Here’s what Wall Street experts are saying about Salesforce ahead of earnings

Salesforce (CRM) is scheduled to report results of its third fiscal quarter after the market close on Tuesday, December 3, with a conference call scheduled for 5:00 pm ET. What to watch for:

GUIDANCE: Along with its second quarter earnings report, Salesforce guided to 2025 adjusted earnings per share of $10.03-$10.11 on a revenue of $37.7B-$38B, which compared to analyst estimates of $9.89 and $37.84B, respectively, at the time of the report. Consensus for EPS and revenue has since risen to $10.11 and $37.86B, respectively. The company also provided third quarter adjusted EPS guidance of $2.42-$2.44 on revenue of $9.31B-$9.36B. Consensus for earnings, which was at $2.43 at the time, has increased to $2.45, and consensus for revenue, which was at $9.41B, has fallen to $9.35B.

PARTNERSHIPS, FEATURES: In September, Alation announced a partnership with Salesforce to provide a bidirectional integration that delivers data governance and end-to-end lineage within Salesforce Data Cloud. Salesforce also unveiled Agentforce in September, a suite of autonomous AI agents that augment employees and handle tasks in service, sales, marketing, and commerce. Additionally in September, Sprout Social (SPT) announced a new integration with Salesforce’s Agentforce assistant enabling Salesforce Service Cloud and Sprout Social customers to gather customer insights from social. Salesforce also announced the Agentforce Partner Network, a global ecosystem of partners building new third-party AI agents and agent actions for Agentforce, and introduced several new Data Cloud innovations. The company also announced an expanded collaboration with Saks Fifth Avenue in September and an expanded partnership with Google Cloud (GOOG, GOOGL) to create Salesforce Agentforce Agents that help people collaborate securely across Salesforce Customer 360 and Google Workspace apps. Additionally in the month, Salesforce and NVIDIA (NVDA) announced a strategic collaboration to develop advanced AI capabilities for the enterprise with autonomous agent and interactive avatar experiences.

ACQUISITIONS: In September, Salesforce announced it has signed a definitive agreement to acquire Own Company, a provider of data protection and data management solutions. Under the terms of the agreement, Salesforce will acquire Own for approximately $1.9B in cash, net of the value of the approximately 10% of outstanding shares currently owned by Salesforce, subject to customary purchase price adjustments. The transaction is expected to close in Q4 of Salesforce’s fiscal year 2025.

Additionally in September, Salesforce signed a definitive agreement to acquire Zoomin, a data management provider for unstructured data. The company said, “Salesforce Data Cloud, with Zoomin’s capabilities, will accelerate the unlocking of unstructured data to power AI agents, making them more personalized and context-aware in every customer interaction. With this, Salesforce’s Agentforce will gain new levels of intelligence, enabling customers to build AI that provides real-time, data-informed responses and actions tailored to individual customer needs.” The acquisition is expected to close in Q4 of Salesforce’s fiscal year 2025.

ANALYST VIEWS: In December, Piper Sandler raised the firm’s price target on Salesforce to $395 from $325 and kept an Overweight rating on the shares. The firm said 2026 is shaping up to be an important transitional year for Salesforce as it executes on laying the groundwork to bring AI agents to the enterprise masses with new pricing and packaging offerings that could better position the company for a 2027 rebound. Against this backdrop and potential Q4 cRPO growth guide of 8% exiting this year, Piper sees slight downside risk to 2026 top-line consensus of $41.3B on 9% growth. That said, the firm has an upward bias to free cash flow that could exceed $13.6B and sees a sustainable path to double-digit free cash flow growth annually.

Meanwhile in November, Citi raised the firm’s price target on Salesforce to $368 from $290 and kept a Neutral rating on the shares. The firm said Agentforce has overtaken Salesforce’s narrative with positive partner feedback, driving the stock 35% since Dreamforce. Heading into Salesforce’s Q3 report, Citi’s checks suggest slightly better demand trends. The firm expects the company’s revenue and bookings growth to remain constrained in the high-single-digits, though it generally sees Q3 and Q4 Street estimates as achievable.