Snowflake Inc. (SNOW): verified earnings note

Product revenue of $1.49 billion in the second quarter, representing 37% year-over-year growth

"Q2 marks our third consecutive quarter of product revenue growth acceleration, driven by strength in both our core data platform and a meaningful step-up in AI revenue," said Brian Robins, CFO of Snowflake. "Importantly, we delivered this accelerating growth while expanding operating margin. Balancing growth with discipline remains a top priority, and we are raising our full-year product revenue growth guidance to 36% year-over-year."

"Q2 marks our third consecutive quarter of product revenue growth acceleration, driven by strength in both our core data platform and a meaningful step-up in AI revenue," said Brian Robins, CFO of Snowflake. "Importantly, we delivered this accelerating growth while expanding operating margin. Balancing growth with discipline remains a top priority, and we are raising our full-year product revenue growth guidance to 36% year-over-year."

•Product revenue of $6,070 million, representing 36% year-over-year growth, up from previous guidance of $5,840 million, or 31% year-over-year growth

•Non-GAAP operating margin2 of 14.5%, up from previous guidance of 13.5%

•Non-GAAP operating margin2 of 15.5%

•Product revenue of $1,588 million to $1,593 million, representing 37% to 38% year-over-year growth

"Snowflake delivered another strong quarter, with product revenue of $1.49 billion, up 37% year-over-year, as Snowflake continues to power the enterprise AI revolution," said Sridhar Ramaswamy, CEO of Snowflake. "AI continues to compound our advantages, creating a flywheel effect across the business. CoWork and CoCo are driving transformational outcomes for our customers, while fueling rapid adoption, user growth, new workloads, and overall platform consumption. Our rapid pace of innovation, tight go-to-market execution, and operational discipline position us well to capture the opportunity ahead. The Agentic Enterprise runs on Snowflake, and we're just getting started."

•AI Momentum: CoCo surpassed 9,100 accounts1, adding more than 2,000 accounts in the quarter alone, while CoWork expanded to 5,800 accounts1.

•Net revenue retention rate of 126%

Product revenue of $1.33 billion in the first quarter, representing 34% year-over-year growth

•Remaining performance obligations of $9.21 billion, representing 38% year-over-year growth

•Net revenue retention rate of 126%

"Snowflake delivered a milestone quarter, with product revenue of $1.33 billion, up 34% year-over-year, marking the strongest sequential dollar growth in our history," said Sridhar Ramaswamy, CEO of Snowflake. "AI continues to be a powerful tailwind for Snowflake, and Q1 marks a clear inflection point in that journey. With Cortex Code and Snowflake Intelligence, we are extending from the trusted foundation for enterprise data and context to become the control plane for the Agentic Enterprise. We are seeing strong momentum from both AI-driven acceleration of our core platform and growing adoption of our first-party AI products, positioning Snowflake to lead in this new era."

"AI continues to accelerate our core data platform business as customers move to Snowflake with increasing urgency," said Brian Robins, CFO of Snowflake. "We now have 779 customers spending more than $1 million on a trailing 12-month basis, 46 of which crossed the threshold in Q1, compared to 26 a year ago. Given the strong momentum across both our core platform business and AI business, we are raising our full-year product revenue guidance."

"AI continues to accelerate our core data platform business as customers move to Snowflake with increasing urgency," said Brian Robins, CFO of Snowflake. "We now have 779 customers spending more than $1 million on a trailing 12-month basis, 46 of which crossed the threshold in Q1, compared to 26 a year ago. Given the strong momentum across both our core platform business and AI business, we are raising our full-year product revenue guidance."

•Product revenue of $5,840 million, representing 31% year-over-year growth, up from previous guidance of $5,660 million, or 27% year-over-year growth

•Non-GAAP operating margin2 of 13.5%, up from previous guidance of 12.5%

•Product revenue of $1,415 million to $1,420 million, representing 30% year-over-year growth

•Non-GAAP operating margin2 of 12.5%

•AI Momentum: New customers like Holiday Inn Club Vacations and Houzz chose Snowflake as the cornerstone of their data and AI transformation, and more than 13,600 accounts1 are now using Snowflake AI capabilities. Accounts using Snowflake Intelligence1 more than doubled quarter-over-quarter, while Cortex Code is already in use across over 7,100 accounts1. These innovations contributed to the strongest sequential product revenue dollar growth in company history.

