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Technology · NYSE: SNOW

Snowflake: how the business works

Snowflake sells a cloud data platform that organizations pay for by how much they use it, with revenue of $4.68 billion and a net loss of $1.33 billion in FY2026 (year ended Jan 31, 2026).

By · Checked against filings: . Editorial policy. Corrections

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Snowflake Inc. · Menlo Park, California · Founded 2012

Updated for Q2 FY2027 · checked

Revenue, FY2026
$4.68B
Net loss, FY2026
−$1.33B
Customers, Jul 31, 2026
14,554
Employees, Jan 31, 2026
9,060
Founded
2012

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Snowflake in 5 points

  1. 1 · What it sells

    Snowflake sells a cloud data platform that organizations pay for by how much they use it, with revenue of $4.68 billion in FY2026 (year ended Jan 31, 2026).

    More: what it sells

  2. 2 · Who pays it

    Snowflake does not split revenue by industry, but in FY2026 its 790 Forbes Global 2000 customers paid about 43% and all other customers about 57%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2026, including $190.6 million of interest income, costs were $127.3, so Snowflake lost $27.3; its operating loss was $30.6 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Snowflake has no operating profit to split: it reports one segment, and in FY2026 product revenue had a 72% gross margin and professional services a negative 31%, before a $1,435.2 million operating loss.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Snowflake's GAAP operating loss was $263.0 million in Q2 FY2027, against $340.3 million a year earlier, while stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $423.6 million in the quarter.

    More: the one thing to watch

Sources: From Snowflake's FY2026 10-K and Q2 FY2027 earnings release · checked

See the full receipt and the management scorecard below

Sources (2)
Next: Where $100 goes

01Where the money goes · FY2026

Where does $100 of Snowflake's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Snowflake · FY2026

Receipt for every $100

Where $100 of Snowflake's money went in FY2026
Sales and marketing$42.3
Research and development$40.4
Running the platform and services$31.5
General and administrative$11.3
Other expense, interest and noncontrolling holders$1.4
Income tax$0.4
Net loss (costs above money in)−$27.3
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2026 10-K. Of every $100 that came in during FY2026 (revenue $4,683.9 million + interest income $190.6 million = $4,874.5 million), costs added up to $127.3, so the last line is a net loss of $27.3. Measured on revenue alone, the operating loss was $30.6 per $100. Stock-based compensation of $34.1 per $100 of revenue sits inside the cost lines.

Sources (1)
Next: The business in one line

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02The business in one line

What does Snowflake do?

Organizations pay Snowflake for the computing, storage and data transfer they use on its cloud data platform; most of the money goes on selling, research and running the platform, and costs were higher than revenue in every year from FY2022 to FY2026.

  • Product revenue, from that usage, was 95.5% of Snowflake's $4.68 billion of revenue in FY2026. Most customers commit to a set amount of use over one to four years.
  • Of every $100 that came in during FY2026, $42.3 went on sales and marketing, $40.4 on research and development and $31.5 on running the platform and services.
Next: Who pays it

03Who pays it

Who pays Snowflake?

  • Forbes Global 2000 companies

    43%

    of revenue

    790 of the companies on the 2025 Forbes Global 2000 list were customers at Jan 31, 2026. They contributed about 43% of FY2026 revenue.

  • All other customers

    57%

    of revenue

    The rest of Snowflake's 13,328 customers at Jan 31, 2026, of all sizes and industries, plus on-demand users: about 57% of FY2026 revenue (Cityfort calculation from the FY2026 10-K).

  • Forbes Global 2000 companies43%
  • All other customers57%

How spread out the customers are

No customer was 10% or more of revenue in FY2024, FY2025 or FY2026. Customers with over $1 million of trailing 12-month product revenue, 733 at Jan 31, 2026, were about 68% of product revenue. On-demand use, billed monthly, was about 1% of FY2026 revenue.

Sources (1)
Next: Why it makes money

04Why it makes money

Why does Snowflake make money?

Existing customers use more each year, so revenue grows faster than selling costs, but stock-based pay keeps GAAP results at a loss.

About 97% of Snowflake's FY2026 revenue came from existing customers under capacity contracts. Sales and marketing fell from $61.0 to $44.0 per $100 of revenue between FY2022 and FY2026, which narrowed the operating loss. Stock-based compensation was $34.1 per $100 of revenue in FY2026, while customers generally pay ahead and stock-based pay uses no cash, so free cash flowCash from operations minus spending on buildings and equipment. Learn more was $1.12 billion.

Operating income per $100 of revenue

−$58.6−$30.6

FY2022 to FY2026

  1. A customer commits to a set amount of use, typically for one to four years
  2. Snowflake usually bills a year ahead, then books revenue as the customer uses it
  3. Customers that use more buy more capacity or renew early
  4. Existing customers' product revenue was 126% of the year before at Jul 31, 2026, by Snowflake's measure
  5. More revenue spreads over sales and research costs
  6. Cash paid ahead funds research, acquisitions and buybacks

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2026

Which businesses make up Snowflake?

  • Product

    96%

    Snowflake reports one operating segment, so these are revenue lines, with no operating profit shown. Product revenue comes from customers' use of computing, storage and data transfer; its GAAP gross margin was 72% in FY2026.

    Revenue $4.5B

  • Professional services and other

    5%

    Setup help and training. Its GAAP gross margin was negative 31% in FY2026.

