Enterprise software stocks have struggled in 2026 as investors debate how artificial intelligence (AI) is changing the industry. Some analysts are concerned that AI agents could replace several software-as-a-service (SaaS) tools. This transition can potentially reduce demand for traditional software subscriptions.
While these concerns have negatively affected several software stocks in 2026, they have also pressured companies that are actually leveraging AI to expand their opportunities. One such company that could emerge as a surprise winner in this environment is Salesforce (CRM +4.24%).
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AI adoption is accelerating
Salesforce delivered a strong earnings report in its fiscal 2026's fourth quarter (ended Jan. 31, 2026), with both revenue and earnings surpassing consensus estimates. Revenue was up 12% year over year to $11.2 billion, while net income was up 13.7% to $1.9 billion.
Salesforce is also benefiting from AI agents embedded directly into its software through the Agentforce platform. Agentforce enables clients to build, manage, and deploy AI agents across various business workflows. These agents can perform tasks such as qualifying leads, automating customer support, and guiding customers through purchase decisions.
The company has already completed 29,000 Agentforce deals in the first 15 months since launch, reaching more than 23,000 customers. The Agentforce platform also reached roughly an $800 million annual revenue run rate by the end of fiscal 2026. In the fourth quarter, each of Salesforce's top 10 deals included Agentforce, highlighting how quickly AI capabilities are becoming a part of major enterprise contracts.
The broader business is also performing well. Salesforce ended fiscal 2026 with $72 billion in remaining performance obligations (RPO, a measure of contracted backlog). The company also reported momentum in large deals, with the number of deals worth over $1 million rising 26% year over year and deals worth over $10 million increasing 33% year over year in the fourth quarter.
NYSE: CRM
Key Data Points
AI expands market opportunity
AI is already opening multiple monetization opportunities for Salesforce. The company has started generating revenue through premium subscription tiers that include embedded AI capabilities and unlimited access to agentic AI, consumption-based AI agents, and broader enterprise agreements that bundle AI with analytics and data.
Salesforce also claimed that some companies adopting the broader agentic platform are expanding their spending by 2 to 4 times. Hence, these AI-powered expansions could significantly expand Salesforce's market opportunity.
AI adoption has also strengthened Salesforce's broader ecosystem. Agentic workflows depend on enterprise data, analytics, and integrations to function effectively. As companies deploy Agentforce, they often increase their use of other Salesforce platforms, such as Data Cloud, Tableau, and MuleSoft. The scale of AI activity on Salesforce's platform is also evident from the fact that the company has already processed over 19 trillion AI tokens (a unit of AI data).
Salesforce could surprise investors
Despite these developments, Salesforce's shares remain under pressure due to concerns about software valuations and AI disruptions.
However, investors are not considering how deeply Salesforce's solutions are embedded in enterprise workflows such as customer support, lead generation, marketing campaigns, and support operations. With the company rapidly integrating AI in these solutions, customers may see little incentive to move away from Salesforce's platform.
The recent $50 billion share repurchase program also underlines management's confidence in the company's long-term outlook. As a result, the company appears well-positioned to surprise investors in 2026.
