing a level of integration, simplicity, intelligence, power. I mean, customers are really telling us that we're light years ahead of other providers and their feedback really speaks volumes. So exciting to go on the web and see Agent Force delivering labor for companies like Equinox, Open Table, Jacuzzi, and others. I mean, I go to their sites. I'm going to their, you know, to their X feeds, their, you know, social media presence, and you see AgentForce running. And look, a lot of other vendors are talking about their agent capabilities, but few are able to show that they've got this really running at scale. And as you're about to hear from Brian, we're seeing some amazing results on Salesforce's Customer Zero for AgentForce. Our digital labor force is resolving tens of thousands of customer service inquiries, freeing our human employees to focus on the most nuanced issues in customer relationships. We're seeing tremendous momentum and success stories emerge as we execute our vision to make every company, every single company, every customer of ours an agent-forced company. That is, we want every customer to be an agent-forced customer. We want every trailblazer to be an agent-blazer. And I want to share some of these amazing stories with you today. But first, let's hit a couple of these incredible numbers. We closed out fiscal year 25 with $10 billion in revenue. That's amazing, our first $10 billion quarter. I remember we had our first $10 billion year. Kind of amazing, $10 billion quarter up 8% year over year, 9% constant currency. And I think we even lost Amy, is that right, like a couple hundred million dollars in foreign exchange for the year as well. In Q4, we closed more than 400 deals over a million. All of our top 10 wins included data and AI. Brian, 400 deals over a million dollars. Pretty awesome. And we also continued phenomenal growth with Data Cloud this year, which is the hard agent Data Cloud is the fuel that powers agent force, and our customers are investing in it. And Data Cloud surpassed 50 trillion, that's trillion with a T, records, doubling year over year as customers increase their consumption investment in our data platform. And that is just becoming a critical and essential part of our solution. Because as customers turn on AI and agent force, if they don't have the data, we've been talking about this, I guess, for almost two years. If you don't have the data, you're not going to get the AI that you so badly want. And nearly a quarter of those 50 trillion records, that was trillion with a T, were ingested from outside of Salesforce through our zero copy partner network, which is amazing. We'll see increased investments in software to build an agentic layer as AI continues to advance and handle a higher percentage of workloads. And we're taking advantage of the huge investments that these infrastructure companies, we just, you know, we'll work with, of course, we have, you know, two substrates, you know, live where we have Amazon and we have Alibaba. You know, both companies are making huge investments in infrastructure. And the third one, Google is making a huge infrastructure investment. We're really getting great prices, you know, from these companies. Our deployment, our ability to deploy at a really low cost is just awesome. And it's just driving down our cost for our customers. So that's so exciting. Look, for the full year, we delivered $37.9 billion in revenue. It's up 9% year over year. Operating cash flow reaching $13.1 billion, up 28% year over year. It's really one of the best performances, I think, of any software company. And with our continued discipline approach to margin expansion, our non-GAAP operating margin, closed at 33%. That was 250 basis points for fiscal year, 25. I think it's 50 basis points higher than we even gave you guidance for a year ago. Is that right, Amy? Yep. And that's awesome. But we also passed an incredible milestone with more than 60 billion in RPO. That I don't think we could have expected. So this milestone isn't just a number. It's a clear signal that our customers are trusting us, deploying us, granting great value from us, and continue to invest in our vision for digital labor. I mean, I think it's going to be that digital labor vision, that revelation that we're able to provide digital labor at scale with this trinity of apps, data, and agents that is going to drive this fiscal year 26 success. We expect to deliver fiscal year 26 subscription support revenue of 9% year-over-year in constant currency. We remain deeply, deeply committed to profitable growth and expect fiscal year 26 non-GAAP operating margin of 34%. We're going to deliver another 100 basis points of expansion following two years where we expanded more than 1,000 basis points. The pace of change, the focus on productivity, profitability, the speed of innovation, the trinity of apps, data, and agents. It's all coming together. As I mentioned, we're seeing customers deploy agent force across every industry. Let's talk about a couple of examples. We've been working with Lennar, the nation's largest home builder. And most of you know Lennar is really an incredible company. And they've been for about eight years, they came to Dreamforce. And when they came to Dreamforce, they obviously got their hands, like many of you did, on AgentForce, got super excited, went back to Miami, talked to their co-COs. You probably know Stuart Miller, John Jaffe, amazing COs. And those co-COs called me and said, listen, these guys have done a hackathon around AgentForce. We've got five use cases. We see incredible opportunities on our margin, incredible opportunities in our revenue. And do you have our back if we're going to deploy this? And we said, absolutely, we've deployed it ourselves, which is the best evidence that this is real. and they are just incredible. Their vision as a home builder, providing 24 seven support, sales leads through all their digital channels. They're able to sell all kinds of new products. I think they're going to sell mortgages and insurance and all kinds of things to their customers. And, you know, the cool thing is they're using our sales product, our service product, marketing, MuleSoft, Slack, Tableau, they use everything. But they are able to leverage it all together by realizing that just by turning it on, they get this incredible agent force capability. All right, I want to tell you another story, not just about Lennar and transforming a home builder, but I don't know how many of you know about Pandora. You've been to a shopping center. You will see the Pandora store. You walk in, they have this gorgeous jewelry. They have these cool charm bracelets. They have