Snowflake Inc.
Revenue
$1B
Net Income
$-296M
Snowflake Inc.
Revenue
$1B
Net Income
$-296M
Snowflake Inc.
CIK: 0001640147
Earnings Analysis
Analyzed 11 of 12 reports
Performance Summary - Q1 2026bullish (64)not_provided
Reality-Based Sentiment Analysisbullish64/100
Based on actual market data, not just management spin. Weighted score: 10% management tone + 40% earnings beat/miss + 30% price action + 20% guidance accuracy.
Financial Performance Trend
Overall Analysis & Outlook
Over the past 5 quarters, Snowflake Inc. has been showing mixed sentiment with stable guidance. Revenue has grown 106.4% during this period. The latest quarter shows neutral sentiment with neutral tone from management.
Latest Quarter Highlights:
Snowflake delivered Q1 FY2027 revenue of $1.39B, up 33.4% YoY, demonstrating strong top-line growth despite continued operating losses of $296M. The company acquired Observe Inc. for $596M to strengthen its AI observability capabilities, signaling commitment to AI strategy and product expansion. While operating cash flow of $243M was positive and RPO reached $9.2B, the company faces headwinds from elevated operating expenses and ongoing path to profitability.
Detailed Quarterly Reports
In-depth analysis of each quarter's earnings filing
Q1 2026
10-Q • Filed 5/29/2026
Summary
Snowflake delivered Q1 FY2027 revenue of $1.39B, up 33.4% YoY, demonstrating strong top-line growth despite continued operating losses of $296M. The company acquired Observe Inc. for $596M to strengthen its AI observability capabilities, signaling commitment to AI strategy and product expansion. While operating cash flow of $243M was positive and RPO reached $9.2B, the company faces headwinds from elevated operating expenses and ongoing path to profitability.
Revenue
$1.39B
Net Income
$-295.571M
Guidance
Tone
Capex
$10.451M(-76.78% YoY)
Key Quotes
"The Company provides its platform through a customer-centric, consumption-based business model"
"RPO was approximately $9.2 billion, of which the Company expects approximately 50% to be recognized as revenue in the 12 months ending April 30, 2027"
"The Company acquired Observe primarily for its developed technology and talent"
Q3 2025
10-Q • Filed 12/5/2025
Summary
Snowflake delivered Q3 revenue of $1.21 billion (28.7% YoY growth) with improved consumption trends and strong RPO of $7.9 billion, though the company remains unprofitable with a net loss of $294 million. The company is actively investing in AI technology and infrastructure, evidenced by significant capex growth to $85.6 million, while maintaining disciplined cost management with stable headcount. Operating performance shows improving unit economics with positive operating cash flow of $441 million, though management provided no forward guidance beyond existing RPO disclosures.
Revenue
$1.21B
Net Income
$-293.957M
Guidance
Tone
Capex
$85.559M(+144.2% YoY)
Partnerships
Key Quotes
"The Company's RPO was $7.9 billion, of which the Company expects approximately 48% to be recognized as revenue in the 12 months ending October 31, 2026 based on historical customer consumption patterns."
"During the nine months ended October 31, 2025, the Company recognized impairment charges of $20.8 million, mainly for leasehold improvements and furniture and fixtures, primarily relating to the cease-use of its San Mateo office facility."
"The Company acquired Crunchy Data primarily for its talent and developed technology... The Company has accounted for this transaction as a business combination."
Q2 2025
10-Q • Filed 9/5/2025
Summary
Snowflake delivered Q2 FY2026 revenue of $1.145 billion (31.8% YoY growth), improving from prior quarter's operational losses with positive operating cash flow of $303.3 million. Despite strong consumption-driven top-line growth and $6.9 billion in remaining performance obligations, the company remains unprofitable at the net income level (-$298 million loss) and management provided no forward guidance, instead emphasizing cautious language about market uncertainties and execution risks.
Revenue
$1.14B
Net Income
$-298.017M
Guidance
Tone
Capex
$61.654M(+186% YoY)
Key Quotes
"we have a history of operating losses and may not achieve or sustain profitability in the future"
"If we are not successful in executing our investments in AI Technology, including generative AI Technology, our business, financial condition, and results of operations could be harmed"
"Unfavorable conditions in our industry or the global economy, reductions in cloud spending, or lower than expected consumption, could limit our ability to grow our business and negatively affect our results of operations"
Q1 2025
10-Q • Filed 5/30/2025
Summary
Snowflake delivered Q1 FY2026 revenue of $1.04 billion (25.8% YoY growth) with $6.7 billion in remaining performance obligations (RPO), demonstrating continued platform momentum despite ongoing net losses of $430 million. The company maintained strong pricing power through its consumption-based model, with deferred revenue of $2.32 billion, though operating expenses remain elevated with $1.14 billion total operating expenses (50% increase in G&A due to office facility impairment charges). Management faces headwinds from significant litigation exposure including data breach claims, securities lawsuits, and NLRB matters, while continuing substantial investments in AI/ML capabilities.
