TMTB: CRM SNOW + other earnings

CRM -3%: We think quarter was fine as key KPI Q4/Q1 cRPO beat/ sub guide inline….FY OPM guide inline / Top line guide weaker

Q4 cRPO 11% vs bogeys of 10%, helped by early renewals
Q1 cRPO guided to 10% vs buyside at 9%
FY Sub guide 9% inline with bogeys
Total revs 7% vs bogeys of 8-9%
Co disclosed $900M in datacloud + AI ARR deals, closed 5k Agentforce deals incl >3k paid

We think the print was fine as key KPIs (cRPO/sub rev guide) were inline to better. Total rev guide miss was driven by services - not as impt but optically being closer to DD would help the re-rating narrative of CRM as a potential DD grower. As expected, Benioff sounded bulled up on Agentforce - they’re embedding some modest contribution from Agentforce in FY26 guide which will build in FY27 (positive + negative feedback on that: some would have preferred no embedding of revs while others saying its good bc coming in ahead of expectations).