    Revenue $212M

How the mix changed

  • Product
  • Professional services and other

Revenue by segment, FY2022 to FY2026.

US$

See the numbers
How the mix changed (US$)
YearProductProfessional services and other
FY2022$1.1B$78.8M
FY2023$1.9B$127M
FY2024$2.7B$140M
FY2025$3.5B$164M
FY2026$4.5B$212M
Sources (2)
Next: How has it done

06The numbers · Consolidated · US$

How has Snowflake done?

Revenue

$4.7BFY2026

Revenue grew every year, from $1.22 billion in FY2022 to $4.68 billion in FY2026, and was $1.55 billion in Q2 FY2027, up 35.1% from a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2022$1.2B
FY2023$2.1B
FY2024$2.8B
FY2025$3.6B
FY2026$4.7B
Q3 FY2025$942M
Q4 FY2025$987M
Q1 FY2026$1.0B
Q2 FY2026$1.1B
Q3 FY2026$1.2B
Q4 FY2026$1.3B
Q1 FY2027$1.4B
Q2 FY2027$1.5B

Net profit

−$1.3BFY2026

Snowflake reported a net loss in every year and quarter shown, $1.33 billion in FY2026 and $191.7 million in Q2 FY2027; FY2026 includes a $108.7 million charge for leaving an office, $106.5 million of it in Q1 FY2026.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2022−$680M−$2.26
FY2023−$797M−$2.50
FY2024−$836M−$2.55
FY2025−$1.3B−$3.86
FY2026−$1.3B−$3.95
Q3 FY2025−$324M−$0.98
Q4 FY2025−$328M−$0.99
Q1 FY2026−$430M−$1.29
Q2 FY2026−$298M−$0.89
Q3 FY2026−$294M−$0.87
Q4 FY2026−$310M−$0.90
Q1 FY2027−$296M−$0.86
Q2 FY2027−$192M−$0.55

Profit kept per $100 of revenue

−$28.4FY2026

The operating loss per $100 of revenue narrowed from $58.6 in FY2022 to $30.6 in FY2026, as sales and marketing fell from $61.0 to $44.0 per $100 of revenue.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2022−55.8%−56.9%
FY2023−38.6%−37.7%
FY2024−29.8%−34.7%
FY2025−35.5%−35.1%
FY2026−28.4%−25.9%

Free cash flow

$1.1BFY2026

Free cash flow (cash from operations minus purchases of property and equipment) rose from $94.0 million in FY2022 to $1.12 billion in FY2026, while stock-based compensation, a real cost paid in shares, was $1.60 billion in FY2026, or 34.1% of revenue.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2022$110M$16.2M$94M
FY2023$546M$25.1M$521M
FY2024$848M$35.1M$813M
FY2025$960M$46.3M$914M
FY2026$1.2B$102M$1.1B
See all yearly numbers
Snowflake annual financials, FY2022–FY2026, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2022$1.2B−$694M−$680M−$2.26$110M$16.2M$94M
FY2023$2.1B−$779M−$797M−$2.50$546M$25.1M$521M
FY2024$2.8B−$975M−$836M−$2.55$848M$35.1M$813M
FY2025$3.6B−$1.3B−$1.3B−$3.86$960M$46.3M$914M
FY2026$4.7B−$1.2B−$1.3B−$3.95$1.2B$102M$1.1B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (January 31; FY2026 is the year ended Jan 31, 2026, which Snowflake calls fiscal 2026). Net profit is the share belonging to the company's owners.

Download Snowflake's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (12)
Next: What they said, and what happened

07Who runs it

Who runs Snowflake, and did they deliver?

  • Sridhar Ramaswamy

    Chief Executive Officer · since 2024

    CEO since February 2024, when he replaced Frank Slootman. FY2026 total pay was $22,310,492; the median employee's was $330,699. He held 651,328 shares on Apr 30, 2026.

  • Brian Robins

    Chief Financial Officer · since 2025

    CFO since September 2025, the 2026 proxy says. It names Michael Scarpelli as the former CFO.

  • Benoit Dageville

    Founder, Chief Architect and director

    Held 4,485,067 shares, including 733,512 under options, on Apr 30, 2026: 1.3%.

  • Frank Slootman

    Chairman of the board, former CEO

    CEO until February 2024. Held 7,643,560 shares, including 6,670,443 under options, on Apr 30, 2026: 2.2%.

What they said, and what happened

4 delivered · 2 too early to tell

  1. Said on Feb 26, 2025

    Snowflake expected FY2026 product revenue of $4,280 million, up 24%.

    What happened

    Reported $4,472.3 million, up 29%. The figure was raised three times during the year.

    Delivered

  2. Said on Feb 26, 2025

    Snowflake expected a FY2026 non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more operating margin of 8%, on its own measure.

    What happened

    Reported 10%. The GAAP operating loss was $1,435.2 million.

    Delivered

  3. Said on Feb 25, 2026

    Snowflake expected Q1 FY2027 product revenue of $1,262–1,267 million.

    What happened

    Reported $1,334.3 million, above the range.

    Delivered

  4. Said on May 27, 2026

    Snowflake expected Q2 FY2027 product revenue of $1,415–1,420 million.

    What happened

    Reported $1,491.9 million, above the range.

    Delivered

  5. Said on Feb 25, 2026

    Snowflake expected FY2027 product revenue of $5,660 million, up 27%.

    What happened

    Raised to $5,840 million on May 27, 2026 and to $6,070 million, up 36%, on Sep 2, 2026.

