📊 PRO: This Week in Visuals
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Today at a glance:
☁️ Salesforce: AI Anxiety
✅ Intuit: Scaling the AI-Native ERP
🧠 Synopsys: Power of Integration
💻 Dell: AI Supercycle Accelerates
🏦 Nubank: AI Credit Engine
❄️ Snowflake: AI Adoption Accelerates
☁️ CoreWeave: Infrastructure Gamble
🏗️ Autodesk: Agentic AI Transformation
🇰🇷 Coupang: Cyberattack Aftermath
🔲 Block: Intelligence-Native Pivot
🖥️ Zoom: $5 Billion Milestone
☁️ Zscaler: Metered Usage Pivot
🪙 Circle: Stable Haven
⚡️ Celsius: Still a Monster
🏈 Flutter: Blaming Boring NFL
📺 The Trade Desk: Soft Guide
☁️ Nutanix: AMD Strategic Alliance
💳 Chime: Profitability Inflection
🔍 Elastic: AI Context Engine
🦉 Duolingo: Growth Fizzles
🧑⚕️ Teladoc: Strategic Pivot
1. ☁️ Salesforce: AI Anxiety
Salesforce closed out FY26 with a massive bottom-line beat and a record backlog, but the stock slipped in after-hours trading as AI fears continue to weigh on the software sector. Q4 revenue (January quarter) rose 12% Y/Yto $11.2 billion (in line with consensus), while non-GAAP EPS came in at $3.81 ($0.76 beat).
That revenue growth looks healthy at first, but organic revenue growth was actually just 8% Y/Y once you adjust for the recent Informatica acquisition. Revenue from Informatica was added to the ‘Platform, Slack & Other’ segment.
The company’s Remaining Performance Obligation (RPO) accelerated 14% Y/Y to $72.4 billion. Current RPO (next 12 months) grew 13% in constant currency to $35.1 billion (helped by a 4-point contribution from Informatica).
Adjusted operating margin improved by 1.1pp to 34.2%, and management rewarded shareholders by hiking the dividend 6% and authorizing a massive new $50 billion share repurchase program, showing how the board feels about the share price.
CEO Marc Benioff aggressively pushed the company’s Agentic Enterprise narrative. Agentforce Annual Recurring Revenue (ARR) surged 169% Y/Y to $800 million. To prove AI is doing real work, Salesforce introduced a new metric called Agentic Work Units (AWU), noting 2.4 billion tasks have been completed by autonomous agents to date. Benioff raised the company’s FY30 revenue target by $3 billion to $63 billion, though this can be attributed to Informatica rather than AI.
The market’s anxiety over AI disruption overshadowed the results. Salesforce’s FY27 revenue guidance of 10% to 11% growth translates into 7% to 8% Y/Y if you remove the impact of Informatica. This continued slowdown implied that while AI ARR momentum is undeniable, it might be at the expense of the rest of the business.
2. ✅ Intuit: Scaling the AI-Native ERP
Intuit’s Q2 FY26 (January quarter) revenue rose 17% Y/Y to $4.7 billion ($120 million beat), while non-GAAP EPS surged 25% Y/Y to $4.15 ($0.47 beat). The growth was led by the Global Business Solutions Group, which grew 18% Y/Y to $3.2 billion. The Online Ecosystem was the main driver here, up 21% Y/Y to $2.5 billion.
The mid-market continues to be a massive growth engine. Revenue from QBO Advanced and the Intuit Enterprise Suite (IES) jumped 40%, with new IES contracts growing nearly 50% sequentially as accountants increasingly move their larger clients to Intuit’s AI-native ERP platform.
Despite the strong Q2 performance, shares dipped on a soft Q3 outlook. Intuit projects 10% revenue growth and non-GAAP EPS of $12.45–$12.51 for the peak tax season quarter, trailing the $12.97 consensus due to a shift in marketing spend and continued heavy AI investments.
Management reaffirmed full-year FY26 guidance (12–13% revenue growth), as it typically waits until after the critical third quarter to update the annual forecast. While Mailchimp continues to lag with slightly negative growth, the core QuickBooks and TurboTax engines remain robust.