•AI Acquisition: Signed a definitive agreement in May 2026 to acquire Natoma, an enterprise Model Context Protocol platform for AI agents, to make it easier for users to securely connect AI to the tools they use every day, directly within and beyond Snowflake. By extending governance to AI-driven workflows, Snowflake makes it easier for companies to safely manage not just their data, but also the actions AI agents take across business workflows.

Fourth Quarter Fiscal 2026GAAP Results | Fourth Quarter Fiscal 2026Non-GAAP Results(1) Amount (millions) | Year/Year Growth Product revenue | $1,226.6 | 30 | % Amount (millions) | Margin | Amount (millions) | Margin Product gross profit | $874.7 | 71 | % | $921.5 | 75 | % Operating income (loss) | ($318.2) | (25 | %) | $139.2 | 11 | % Net cash provided by operating activities | $781.2 | 61 | % | (2) Free cash flow | $765.1 | 60 | % Adjusted free cash flow | $782.2 | 61 | % (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures, and the table titled "GAAP to Non-GAAP Reconciliations" for a reconciliation of GAAP to non-GAAP financial measures.(2) Calculated as net cash provided by operating activities as a percentage of revenue.Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes.

"Snowflake delivered another strong quarter with product revenue of $1.23 billion, up 30% year-over-year, and remaining performance obligations totaling $9.77 billion, up 42% year-over-year," said Sridhar Ramaswamy, CEO of Snowflake. "This past year has been transformative for every business, as the promise of AI became real, and Snowflake sits at the center of the enterprise AI revolution. For over a decade, we've built the foundation that makes AI safe and scalable - a single source of truth, cross-cloud interoperability, and enterprise-grade governance. Now, we're activating world-class agentic capabilities on top of that platform. With rapid innovation, tight go-to-market alignment, and disciplined execution, we're well positioned to lead this next phase."

"This quarter reflects the strength of our strategy focused on two fundamentals for durable growth: landing new customers and expanding them into strategic, long-term relationships," said Brian Robins, CFO of Snowflake. "We delivered strong new logo momentum, adding 740 net new customers, up 40% year-over-year, while continuing to deepen engagement across our base. We now have 733 customers spending more than $1 million on a trailing 12-month basis, and a record number exceeding $10 million. As we look ahead, our focus remains on driving stability and operational rigor to support sustained, long-term growth."

•AI Momentum: With over 9,1001 accounts using Snowflake AI features, including Toyota Motor Europe and United Rentals, Snowflake's leading AI capabilities have become the cornerstone for customers' AI strategies. Snowflake Intelligence has gone from a nascent offering to an essential capability for almost 2,5001 accounts in 3 months. AI is driving expanded workloads and a broader user base, reinforcing the strength of Snowflake's overall business.

First Quarter Fiscal 2027 Guidance | Full-Year Fiscal 2027Guidance Amount (millions) | Year/Year Growth | Amount (millions) | Year/Year Growth Product revenue | $1,262 - $1,267 | 27 | % | $5,660 | 27 | % Margin | Margin Non-GAAP product gross profit(1) | 75.0 | % Non-GAAP operating income(1) | 9.0 | % | 12.5 | % Non-GAAP adjusted free cash flow(1) | 23.0 | % Amount (millions) | Amount (millions) Non-GAAP weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted(1)(2) | 374 | 376 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.(2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (the Notes) using the if-converted method, estimated at approximately 12 million shares for the first quarter and full-year of fiscal 2027 based on the current

