Salesforce, Inc. (NYSE:CRM) heads into Wednesday’s earnings print with one of enterprise software’s roughest charts for 2026.
Shares trade near $205.69, down 24.4% from a 52-week high of $269.11, giving the company a market cap near $168.5 billion and a price-to-earnings ratio of 23.83, according to Benzinga Pro.
A stock once priced as an AI-software leader now trades at a steep discount to its own highs, and tonight’s report is the first real chance to change that.
- CRM stock is moving ahead of earnings. See the price action here.
The Setup Into Earnings
Wall Street’s models set a high bar. Consensus calls for adjusted EPS of $3.27 on revenue of $11.13 billion, up 10.7% from $10.24 billion a year ago. Anything short of that pace risks reviving the selling pattern from earlier this year.
Salesforce stock spent most of 2026 grinding to new lows. Morgan Stanley downgraded the shares to equal-weight from overweight in July and cut its price target to $185 from $287.
Analyst Adam Wood wrote that Salesforce is “actively disrupting itself to position for the agentic era,” but that “strong Agentforce KPIs have yet to drive an inflection in organic growth as legacy portfolio drags persist,” CNBC reported.
KeyBanc Capital Markets followed days later, cutting the stock to a Hold and scrapping its price target after finding little evidence Agentforce adoption was accelerating, CNBC reported.
Bank of America went further in May, reinstating coverage at an Underperform rating with a $160 target on slowing customer acquisition and an unproven Agentforce monetization plan, per CNBC.
The Turnaround
Agentforce still anchors the turnaround case. Salesforce said in May that annualized recurring revenue for the AI-agent platform climbed to $1.2 billion from $800 million the prior quarter, which management cites as evidence that its AI push is gaining traction.
Skeptics counter that growth has yet to materialize meaningfully in the core business, where legacy product lines continue to drag on overall momentum.
Tonight’s numbers carry weight beyond a simple beat or miss. Growth in remaining performance obligations and management’s tone on full-year guidance will determine whether investors treat Agentforce as a durable driver or another letdown layered onto an already-battered stock.
A guidance raise paired with concrete Agentforce detail would give bulls their strongest case yet for a rebound toward the price targets analysts have held above shares all year.
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