Salesforce, Inc. (NYSE:CRM) heads into Wednesday’s earnings print with one of enterprise software’s roughest charts for 2026.

Shares trade near $205.69, down 24.4% from a 52-week high of $269.11, giving the company a market cap near $168.5 billion and a price-to-earnings ratio of 23.83, according to Benzinga Pro.

A stock once priced as an AI-software leader now trades at a steep discount to its own highs, and tonight’s report is the first real chance to change that.

CRM stock is moving ahead of earnings. See the price action here.

The Setup Into Earnings