OpenNashEarnings

Snowflake (SNOW) · Software

Snowflake Q1 FY2027 earnings: summary, key numbers & outlook

Results filed 27 May 2026 · Quarter ended 30 Apr 2026

Slides (35 pages)Official transcript (PDF) ↗Press release ↗Investor relations ↗

Summaries and transcripts are machine-generated and can contain errors.

In brief

Snowflake reported Q1 fiscal 2027 product revenue of $1.33 billion, up 34% year-over-year, and total revenue of $1.39 billion, up 33% year-over-year.

Snowflake's first quarter of fiscal 2027 (ended April 30, 2026) was strong. Revenue was $1.39 billion, up 33% from a year ago, and product revenue was $1.33 billion, up 34%. The company says this was its strongest sequential dollar growth in product revenue ever. Non-GAAP operating margin was 11.9%, up from 9% a year ago. On a GAAP basis it still lost $295,571 thousand, largely because of stock-based compensation.

Management raised full-year product revenue guidance to $5,840 million, up from $5,660 million. It also raised the non-GAAP operating margin target to 13.5%. For the second quarter it expects product revenue of $1,415 million to $1,420 million, which implies slower growth of 30%. The main tension is that growth depends on customer consumption, which is variable, and on whether AI products such as Cortex Code and Snowflake Intelligence keep adding durable usage.

Slides & documents

Open the slide deck (PDF, 35 pages) ↗

Snowflake Q1 FY2027 slide deck, page 1Snowflake Q1 FY2027 slide deck, page 2Snowflake Q1 FY2027 slide deck, page 3Snowflake Q1 FY2027 slide deck, page 4Snowflake Q1 FY2027 slide deck, page 5Snowflake Q1 FY2027 slide deck, page 6

Showing the first 6 of 35 pages.

From Snowflake investor relations

SEC filing

Key numbers

Revenue · GAAP
$1.39 billion

up 33% year-over-year

Product revenue · GAAP
$1.33 billion

up 34% year-over-year

Net loss attributable to Snowflake Inc. · GAAP
-$295.6M

GAAP net loss per share, basic and diluted · GAAP
$(0.86)

Non-GAAP diluted net income per share · non-GAAP
$0.39

Non-GAAP product gross margin · non-GAAP
75.1%

GAAP product gross margin · GAAP
71.0%

GAAP operating income (loss) · GAAP
$326.2M

Segment or metricValueChange
Product revenue$1.33 billionup 34% year-over-year
Net revenue retention rate126%
Customers with trailing 12-month product revenue greater than $1 million779up 29% year-over-year
Remaining performance obligations$9.21 billionup 38% year-over-year
Forbes Global 2000 customers813
Net new customers616up 38% year-over-year
Where each number comes from
  • Revenue: “Revenue of $1.39 billion in the first quarter, representing 33% year-over-year growth”
  • Product revenue: “Product revenue of $1.33 billion in the first quarter, representing 34% year-over-year growth”
  • Net loss attributable to Snowflake Inc.: “Net loss attributable to Snowflake Inc. | $(295,571) | $(430,092)”
  • GAAP net loss per share, basic and diluted: “Net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted | $(0.86) | $(1.29)”
  • Non-GAAP diluted net income per share: “Non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted | $0.39 | $0.24”
  • Non-GAAP product gross margin: “Product gross profit | $947.5 | 71.0% | $1,002.7 | 75.1% Operating income (loss) | ($326.2)”
  • GAAP product gross margin: “Product gross profit | $947.5 | 71.0% | $1,002.7 | 75.1% Operating income (loss) | ($326.2)”
  • GAAP operating income (loss): “Operating income (loss) | ($326.2) | (23.4 | %) | $165.8 | 11.9% Net cash provided by operating activities”
  • Product revenue: “Product revenue of $1.33 billion in the first quarter, representing 34% year-over-year growth”
  • Net revenue retention rate: “Net revenue retention rate of 126% •779 customers with trailing 12-month product revenue greater than $1 million, representing 29% year-over-year growth”
  • Customers with trailing 12-month product revenue greater than $1 million: “Net revenue retention rate of 126% •779 customers with trailing 12-month product revenue greater than $1 million, representing 29% year-over-year growth”
  • Remaining performance obligations: “Remaining performance obligations of $9.21 billion, representing 38% year-over-year growth”
  • Forbes Global 2000 customers: “•813 Forbes Global 2000 customers •Remaining performance obligations of $9.21 billion, representing 38% year-over-year growth”
  • Net new customers: “Added 616 net new customers in the quarter, up 38% year-over-year, including 13 new Forbes Global 2000 customers.”

Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.

From the filingQ1 FY2027vs year agovs last quarter
Revenue$1.4B+33.5%+8.3%
Operating income-$326.2M+27.1%−2.5%
Net income-$295.6M+31.3%+4.5%
Diluted EPS-$0.86+33.3%—
Free cash flow$232.8M+26.9%−69.6%
Gross margin66.6%+0.1 pts−0.2 pts
Operating margin-23.4%+19.5 pts+1.4 pts

Calculated by code from XBRL, not by the model.

Outlook

MetricPeriodOutlook
Product revenuesecond quarter of fiscal 2027$1,415 million to $1,420 million
Non-GAAP operating marginsecond quarter of fiscal 202712.5%
Non-GAAP diluted weighted-average sharessecond quarter of fiscal 2027375 million
Product revenuefull-year of fiscal 2027$5,840 million
Non-GAAP product gross marginfull-year of fiscal 202775.0%
Non-GAAP operating marginfull-year of fiscal 202713.5%
Non-GAAP adjusted free cash flow marginfull-year of fiscal 202723.0%
Non-GAAP diluted weighted-average sharesfull-year of fiscal 2027376 million

Key takeaways

  1. Strongest sequential product revenue dollar growth ever

    Product revenue reached $1.33 billion, up 34% year-over-year, which the company calls the strongest sequential dollar growth in its history. Total revenue was $1.39 billion, up 33%.