amazing, amazing products. And if you know their CEO, Alex, he's absolutely phenomenal. I think he's based over in Amsterdam or he's in the Netherlands. I can't remember where it is, but one of the Northern European countries, incredible CEO. Time actually just gave them an award as one of the most sustainable companies in the world. Great company. They're in 100 countries. They employ 37,000 people worldwide. And Alex has this great vision to augment their employees with digital labor. And this idea that whether you're on their website or in their store or whatever it is, that they're going to be able to do so much more with AgentForce. They already use, first of all, they already use Commerce Cloud. So if you've been to Pandora.com and bought their products, and if you haven't, by the way, it's completely worthwhile. It's great. And you can experience our Commerce Cloud, but it's deeply integrated with our Service Cloud, with Data Cloud. It's the one unified platform approach. And now they're just flipping the switch, turning agents on, and they're planning to deliver 30% to 60% of their service cases with AgentForce. That is awesome. And I really love Alex's vision of what's possible. And then the last customer I really want to hit on, which I'm so excited about, is Pfizer. And, you know, Albert is an incredible CEO. They are doing unbelievable things. They've been a tremendous customer. But now they're really going all in on our life sciences cloud. We're seeing so many. I was in the business council last week in Washington, D.C., met with hundreds of CEOs. And so many of the CEOs of the life sciences industry are going with our life sciences cloud. It was incredible. And you can see why, because it's just a natural upgrade of what they're already doing with us. And then this idea that our life of sciences cloud becomes this highly differentiated capability from everything currently available in the market and then allows these pharma, med tech companies, so many, to be able to streamline not just their clinical operations, all their customer facing, even the ones who want to go to direct-to-consumer, even the ones who want to do clinical trials. and this idea that agents are going to make all of that so much better. And with agent force, sales agents, for example, with Pfizer, they've got 20,000 customer-facing employees and customer-facing folks. That is just a radical extension for them with agents. And I'll have to slot in one last one because I'll tell you, I'm sure a lot of you, like I have, have flown in Singapore Air. You know what is a great airline. The CO Go is amazing. and he has a huge vision that also came out of Dreamforce where they've already delivered probably the best service of any airline in the world. They want to deliver it through agents. So whether you're doing it with service or sales or marketing or commerce or all the different things that Singapore Air is doing with us, you're going to be able to do this right on Singapore Air. All right. Well, I know all of you want to see this in person, Talk to these customers yourself. You know, you can go to help.salesforce.com. Brian's going to talk about that. When you hear the numbers we delivered in the quarter there, you're not going to believe it. And listen, a lot of people say to me, hey, how are you different from these other agent companies? Number one, go to those other vendors. Go to their sites. Are they running their agent technology? You've all been on help.salesforce.com. You all know this incredible capability that we're delivering. You've seen it deployed by these other customers like Equinox and Remarkable and others. You've got your hands on it. Do you see the other scaled vendors delivering this capability, or are they just using the word agent? I think you've got to beware of the false agent because the false agent is out there where people can use the word agent or they're trying to whitewash all the agent, the thing, everywhere. But the reality is there is the real agents and there are the false agents, and we're very fortunate to have the real stuff going on here. So we've got a lot more groundbreaking AI innovation coming. I can't wait for you to see it at our Trailhead DX event next week, and that's going to be March 5th and 6th in San Francisco. Looking forward to seeing all of you there and showing you that. And I'll tell you, while you're there, and I didn't hit it, you've got to see this new product we've just built, which is Tableau Next. I'm sure a lot of you know Tableau. You probably use it every day. When you see what we have built, which is the new Tableau built with AgentForce on the data cloud and how it's deeply integrated into our product line, it is going to blow your mind. It is incredible. You've got to make sure you get a demo of Tableau next. You won't believe it. You're going to see the new Slack. You're going to see the new sales cloud, service cloud, marketing cloud, commerce cloud, the platform, agent force, all the products. The new field service product, which is incredible. You might get a glimpse of the new ITSM product that's coming if you look hard. But the big thing that I'm excited about, okay, the big thing that I'm really excited about is Tableau next. because that's about to deploy to customers at scale. And I think people are going to be absolutely blown away. Now, before I do that, I have to get out the Kleenex because I have to say goodbye to Brian and Amy, who, you know, it's kind of a moment in time here where Brian has been here for, I think, 25 years, 26 years. He's just wearing one of the many watches that I've given him to recognize his performance. Amy is here as well. she's not wearing one of her watches but she has them at home probably in her jewelry case or safe or something and um you know amy's how long has it been amy 12 years 11 years with amy and uh you know we're going through a little bit of a transition of our management team between fiscal year 25 and 26 and we want to say goodbye and thank you we want to say mahalo and we want to say goodbye which is a hooey ho and uh thank you so much for everything and we're going to let them talk and also say their goodbyes but we're so grateful to everything that you've done for us every single day over the last 25 and 11 years and uh it's been great to have you part of our management team and you're welcome back anytime so if you get lonely out there on the golf course I know Amy's got some big plans that she's not ready to announce yet in the NGO world, but I'll tell you that, you know, you guys get lonely or you're missing the thrill of the hunt, come back and see us because we're going to be ready for you to come back.

