Marc Benioff‘s uncharacteristic restraint during Salesforce Inc.‘s (NYSE:CRM) fourth-quarter earnings call may be the strongest bullish indicator in decades, signaling a fundamental shift from hype to execution.
The Rhetoric Paradox
Analysis of 22 years of Salesforce earnings calls by EMJ Capital’s Eric Jackson reveals a striking pattern: Benioff’s rhetoric often cools just as the business begins to turn.
In his analysis, Jackson noted that Benioff delivered the “quietest version of himself” ever measured, dropping long-standing buzzwords like “inflection,” “paradigm,” and “revolution.” Jackson’s proprietary “Delta Score” for the call hit 2.5/100—the lowest in the company’s history.
“At tops, rhetoric rises while the business slows,” Jackson observed. “At bottoms, rhetoric cools while the business turns.” This shift suggests that Salesforce is moving past the need for defensive grandstanding, focusing instead on a stabilizing bottom line.
Fundamentals Over Fluency
While the CEO’s vocabulary contracted, the company’s financial performance expanded. Salesforce reported a reacceleration in growth, climbing from 9% last quarter to 12% in the fourth-quarter—the first such acceleration in five quarters.
The company also introduced live customer testimonials from SharkNinja and Wyndham, a move Jackson identified as a first for his entire 22-year dataset.
Benioff’s “quiet” confidence was punctuated by massive capital returns, including a new $50 billion share repurchase program. “This isn’t my first SaaSpocalypse,” Benioff remarked, maintaining a steady hand as the company updated its FY30 revenue target to $63 billion.
The Agentforce Variable
Despite the optimism, the transition to an “agentic enterprise” remains the primary risk factor. Jackson highlighted a critical gap: the 14% deployment rate for Agentforce.
While Salesforce has closed 29,000 deals, only 4,000 are currently in production. “The risk is one number: 14%,” Jackson warned. “If deployment catches booking, no 20% decline. If it doesn’t, nothing else matters.”
If Benioff’s newfound restraint holds, it suggests the company is betting on reality finally catching up to the vision.
CRM Down Over 24% In 2026
Shares of CRM have dropped by 24.39% year-to-date, while the S&P 500 index has advanced by 1.28% in the same period. The stock was 21.33% lower over the last six months and 37.61% over the year. On Wednesday, the stock closed 3.41% higher at $191.75 apiece.
Benzinga’s Edge Stock Rankings indicate that CRM maintains a weaker price trend over the short, medium, and long terms, with a solid quality ranking.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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