Companies /Technology

Snowflake Inc - Class A

NYSE: SNOW Software - Application
$337.18
▼ $19.29 (−5.41%) today
Markets closed · 11:34am ET

Q1 2026 Earnings

Reported May 21, 2025, 4:06pm ET · SEC source
$0.24
Beat +13.15%
EPS · est. $0.21
$1.0B
Beat +3.62%
Revenue · est. $1.0B
+4.9%
Beating market
SNOW vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%0+4%+8%May 21May 22report 4:06pm ETearnings+0.1%+6.7%
−4%0+4%+8%May 21May 22earnings+0.1%+6.7%
SNOW +6.7%S&P 500 +0.1%
−4%0+4%+8%May 21May 22report 4:06pm ETearnings+0.2%+6.7%
−4%0+4%+8%May 21May 22earnings+0.2%+6.7%
SNOW +6.7%NASDAQ +0.2%
−5%0+5%+10%May 20May 29report 4:06pm ETearnings+1.1%+5.8%
−5%0+5%+10%May 20May 29earnings+1.1%+5.8%
SNOW +5.8%S&P 500 +1.1%
−5%0+5%+10%May 20May 29report 4:06pm ETearnings+1.1%+5.8%
−5%0+5%+10%May 20May 29earnings+1.1%+5.8%
SNOW +5.8%NASDAQ +1.1%
+13.43%
Day of report
−1.54%
Next session
+1.23%
One week
+9.03%
30 days

S&P 500 over the same 30 days: +4.12%.

Did SNOW Beat Earnings? Q1 2026 Results

Snowflake delivered a milestone first quarter of fiscal 2026, crossing the $1 billion quarterly revenue threshold for the first time while beating Wall Street on both top and bottom lines. Total revenue reached $1.04 billion, up 25.8% year-over-year and ahead of the $1.01 billion consensus, while non-GAAP EPS of $0.24 beat the $0.21 estimate by 13.15%, doubling the $0.14 posted in the year-ago period. The primary engine was product revenue — Snowflake's key consumption-based metric — which climbed to $996.81 million, also up 26% year-over-year, reflecting deepening platform adoption across its more than 11,000 customers. Operating leverage was equally notable, with non-GAAP operating income expanding to $91.66 million from just $36.24 million a year ago. Perhaps most telling for future growth, <a href="https://247wallst.com/investing/2026/02/26/snowflakes-7-88-billion-revenue-backlog-is-impressive-the-april-27-lawsuit-deadline-is-not/">remaining performance obligations</a> surged 34% year-over-year to $6.70 billion, signaling strong forward demand as competition in enterprise AI intensifies. For Q2, Snowflake guided product revenue of $1.035–$1.04 billion, with full-year product revenue projected at $4.33 billion, implying continued 25% growth.

Key Takeaways
  • 26% year-over-year product revenue growth driven by consumption-based model
  • Net revenue retention rate of 124%
  • Remaining performance obligations of $6.7 billion, up 34% YoY
  • 606 customers with trailing 12-month product revenue greater than $1 million, up 27% YoY
  • Non-GAAP operating margin expansion to 9% from 4% year-over-year

“Snowflake delivered another strong quarter, with product revenue of $997 million, up a strong 26% year-over-year, and remaining performance obligations totaling $6.7 billion.”

Snowflake CEO, on the earnings call

Forward Guidance & Outlook

For Q2 FY2026, Snowflake guided product revenue of $1,035–$1,040 million (25% YoY growth), non-GAAP operating margin of 8%, and approximately 371 million non-GAAP diluted shares. For full-year FY2026, the company projects product revenue of $4,325 million (25% YoY growth), non-GAAP product gross margin of 75%, non-GAAP operating margin of 8%, adjusted free cash flow margin of 25%, and approximately 372 million non-GAAP diluted shares.

SNOW YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$-500,000,000$0$500.0M$1.0B$828.7M$1.0BRevenue$556.2M$693.3MGross Profit$-623,876,412$-447,257,000Operating Income$-668,675,373$-430,092,000Net Income
$-500,000,000$0$500.0M$1.0BRevenueGross ProfitOperating IncomeNet Income

SNOW Revenue by Segment

Product Revenue$996.8M+26.0%
Professional Services and Other$45.3M

Figures from SEC filings and company reports. Not investment advice.