    Too early to tell

  6. Said on Sep 2, 2026

    Snowflake expected Q3 FY2027 product revenue of $1,588–1,593 million and a non-GAAP operating margin of 15.5%.

    What happened

    The quarter ended Oct 31, 2026; results were not yet reported when this page was written.

    Too early to tell
Sources (9)
Next: What could go wrong

08What could go wrong

What could go wrong for Snowflake?

  • Concentration

    It runs on the clouds of its competitors

    A substantial majority of Snowflake's business runs on AWS, and AWS, Azure and Google Cloud are named competitors. Third-party cloud costs were 71% of the cost of product revenue in FY2026.

    Watch Product gross margin, 72% in FY2026 (GAAP), and cloud purchase commitments of $2,681.9 million.

  • Demand

    Revenue depends on how much customers use

    Snowflake books revenue as customers consume, not evenly over a contract, so it has less visibility than subscription companies. Customers can use less, and more efficient software or hardware can cut usage for the same work.

    Watch Product revenue growth against Snowflake's own range, and the net revenue retention rate, 126% at Jul 31, 2026.

  • Governance

    Losses and stock-based pay

    Snowflake has reported a GAAP net loss every year from FY2022 to FY2026. Stock-based compensation was $1,599.5 million in FY2026, or 34.1% of revenue, and was higher than free cash flow in every year shown.

    Watch Stock-based compensation as a share of revenue, 27.4% in Q2 FY2027, and the share count.

  • Debt

    More convertible debt

    On Oct 1, 2026 Snowflake issued $3.75 billion of convertible notes, on top of $2.3 billion issued in 2024, before its repurchase of part of the 2027 notes. Notes that convert can add shares or require cash.

    Watch Debt and conversions in the Q3 FY2027 10-Q, and whether buyers used the $550 million option.

  • Legal

    Lawsuits over customer account incidents

    Class actions allege Snowflake failed to take reasonable measures to secure systems holding consumer data, letting threat actors access and take personal information. Snowflake says the May 2024 incidents came from customers not using multi-factor authentication and network policies, and that it did not identify any evidence of a breach of its platform. The court denied motions to dismiss in October 2025, and the cases are in discovery.

    Watch Rulings and any settlement in the legal note of each 10-Q. The complaints seek unspecified damages.

  • Legal

    Securities and copyright lawsuits

    Two stockholder class actions, filed in February 2024 and February 2026, allege violations of US securities law. In the first, the court granted Snowflake's motion to dismiss the second amended complaint in February 2026, with leave to amend, and a third amended complaint followed in April 2026. A class action filed in November 2025 alleges copyright infringement in training Snowflake's language model.

    Watch Rulings on the motions to dismiss. Snowflake says it does not expect any proceeding to be material.

  • Competition

    Competition from large clouds and AI entrants

    Snowflake competes with the three large clouds, legacy database vendors, observability providers and new entrants, as its FY2026 10-K lists them. Its net revenue retention rate fell from 178% at Jan 31, 2022 to 125% at Jan 31, 2026.

    Watch Net revenue retention and growth in customers with over $1 million of product revenue.

Sources (6)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Product revenue growth went from 26% in Q1 FY2026 to 37% in Q2 FY2027, as stated.
  • Free cash flow was $1.12 billion in FY2026, or $23.9 per $100 of revenue.
  • Customers with over $1 million of trailing 12-month product revenue rose from 654 to 828 in the year to Jul 31, 2026.
  • Remaining performance obligations were $9,004.3 million at Jul 31, 2026, up 30% from a year earlier.
  • Product revenue came in above Snowflake's own range in each quarter from Q1 FY2026 to Q2 FY2027.

What critics point to

  • Snowflake reported a GAAP net loss in every year from FY2022 to FY2026, $1.33 billion in FY2026.
  • Stock-based compensation was $1.60 billion in FY2026, or 34.1% of revenue, more than free cash flow of $1.12 billion.
  • The net revenue retention rate fell from 178% at Jan 31, 2022 to 125% at Jan 31, 2026.
  • A substantial majority of Snowflake's business runs on AWS, which Snowflake also names as a competitor.
  • Stockholders voted against executive pay on Jun 29, 2026, and in October 2025 the court denied motions to dismiss class actions over the 2024 customer account incidents.
Next: What to watch next

10What to watch next

What should you watch next at Snowflake?

Next event

Q3 FY2027 results

Date not announced yet.

  • Product revenue against the company's range

    Snowflake said on Sep 2, 2026 that it expects Q3 FY2027 product revenue of $1,588–1,593 million. Q2 FY2027 product revenue was $1,491.9 million.

  • Operating loss and stock-based pay

    The GAAP operating loss was $263.0 million in Q2 FY2027, against $340.3 million a year earlier. Stock-based compensation was $423.6 million, or 27.4% of revenue.

  • The new notes on the balance sheet

    The $3.75 billion of notes issued on Oct 1, 2026 will first appear in the Q3 FY2027 10-Q. Net cash was $2,045.2 million at Jul 31, 2026.

  • Customers spending more

    The net revenue retention rate was 126% at Jul 31, 2026. Customers with over $1 million of product revenue numbered 828.

