Is AI eating software? What the filings say.
In 2026 software stocks sold off on fears that AI would replace SaaS (the "SaaSpocalypse"), even as earnings estimates rose. This site lines up ten companies' own SEC filings by calendar quarter so anyone can check the story against reported numbers, and writes AI earnings notes in which every number is checked by code against the SEC's structured data.
505 companies: numbers-only pages for the S&P 500 (rebuilt weekly, no AI), plus verified AI notes for the 10 showcase tickers.
What the filings say
- Seen as AI-at-risk (SaaS apps): median revenue growth accelerated, from 10.6% YoY in CY2025 Q2 to 12.7% in CY2026 Q2 (ADBE 10.6% → 12.7%; CRM 9.8% → 10.8%; NOW 22.4% → 24.0%).
- Data & infrastructure software: median revenue growth accelerated, from 30.0% YoY in CY2025 Q2 to 35.4% in CY2026 Q2 (DDOG 28.1% → 35.6%; SNOW 31.8% → 35.1%).
- Seen as AI winners: median revenue growth accelerated, from 48.0% YoY in CY2025 Q2 to 92.8% in CY2026 Q2 (MSFT 18.1% → 17.7%; NVDA 55.6% → 105.9%; PLTR 48.0% → 92.8%).
- Median GAAP operating margin in CY2026 Q2: 20.5% for the AI-at-risk SaaS group vs 47.1% for the AI-winners group.
- Remaining performance obligations (contracted future revenue) grew year over year at 9 of 10 companies that report it, in each one's latest quarter.
Calendar quarters CY2024 Q3 to CY2026 Q2 (the latest quarter at least 8 of 10 companies have reported). Fiscal quarters are mapped to calendar time by their midpoint, so a February-to-April quarter counts as calendar Q1. Groups follow how the selloff framed each company, not this site's view.
Latest quarter, side by side
| Company | Group | Quarter | Revenue | Revenue YoY | Op. margin | FCF margin | RPO YoY | Deferred rev. YoY |
|---|---|---|---|---|---|---|---|---|
| CRM | Seen as AI-at-risk (SaaS apps) | FY2027 Q2 · CY2026 Q2 | $11.35B | +10.8% | 20.5% | 9.7% | +10.7% | +13.5%ᵖ |
| NOW | Seen as AI-at-risk (SaaS apps) | FY2026 Q3 · CY2026 Q3 | $4.11B | +20.5% | 9.4% | 18.2% | +22.2% | +19.7%ᵖ |
| ADBE | Seen as AI-at-risk (SaaS apps) | FY2026 Q3 · CY2026 Q3 | $6.76B | +12.9% | 34.8% | 36.1% | +8.4% | +10.3% |
| SNOW | Data & infrastructure software | FY2027 Q2 · CY2026 Q2 | $1.55B | +35.1% | -17.0% | 5.4% | +30.4% | +13.2%ᵖ |
| DDOG | Data & infrastructure software | FY2026 Q3 · CY2026 Q3 | $1.20B | +35.2% | 6.2% | 23.3% | +38.0% | +26.8%ᵖ |
| NVDA | Seen as AI winners | FY2027 Q2 · CY2026 Q2 | $96.22B | +105.9% | 66.2% | 22.2% | +68.4% | +215.1% |
| MSFT | Seen as AI winners | FY2027 Q1 · CY2026 Q3 | $92.28B | +18.8% | 49.8% | 20.2% | +71.6% | +13.0% |
| PLTR | Seen as AI winners | FY2026 Q3 · CY2026 Q3 | $2.31B | +95.9% | 46.9% | 51.7% | +88.5% | +64.3% |
| AI | AI-native app vendor | FY2027 Q1 · CY2026 Q2 | $52.4M | -25.5% | -187.6% | 3.9% | -10.4% | +79.6% |
| NDAQ | Exchange + fintech (comparison) | FY2026 Q3 · CY2026 Q3 | $2.39B | +20.9% | 30.6% | 19.2% | +13.1% | +13.6% |
ᵖ current portion of deferred revenue only. NDAQ revenue is total revenue as tagged, before transaction-based expenses, so its margins aren't comparable to the software companies.
Verified AI earnings notes
Each note is written by an AI model from the 10-Q/10-K and the earnings press release, then every claim is checked by plain code: ✓ verified against XBRL or the exact press-release text, ⚠ mismatch (the real value is shown), ◦ sourced but not machine-verifiable. Across 50 company-quarters, 99.6% of numeric claims verified (scorecard, research note).