All right, Brian. I really appreciate it. It's been a privilege of a lifetime to work here for more than 25 years. Very few people get to start at a company that has zero revenue and help it grow to $38 billion. And the journey has been remarkable, and this year was certainly the capstone. As you heard from Mark, in just one quarter, AgentForce has been deployed by thousands of brands worldwide, becoming an incredible lever for productivity, growth, and efficiency. It's happened faster than we ever expected. With our deeply unified platform seamlessly integrating our customer 360 apps, data cloud, and AgentForce, we're leading the digital labor revolution. Customers of every size across every industry are seeing immediate and substantial value with AgentForce. We're setting new standards in the industry. OpenTable is a great example of how AgentForce is having an immediate impact. In just three weeks, it's handling 73% of all restaurant web queries, a 50% improvement over their previous tool. And they're not alone. The Futurum group surveyed customers and found that AgentForce can achieve ROI five times faster than DIY while lowering costs by 20%. And technology analyst Vern Valvoir found AgentForce delivers autonomous AI agents 16 times faster versus DIY approaches with 75% increased accuracy. We continue to see significant increase in large multi-cloud transactions as companies look to accelerate faster time-to-value efficiency and growth. Goodyear is partnering with us on their transformation, using AgentForce to automate and increase the effectiveness of their sales efforts. With AgentForce for field service, Goodyear will be able to reduce repair time by assisting technicians with answers to vehicle-related questions and autonomously scheduling field tech's appointments. We also continue to embed an egenic layer across our own business. Today, we're live on AgentForce across service and sales, our business technology organization, customer support, and more, and the results are phenomenal. Since launching on our Salesforce help portal in October, AgentForce has autonomously handled 380,000 service requests, achieving an incredible 84% resolution rate, and only 2% of the requests require human escalation. And we're using AgentForce for quoting, accelerating our quoting cycles by more than 75%. In Q4, we increased our AE capacity while still driving productivity up 7% year over year. AgentForce is transforming how we do outbound prospecting, already engaging more than 50 leads per day with personalized outreach and timely follow-ups, freeing up our teams to focus on high-value conversation. Our reps are participating in thousands of sales coaching training sessions each month. data cloud has a powerful network effect as usage expands the platform becomes more intelligent and more valuable and that's why we're seeing companies around the world including maserati bell canada dolce gabbana continue to invest in data cloud and to build the foundation to implement agents at scale kaisha bank which happens to be spain's leading bank is using data cloud to create a robust data infrastructure that supports its egenic transformation and enables them to drive faster and more consistent customer experiences. As you know, the true value of AI is in the data. Nearly half of the Fortune 100 are both AI and data cloud customers, and all of our top 10 wins in Q4 included data cloud and AI. Agent Force is revolutionizing how our customers work by bringing AI-powered insights and actions directly into the workflows across the customer 360 applications. This is driving strong growth across our portfolio. Sales Cloud and Service Cloud both achieved double-digit growth again in Q4. We're seeing fantastic momentum with Slack, with customers like ZoomInfo, Remarkable, and MyMed Health using Agent Force and Slack to boost productivity. Once again, Slack was included in over a third of our deals, over a million dollars, and its contribution to the overall deal size increased double-digit to year over year. With nearly 5 billion messages sent weekly, Slack is central to how people work. Going forward, we're confident Slack will be the place where every company brings digital labor to all of their employees, enabling collaboration with AgentForce to get work done. Tableau and MuleSoft are mission critical to our customers with each featured in nearly half of our greater than $1 million deals. Tableau, now integrated with DataCloud and AgentForce on the Salesforce core platform, will transform how customers like EchoStar, Goosehead Insurance, and Keller Williams Realty take action on their data. Customers can now unlock actual insights from conversational analytics, manage and analyze data using AI assistance, and build analytical agents with integrated workflows. Similarly, MuleSoft is transforming how industry leaders like Banco Burdesco, Fujitsu, and Sony Honda Mobility approach enterprise integration. With agent-driven integration and out-of-the-box connectors for every major system, customers simply describe their needs in natural language, and our AI automatically builds the solution. Agent Force is also enabling us to deliver truly transformative solutions for every industry and region. In Q4, nearly half of our top 100 wins were international, including wins with companies like One New Zealand, LG Electronics, and Versace. Our industry business, along with public sector and .org, finished the year at an incredible 5.7 billion in ARR, up 20% year over year. All of our top 10 deals and nearly 75% of our top 100 deals included in industry cloud. To meet this demand, we pre-built over 170 specialized agent force industry skills and a team of 400 specialists supporting transformations across sectors and geographies. Our new channels and partner ecosystem, anchored by our amazing 19 million trailblazers, are unlocking customer spend and driving agent force adoption. And we're leaning into our ecosystem. In fact, partners were involved in 50% of our agent force wins and 70% of our agent force activations in Q4. We're also working with our partners to become agent force companies themselves. Accenture is using AgentForce Sales Coach, which provides personalized coaching and recommendations for sales teams, which is expected to lead to higher win rates. And Deloitte is projecting significant productivity gains and saved workforce hours as they roll out AgentForce over the next few years. Over 127,000 system integrated employees have completed AgentForce training, and more than 1,000 ISVs and technology partners are building and selling agents. Our AgentForce partner network allows customers to deploy pre-built agents and use agent actions from partners like AWS, Google, IBM, Workday, and more. Earlier this week, we announced expanded partnership with Google that Mark mentioned to empower customers to use AgentForce with Gemini, their multimodal models, and to deploy Salesforce on Google Cloud. AWS is a huge growth engine for us, helping us close a number of large deals. In fact, in Q4, we closed 25 transactions over $1 million, including three that were more than $10 million. We're starting off FY26, an incredible position, with a highly accomplished and technical leadership team ready to guide us through this pivotal moment in AI and agents. I'm incredibly grateful for the opportunity and to all the leaders who have gotten us here, especially Mark and Amy. It's been an honor to work alongside both of you. Thank you to our employees, customers, partners, and shareholders. I couldn't be more proud of what we've accomplished or more excited about what's ahead for Salesforce. And with that, I'll turn it over to you, Amy.