First Quarter Fiscal 2027 Guidance | Full-Year Fiscal 2027Guidance Amount (millions) | Year/Year Growth | Amount (millions) | Year/Year Growth Product revenue | $1,262 - $1,267 | 27 | % | $5,660 | 27 | % Margin | Margin Non-GAAP product gross profit(1) | 75.0 | % Non-GAAP operating income(1) | 9.0 | % | 12.5 | % Non-GAAP adjusted free cash flow(1) | 23.0 | % Amount (millions) | Amount (millions) Non-GAAP weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted(1)(2) | 374 | 376 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.(2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (the Notes) using the if-converted method, estimated at approximately 12 million shares for the first quarter and full-year of fiscal 2027 based on the current

First Quarter Fiscal 2027 Guidance | Full-Year Fiscal 2027Guidance Amount (millions) | Year/Year Growth | Amount (millions) | Year/Year Growth Product revenue | $1,262 - $1,267 | 27 | % | $5,660 | 27 | % Margin | Margin Non-GAAP product gross profit(1) | 75.0 | % Non-GAAP operating income(1) | 9.0 | % | 12.5 | % Non-GAAP adjusted free cash flow(1) | 23.0 | % Amount (millions) | Amount (millions) Non-GAAP weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted(1)(2) | 374 | 376 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.(2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (the Notes) using the if-converted method, estimated at approximately 12 million shares for the first quarter and full-year of fiscal 2027 based on the current

First Quarter Fiscal 2027 Guidance | Full-Year Fiscal 2027Guidance Amount (millions) | Year/Year Growth | Amount (millions) | Year/Year Growth Product revenue | $1,262 - $1,267 | 27 | % | $5,660 | 27 | % Margin | Margin Non-GAAP product gross profit(1) | 75.0 | % Non-GAAP operating income(1) | 9.0 | % | 12.5 | % Non-GAAP adjusted free cash flow(1) | 23.0 | % Amount (millions) | Amount (millions) Non-GAAP weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted(1)(2) | 374 | 376 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.(2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (the Notes) using the if-converted method, estimated at approximately 12 million shares for the first quarter and full-year of fiscal 2027 based on the current

•Accelerated Product Velocity: Introduced 430+ new capabilities in fiscal 2026, reflecting sustained innovation across the AI Data Cloud. Our latest innovations include Cortex Code, a cutting-edge AI coding agent, as well as extending Cortex Code CLI to now encompass data systems.

•Acquisitions: Observe by Snowflake brings the company into the $50+ billion IT operations market, integrating observability into data and AI workloads to improve reliability and reduce operational complexity. Snowflake also acquired TensorStax to strengthen AI-driven data engineering within Cortex Code.

•Product revenue of $1.16 billion in the third quarter, representing 29% year-over-year growth

Third Quarter Fiscal 2026GAAP Results | Third Quarter Fiscal 2026Non-GAAP Results(1) Amount (millions) | Year/Year Growth Product revenue | $1,158.4 | 29 | % Amount (millions) | Margin | Amount (millions) | Margin Product gross profit | $837.6 | 72 | % | $879.2 | 76 | % Operating income (loss) | ($329.5) | (27 | %) | $131.3 | 11 | % Net cash provided by operating activities | $137.5 | 11 | % | (2) Free cash flow | $113.6 | 9 | % Adjusted free cash flow | $136.4 | 11 | % (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures, and the table titled "GAAP to Non-GAAP Reconciliations" for a reconciliation of GAAP to non-GAAP financial measures.(2) Calculated as net cash provided by operating activities as a percentage of revenue.Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes.

•Net revenue retention rate of 125%

"Snowflake delivered another strong quarter, with product revenue of $1.16 billion, up 29% year-over-year, and remaining performance obligations totaling $7.88 billion, up 37% year-over-year," said Sridhar Ramaswamy, CEO of Snowflake. "Snowflake is the cornerstone for our customers' data and AI strategies, driving real business impact at scale. Snowflake Intelligence, our enterprise AI agent, saw the fastest adoption ramp in Snowflake history and is transforming how businesses interact with their data, delivering real-time, actionable intelligence. Combined with our strategic partnerships with the world's leading AI model providers, clouds and application platforms, Snowflake is supercharging the entire data lifecycle with AI-driven capabilities."