Next: Key dates

11Key dates

What are the key dates for Snowflake?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Snowflake
EventDateSource
Q3 FY2027 endedThe Q3 FY2027 results date is not announced in the documents read.Q2 fiscal 2027 earnings release (8-K Ex. 99.1)
Fiscal 2027 endsForm 10-K, fiscal 2026 (ended Jan 31, 2026)
Buyback program expiresThe program expires in March 2027; about $802.7 million was left at Jul 31, 2026.Not yet statedForm 10-K, fiscal 2026 (ended Jan 31, 2026); Form 10-Q, Q2 fiscal 2027 (quarter ended Jul 31, 2026)
0% convertible notes due 2027$1.15 billion of principal at Jul 31, 2026, before the October 2026 repurchase of about $261.8 million.Form 10-Q, Q2 fiscal 2027 (quarter ended Jul 31, 2026); Pricing press release for the convertible notes (8-K Ex. 99.2, filed Oct 2, 2026)
0% convertible notes due 2029 (2024 issue)Form 10-K, fiscal 2026 (ended Jan 31, 2026)
$2.0 billion of 0% convertible notes due 2029 (2026 issue)Form 8-K filed Oct 2, 2026: $3.75 billion of 0.00% convertible senior notes due 2029 and 2031 (Items 1.01, 2.03, 3.02, 8.01)
$1.75 billion of 0% convertible notes due 2031Form 8-K filed Oct 2, 2026: $3.75 billion of 0.00% convertible senior notes due 2029 and 2031 (Items 1.01, 2.03, 3.02, 8.01)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained

Sources (5)
Next: Key facts

12Key facts

Key facts about Snowflake

What does Snowflake do?
Snowflake Inc. runs a cloud data platform where organizations store data, analyze it, build AI tools on it and share it. Snowflake had revenue of $4.68 billion in FY2026 (year ended Jan 31, 2026) and 9,060 employees at that date.
How does Snowflake make money?
Snowflake makes money mainly by charging for the computing, storage and data transfer customers use on its platform. This product revenue was $4,472.3 million, or 95.5%, of Snowflake's $4,683.9 million of revenue in FY2026; professional services and other brought in $211.6 million.
What is Snowflake's business model?
Snowflake's business model is consumption-based: most customers commit to a set amount of use over one to four years, usually billed a year ahead, and Snowflake books revenue as they use it. About 97% of Snowflake's FY2026 revenue came from existing customers under these capacity contracts.
Is Snowflake profitable?
No. Snowflake reported a GAAP net loss in every year from FY2022 to FY2026, including $1.33 billion in FY2026 on revenue of $4.68 billion. Its net loss was $1,090.8 million in the four quarters to Jul 31, 2026 (Cityfort calculation from the Q3 FY2026 to Q2 FY2027 earnings releases). Free cash flow was positive, at $1.12 billion in FY2026.
What is Snowflake's revenue by segment?
Snowflake reports one operating segment. In FY2026 Snowflake's product revenue was $4,472.3 million and professional services and other $211.6 million; by customer location, the United States was 75.2% of revenue.
How much does Snowflake earn from professional services?
Snowflake earned $211.6 million from professional services and other in FY2026, or 4.5% of revenue. Snowflake's GAAP gross margin on this line was negative 31% in FY2026, so it cost more to deliver than it brought in.
How much does Snowflake earn from AI products?
Snowflake does not report a revenue figure for its AI products, such as Snowflake Intelligence and Cortex AI. They sit inside Snowflake's product revenue of $4,472.3 million in FY2026 and $1,491.9 million in Q2 FY2027.
Who are Snowflake's customers?
Snowflake had 14,554 customers with capacity contracts at Jul 31, 2026. At Jan 31, 2026, 790 of the Forbes Global 2000 companies were Snowflake customers and contributed about 43% of FY2026 revenue; no single customer was 10% or more of revenue.
Who are Snowflake's competitors?
Snowflake's FY2026 10-K names Amazon Web Services, Microsoft Azure and Google Cloud Platform as competitors in all its markets. Snowflake's platform also runs on those three clouds, with a substantial majority of its business on AWS.
Who owns Snowflake?
Snowflake's largest reported holders are BlackRock with 6.4% (Jun 30, 2026) and Vanguard Capital Management with 5.13% (Mar 31, 2026). Snowflake's 14 directors and executive officers held 4.8% on Apr 30, 2026, including options; Snowflake has one class of common stock with one vote per share.
Sources (9)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Snowflake sell?

Snowflake runs a data platform in the cloud. Organizations put their data in one place, then clean it, query it, build AI tools and apps on it and share it, paying for the computing, storage and data transfer they use.

  • Data engineering

    Tools to build pipelines that collect, clean and organize large amounts of data so other teams can use it.

  • Analytics

    Reporting and queries on all kinds of data, with computing power that many users can draw on at the same time.

  • AI

    Run language-model tasks on company data and build AI agents and assistants, through Cortex AI and Snowflake Intelligence.

  • Applications and collaboration

    Build apps on the platform and share live data with partners without copying it, including through the Snowflake Marketplace.

  • Transactions

    Operational databases, including Snowflake Postgres. Snowflake says it announced and then launched Snowflake Postgres in 2025 and 2026, and its FY2026 10-K says it became generally available in the first quarter of FY2027. Snowflake bought Crunchy Data, a PostgreSQL company, in June 2025.

  • Professional services and other

    Help with setup and training: $211.6 million, or 4.5% of FY2026 revenue.

Think of it like this

Like a metered utility for data work: customers pre-buy a block of usage, and Snowflake books revenue as the meter runs.