  2. Full-year product revenue guidance raised to $5,840 million

    Management lifted full-year product revenue guidance from $5,660 million to $5,840 million, or 31% year-over-year growth, up from 27% previously.

  3. Profitability targets improved on a non-GAAP basis

    Non-GAAP operating margin was 11.9% in the quarter, and the full-year target rose to 13.5% from 12.5%. GAAP operating loss was ($326.2) million.

  4. Large customers and RPO keep expanding

    Net revenue retention was 126% and 779 customers spent more than $1 million on a trailing 12-month basis. Remaining performance obligations were $9.21 billion, up 38%.

  5. AI products are driving adoption and deals

    Cortex Code is in use across over 7,100 accounts and Snowflake Intelligence accounts more than doubled quarter-over-quarter. Snowflake also signed a new $6 billion multi-year agreement with AWS and agreed to acquire Natoma.

Charts

Revenue$1.4B+33.5% y/yQ1 FY27
Q3 FY25: $942.1MQ3 25$942.1MQ4 FY25: $986.8M (worked out from the annual figure)Q4 25$986.8MQ1 FY26: $1.0BQ1 26$1.0BQ2 FY26: $1.1BQ2 26$1.1BQ3 FY26: $1.2BQ3 26$1.2BQ4 FY26: $1.3B (worked out from the annual figure)Q4 26$1.3BQ1 FY27: $1.4BQ1 27$1.4BQ2 FY27: $1.5BQ2 27$1.5B

Fourth quarter worked out from the annual figure.

Data
Q3 FY25$942.1M
Q4 FY25$986.8M *
Q1 FY26$1.0B
Q2 FY26$1.1B
Q3 FY26$1.2B
Q4 FY26$1.3B *
Q1 FY27$1.4B
Q2 FY27$1.5B
Diluted EPS (GAAP)-$0.86+33.3% y/yQ1 FY27
Q3 FY25: -$0.98Q3 25-$0.98Q1 FY26: -$1.29Q1 26-$1.29Q2 FY26: -$0.89Q2 26-$0.89Q3 FY26: -$0.87Q3 26-$0.87Q1 FY27: -$0.86Q1 27-$0.86Q2 FY27: -$0.55Q2 27-$0.55
Data
Q3 FY25-$0.98
Q1 FY26-$1.29
Q2 FY26-$0.89
Q3 FY26-$0.87
Q1 FY27-$0.86
Q2 FY27-$0.55

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin-23.4%+19.5 pts y/yQ1 FY27
Q3 FY25: -38.8%Q3 25-38.8%Q4 FY25: -39.2%Q4 25-39.2%Q1 FY26: -42.9%Q1 26-42.9%Q2 FY26: -29.7%Q2 26-29.7%Q3 FY26: -27.2%Q3 26-27.2%Q4 FY26: -24.8%Q4 26-24.8%Q1 FY27: -23.4%Q1 27-23.4%Q2 FY27: -17.0%Q2 27-17.0%
Data
Q3 FY25-38.8%
Q4 FY25-39.2%
Q1 FY26-42.9%
Q2 FY26-29.7%
Q3 FY26-27.2%
Q4 FY26-24.8%
Q1 FY27-23.4%
Q2 FY27-17.0%
Free cash flow$232.8M+26.9% y/yQ1 FY27
Q3 FY25: $88.3MQ3 25$88.3MQ4 FY25: $421.4MQ4 25$421.4MQ1 FY26: $183.4MQ1 26$183.4MQ2 FY26: $58.2MQ2 26$58.2MQ3 FY26: $113.6MQ3 26$113.6MQ4 FY26: $765.1MQ4 26$765.1MQ1 FY27: $232.8MQ1 27$232.8MQ2 FY27: $83.8MQ2 27$83.8M
Data
Q3 FY25$88.3M
Q4 FY25$421.4M
Q1 FY26$183.4M
Q2 FY26$58.2M
Q3 FY26$113.6M
Q4 FY26$765.1M
Q1 FY27$232.8M
Q2 FY27$83.8M

Operating cash flow minus capital expenditure, from cash flow statements.

Questions

What were Snowflake's Q1 fiscal 2027 results?

Revenue was $1.39 billion, up 33% year-over-year, and product revenue was $1.33 billion, up 34%. Non-GAAP operating margin was 11.9%, while the GAAP net loss attributable to Snowflake was $(295,571) thousand.

What is Snowflake's guidance for the second quarter of fiscal 2027?

Snowflake expects product revenue of $1,415 million to $1,420 million, representing 30% year-over-year growth. It also expects a non-GAAP operating margin of 12.5%.

Did Snowflake raise its full-year outlook?

Yes. Full-year fiscal 2027 product revenue guidance rose to $5,840 million (31% growth) from $5,660 million (27% growth), and non-GAAP operating margin guidance rose to 13.5% from 12.5%.

How much cash did Snowflake generate in the quarter?

Net cash provided by operating activities was $243.2 million and free cash flow was $232.8 million, a 16.7% margin. Adjusted free cash flow was $265.5 million, a 19.1% margin.

What are the key customer and AI indicators?

Net revenue retention was 126%, with 779 customers above $1 million in trailing 12-month product revenue, and RPO was $9.21 billion, up 38%. More than 13,600 accounts use Snowflake AI capabilities, and Cortex Code is in use across over 7,100 accounts.