He didn’t disappoint, opening up the quarterly earnings call with comments like:
I remember the horrible 'SaaSpocalypse' of 2020 when not only the software industry was dying, but we were all dying, but we made it through that and now everyone is back, doing great. So we're so grateful to make it through that, and we're going to make it through this one as well.
He later added:
If there is a “SaaSpocalypse’ I think it might be being eaten by the ‘Sasquatch’, because there are a lot of companies using a lot of SaaS, because SaaS just got a lot better with agents-as-a-service...Anthropic runs its whole global operation on Salesforce and Slack. I think, actually, every AI company does.
But away from such 'noises off' distractions, the main order of the business was the announcement of the firm’s latest quarterly and full year numbers.
Q4 revenue came in at $11.2 billion, up 12% year-on-year, including Informatica whose acquisition closed during the quarter, with a profit of $1.87 billion. Full year revenue was $41.5 billion, up 10% year-on-year.
Broken down into what used to be called clouds, but are now classed as Agentforce variants, full year revenue by product breaks down as:
Agentforce Sales, up eight percent year-on-year to $9.0 billion.
Agentforce Service of $9.8 billion was also up eight percent.
Agentforce 360 Platform, Slack and Other rose 22% to $8.9 billion.
Agentforce Integration and Agentforce Analytics were up seven percent to $6,2 billion.
Agentforce Marketing and Agentforce Commerce were the most disappointing category on two percent to $5.4 billion.
That might be the last time that sort of breakdown is made available, said Chief Operating and Finance Officer Robin Washington, as the firm is “re-evaluating our revenue by cloud disclosures” in order “to better reflect our Agentic Enterprise strategy”.
In terms of Agentforce take-up, more than 29,000 Agentforce deals have now closed, a 50% increase on last quarter. No data was provided on how many of those are paying deals as opposed to unpaid pilots. That said, Annual Recurring Revenue of $800 million is up 169% year-on-year.
In Q4, all of the top ten wins included Agentforce 360, Data 360, Agentforce Sales, Agentforce Service, Agentforce 360 Platform, and Agentforce Analytics.
Introducing AWUs
Salesforce also used its earnings to pitch the idea of a new AI metric: Agentic Work Units, defined as one discrete task accomplished by an AI agent.
AI workloads are often measured in tokens, or fragments of text processed by Large Language Models (LLMs). Benioff said:
Today we are one of the largest consumers of tokens in the world, to date now over 19 trillion tokens. We continue to show you that because we want you to see that we're actually doing what we say. I know that there's been some enterprise software companies who say they're doing agent, or they're doing AI, but then they're not showing up in the token rankings from the language model companies.
But we really want to take this to another level, and another level is a token on its own doesn't know your customers, your pipeline, your org chart, but Salesforce does. The value isn't in the token, the value is what our platform does with it. That's why today we're introducing the Agentic Work Unit (AWU).
AWUs quantify the amount of digital labor actually added by AI. They’re the brainchild of recently-appointed Chief Marketing Officer Patrick Stokes, formerly EVP of Product. Stokes explained:
As we started looking at how our customers were using Agentforce, we started looking at how we're consuming tokens from the model providers. All those models that sit at the bottom of our layer, from OpenAI and from Anthropic, what they're doing is they're providing intelligence into our system. We're able to measure that intelligence through the lens of a token, and that's how most of these model companies are charging, [by] the amount of tokens that your platform is consuming.
But when we started looking at that across our customers, we could start to see, 'OK, our Top 10 customers are consuming this many tokens. We know how many tokens Salesforce is consuming internally. But it begs the question, ‘Well, are they doing anything? Are they working? Are they providing any value, or is it just input and output of intelligence?'. So, you know, you can ask it a question, it can write you a poem, but that's not really all that valuable in the enterprise world. What's valuable is creating a document for you, or updating a record.
That begged another question, he continued:
We said, 'What if we could count those individual work units?', and then, 'What if we could look at those work units relative to the tokens?'. And we said, 'Oh, there's a relationship between the two'. We could start to see a ratio of tokens being consumed and work coming out.That ratio starts to become really interesting, because now we can look at our customers and say, 'Hey, Customer A, you have a really nice ratio. You're getting a lot of work done on the platform for the amount of tokens that you're consuming', and, 'Hey Customer B, your relationship is actually not so good. You're consuming a ton of tokens and not getting a lot of work done. What can we do to help you?'.
So tokens are kind of a leading indicator, but the Work Unit, we think, is a much more valuable indicator in terms of where the value is actually coming from for our customers and for our own transformation into an Agentic Enterprise.
My take
A strong quarter and full year and Agentforce is showing definite traction among the customer base, so all good? Nah, it’s 2026 and Wall Street is still being as short termist as ever and panicking at the drop of a hat. So Salesforce’s stock price slid on the release of the earnings numbers, fuelled by forward looking comments that failed to live up to what financial analysts wanted to hear. We should be used to this by now, whatever metrics you use...
February 25, 2026
