Salesforce delivered Q2 FY27 revenue of $11.35 billion, up 10.8% year over year and modestly ahead of the $11.33 billion Street estimate, while adjusted EPS of $5.90 blew past the $3.27 consensus. Current RPO grew 14% in constant currency to $33.5 billion — CFO Robin Washington called it the strongest quarter for net new annual order value in four years. Management raised full-year FY27 revenue guidance by $200 million to $46.1–$46.4 billion and lifted EPS guidance to $16.67–$16.71, giving the sell side its first genuinely new data point since the print of May.

The expanded Anthropic partnership ships in both directions at once. Inside Salesforce, Claude operates as a governed reasoning model with access to trusted business data and workflows; inside Claude, Salesforce ships as a plugin with 37 prebuilt sales skills that let sellers and agents reason over live revenue context, automate pipeline updates, and take governed action without leaving the Claude interface. The companies also confirmed deeper Claude integration into Agentforce and Slack, with more cross-platform features planned. Salesforce separately disclosed a $2.6 billion mark-to-market gain on its existing Anthropic equity stake this quarter.

The earnings beat and Claudeforce news triggered a wave of same-week target increases: Truist to $300 from $280 (Buy), Wells Fargo to $230 from $205 (Equal-Weight), UBS to $240 from $210 (Neutral), Raymond James to $310 from $290, Deutsche Bank to $275 (Buy), and Morgan Stanley to $235 from $185 — a $50 jump that still leaves the firm at Equal-Weight, citing improving customer retention and record net-new order value but unresolved questions on organic growth durability. Even the more cautious moves (Northland Securities initiating Hold at $253) now sit above where CRM traded for most of August, underscoring how far the stock had lagged the fundamentals it just delivered.

Agentforce annual recurring revenue surpassed $1.5 billion this quarter, a 240% year-over-year increase, while combined Agentforce-and-Data-360 ARR climbed to nearly $3.9 billion — up more than 210%. Two weeks ago this digest flagged Agentforce’s $1 billion ARR crossing as “the clearest revenue proof point yet” for the AI narrative bulls were underwriting; the follow-through confirms the growth is still compounding, not plateauing, going into Dreamforce season.

Salesforce’s second Agentic Enterprise Index, drawn from aggregated Agentforce usage data across thousands of businesses, found the average customer now runs 13 agents, up from 5 in February 2025, with deployment time down 53% and agent-driven retail sales growing 4x. The index is a usage-based counterpoint to ARR figures — it says customers aren’t just paying more, they’re operationally leaning on agents more heavily and faster than a year ago, which is the retention argument behind this week’s target hikes.

ServiceNow shares climbed 25.1% as Q2 revenue grew 24% to $3.99 billion, AI annual contract value crossed $1 billion, and RPO reached $13.2 billion, up 21%; agentic deployments across its customer base are up ninefold over nine months. Running in parallel to Salesforce’s own print, the results are the clearest evidence yet that this earnings season is a referendum on the “AI eats SaaS” thesis — and the referendum went against the bears at both companies simultaneously.

HubSpot reported Q2 EPS of $3.26 against a $2.55 estimate, a 27.8% beat, extending the pattern set by ServiceNow and Salesforce this cycle: enterprise SaaS names with genuine AI product attach are outperforming expectations broadly, not just at the AI infrastructure layer. Workday remains the conspicuous laggard of the peer group, still trading well off its highs even after August buyout speculation.

Analysts flagged that Salesforce’s $200 million full-year guidance raise — modest relative to the size of the EPS beat — is arguably the more durable signal than the one-time print, since guidance reflects management’s read on the next two quarters rather than a single period’s results. Q3 FY27 guidance of $11.42–$11.50 billion revenue and $3.42–$3.44 EPS is the next checkpoint that will show whether this week’s re-rating holds or was a one-quarter relief spike.

Gartner’s 2026 forecast is unchanged from last edition: enterprise software spending up 14.7% to more than $1.4 trillion, with 40% of enterprise applications expected to carry task-specific AI agents by year-end, up from under 5% a year ago. The SaaS market itself is tracking toward roughly $465 billion for the year. This week’s Salesforce and ServiceNow results are the first hard confirmation that the demand Gartner has been forecasting is actually converting into bookings, not just spending intentions.