What it does

  • Does: Charges by the computing, storage and data transfer customers use, not a flat subscription
  • Does: Sells mainly through its own direct sales force, plus resellers and distributors
  • Does: Runs on three major public clouds across 53 regional deployments
  • Does: Lets customers roll unused capacity into a new order, generally when they buy more

What it does not do

  • Does not: Does not book revenue evenly over a contract, as subscription software companies do
  • Does not: Does not report revenue by product category, industry or cloud provider
  • Does not: Does not report an AI revenue figure in the documents read for this page
  • Does not: Does not pay a dividend
Sources (1)
14How the money flows

14How the money flows · FY2026

How does money flow through Snowflake?

Money in

  • Product revenue (usage of the platform)$4.5B
  • Professional services and other$212M
  • Interest income$191M

The company

Snowflake

$4.9B came in

Money out

  • Running the platform and services (cost of revenue)$1.5B
  • Sales and marketing$2.1B
  • Research and development$2.0B
  • General and administrative$550M
  • Other expense $59.0M, interest expense $8.3M, noncontrolling holders $2.6M$69.9M
  • Income tax$17.1M
  • Net loss attributable to Snowflake−$1.3B
  1. Customers paid Snowflake $4,683.9 million in FY2026, and interest on its cash added $190.6 million.
  2. Running the platform and delivering services cost $1,537.8 million, leaving gross profit of $3,146.1 million.
  3. Sales and marketing took $2,062.1 million, research and development $1,969.5 million and general and administrative $549.7 million.
  4. That left an operating loss of $1,435.2 million, including $1,599.5 million of stock-based compensation paid in shares.
  5. After interest, other items and tax, the net loss attributable to Snowflake was $1,331.6 million.
Sources (1)
15What it needs to run

15What it needs to run

What does Snowflake need to run?

  • Public cloud capacity

    Snowflake's platform runs on three public clouds, with a substantial majority of its business on AWS. Third-party cloud costs were 71% of the cost of product revenue in FY2026. Purchase commitments, mainly cloud, were $2,681.9 million at Jan 31, 2026.

  • People

    9,060 employees in 36 countries at Jan 31, 2026, of whom 2,424 worked in research and development. Stock-based compensation was $1,599.5 million in FY2026.

  • Acquisitions

    Crunchy Data ($164.5 million, June 2025), Observe (preliminary price of $595.8 million, February 2026) and Natoma Labs ($128.3 million, June 2026). Goodwill was $1,639.0 million at Jul 31, 2026.

  • Partners

    System integrators, technology, software and data providers in the Snowflake Partner Network help find and serve customers. Snowflake also sells through resellers and distributors.

Sources (2)
16Where it sells

16Where it sells · FY2026

Where does Snowflake sell?

  • United States75%
  • Europe, the Middle East and Africa16%
  • Asia-Pacific and Japan6%
  • Other Americas3%
Sources (1)
17Competitors and what protects it

17Competitors and what protects it

Who does Snowflake compete with?

Snowflake's FY2026 10-K names the three large public cloud providers as competitors in all its markets, plus unnamed legacy database vendors, observability providers and new entrants. No document read gives a market share.

  • Amazon Web Services (Amazon)

    NASDAQ: AMZN

    Named in Snowflake's FY2026 10-K as a competitor in all its markets. Snowflake also says a substantial majority of its business runs on AWS.

  • Microsoft Azure (Microsoft)

    NASDAQ: MSFT

    Named in Snowflake's FY2026 10-K as a competitor in all its markets. Azure is also one of the three clouds Snowflake's platform runs on.

  • Google Cloud Platform (Alphabet)

    NASDAQ: GOOGL

    Named in Snowflake's FY2026 10-K as a competitor in all its markets. Google Cloud is also one of the three clouds Snowflake's platform runs on.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Existing customers use more4 of 5

    About 97% of FY2026 revenue came from existing customers under capacity contracts. Snowflake's net revenue retention rate was 126% at Jul 31, 2026, down from 178% at Jan 31, 2022.

  • Large organizations as customers4 of 5

    790 Forbes Global 2000 companies contributed about 43% of FY2026 revenue. Customers with over $1 million of trailing 12-month product revenue rose to 828 at Jul 31, 2026.

  • Works across three clouds3 of 5

    The platform runs on three major public clouds across 53 regional deployments, so customers can use it on more than one cloud. Those same cloud providers are named competitors.

  • Cost to deliver2 of 5

    GAAP product gross margin was 72% in FY2026. Third-party cloud costs were 71% of the cost of product revenue, paid to providers that also compete with Snowflake.

Weak spot

Runs on rivals' clouds

Snowflake's FY2026 10-K says a substantial majority of its business runs on AWS, and it names AWS, Azure and Google Cloud as competitors in all its markets.

Sources (4)
18Where growth could come from

18Where growth could come from

Where could Snowflake's growth come from?

Snowflake said on Sep 2, 2026 that it expects FY2027 product revenue of $6,070 million, up 36%, and Q3 FY2027 product revenue of $1,588–1,593 million, up 37–38%. It also expects a FY2027 non-GAAP operating margin of 14.5% and an adjusted free cash flow margin of 23.0%, both its own measures.
Management statement, Sep 2, 2026. Reported as a statement, not our forecast.

  • Product revenue growth

    Working

    37% in Q2 FY2027

    Product revenue grew 37% in Q2 FY2027, against 26% in Q1 FY2026, as stated. Snowflake's CFO said Q2 "marks our third consecutive quarter of product revenue growth acceleration".