Great. Thanks, Brian. I wanted to start also by expressing my gratitude to Mark and Brian for their partnership and for their deep friendship over many, many years. It's been an incredible journey and I'm truly thankful for the opportunity. I am also absolutely thrilled to welcome Robin to the team as our new Chief Operating and Financial Officer. Fiscal Year 25 was a year of incredible change, with new innovation beyond anything we could have expected just 12 months ago, requiring persistence and urgency in our execution. Q4 is a reflection of that focus across the business, and you can see it in our results. Let's start with revenue. For the full year, revenue was $37.9 billion, up 9% year-over-year in both nominal and constant currency. Subscription and support revenue grew just over 10% in constant currency. Q4 revenue was $10 billion, up 8% year-over-year in nominal. This includes approximately $75 million of incremental FX headwinds since our last guidance, resulting in 9% growth year-over-year in constant currency. Subscription and support revenue grew 9% year over year in constant, driven by stability in sales, service, and platform, partially offset by MuleSoft and Tableau, who had very tough prior year compares. From a geographic perspective, America's revenue grew 8% in nominal and constant currency. EMEA grew 6% or 7% in constant currency, and APAC grew 10% or 14% in constant currency. We saw strong new business growth in LATAM, Japan, and Canada, while parts of EMEA remain constrained. Of note, the United States saw some stabilization in the quarter. From an industry perspective, in Q4, health and life sciences, communications, and media both performed well, while tech and manufacturing, automotive, and energy were more measured. And as you heard from Brian, our multi-cloud momentum continues as customers turn to our deeply unified platform. That's why our top 100 deals in the quarter averaged six clouds, and all of our top 10 wins included AI, data clouds, service platform, and industry clouds. Our data and AI momentum continues as we move towards a world where AI is ubiquitous and embedded in everyday workflows. Our investments in this space have been deliberate and focused, and we are now starting to yield strong returns. We ended the year with $900 million in data cloud and AI annual recurring revenue, growing nearly 120% year over year. As Mark shared, we closed more than 3,000 paid agent force deals in the quarter. As customers continue to harness the value of AI deeply embedded across our unified platform, it is no surprise that these customers averaged nearly four clouds. And these customers came from a diverse set of industries with more than half in technology, manufacturing, financial services, and HLS. Q4 revenue attrition ended the quarter slightly above 8%, in line with recent quarters. Q4 non-GAAP operating margin was 33.1%, up 170 basis points year-over-year, driven by top-line outperformance and disciplined expense management. GAP operating margin was 18.2%, up 70 basis points year-over-year. And for the full year, I am very pleased with our non-GAAP operating margin, up 33%, up another 250 basis points year-over-year. Gap operating margin was 19%, up 460 basis points year-over-year, inclusive of incremental restructuring charges we incurred in Q4. Q4 operating cash flow was nearly $4 billion, up 17% year-over-year. Q4 free cash flow was $3.8 billion, also up 17% year over year. And for the full year, operating cash flow was a record 13.1 billion, up 28% year over year. And that's inclusive of a predicted 10-point cash tax headwind. And as we've said, driving strong free cash flow remains a key component of our profitable growth strategy. Fiscal year 25, free cash flow was 12.4 billion, up 31% year over year. Turning to remaining performance obligation, RPO, which represents all future revenue under contract, we passed $60 billion for the first time in company history. Q4 finished at an incredible $63.4 billion, up 11% year over year, representing our customers' long-term commitment to Salesforce and the durability of our business model. Current RPO, or CRPO, ended at $30.2 billion, an increase of 9% year-over-year in nominal currency. This includes a $300 million FX headwind, which results in 11% year-over-year growth in constant currency, driven by strong performance in data cloud and AI and Slack. Q4 CRPO also benefited significantly from strong early renewals. Within our bookings this quarter, we again saw continued stabilization in our transactional