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  • 👉 Salesforce's "Agentforce + Data 360" Hit $1.4B in ARR

👉 Salesforce's "Agentforce + Data 360" Hit $1.4B in ARR

Kroger, Rubrik, Netflix

In partnership with

👉 Week in Review — Too Long; Didn’t Read:

Key Earnings Announcements:

  • Salesforce’s “Agentforce” and “Data 360” products hit a combined $1.4B in annual recurring revenue.

  • Rubrik reports their first-ever non-GAAP profitable quarter.

  • Kroger’s eCommerce business is expected to become profitable in 2026.

Investor Events / Global Affairs:

  • Netflix made a blockbuster (pun-intended) acquisition of Warner Bros.

  • Amazon applied competitive pressure to Nvidia.

  • Michael Dell is supercharging the “Trump Investment Accounts.”

Economic Updates:

  • The Fed’s preferred inflation gauge met expectations.

  • Private payrolls unexpectedly dropped.

The Future of Shopping? AI + Actual Humans.

AI has changed how consumers shop by speeding up research. But one thing hasn’t changed: shoppers still trust people more than AI.

Levanta’s new Affiliate 3.0 Consumer Report reveals a major shift in how shoppers blend AI tools with human influence. Consumers use AI to explore options, but when it comes time to buy, they still turn to creators, communities, and real experiences to validate their decisions.

The data shows:

  • Only 10% of shoppers buy through AI-recommended links

  • 87% discover products through creators, blogs, or communities they trust

  • Human sources like reviews and creators rank higher in trust than AI recommendations

The most effective brands are combining AI discovery with authentic human influence to drive measurable conversions.

Affiliate marketing isn’t being replaced by AI, it’s being amplified by it.

👉 Portfolio Updates

What a time to be an investor — we experienced new all-time highs in October driven by continued strength in AI and a “decent” economic backdrop, only to be met by a VIX at 30 the week before Thanksgiving. As a reminder, this volatility started at the end of October when Jerome Powell said “A rate cut in December is not guaranteed.” This caused the odds of a December rate (via Polymarket and Kalshi) to plummet to below 22%.

We then saw two Fed members speak out in November stating they believe we do indeed need rate cuts — pushing the odds of a December rate cut back above 50%. This week we saw terrible ADP payroll data, which catalyzed the odds of a December rate cut to now sit at 93%.

Remember, a lower interest rate environment is usually a good thing for the stock market — especially these high-beta names many of you have in your portfolios. It’s important to have a portfolio that reflects your individual risk tolerance. If your portfolio plummeted by -15-25% while the S&P 500 and Nasdaq-100 were down between -5-10%, you might be too invested into high-beta names.

My portfolio includes these names, with the “Long Risky” subsection up +23% YTD. Surprisingly, this is less than my “Long Technology” subsection sitting up +26% YTD (driven by Google’s outperformance this year).

The “Monthly Income” section of my portfolio continues to pay me $700+ per month, and I just reinvested all of this month’s distribution back into QQQI.

Despite the pullback in Bitcoin, I’m still in the green over six figures (18-24 month time horizon). As shared before, I plan to sell this “dead cat bounce” as Bitcoin likely continues to inch closer to its 200-day moving average in January. As I make this sale, I will reinvest my proceeds into other sections of my portfolio. Stay tuned!

2026 is right around the corner. What worked in 2025 will not work in 2026. Stay tuned for a detailed breakdown of my portfolio’s performance, changes I’ll be making, and new ways I plan to build wealth in the New Year.

👉 Best and Worst ETF Performers of the Week

👉 Key Earnings Announcements:

Salesforce’s “Agentforce” and “Data 360” products hit a combined $1.4B in annual recurring revenue, Rubrik reports their first-ever non-GAAP profitable quarter, and Kroger’s eCommerce business is expected to become profitable in 2026.

  • Salesforce (CRM)

Key Metrics

Revenue: $10.3 billion, an increase of +9% YoY

Operating Income: $2.2 billion, an increase of +15% YoY

Profits: $2.1 billion, an increase of +37% YoY

Earnings Release Callout

“Our Agentforce and Data 360 products are the momentum drivers, hitting nearly $1.4 billion in ARR—an explosive 114% year-over-year gain. We now have over 9,500 paid Agentforce deals and 3.2 trillion tokens processed, underscoring our leadership in building the Agentic Enterprise and driving real outcomes.”

My Takeaway

Salesforce delivered a defining quarter that management characterized as the true arrival of the "Agentic Enterprise." The company beat expectations on both revenue and earnings, catalyzed by the rapid adoption of its autonomous AI agents and data platform.

The headline story was Agentforce, which saw its Annual Recurring Revenue (ARR) skyrocket +330% year-over-year to hit $500 million. Combined with Data 360 (formerly Data Cloud), this "new growth engine" now generates nearly $1.4 billion in ARR, up +114% year-over-year. Subscription and Support revenue grew +10%, while the core business remained stable.

From the analyst Q&A, the focus was on the durability of this AI momentum. Management clarified that half of the new bookings came from existing customer expansions, signaling that clients are not just testing agents but rapidly scaling them.

Looking ahead, Salesforce raised their full-year guidance. Revenue is now expected to fall between $41.45 and $41.55 billion, representing +9% to +10% growth. The company also raised its GAAP operating margin outlook to 20.3% and its cash flow growth expectations to between +13% and +14%, signaling confidence that the "Agentforce" tailwind will continue into the end of the year.

Salesforce remains wildly undervalued, as shown above. This quarter’s results solidify my bullishness in the company. I’m going to start expanding my position into the new year — because according to historical valuation trends, this stock could double and still be “undervalued.”

Long Salesforce.

  • Rubrik (RBRK)

Key Metrics

Revenue: $350.2 million, an increase of +48% YoY

Operating Loss: -$75.5 million, compared to -$124.8 million last year

Net Loss: -$63.8 million, compared to -$130.8 million last year

Earnings Release Callout

“Rubrik had another exceptional quarter, with record net new subscription ARR and free cash flow generation. As the AI transformation unfolds, organizations worldwide are turning to Rubrik to ensure their businesses remain secure and AI ready. Looking ahead, we are committed to leading and pioneering new advancements at the intersection of data protection, cyber resilience, and enterprise AI acceleration."

My Takeaway

The company reported record net new subscription Annual Recurring Revenue (ARR) and achieved its first quarter of positive non-GAAP operating income, validating its ability to scale efficiently while capitalizing on the urgent enterprise demand for data security in the age of AI.

The company’s growth engine remains its Subscription ARR, which hit $1.4 billion, up +34% year-over-year. The company also added $94 million in Net New Subscription ARR during the quarter. Large enterprise adoption also seems to be accelerating, with the number of customers contributing more than $100,000 in ARR growing +27% year-over-year to reach 2,638. The company's Subscription Net Retention Rate remained strong at over 120%, further validating their land and expand strategy.

Looking ahead, Rubrik raised their full-year guidance. Revenue is now expected to fall between $1.280 billion and $1.282 billion, representing +44% growth. For the fourth quarter, revenue is projected to be between $341 million and $343 million. The company also guided for full-year free cash flow between $194 million and $202 million, signaling continued confidence in their cash generation capabilities.

I’ve held Rubrik in the portfolio since June, and this recent earning pop has caused us to be definitively in the green. I’ll continue to add to this position.

Long Rubrik.

  • Kroger (KR)

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