    Status: Working, on track against what the company said.

  • Large customers

    Working

    828 customers over $1M

    Customers with over $1 million of trailing 12-month product revenue rose from 654 to 828 in the year to Jul 31, 2026, on the restated counts in the Q2 FY2027 10-Q.

    Status: Working, on track against what the company said.

  • Contracted revenue

    Working

    $9.0B, up 30%

    Remaining performance obligationsSigned contracts with customers that have not been billed yet., contracted revenue not yet booked, were $9,004.3 million at Jul 31, 2026, up 30% from a year earlier as stated. About 54% is expected within 12 months. Snowflake's 10-K says order volume is higher in Q4; the figure was $9,771.5 million at Jan 31, 2026.

    Status: Working, on track against what the company said.

  • AI products

    Early

    No AI revenue disclosed

    Snowflake's CEO said on Sep 2, 2026: "AI continues to compound our advantages." The filings read give no AI revenue figure.

    Status: Early, too early to judge.

  • Acquisitions

    New

    $595.8M Observe

    Snowflake bought Observe, an AI observability company, on Feb 2, 2026, and Natoma Labs, a platform for AI agents, on Jun 3, 2026. The filings read give no revenue for either.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (4)
19The company's own measures (non-GAAP)

19The company's own measures · FY2026 and Q2 FY2027

What do Snowflake's own measures show?

Adjusted (non-GAAP) figures and customer measures are Snowflake's own, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Operating loss, FY2026

    −$1.4B

    Company's own measure: Non-GAAP operating income, FY2026

    $490M

    Snowflake leaves out stock-based compensation and related payroll taxes, amortization of acquired intangibles, acquisition and restructuring costs, and the office-exit impairment. It states a non-GAAP operating margin of 10%.

  • Official (GAAP): Operating loss, Q2 FY2027

    −$263M

    Company's own measure: Non-GAAP operating income, Q2 FY2027

    $237M

    Snowflake adds back $456.4 million of stock-based compensation and related charges, $42.2 million of amortization of acquired intangibles and $1.4 million of acquisition costs.

  • Official (GAAP): Diluted EPS, Q2 FY2027

    −$0.55

    Company's own measure: Non-GAAP diluted EPS, Q2 FY2027

    $0.62

    Same exclusions, per share. Snowflake's non-GAAP share count of 377.9 million includes shares the 2027 and 2029 notes could convert into.

  • Official (GAAP): Cash from operations, FY2026

    $1.2B

    Company's own measure: Company free cash flow, FY2026

    $1.1B

    Cash from operations minus purchases of property and equipment, the same as this page's free cash flow for FY2026. In FY2022 to FY2025 Snowflake also deducted capitalized software costs, so its FY2025 figure was $884.1 million, against $913.5 million on this page.

  • Official (GAAP): Cash from operations, Q2 FY2027

    $91.4M

    Company's own measure: Adjusted free cash flow, Q2 FY2027

    $92.3M

    Snowflake's adjusted figure also adjusts for the timing of payroll taxes on employee stock transactions. Cash from operations minus purchases of property and equipment was $83.8 million.

  • Official (GAAP): Revenue growth, Q2 FY2027

    35.1%

    Company's own measure: Net revenue retention rate, Jul 31, 2026

    126%

    Product revenue over the last 12 months from customers who used the platform two years earlier, divided by those customers' product revenue in the 12 months before. It was 178% at Jan 31, 2022 and 125% at Jan 31, 2026.

  • Official (GAAP): Product revenue, Q2 FY2027

    $1.5B

    Company's own measure: Customers with over $1 million of trailing 12-month product revenue, Jul 31, 2026

    828 customers

    Counted by customer account with a capacity contract, and restated for acquisitions and similar changes. The restated count a year earlier was 654.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (5)
20Financial strength and debt

20Financial strength · Jul 31, 2026

How much debt does Snowflake have?

At Jul 31, 2026 Snowflake held $4,329.2 million of cash and investments against $2,284.0 million of convertible notes; on Oct 1, 2026 it issued $3.75 billion more notes, which this balance sheet does not include.
  • Total debt$2.3B
  • Cash and investments$4.3B
  • Net cash (cash minus debt)$2.0B
  • Net worth (shareholders' money)$2.1B
Debt to equity
1.06×
$ of debt for every $1 of shareholders' money
  • Net cash of $2,045.2 million = cash and investments of $4,329.2 million − convertible notes of $2,284.0 million (Cityfort calculation from the Q2 FY2027 10-Q). Operating leases are left out.
  • Convertible notes are loans that can turn into shares. The $2.3 billion of 0% notes due 2027 and 2029 were issued in September 2024; their holders could convert during the quarter ending Oct 31, 2026, and conversions through Jul 31, 2026 were not material, as stated.
  • On Oct 1, 2026, after this balance sheet, Snowflake issued $3.75 billion of 0% convertible notes due 2029 and 2031. It said it would use about $548.3 million to repurchase about $261.8 million of principal of its 2027 notes. Net cash after these steps cannot be calculated from the filings read.
  • Current deferred revenue, amounts billed before customers use the platform, was $2,568.5 million at Jul 31, 2026, down from $3,347.0 million at Jan 31, 2026. Snowflake's 10-K says order volume is higher in Q4 and most capacity contracts are billed annually in advance.
  • Purchase commitments, mainly for cloud infrastructure, were $2,681.9 million at Jan 31, 2026.
  • Interest cover is not shown because Snowflake had an operating loss. This page cites no credit rating: none was found in the search described under governance.
Sources (5)
21Who owns it

21Who owns it · ownership as of Apr 30, 2026

Who owns Snowflake?

