Salesforce's Agentforce Bookings Surge: Will Adoption Drive Revenues?

Salesforce, Inc. CRM delivered a strong second-quarter fiscal 2026 results in late August, with revenues and non-GAAP EPS surging 10% and 13.7%, respectively, on a year-over-year basis. One of the main drivers behind this momentum has been the growing adoption of Salesforce’s artificial intelligence (AI)-driven agent platform, Agentforce.

Agentforce has secured more than 6,000 paid deals since its launch just three quarters ago, indicating strong demand for AI tools that enhance enterprise workflows. Also, the company noted that 40% of new Agentforce bookings in the second quarter came from existing Salesforce customers expanding their usage.

All this indicates strong early adoption and confidence in the Agentforce platform’s value. Customers are moving rapidly from pilot programs to full production. It should be noted that Salesforce witnessed a 60% increase in customers scaling Agentforce use quarter over quarter.

The consumption-based model, supported by newly introduced flexible payment options such as Flex Credits, is fueling demand for the Agentforce platform. This model can potentially drive recurring revenue growth over time, providing visibility and durability to Salesforce’s top line.

With AI and Data Cloud annualized recurring revenues already reaching $1.2 billion, Salesforce is building a meaningful growth engine. If the adoption of Agentforce continues at the current pace, the platform could be a key driver of Salesforce’s revenue growth while reinforcing its leadership in enterprise software. The Zacks Consensus Estimate for fiscal 2026 and 2027 revenues indicates a year-over-year increase of 8.8% and 9.1%, respectively.

How Are Rivals Faring Against Salesforce’s Agentforce?

Microsoft Corporation MSFT and ServiceNow, Inc. NOW are also pushing AI automation in the enterprise market.

Microsoft has integrated strong AI features into its Dynamics 365 platform through its Copilot tools, simplifying tasks such as writing emails, creating reports and summarizing meetings for users. Since many companies already use Microsoft products, integrating Copilot into their existing workflows is simple and cost-effective.

ServiceNow’s Now Assist platform uses AI to automate IT service management, customer support and human resource management tasks. ServiceNow has been rolling out industry-specific AI tools, similar to what Salesforce is doing with Agentforce.

Salesforce’s Price Performance, Valuation and Estimates

Shares of Salesforce have plunged 24.6% year to date against the Zacks Computer – Software industry’s growth of 15.3%.

Salesforce YTD Price Return Performance

From a valuation standpoint, CRM trades at a forward price-to-earnings ratio of 20.81, significantly below the industry’s average of 32.22.

Salesforce Forward 12-Month P/E Ratio

The Zacks Consensus Estimate for Salesforce’s fiscal 2026 and 2027 earnings implies a year-over-year increase of approximately 11.2% and 11.7%, respectively. Estimates for fiscal 2026 and fiscal 2027 have been revised upward in the past seven days.

Salesforce currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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