businesses, including create and close and SMB. On capital return, in fiscal 25, we executed $7.8 billion in share repurchases and issued $1.5 billion in dividends. Through our capital return program, we more than fully offset dilution from FY25 stock-based compensation. And since the inception of our capital return program, we have now returned more than $21 billion to shareholders. Now, let's turn to guidance. Starting with full fiscal year 26, we expect revenue of $40.5 billion to $40.9 billion, growth of approximately 7% to 8% year-over-year in nominal and constant currency. And for subscription and support revenue, we expect growth of approximately 9% year-over-year in constant currency. Now, I want to pause and give a few important notes on this guidance. First, on foreign exchange, as Mark noted, we've seen the U.S. dollar strengthen considerably. And even since our last earnings call, that movement has driven an incremental $200 million headwind to fiscal 26 revenue. Our revenue guidance now incorporates an approximately half-point year-over-year headwind. Second, as we experienced in fiscal 25, we continue to expect our professional services business to be a headwind to growth this year, which is reflected in our guidance for total revenue. Note that as part of our overall implementation strategy, we are leaning more on our partner ecosystem. As you heard from Brian, partners were involved in 50% of our Agent Force wins and 70% of Agent Force activations in Q4. Third, we expect subscription and support revenue to be lifted by momentum in data cloud and some contribution from Agent Force this year, partially offset by weakness in marketing and commerce and slower growth in our expiration base in FY26. Finally, on Agent Force, we are incredibly excited about the customer momentum we are seeing. However, the adoption cycle is still early as we focus on deployment with our customers. As a result, we are assuming a modest contribution to revenue in fiscal 26. We expect the momentum to build throughout the year, driving a more meaningful contribution in fiscal 27. And on attrition, we expect attrition to remain consistent at slightly above 8% for the full year. Now, turning to profitability and cash flow. On margins, I want to reiterate that the company remains committed to ongoing expansion. The company has laid a strong foundation for continued margin progression, efficiency, and disciplined investments. Fiscal year 26 non-GAAP operating margin is expected to be 34%, representing another 100 basis points of expansion year over year. This incorporates intentional investments in high growth opportunities, most notably in agent force and data cloud. And I'd like to call out that from a pace perspective, we do expect a ramp in margins throughout the year. Stock-based compensation is expected to stay relatively flat year over year as a percent of revenue. We expect fiscal year 26 gap operating margin of 21.6%, representing more than 250 basis points of improvement year over year. We expect fiscal year 26 gap diluted EPS of $6.95 to $7.03. Non-gap diluted EPS is expected to be $11.09 to $11.17. As we've mentioned over the last few years, we remain focused on driving durable cash flow growth. We expect fiscal year 26 operating cash flow growth of approximately 10 to 11 percent, and we are not expecting a material headwind from cash taxes this year. We expect CapEx for the fiscal year to be approximately 2 percent of revenue again. This results in free cash flow growth of approximately 9 to 10 percent for the fiscal year. Now to guidance for Q1. On revenue, we expect $9.71 billion to $9.76 billion, up 6% to 7% year-over-year in nominal and 7% in constant currency. As a reminder, we are lapping the one-point leap year benefit we noted last Q1, as well as the benefit from license revenue timing. CRPO growth for Q1 is expected to be approximately 10% year-over-year in nominal, including a $100 million FX headwind, resulting in slightly above 10% in constant currency. For Q1, we expect GAAP EPS of $1.49 to $1.51, and non-GAAP EPS of $2.53 to $2.55. In closing, I'm very pleased with our strong finish to the year and the foundation we have set in place for continued success. And I want to thank our employees for their dedication and execution throughout the year. I also want to extend my gratitude to our shareholder and Investment Community for your continued support. It has really been a privilege working with all of you. Now, Mike, do you want to open up the call for questions? Thanks. Operator, we're ready to

