Salesforce Earnings: cRPO Growth Key to Reacceleration Thesis

Salesforce's stock price has been fluctuating ahead of its Q2 earnings report. On Wednesday, the company traded at $203.35, down 1.14% on volume of 4.35 million shares. The intraday range was $6.92, or 3.4%, which is significant given that it's a day before the earnings release.

The context is crucial: Salesforce has been sold heavily in 2026, with its market cap down 29.8% year over year to $166.54 billion. The company has been trying to convince investors that its AI-powered products are driving growth, but the market remains skeptical.

One of the key metrics to watch is cRPO (current remaining performance obligation), which is a leading indicator of future revenue. Analysts expect cRPO to grow around 13% to $33.41 billion, and Salesforce's own guidance calls for 14% growth. If cRPO comes in light, it could undermine the company's reacceleration thesis.

Management has pointed to stronger organic growth in the back half of fiscal 2027, but the company needs to deliver on that promise. The market is looking for evidence that Agentforce and Data Cloud are driving sustainable double-digit organic growth, which would be a significant turning point for Salesforce's valuation.