Revenue

Not explicitly provided (Q1 FY2026 at $1,042,074 thousand)

Continued top‐line growth is evident with Q1 FY2026 revenue at $1,042,074 thousand; while the YoY percentage change isn’t detailed, the consistent revenue size indicates sustained market demand building on prior-period performance. "

Operating Loss / Net Loss

Q1 FY2026 net loss of $430,092 thousand (operating loss of $447,257 thousand)

The significant operating and net losses reflect pressures from rising expenses—such as higher R&D, stock‐based compensation, and potential costs related to financing activities—that contrast with the prior period’s results, contributing to a larger loss in Q1 FY2026. "

Cash and Cash Equivalents

Increased ~68% YoY from $1,330,411 thousand to $2,243,083 thousand

A robust increase in cash is driven by strong operating cash flows and favorable financing activities; previous periods featured strategic financing events (e.g., convertible senior notes issuance) that enhanced liquidity and carried into Q1 FY2026. " "

Short‐term Investments

Declined ~24% YoY from $2,200,935 thousand to $1,667,601 thousand

The drop in short‐term investments likely results from a reallocation of funds—possibly from prioritizing liquidity needs or higher-yield opportunities—continuing the trend observed in the prior period’s active management of the investment portfolio. " "

Total Assets

Increased ~12% YoY from $7,298,018 thousand to $8,157,407 thousand

Total assets grew, supported by the significantly improved cash position and buoyed by additions to other asset categories; this builds on prior investments in cash and operating lease right‐of‐use assets seen in earlier periods. " "

Stockholders’ Equity

Declined ~47% YoY from $4,558,234 thousand to $2,408,000 thousand

A dramatic drop in equity is mainly attributable to the large Q1 FY2026 net loss alongside ongoing share repurchases and high stock‐based compensation expenses; these factors compounded with past impacts, notably reducing retained earnings and overall equity. " "

Product Revenue

Q2 2026

Between $955 million and $960 million, representing 21%-22% YoY growth "

Between $1.035 billion and $1.04 billion, representing 25% YoY growth "

raised

Non-GAAP Operating Margin

Q2 2026

5% "

8% "

raised

Revenue

FY 2026

Approximately $4.28 billion, representing 24% YoY growth "

$4.325 billion, representing 25% YoY growth "

raised

Non-GAAP Product Gross Margin

FY 2026

Approximately 75% "

Approximately 75% "

no change

Non-GAAP Operating Margin

FY 2026

8% "

8% "

no change

Non-GAAP Adjusted Free Cash Flow Margin

FY 2026

25% "

25% "

no change

Customer Acquisition

Consistently emphasized across Q2–Q4 2025: strong new customer acquisitions, growing new logo momentum, and sizable high‐value deals (including 9‑figure renewals and segmented large deal activity). " " "

Q1 2026 highlighted 451 net new customers (19% YoY growth) and two $100M+ contracts in the financial services vertical, reinforcing the strong new logo quarter and strategic customer acquisition. " " "

Consistent focus with accelerated momentum: The strategy remains robust with continued emphasis on new customer wins and high‑value deals, now with targeted vertical success.

High-Value Deals

Q2–Q4 2025 discussions showcased large renewal deals (including 9‑figure contracts), strong pipeline for renewals, and segmentation of deals into various value tiers to drive momentum. " " "

Q1 2026 continued this trend with two delayed but significant $100M+ contracts, emphasizing that high‑value deals are a key driver of strong Q1 bookings. " "

Steady reliance on big deals: The reliance on a few large deals remains central to the strategy, with a consistent impact on bookings and revenue momentum.

AI and Product Innovation

Across Q2–Q4 2025, Snowflake drove innovation via Cortex AI, introduced numerous new product capabilities (e.g. 400+ in Q4), and established strategic partnerships (with Microsoft, Anthropic) while growing adoption (e.g. 2,500–3,200 AI accounts). " " "

Q1 2026 built on this trajectory with over 125 new product capabilities (a 100% increase YoY) and an expanded base of over 5,200 accounts using AI features, reinforcing product cohesion and integration efforts. " "

Accelerating innovation and adoption: The focus on AI and product innovation continues to intensify, with expanded capabilities and deeper market penetration.

