# Snowflake (SNOW) Q1 FY2027 earnings

Results filed 2026-05-27 for the quarter ended 2026-04-30. Source page: https://earnings.opennash.com/companies/snow/2027-q1/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1640147/000164014726000027/0001640147-26-000027-index.htm
> 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.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $1.39 billion | up 33% year-over-year | GAAP |
| Product revenue | $1.33 billion | up 34% year-over-year | GAAP |
| Net loss attributable to Snowflake Inc. | $(295,571) |  | GAAP |
| GAAP net loss per share, basic and diluted | $(0.86) |  | GAAP |
| Non-GAAP diluted net income per share | $0.39 |  | non-GAAP |
| Non-GAAP product gross margin | 75.1% |  | non-GAAP |
| GAAP product gross margin | 71.0% |  | GAAP |
| GAAP operating income (loss) | ($326.2) |  | GAAP |
| Non-GAAP operating income | $165.8 |  | non-GAAP |
| Non-GAAP operating margin | 11.9% |  | non-GAAP |
| Net cash provided by operating activities | $243.2 |  | GAAP |
| Free cash flow | $232.8 |  | non-GAAP |
| Adjusted free cash flow | $265.5 |  | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Product revenue | $1.33 billion | up 34% year-over-year |
| Net revenue retention rate | 126% |  |
| Customers with trailing 12-month product revenue greater than $1 million | 779 | up 29% year-over-year |
| Remaining performance obligations | $9.21 billion | up 38% year-over-year |
| Forbes Global 2000 customers | 813 |  |
| Net new customers | 616 | up 38% year-over-year |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Product revenue | second quarter of fiscal 2027 | $1,415 million to $1,420 million |
| Non-GAAP operating margin | second quarter of fiscal 2027 | 12.5% |
| Non-GAAP diluted weighted-average shares | second quarter of fiscal 2027 | 375 million |
| Product revenue | full-year of fiscal 2027 | $5,840 million |
| Non-GAAP product gross margin | full-year of fiscal 2027 | 75.0% |
| Non-GAAP operating margin | full-year of fiscal 2027 | 13.5% |
| Non-GAAP adjusted free cash flow margin | full-year of fiscal 2027 | 23.0% |
| Non-GAAP diluted weighted-average shares | full-year of fiscal 2027 | 376 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.

## 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.

## Slides and investor documents

- [Investor Presentation](https://s26.q4cdn.com/463892824/files/doc_financials/2027/q1/Q1-FY2027-Investor-Presentation_vFF.pdf) (Slide deck)
- [Transcript](https://s26.q4cdn.com/463892824/files/doc_financials/2027/q1/CORRECTED-TRANSCRIPT_-Snowflake-Inc-SNOW-US-Q1-2027-Earnings-Call-27-May-2026-5_00-PM-ET.pdf) (Company's official transcript)
- [Webcast](https://event.webcasts.com/starthere.jsp?ei=1762640&tp_key=5e0ee616ba) (Webcast replay)
- [10-Q](https://s26.q4cdn.com/463892824/files/doc_financials/2027/q1/f9991332-2992-464a-b962-6a700439d063.pdf) (Document)
- [Infographic](https://s26.q4cdn.com/463892824/files/doc_financials/2027/q1/Q1-27-Infographic.png) (Document)