10-QPeriod: Q1 FY2027

Snowflake Inc. Quarterly Report for Q1 Ended Apr 30, 2026

Filed May 29, 2026For Securities:SNOW

Summary

Snowflake Inc. reported strong revenue growth of 33% year-over-year for the three months ended April 30, 2026, reaching $1.39 billion. This growth was primarily driven by increased consumption from existing customers, as indicated by a net revenue retention rate of 126%. The company also saw a significant increase in customers spending over $1 million annually. Despite the revenue growth, Snowflake continues to operate at a loss, with a net loss of $295.6 million for the quarter, a decrease from the previous year's net loss of $430.0 million. This loss is attributed to substantial investments in sales and marketing, and research and development, including significant stock-based compensation expenses. The company acquired Observe, Inc. for $595.8 million during the quarter, which added goodwill and intangible assets to the balance sheet. Snowflake's cash position remains strong with $4.4 billion in cash, cash equivalents, and investments. The company is actively managing its capital through stock repurchases and has a substantial remaining authorization for future repurchases. The company also amended a significant cloud infrastructure agreement, committing to a $6.0 billion spend over five years.

Financial Highlights

53 data points
Beta

Revenue

$1.39B

66.6% Gross Margin

Net Income

-$295.57M

-21.2% Net Margin

EPS (Diluted)

$-0.86

Total Assets

$8.55B

Cash & Equivalents

$2.08B

Free Cash Flow

$232.77M

Financial Statements
Beta
Revenue$1.39B
Cost of Revenue$464.50M
Gross Profit$926.45M
R&D Expenses$534.94M
Operating Expenses$1.25B
Operating Income-$326.15M
Net Income-$295.57M
EPS (Basic)$-0.86
EPS (Diluted)$-0.86
Shares Outstanding (Basic)345.39M
Shares Outstanding (Diluted)345.39M

Key Highlights

  • 1Revenue increased by 33% to $1.39 billion for the three months ended April 30, 2026, compared to $1.04 billion in the prior year period.
  • 2Net revenue retention rate remained strong at 126% as of April 30, 2026.
  • 3Number of customers with trailing 12-month product revenue greater than $1 million increased to 779 from 604 in the prior year.
  • 4The company reported a net loss of $295.6 million for the quarter, an improvement from a net loss of $430.0 million in the same period last year.
  • 5Snowflake completed the acquisition of Observe, Inc. for $595.8 million in February 2026.
  • 6Total assets decreased to $8.55 billion from $9.13 billion at the prior fiscal year-end.
  • 7The company amended a significant cloud infrastructure agreement, committing to a cumulative minimum spend of $6.0 billion over five years.

Frequently Asked Questions

Snowflake reported a 33% year-over-year increase in revenue for the three months ended April 30, 2026, reaching $1.39 billion. This growth was primarily driven by increased consumption from existing customers, as evidenced by a net revenue retention rate of 126%.

No, Snowflake continues to operate at a net loss. For the three months ended April 30, 2026, the company reported a net loss of $295.6 million. While this is an improvement from the $430.0 million net loss in the prior year's comparable period, the company is still investing heavily in growth, which contributes to the ongoing losses.

During the quarter, Snowflake acquired Observe, Inc. for $595.8 million. Additionally, the company amended a key cloud infrastructure agreement, committing to a minimum spend of $6.0 billion over five years. The company also continued its stock repurchase program.

Snowflake maintains a strong liquidity position, with approximately $4.4 billion in cash, cash equivalents, and short-term and long-term investments as of April 30, 2026.