take questions now. As a reminder, we ask everyone to limit to one question, and we'll take the first

question now. Thank you, sir. And the first question today comes from Keith Weiss, Morgan

Stanley. Excellent. Thank you guys for taking the question. Congratulations on a really strong end to FY25. I wanted to dig into the agent force opportunities, some really big numbers there in terms of the number of deals signed, and real good revenue momentum there. Investors are asking me a lot and have a lot of questions about how the pricing model shifts. Yes. Keith, sorry. The

first part of your question cut out. Yeah, I can hear you now. The first part of your question

cut out. So could you start over, please? Perfect. So congratulations on the very strong quarter, a lot of focus on agent force, and a lot of big numbers there. Investors are asking me a lot of questions about the changing pricing model dynamics, going from a seed-based model to one that includes consumptive elements, and how that nets out. So I was hoping you'd give us some color in terms of what you guys are seeing thus far when you're doing these agent force contracts. Is it expanding the overall contract size? What kind of expansions are you seeing if you are seeing expansions? And does the math net to be a good positive for Salesforce as we move to a more consumptive model? Are there any bumps in the road that we should be aware of? Okay, well, I'd love to

address that directly, and then I'm going to ask Brian to come in with some specifics and examples because I think it's so exciting. You know, I think, of course, you know, we've kind of started the company out with the per-user pricing model, and, you know, that's about humans. We price per human. So you kind of pricing per human. And then we have products, though, that are also in the consumption world as well. And of course, those started in the early days, things like our sandboxes, you know, even things like our commerce cloud, even our email marketing product, our marketing cloud, you know, these are consumption based products we've had for years. And it's always been a mix of, you know, products that we have for humans and then products that we have for computers now we have you know these kind of products that are for agents also and agents are also a consumption model so when we look at our data cloud for example that's a consumption product agent force is a consumption product but it's going to be a mix it's going to be a mix between what's going on with our customers with how many humans do they have and then how many agents are they deploying i think in one example that i can personally tell you about in the quarter. You know, we did a large transaction with a large telecommunications company. It's incredible. And when I was talking to their CEO, she was asking me, how are we going to price the transaction and so forth? And I can't remember the exact number of the deal. I think it was, Brian, maybe it was about $20 million in ACV, something like that for the year, maybe it was $60 million TCV transaction. And then as part of that transaction, it's a mix of, you know, know, we're rebuilding this telecommunications company. So it's sales cloud, it's service cloud, it's marketing cloud. It's all of our corporate clouds. But then also it's AgentForce. And the AgentForce component, I think, was maybe $7 million in the transaction. So she was buying $7 million of AgentForce. She bought $13 million in our products for humans. And I think that was about $20 million in total. These are about approximate numbers. I think that's kind of the idea that you're going to see us be able to deliver, you know, the right package for the right customer. Even if you look at Salesforce, as I mentioned, here we are, you know, working in this world and kind of Brian has hit on it. We did what 360,000 transactions in the quarter with AgentForce, you know, on help.salesforce.com. And then what do you have about, you know, several thousand, you know, customer support reps. And so we have our service cloud running, we have agent force running, we have our different products running than our, of course, our service cloud is deeply integrated with our sales cloud and other products. So it's going to be a mix. And I think that the mix is the most exciting thing. I don't know any company that's 100% agents. I don't know any company that doesn't need automation for its humans. I don't know any company that doesn't need a data cloud where it needs a consistent common data repository for all of its agents to gain their intelligence. And I don't know any company that's not going to need an agentic layer. And that idea of having apps, data, and agents, I think is going to be the winning combination. You want to actually give the real details, Brian? No, it's exactly right.

This trinity, as you called it, Mark, CRM plus data plus agents is really what our customers are coming to us for. Keith, our objective is how do we serve the customers and focus on customer success? How do we give them what they need to go drive their business forward, both from a productivity and from an efficiency perspective? The pricing models will change over time. There's no doubt about it. The nice thing that we've seen with our customers is they really understand the ROI associated with digital labor. What we're able to provide with agents is really driving the velocity of transactions that we've seen. Mark mentioned the 3,000 transactions that we closed in the fourth quarter, really driven on our ROI model that people understand that they can get a tremendous amount of benefit from agents. We will probably move into the near future from conversations as we price most of our initial deals to universal credits will allow our customers formal flexibility in the way they transact with us. But we see this as significant upside to our pricing structures going forward. And that's what we've seen in the early days with our engage with customers.

You can directly address, like, here's a transaction that you're doing. Let's say a customer comes in, they're very interested in building an agentic layer on their company. You know, is that bringing other human-based clouds along with it?

No doubt. And I think what we've seen is that we have incremental strength in our core technology, the CRM core technology. You saw in the quarter we had some good performance, both sales and service cloud, both above 10% growth in the quarter. And so we are seeing people leverage our core technology, the named pricing models with our core apps and agents together to go drive the efficiencies that

they're looking for. I think you're going to really play it out. And when you do come to Trailhead DX and you do see that new Tableau next, I think what you're going to see is a Tableau that was only built for humans before, but now is deeply integrated in the data cloud and has a deep agentic layer as well. So you're going to be able to come to your own conclusions, get your hands on these products, talk to the customers. We're an exciting moment.

Thanks, Keith. Operator, we'll take the next question, please.

Thank you, sir. And our next question comes from Kirk Matern, Evercore ISI.

Yes, thanks very much for taking the question. Brian and Mark, I was wondering if you just talk about, you referred to it a little bit, but as agent force builds, obviously not every company is going to be ready to potentially go agentic today. But is Agent Force having a bit of a halo effect around some of your other products? Meaning as we are on the journey to get more monetization from Agent Force, are you seeing pickups or at least higher activity levels in some of your other products that, you know, to Brian, your point, you know, sort of form this

trinity? Thanks. You're exactly right. And we're seeing it in a way that our customers are using our technology, new ideas, new workflows, new engagements. We talked about Lennar as an example, their ability to handle leads after hours that they weren't able to get back to or respond to in a quick timeframe are now able to touch and engage with those leads. And then that, of course, flows into their Salesforce automation system. And so we are seeing this halo effect with our core technology. It is making every single one of our core apps better as they deliver intelligence underpinning these applications. And so it is the message that we're delivering in this trinity of apps, data, and agents that is really compelling to our customers.

Thanks, Kirk.

Operator, we'll take a quick question, please.

The next question is Ramo Lenshaw, Barclays.

Hey, perfect. Congrats from me as well. And Mark, like with Amy and Brian, you lose some very experienced people on the team. What was the thinking in terms of combining those two roles and how do you see that playing out going forward? Thank you.

