Enterprise software stocks have come under pressure in 2026 as investors question whether artificial intelligence (AI) could disrupt traditional software-as-a-service (SaaS) models. One of the stocks most adversely affected is Salesforce (NYSE: CRM), with its share price down over 26.6% so far this year (as of March 18).
Salesforce’s fiscal 2026 (ending Jan. 31, 2026) revenue was up 10% year over year to $41.5 billion. The company also exited the year with $72.4 billion in remaining performance obligations (RPO, contracted revenue yet to be recognized). Of that, the current RPO (expected to be recognized in the next 12 months) was $35.1 billion, up 16% year over year. Hence, it is obvious that the company continues to secure long-term customers and projects, even as the market debates whether AI could weaken traditional software vendors.
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While Wall Street remains concerned about Salesforce’s maturing growth, recent data suggests that the company may be entering a new phase of AI-powered expansion. For the fourth quarter, the company reported a 26% increase in deals worth over $1 million and 33% increase in deals exceeding $10 million on a year-over-year basis.
Salesforce’s Agentforce platform, which enables businesses to build, manage, and deploy AI agents to perform various tasks, is also scaling rapidly. Combined with its Data 360 offering, a cloud-native data platform that unifies and organizes enterprise data, these products have already reached $2.9 billion in annual recurring revenue (ARR), up 200% year over year. Agentforce alone reached about $800 million in ARR, up 169% year over year.
Additionally, more than 60% of Agentforce and Data 360 bookings were from existing customers, highlighting the success of the company’s cross-selling and upselling strategy. New bookings for premium AI-focused products such as Agentforce One Edition and Agentforce for Apps also nearly tripled sequentially in the fourth quarter.
Salesforce now expects organic subscription and support revenue growth to reaccelerate in the second half of fiscal 2027. The company is guiding for fiscal 2027 revenue of $45.8 billion to $46.2 billion, implying 10% to 11% year-over-year growth. Hence, while concerns about growth are not fully resolved, investors can expect some relief in the coming quarters.