Revenue
$1.04B
Net Income
$-430.092M
Guidance
Tone
Capex
$44.989M(+172.3% YoY)
Partnerships
Key Quotes
"The Company's RPO was $6.7 billion, of which the Company expects approximately 50% to be recognized as revenue in the twelve months ending April 30, 2026 based on historical customer consumption patterns."
"During the three months ended April 30, 2025, the Company recognized impairment charges of $85.9 million for operating lease right-of-use assets and $20.6 million for property and equipment, net, primarily relating to the cease-use of its San Mateo office facility."
"The Company is unable to estimate any reasonably possible loss, or range of loss, with respect to these matters at this time."
Q4 2024
10-K • Filed 3/21/2025
Summary
Snowflake delivered FY2025 revenue of $8,563M (+33% YoY) and net loss of $1,658M as the company invests heavily in AI capabilities, particularly Snowflake Cortex AI and the AI Data Cloud initiative. The company raised $2.27B through convertible notes and repurchased $1.9B in stock, signaling confidence despite macroeconomic headwinds affecting customer consumption optimization. However, management tone is significantly defensive due to May 2024 cybersecurity incidents affecting customer accounts (not caused by platform vulnerabilities), ongoing litigation, regulatory scrutiny, and near-term profitability challenges from substantial stock-based compensation representing 41% of revenue.
Revenue
$226.444M
Net Income
$-263.574M
Guidance
Tone
Partnerships
Key Quotes
"Our platform powers the AI Data Cloud, a network of data providers, data consumers, and data application developers that enables our customers to securely share, monetize, and acquire live data sets and data products."
"many customers are attempting to rationalize budgets, prioritize cash flow management, and optimize consumption amidst macroeconomic uncertainty"
"In May 2024, we became aware that a cybersecurity threat actor had accessed a number of our customers' Snowflake accounts as a result of such customers' failure to fulfill certain of their obligations under our shared responsibility cybersecurity model...we have been the subject of numerous lawsuits, regulatory investigations, and lawmaker inquiries"
Q3 2024
10-Q • Filed 11/27/2024
Summary
Snowflake reported Q3 FY2025 revenue of $942.1 million, up 28% YoY, but continues operating at a net loss of $324.3 million with negative operating income of $365.5 million despite strong gross margins of 66%. Operating cash flow remained positive at $527 million for the nine-month period, though the company is burning cash operationally and returned $1.9 billion to shareholders via buybacks while issuing $2.3 billion in convertible notes.
Revenue
$942.094M
Net Income
$-324.279M
Guidance
Tone
Capex
$58.43M
Partnerships
Key Quotes
"The Company's platform through a customer-centric, consumption-based business model, only charging customers for the resources they use."
"Revenue from on-demand arrangements represented approximately 2% of the Company's revenue for each of the three and nine months ended October 31, 2024 and 2023."
"The Company treats the consumption of its platform for compute, storage, and data transfer resources as separate and distinct performance obligations."
Q2 2024
10-Q • Filed 8/29/2024
Summary
Snowflake delivered Q2 FY2025 revenue of $868.8M (29% YoY growth) but reported a net loss of $316.9M as operating expenses accelerated faster than revenue growth. The company generated positive operating cash flow of $425.3M driven by working capital improvements, particularly from accounts receivable collection, though free cash flow declined to $390.4M after capex. Remaining performance obligations of $5.2B provide visibility, but management provided no forward guidance in this 10-Q filing.
Revenue
$868.823M
Net Income
$-316.899M
Guidance
Tone
Capex
$34.958M
Key Quotes
"The Company treats its virtual private deployments for customers, professional services, technical solution services, and training each as a separate and distinct performance obligation"
"As of July 31, 2024, the Company's RPO was $5.2 billion, of which the Company expects approximately 50% to be recognized as revenue in the twelve months ending July 31, 2025 based on historical customer consumption patterns"
"In June 2024, the Company made Iceberg tables generally available to its customers, enabling them to use the Snowflake platform for compute services without requiring storage"
Q1 2024
10-Q • Filed 5/31/2024
Summary
Snowflake delivered Q1 FY2025 revenue of $828.7M (+33% YoY), demonstrating strong product demand with product revenue of $789.6M (+34% YoY). However, the company remains unprofitable with a net loss of $317.0M and significant operating losses, though operating cash flow remained positive at $355.5M. The company maintained strong pricing power in its consumption-based model while investing heavily in AI capabilities and R&D ($410.8M, +48% YoY), positioning for future growth.