Well, I'm so excited to have Robin come in as our new COFO. And I really think it's exciting because Robin really has this kind of unique capability to deliver the chief operating officer position and chief financial officer position. And I'll tell you, as we did the search, one of the really top candidates that we saw come through held this position in another company. And I think as Robin and I were talking about that, you know, that the leverage of having a COFO, this idea that the financial officer and the chief operating officer really come together as this incredible, you know, partnership to deliver, you know, this capability just was a perfect match for us. I was thinking about going with it with this outside candidate. And that's where I was fortunate to be able to convince Robin to take the job. And Robin, would you like to just say something and just kind of come in here and just tell us about how excited you are to be part of the management

team? Sure, Mark. As you've heard Brian, Amy, and Mark talk about, it is an exciting opportunity for us right now with Agent Force. So I am elated to be able to join forces with the operating team. It's an exciting time in our industry as well. And as you've heard us talk about the Trinity and our deeply unified platform, I think we clearly are able to have something that's going to support our customers' growth and productivity in this new era, I should say, with the result of sustainable and profitable revenue growth for Salesforce long term.

Yeah, and I just want to also, I should also really thank Miguel Milano, as you probably know, came back as our chief revenue officer about a year ago, and, you know, he decided to rejoin us after some cajoling, and I've asked him to work directly for me, you know, running our worldwide sales organization, and so I've been so thrilled about that. And I also have to thank Srini, who's our chief engineering officer, is now our chief engineering and services officer, who's taken on customer service and support. And it's been a rebalancing of our management team. So we have this amazing new executive with Robin. I couldn't be more excited to have her by my side. And just as a little side note, Robin will tell you I've been trying to convince her to join the company for over a decade. And so I finally got her after a lot of selling. So thrilled to have Robin with us and joining us, you know, a direct operating executive from the board. And then having Miguel is so exciting. Of course, having Parker with me as well is so critical. And also, as I mentioned, Srini is running services and engineering. and Steve Fisher being promoted recently to our chief product officer, actually our chief technology officer running products. And our chief product officer, David Schmeier, also with expanded responsibilities working directly for me. David is now our chief product and impact officer. And this is, I couldn't be more thrilled. I also have a great chief of staff, Kendall and a whole team around me with so many incredible functions and capabilities. And, of course, smiling and waving at me across the table is Sebastian Niles, my chief legal officer, who has done an unbelievable job since joining the company. So I don't think I've ever had a better management team. I mean, it's hard to beat Amy and Brian, but I think maybe we did it. We're really thrilled. So sorry, Amy and Brian, to see you go. Ahoy-ho. but welcome to the new management team and we're so thrilled to have them uh with us and we're so excited to start fiscal year 26 with an absolute bang and robin did you want to end with any parting comments no all right next very good she's ready for the next question thanks ramo let's go to the

next question please operator up next is brent hill jeffries thanks um mark uh just on doge and the

impact of what the federal state's I'm curious if you can discuss your role and what you think this means for Salesforce

I don't have any role I think I'm of course I'm coming at this with a beginner's mind like I'm sure all of us are we want to see what they are able to deliver with the new administration we're huge fans of the United States of America. We want us to be a successful country as we possibly can be. And that also includes having something that I think is critical, important for us, which is a balanced budget, something I've encouraged every president that I've worked with for quite a few administrations to achieve. We're thrilled with our relationship with the government. You know that we have so many agencies that depend on us from providing support for veterans through our Veterans Administration and so many other groups. And I think even Doge is using Slack to manage their communication and coordination. So, you know, we'll work closely with the government. We'll do anything we can to help them succeed. And we wish them only the best. And we're here to help at every step of the way. And we want the U.S. to be, you know, as successful as it possibly can. Thanks, Brent. Operator, we'll go to the next question, please.

Next up from J.P. Morgan, it's Mark Murphy.

Thank you so much. Mark, you had mentioned this labor arbitrage and that jobs are going to evolve. When you think through the scale of that kind of an opportunity, how much labor do you think you can augment or replace? For instance, could a company with a thousand employees blow its hiring or stop hiring and just layer in a couple hundred agent force spots and maybe accelerate its growth And then, you know, further to Brent's point, can we apply that concept to federal government agencies? If they have three million workers and some of them are going to leave voluntarily, could they layer in, you know, hundreds of thousands of these agent force bots and see some greater efficiency?