Snowflake has one class of common stock, with one vote per share. Its 14 directors and executive officers held 17,091,567 shares on Apr 30, 2026, including 8,535,427 under options: 4.8%. Former CEO Frank Slootman held 2.2% and founder Benoit Dageville 1.3%, mostly or partly through options.
Officers and directors (as a group), shares
4.8%
Share classes
Snowflake share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (About 352.8 million shares on Aug 21, 2026 (10-Q cover). The former Class B stock, with no shares outstanding since Mar 1, 2021, was eliminated on Jul 3, 2025. No preferred stock is outstanding.)352.81–––Yes
Holders of 5% or more
Snowflake holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
BlackRock, Inc.6.4%–Jun 30, 2026S21, S5Schedule 13G/A filed Jul 30, 2026: 22,250,796 shares. The 2026 proxy says BlackRock was above 5% for part of FY2026; BlackRock is also a Snowflake customer and manages some of its cash.
Vanguard Capital Management5.1%–Mar 31, 2026S22, S5, S23Schedule 13G filed Apr 30, 2026: 17,748,082 shares; the 2026 proxy lists it at 5.1%. The Vanguard Group reported 0 shares in a filing dated Mar 27, 2026.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (6)
22What it does with profit

22What it does with profit

What does Snowflake do with its profit?

Snowflake pays no dividend. Buybacks of $873.5 million in FY2026 were below stock-based compensation of $1,599.5 million, and Snowflake also paid $672.9 million of taxes on employees' stock awards. Weighted shares rose from 300.3 million in FY2022 to 337.5 million in FY2026.

  • Buyback · Jan 31, 2024

    Repurchased $591.7 million of common stock in FY2024, under a $2.0 billion program authorized in February 2023.

    $592M

  • Buyback · Jan 31, 2025

    Repurchased $1,932.3 million in FY2025, including $399.6 million bought from buyers of its convertible notes in September 2024. Another $2.5 billion was authorized in August 2024.

    $1.9B

  • Buyback · Jan 31, 2026

    Repurchased 4.9 million shares for $873.5 million in FY2026.

    $874M

  • Buyback · Apr 30, 2026

    Repurchased $300.0 million in Q1 FY2027 and none in Q2 FY2027.

    $300M

  • Buyback · Jul 31, 2026

    About $802.7 million of the program was left at Jul 31, 2026; it expires in March 2027.

    $803M

  • Money raised · Jan 31, 2025

    Issued $2.3 billion of 0% convertible notes due 2027 and 2029 in September 2024 (FY2025), and paid $195.5 million for capped calls, contracts meant to limit dilution if the notes convert.

    $2.3B

  • Money raised · Oct 1, 2026

    Issued $2.0 billion of 0% convertible notes due 2029 and $1.75 billion due 2031, with net proceeds of about $3.70 billion. Buyers had an option to purchase up to $550 million more; whether they used it is not in the documents read.

    $3.8B

Sources (5)
23Governance signals

23Governance signals

What do Snowflake's governance filings show?

Auditor
PricewaterhouseCoopers LLP, since 2019
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Snowflake bought Observe for about $650 million, as the 2026 proxy puts it; director Michael Speiser, former director Jeremy Burton, Sutter Hill and Chairman Frank Slootman (about 0.3%, indirectly) were Observe holders, and a special committee with a fairness opinion approved the deal. Observe paid Snowflake about $19.5 million as a customer in FY2026. BlackRock, a 5% holder, has a five-year $45 million contract with Snowflake and manages some of its cash.
Credit rating
Not checked for this page

Flags to know about

  • other · Jun 29, 2026

    Stockholders voted against executive pay

    At the Jun 29, 2026 annual meeting the advisory vote on executive pay was not approved: 96,340,999 votes for and 124,481,663 against. Stockholders approved a non-binding stockholder proposal requesting majority voting in director elections. Directors serve three-year terms on a classified board.

  • other · Jul 15, 2026

    New performance award for the CEO

    On Jul 15, 2026 the compensation committee granted the CEO 1,000,000 performance stock units in five tranches. Each vests only if Snowflake's 90-day average share price reaches a level set by the compensation committee, with service required to Sep 15, 2029 or Sep 15, 2030.

  • related party · Feb 2, 2026

    Acquisition from a company tied to directors

    Observe, bought on Feb 2, 2026, was partly held by director Michael Speiser, by Sutter Hill, by Chairman Frank Slootman (about 0.3%, indirectly) and by former director Jeremy Burton, who resigned on Jan 30, 2026. A special committee approved the deal.

  • disclosure · Oct 27, 2025

    Company said not to rely on an executive's interview

    On Oct 27, 2025 Snowflake filed an 8-K saying an executive who is not an authorized spokesperson discussed future results in an Instagram interview, that investors should not rely on those statements, and that its guidance stood.

  • disclosure

    No revenue by product or cloud provider

    Snowflake reports one segment, with no revenue by product category, industry or cloud provider, and no AI revenue figure in the documents read. It does not name the cloud providers behind its two largest spending commitments.

  • disclosure

    No credit rating found

    No credit rating was named in Snowflake's FY2026 10-K, its Q2 FY2027 10-Q or its October 2026 notes filing, which were sold privately. Searches of its investor site, Moody's, Fitch and the web on Nov 6, 2026 found none; S&P's site could not be checked directly.