Operational Efficiency

Q2–Q4 2025 emphasized efforts in cost management, centralizing teams, reducing redundant layers, and achieving margin improvements (moving from 5% to 9% non‑GAAP operating margin). " " "

Q1 2026 reported a maintained 9% non‑GAAP operating margin and a significant 442 basis point year‑over‑year improvement, underlining successful internal efficiency measures aided by AI. " "

Continued margin expansion: Operational efficiencies are holding steady, balancing growth with cost discipline and advancing a “Goldilocks” moment for profitability.

Net Revenue Retention

Q2–Q4 2025 maintained high NRR figures (126–127%), supported by consistent renewals and robust expansion within the existing customer base, with some variability due to timing and capacity constraints. " " "

Q1 2026 reported an NRR of 124%, slightly lower than prior highs (e.g. 135%) due to mix effects and slower growth at one large customer, but underpinned by signing two major renewal contracts. " "

Stable but evolving mix: High NRR persists even with a slight dip, reflecting a mature customer mix and evolving renewal dynamics while remaining robust overall.

Reliance on Large Deals

Q2–Q4 2025 repeatedly noted the importance of large deals, with renewals and expansions from existing customers driving significant revenue contributions (from two 9‑figure deals to segmented large deals). " " "

Q1 2026 continued to rely on a few large deals as evidenced by the two $100M+ contracts that were pivotal to the strong bookings performance. " "

Steady strategic reliance: The emphasis on large deals remains unchanged, solidifying their role as key anchors of revenue growth.

CapEx and Sales Compensation

Q2 broke out a new sales compensation split (acquisition vs. consumption focus), Q3 introduced ongoing performance management adjustments, and Q4 discussed incorporating a bookings quota alongside traditional revenue‐based pay, with no major CapEx mentions. " " "

Q1 2026 provided further details: significant CapEx investments for new office spaces (San Mateo, Menlo Park, Bellevue) and formal sales compensation changes emphasizing bookings quotas, which are credited with strong Q1 performance. " "

Evolving structure with new investments: Sales compensation modifications are maturing, and new CapEx investments signal an expansion of physical infrastructure alongside evolving incentive plans.

International Expansion

Q3 2025 offered detailed insights into expansion in Europe, Asia Pacific (notably Japan, India, Korea, Australia, New Zealand), while Q4 mentioned EMEA performance and Q2 had minor international customer engagements. " " "

Q1 2026 did not mention international expansion, indicating a deprioritization or temporary pause in this discussion [“No information”].

Topic no longer mentioned: Previously active in discussions, international expansion is absent in Q1 2026, suggesting a potential strategic refocus.

GPU & AI-Related Cost Pressures

Q2 2025 raised concerns regarding GPU availability and related costs impacting product gross margins, with Q4 suggesting longer-term improvements in GPU access. " "

Q1 2026 made no mention of GPU availability or AI-related cost pressures, signaling that these issues are either resolved or deprioritized in the current messaging.

Topic dropped from focus: Previously discussed cost pressures have fallen off the current agenda, possibly reflecting resolution or shifting priorities in AI investments.

Product Complexity Challenges

Q3 2025 contrasted competitor complexity with Snowflake’s simplified implementation and ease-of-use, while Q4 addressed internal complexity by introducing “colleges” for specialization; Q2 did not address these explicitly. " "

Q1 2026 did not address product complexity challenges, with the focus instead on positive product momentum and innovation, implying that past complexity issues have been effectively managed or are less top-of-mind.

No longer a pain point: Previously identified complexity challenges are not mentioned, suggesting successful internal measures and a shift toward celebrating innovation.