Well, I think that, you know, I could wave you away and say I don't really know yet. but I will tell you that since I'm the CEO of a 75,000 person company, or how many employees do we have now? 75, 76,000. So, you know, let's just look at us, you know, so we have what, 9,000 support agents. We really are seeing tremendous efficiency with help.salesforce.com. So we may see the opportunity to rebalance some of those folks into sales and marketing and other functions. We're really excited about that. I would say that we're definitely have seen a lot of efficiency with engineering and some with some of the new tools that I've seen, especially some of these high performance coding tools. One of the key members of my staff who's here in the room with us has just showed me one of his new, you know, examples of what we're able to do with these coding tools. Pretty awesome. And we're not going to hire any new engineers this year. We're seeing 30% productivity increase on engineering, and we're going to really continue to ride that up. And we're going to grow sales pretty dramatically this year. Brian has got a big vision for how to grow the sales organization, probably another 10% to 20%, I hope, this year, because we're seeing incredible levels of demand. I think every company who is our customer or prospect wants us to come in and start talking about what we're going to do with them and how we're going to transform them. Everybody sees the opportunity. I think that, you know, the big message I have for a lot of CEOs that I meet with is, hey, you know, we're the last generation of CEOs to only manage humans. You know, I think every CEO going forward is going to manage, you know, humans and agents I know that's what I'm doing. So this is what I have to think about every single day as a CEO. And I think everyone is going to have to start to think about that. It's definitely starting because, as I mentioned, I was with a large CEO group last week. And it was a topic of conversation in every single person that I met with. And with whether it's those life sciences CEOs that we mentioned or financial services CEOs or manufacturing CEOs, in every example, they can see how agents are going to be able to augment their workforce. And I think you can see it also in the global economy that I think productivity is going to rise without additions to more human labor, which is good because human labor is not increasing in the global workforce. So you have a stagnant human workforce worldwide. So if you want productivity to go up and you want GDP to grow up and you want growth, I think that digital labor is going to be one of the catalysts to make that happen. And I was talking with a significant economist and economic leader last week. And I think that, you know, they I think everyone's on the same page that we could see something really dramatic. And this is our main focus as a company. We aren't, you know, building huge, you know, 10, 20, 30, 100 billion dollar data centers. We're not, you know, doing some of these kind of engineering efforts that may or may not have some kind of huge payoff, but is going to take down all of our cash and all of our margin for the next several years. We're like augmenting our existing product line with artificial intelligence, taking advantage of these incredible investments that are being made, you know, in infrastructure by others, and we're going to deliver the digital labor revolution. This is our goal. Our goal is to be the number one provider of digital labor in the world. That's it. I don't think there really is another goal. You could say we're the number one AICRM, which we already are, but when you're the number one AICRM, you're also going to lead the digital labor revolution, and that is going to be the focus of fiscal year 26th. As I said, this is the year of digital labor, and it is going to be the year where every trailblazer is going to become an agent blazer.

Great, thanks. Operator, we'll take our last question now, please.

And that question comes from Cash Rangan, Goldman Sachs.

Hey, thank you very much. We'll miss you, Brian and Amy. Congratulations, Robin. One for you, Mark. There's a lot of talk about how we're moving from model building and training to the inference layer. And also, as part of that shift to agentic technology, there's been a lot of a debate about the SaaS technology and the business model. Ken, the SaaS tech stack that you built and pioneered, how does that fit into the agentic world? Is there a risk that SaaS just becomes a crud database? It sounds really terrible, but I'm sure you have an opinion. I'd love to hear it.

Okay. Well, Cash, I really appreciate that. And, you know, look, I've heard that Microsoft narrative too. So, you know, I watched the podcast you watched, and that's a very interesting idea. And, you know, here's how I look at it, which is I believe there is kind of a holy trinity here of AICRM, which is the apps, the data, and the agents. And these three things have to kind of work together. And I kind of put my money where our mouth is, where we kind of built it and we delivered it. And you can see the 380,000 conversations that we had as point of evidence here in the last 90 days on our service and with a very high resolution rate of 84%. Now, you can go to help.salesforce.com and you can see that today. Now, Microsoft has had Copilot available for, I think, about two years or more than two years. And they are, now I know that they're the reseller of open AI and they've invested, they're kind of repackaged this, you know, chat GPT, whatever. But where on their side are they delivering agents? Where in their company have they done this? Are they a best practice? Because I think that while they can say such a thing, do they have humans and agents working together to create customer success? Are they rebalancing their workforce with humans and agents? I think that it's a very interesting point that, yes, the agentic layer is very important, but it doesn't operate by itself. It operates with data, with a data cloud that has to be federated through your company to all your data sources. And humans, we're still here. I'm here. I just knocked on the table in case anybody wants to know this is not an agent. And I mean, I guess we're not very long. Is that actually going to be a good test? But just know that I am here, and you could call me or text me, Cash, and, you know, I am using those apps, too. Like I said, I've got the new Tableau is amazing, the sales cloud, the service cloud I use. I use all of our products, Slack I was just on. And that idea that our apps and our data cloud and our agentic layer are all integrated together right now and delivering value right now to our number one customer zero, Salesforce. Wow, here we go. And are other vendors really doing that? Beware of the false agent. Go out there and take a look. Who's really talking about it and who's really delivering? And this is a lot of engineering that has to get done to make this really work for a large enterprise like us. And Salesforce has done it. We are the number one AICRM. We are the leader of the digital labor revolution. You can see it now with over 3,000 paid customers. And as you can see, the tens of trillions of transactions that happen in our data cloud. incredible. So thank you very much for a great fiscal year 25. Thank you to Amy and Brian. It's amazing. And welcome to Robin onto the management team and to all of our new executives. Congratulations on their promotions. And we're ready for a great fiscal year 26. This is going to be the absolute year of agent force. Thanks, Mark. Thanks, Cash. Thank you, everyone,

for joining the call today. And we look forward to seeing everyone over the coming weeks.