Salesforce (CRM) Q2 2025 earnings summary

Executive summary

• Q2 FY25 revenue was $9.4B, up 9% year-over-year, with strong growth in subscription and support revenue, margin expansion, and robust cash flow.

• Launched Agentforce, a new autonomous AI platform, with early customer success and productivity gains.

• Multi-cloud deals drove nearly 80% of new business; Data Cloud remains the fastest-growing product.

• Announced CFO Amy Weaver will step down at fiscal year-end, remaining as advisor through May 2027.

• Salesforce remains the #1 CRM provider globally for 11 consecutive years and has more than tripled revenue since FY18.

Financial highlights

• Q2 revenue: $9.4B, up 9% year-over-year; subscription and support revenue grew 10% to $8.8B.

• Non-GAAP operating margin reached 33.7%, up 210 basis points year-over-year; GAAP margin at 19.1%.

• Operating cash flow was $892M, up 10% year-over-year; free cash flow $755M, up 20%.

• RPO ended Q2 at $53.5B, up 15% year-over-year; CRPO at $26.5B, up 10%.

• Returned $4.7B to shareholders via buybacks and dividends in Q2.

Outlook and guidance

• FY25 revenue guidance maintained at $37.7B–$38.0B, up 8–9% year-over-year.

• Subscription and support revenue expected to grow ~10% in constant currency.

• Raised FY25 non-GAAP operating margin guidance to 32.8%; GAAP margin expected at 19.7%.

• FY25 GAAP EPS: $6.05–$6.13; non-GAAP EPS: $10.03–$10.11.

• FY25 operating cash flow growth raised to 23–25%; free cash flow growth to 25–27%.

• Q3 revenue guidance: $9.31B–$9.36B, up 7% year-over-year.