Revenue
$828.709M
Net Income
$-316.988M
Guidance
Tone
Capex
$23.923M
Key Quotes
"The AI Data Cloud, a network where Snowflake customers, partners, developers, data providers, and data consumers can break down data silos and derive value from rapidly growing data sets in secure, governed, and compliant ways."
"The Company provides its platform through a customer-centric, consumption-based business model, only charging customers for the resources they use."
"RPO was $5.0 billion, of which the Company expects approximately 51% to be recognized as revenue in the twelve months ending April 30, 2025 based on historical customer consumption patterns."
Q4 2023
10-K • Filed 3/26/2024
Summary
Snowflake delivered fiscal 2024 revenue of $5.5B (+37% YoY) with net income of $343M, driven by strong platform adoption and 131% net revenue retention despite macroeconomic headwinds. The company expanded its customer base to 9,437 total customers with 691 Forbes Global 2000 customers (41% of revenue), while generating robust free cash flow of $779M. However, management adopts a cautious tone regarding future macroeconomic uncertainty, customer budget rationalization, and consumption optimization pressures that could impact growth.
Revenue
$166.863M
Net Income
$122.069M
Guidance
Tone
Capex
$35.1M(+39.8% YoY)
Partnerships
Key Quotes
"We believe that a cloud computing platform that puts data and AI at its core will offer great benefits to organizations by allowing them to realize the value of the data that powers their businesses."
"Our business and financial condition have been, and may continue to be, impacted by adverse macroeconomic conditions, including inflation, higher interest rates, and fluctuations or volatility in capital markets or foreign currency exchange rates. These conditions have caused, and may continue to cause, customers to rationalize budgets, prioritize cash flow management, including through shortened contract duration, and optimize consumption."
"We are focused on our long-term revenue potential and believe our market opportunity is large. We will continue to invest significantly in research and development to improve our platform, including in the areas of data science, artificial intelligence, and machine learning."
Q3 2023
10-Q • Filed 12/1/2023
Summary
Snowflake reported Q3 FY2024 revenue of $734.2M (+31.7% YoY), demonstrating continued strong growth, though the company remains unprofitable with a net loss of $214.3M. Operating cash flow of $503.5M and positive free cash flow reflect solid cash generation despite continued investment in R&D and sales/marketing. The company is actively investing in AI/ML technologies and made multiple strategic acquisitions totaling $340M during the nine-month period.
Revenue
$734.173M
Net Income
$-214.251M
Guidance
Tone
Capex
$49.118M
Key Quotes
"The Company continues to innovate and make new features generally available to customers, including its development and use of artificial intelligence and machine learning"
"The Company's RPO was $3.7 billion, of which the Company expects approximately 57% to be recognized as revenue in the twelve months ending October 31, 2024"
"In June 2023, the Company amended one of its third-party cloud infrastructure agreements under which it committed to spend at least $1.0 billion between June 2023 and May 2028 on cloud infrastructure services"
Q2 2023
10-Q • Filed 8/31/2023
Summary
Snowflake delivered Q2 FY2024 revenue of $674.0M (35% YoY growth) with strong product revenue generation ($640.2M), though the company remains unprofitable with a net loss of $226.9M. Operating cash flow remained positive at $382.6M despite ongoing losses, indicating healthy billing dynamics and strong deferred revenue of $1.54B. The company made strategic acquisitions (Neeva, Mountain, LeapYear) totaling ~$323M to expand AI/migration capabilities and executed $191.7M in stock buybacks, signaling confidence in valuation despite macro headwinds.
Revenue
$674.018M
Net Income
$-226.867M
Guidance
Tone
Capex
$30.483M
Partnerships
Key Quotes
"RPO as of July 31, 2023 was $3.5 billion, of which the Company expects approximately 57% to be recognized as revenue in the twelve months ending July 31, 2024 based on historical customer consumption patterns"
"Under the amended third-party cloud infrastructure agreement, the Company has committed to spend at least $1.0 billion between June 2023 and May 2028 on cloud infrastructure services with no minimum purchase commitment during any year"
"The Company's consumption-based business model, only charging customers for the resources they use, through its Data Cloud platform"
Sector Comparison
How SNOW performs vs Technology sector and Cloud Infrastructure peers
Sector Ranking (Technology)
Category Ranking (Cloud Infrastructure)
Key Metrics vs Averages
SNOW
$1,390.951M
Cloud Infrastructure Avg
$32,679.506M
Technology Avg
$27,570.096M
SNOW
-76.8%
Cloud Infrastructure Avg
-5.3%
Technology Avg
46.2%
Guidance: not_provided • Tone: neutral