February 25, 2026.
SAN MATEO, Calif. — February 25, 2026 — Leads & Copy — Snowflake (NYSE: SNOW), the AI Data Cloud company, has released its financial results for the fourth quarter and full-year of fiscal 2026, which ended January 31, 2026.
Product revenue for the quarter was $1.23 billion, a 30% year-over-year increase. Remaining performance obligations totaled $9.77 billion, up 42% year-over-year.
Snowflake CEO Sridhar Ramaswamy said that the past year has been transformative as the promise of AI became real, and Snowflake sits at the center of the enterprise AI revolution. He added that for over a decade, Snowflake has built the foundation that makes AI safe and scalable with a single source of truth, cross-cloud interoperability, and enterprise-grade governance. Ramaswamy noted that Snowflake is activating world-class agentic capabilities on top of that platform and, with rapid innovation, tight go-to-market alignment, and disciplined execution, the company is well positioned to lead this next phase.
CFO Brian Robins stated that the quarter reflects the strength of Snowflake’s strategy focused on landing new customers and expanding them into strategic, long-term relationships. The company added 740 net new customers, a 40% year-over-year increase, while continuing to deepen engagement across its base. Snowflake now has 733 customers spending more than $1 million on a trailing 12-month basis, and a record number exceeding $10 million. Robins added that the company’s focus remains on driving stability and operational rigor to support sustained, long-term growth.
Key business highlights include:
AI Momentum: Over 9,100 accounts are using Snowflake AI features, including Toyota Motor Europe and United Rentals. Snowflake Intelligence has become an essential capability for almost 2,500 accounts in three months, driving expanded workloads and a broader user base.
Customer Growth and Expansion: Snowflake had its strongest quarter ever for net new customer acquisition, with 740 net new customers, and a record number of customers surpassing $10 million in trailing 12-month spend. As of January 31, 2026, Snowflake served 790 of the Forbes Global 2000 customers, representing 5% year-over-year growth. Customers like Capital One and Thomson Reuters are using Snowflake to advance their data and analytics foundations.
Accelerated Product Velocity: Snowflake introduced over 430 new capabilities in fiscal 2026, including Cortex Code, an AI coding agent, and extending Cortex Code CLI to encompass data systems.
Expanded Partnerships: Snowflake continues to expand native access to leading foundation models with Anthropic, Google Cloud, and OpenAI.
Acquisitions: Observe by Snowflake brings the company into the $50+ billion IT operations market, integrating observability into data and AI workloads. Snowflake also acquired TensorStax to strengthen AI-driven data engineering within Cortex Code.
Financial Outlook: For the first quarter of fiscal 2027, Snowflake expects product revenue between $1.262 billion and $1.267 billion, representing 27% year-over-year growth. For the full year of fiscal 2027, the company anticipates product revenue of $5.66 billion, also a 27% increase.
Non-GAAP product gross profit margin is expected to be 75.0% for the full year. Non-GAAP operating income margin is projected at 9.0% for the first quarter and 12.5% for the full year. Non-GAAP adjusted free cash flow margin is anticipated to be 23.0% for the full year.
The company estimates non-GAAP weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders—diluted will be 374 million for the first quarter and 376 million for the full year.
Fourth Quarter Fiscal 2026 GAAP Results:
Product revenue: $1,226.6 million, a 30% year-over-year increase.
Product gross profit: $874.7 million.
Operating income (loss): ($318.2 million).
Net cash provided by operating activities: $781.2 million, 61% of revenue.
Free cash flow: $765.1 million.
Adjusted free cash flow: $782.2 million.
Fourth Quarter Fiscal 2026 Non-GAAP Results:
Product gross profit: $921.5 million, a margin of 75%.
Operating income: $139.2 million, a margin of 11%.
Free cash flow: $765.1 million, 60% of revenue.
Adjusted free cash flow: $782.2 million, 61% of revenue.
Full-Year Fiscal 2026 GAAP Results:
Product revenue: $4,472.3 million, a 29% year-over-year increase.
Product gross profit: $3,212.0 million.
Operating income (loss): ($1,435.2 million).
Net cash provided by operating activities: $1,221.9 million, 26% of revenue.
Free cash flow: $1,120.3 million.
Adjusted free cash flow: $1,192.7 million.
Full-Year Fiscal 2026 Non-GAAP Results:
Product gross profit: $3,388.4 million, a margin of 76%.
Operating income: $489.7 million, a margin of 10%.
Free cash flow: $1,120.3 million, 24% of revenue.
Adjusted free cash flow: $1,192.7 million, 25% of revenue.
Snowflake’s conference call to discuss the results will begin at 2 p.m. Pacific Time on February 25, 2026. Investors and participants can access the call by dialing (833) 470-1428 (Access code: 084430). For those outside the United States, global dial-in numbers are available at https://www.netroadshow.com/events/global-numbers?confId=90709 (Access code: 084430).
The call will also be webcast live on the Snowflake Investor Relations website.
An audio replay of the conference call and webcast will be available two hours after its completion and accessible for 30 days on the Snowflake Investor Relations website.
An investor presentation providing additional information and analysis is available at https://investors.snowflake.com.
Snowflake is the platform for the AI era, making it easy for enterprises to innovate faster and get more value from data. More than 13,300 customers around the globe, including hundreds of the world’s largest companies, use Snowflake’s AI Data Cloud to build, use and share data, applications and AI.
With Snowflake, data and AI are transformative for everyone.
Source: Snowflake