Sources (8)
24What the market paid

24What the market paid · price as of Nov 5, 2026

What did the market pay for Snowflake on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Snowflake closed at $269.54, from Nasdaq's historical price table; the shares are listed on the NYSE. Market value = $269.54 × about 352.8 million shares (Aug 21, 2026) = about $95.1 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q2 FY2027 10-Q cover). P/E is price ÷ earnings per share; it is not shown because Snowflake reported a loss per share.

Share price
$269.54
Market value (market cap)
$95.1B

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 352.8 million ($269.54 × 352.8 million shares ≈ $95.1B). Source: Form 10-Q, Q2 fiscal 2027 (quarter ended Jul 31, 2026); Form 10-K, fiscal 2026 (ended Jan 31, 2026)

Source: SNOW historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $269.54); Form 10-Q, Q2 fiscal 2027 (quarter ended Jul 31, 2026)

Sources (7)
25How it got here

25How it got here

How did Snowflake get here?

  1. 2012

    Milestone

    Founded

    Snowflake was incorporated in Delaware on Jul 23, 2012.

  2. 2021

    Milestone

    One class of shares

    All Class B shares converted on Mar 1, 2021, leaving one class with one vote per share. Class B was formally eliminated on Jul 3, 2025.

  3. 2023

    Milestone

    First buyback program

    The board authorized $2.0 billion of repurchases in February 2023. Snowflake bought back $591.7 million of stock in FY2024.

  4. 2024

    Business-model change

    A new CEO

    Sridhar Ramaswamy replaced Frank Slootman as CEO in February 2024. Slootman has been chairman of the board since December 2019.

  5. 2024

    Crisis

    Customer accounts accessed

    Threat actors accessed a number of customers' Snowflake accounts in May 2024, and class actions followed from Jun 13, 2024. Snowflake says those customers had not used multi-factor authentication and network policies, and that it did not identify any evidence of a breach of its platform.

  6. 2024

    Milestone

    First convertible notes

    Snowflake issued $2.3 billion of 0% convertible notes in September 2024 and used $399.6 million to buy back stock from the note buyers.

  7. 2026

    Business-model change

    Bought Observe

    Snowflake bought Observe, an AI observability company, on Feb 2, 2026. Its FY2026 10-K lists observability providers among its competitors.

  8. 2026

    Milestone

    $3.75 billion of new notes

    Snowflake issued $3.75 billion of 0% convertible notes due 2029 and 2031 on Oct 1, 2026, and repurchased part of its 2027 notes.

Sources (6)

26Sources and changes

Where every number on this page comes from

Sources (23 documents)
  1. S1Form 10-K, fiscal 2026 (ended Jan 31, 2026) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 20, 2026
  2. S2Form 10-K, fiscal 2024 (ended Jan 31, 2024) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2024
  3. S3Form 10-K, fiscal 2023 (ended Jan 31, 2023) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 29, 2023
  4. S4Form 10-Q, Q2 fiscal 2027 (quarter ended Jul 31, 2026) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 4, 2026
  5. S5Definitive proxy statement (DEF 14A), 2026 annual meeting · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 18, 2026
  6. S6Q2 fiscal 2027 earnings release (8-K Ex. 99.1) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 2, 2026
  7. S7Q1 fiscal 2027 earnings release (8-K Ex. 99.1) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 27, 2026
  8. S8Q4 and full-year fiscal 2026 earnings release (8-K Ex. 99.1) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
  9. S9Q3 fiscal 2026 earnings release (8-K Ex. 99.1) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 3, 2025
  10. S10Q2 fiscal 2026 earnings release (8-K Ex. 99.1) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 27, 2025
  11. S11Q1 fiscal 2026 earnings release (8-K Ex. 99.1) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 21, 2025
  12. S12Q4 and full-year fiscal 2025 earnings release (8-K Ex. 99.1) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2025
  13. S13Q3 fiscal 2025 earnings release (8-K Ex. 99.1) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 20, 2024
  14. S14Form 8-K filed Oct 2, 2026: $3.75 billion of 0.00% convertible senior notes due 2029 and 2031 (Items 1.01, 2.03, 3.02, 8.01) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 2, 2026
  15. S15Pricing press release for the convertible notes (8-K Ex. 99.2, filed Oct 2, 2026) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 2, 2026
  16. S16Form 8-K filed Jul 16, 2026: CEO performance stock unit award (Item 5.02) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 16, 2026
  17. S17Form 8-K filed Jun 30, 2026: 2026 annual meeting vote results (Item 5.07) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 30, 2026
  18. S18Form 8-K filed Feb 2, 2026: director resignation tied to the Observe acquisition (Item 5.02) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 2, 2026
  19. S19Form 8-K filed Oct 27, 2025: statement on an executive's interview; guidance reaffirmed (Item 8.01) · Snowflake Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2025
  20. S21Schedule 13G/A filed Jul 30, 2026 by BlackRock, Inc. (6.4% as of Jun 30, 2026) · BlackRock, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
  21. S22Schedule 13G filed Apr 30, 2026 by Vanguard Capital Management (5.13% as of Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  22. S23Schedule 13G/A filed Mar 27, 2026 by The Vanguard Group (0% as of Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
  23. S24SNOW historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $269.54) · Nasdaq, Inc. · Tier 2: rating agency or regulator · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.