"Snowflake delivered another strong quarter, with product revenue of $1.16 billion, up 29% year-over-year, and remaining performance obligations totaling $7.88 billion, up 37% year-over-year," said Sridhar Ramaswamy, CEO of Snowflake. "Snowflake is the cornerstone for our customers' data and AI strategies, driving real business impact at scale. Snowflake Intelligence, our enterprise AI agent, saw the fastest adoption ramp in Snowflake history and is transforming how businesses interact with their data, delivering real-time, actionable intelligence. Combined with our strategic partnerships with the world's leading AI model providers, clouds and application platforms, Snowflake is supercharging the entire data lifecycle with AI-driven capabilities."

Fourth Quarter Fiscal 2026GAAP Guidance | Fourth Quarter Fiscal 2026Non-GAAP Guidance(1) Amount (millions) | Year/Year Growth Product revenue | $1,195 - $1,200 | 27 | % Margin Operating income | 7 | % Amount (millions) Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted(2) | 377 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.(2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (the Notes) using the if-converted method, estimated at approximately 11 million shares for the fourth quarter of fiscal 2026 based on the current conversion price and net of the potential antidilutive impact of the capped call transactions entered into in connection with the Notes (the Capped Calls), is reflected in our guidance for weighted-average shar

Fourth Quarter Fiscal 2026GAAP Guidance | Fourth Quarter Fiscal 2026Non-GAAP Guidance(1) Amount (millions) | Year/Year Growth Product revenue | $1,195 - $1,200 | 27 | % Margin Operating income | 7 | % Amount (millions) Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted(2) | 377 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.(2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (the Notes) using the if-converted method, estimated at approximately 11 million shares for the fourth quarter of fiscal 2026 based on the current conversion price and net of the potential antidilutive impact of the capped call transactions entered into in connection with the Notes (the Capped Calls), is reflected in our guidance for weighted-average shar

Full-Year Fiscal 2026 GAAP Guidance | Full-Year Fiscal 2026 Non-GAAP Guidance(1) Amount (millions) | Year/Year Growth Product revenue(2) | $4,446 | 28 | % Margin Product gross profit | 75 | % Operating income | 9 | % Adjusted free cash flow | 25 | % Amount (millions) Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted(3) | 373 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.(2) The full-year fiscal 2026 product revenue guidance is based on the higher end of the fourth quarter fiscal 2026 guidance.(3) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of the Notes using the if-converted method, estimated at approximately 11 million shares for the full-year of fiscal 2026 based on the current conversion price and net of the potential antidilutive impact of the Capped Calls, is reflected in our guidance for weighted-

•Remaining performance obligations of $7.88 billion, representing 37% year-over-year growth

Fourth Quarter Fiscal 2026GAAP Guidance | Fourth Quarter Fiscal 2026Non-GAAP Guidance(1) Amount (millions) | Year/Year Growth Product revenue | $1,195 - $1,200 | 27 | % Margin Operating income | 7 | % Amount (millions) Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted(2) | 377 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.(2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (the Notes) using the if-converted method, estimated at approximately 11 million shares for the fourth quarter of fiscal 2026 based on the current conversion price and net of the potential antidilutive impact of the capped call transactions entered into in connection with the Notes (the Capped Calls), is reflected in our guidance for weighted-average shar

Three Months Ended October 31, | Nine Months Ended October 31, 2025 | 2024 | 2025 | 2024 Amount | Amount as a % of Revenue | Amount | Amount as a % of Revenue | Amount | Amount as a % of Revenue | Amount | Amount as a % of Revenue Revenue: Product revenue | $ | 1,158,377 | 96% | $ | 900,282 | 96% | $ | 3,245,686 | 95% | $ | 2,519,119 | 95% Professional services and other revenue | 54,532 | 4% | 41,812 | 4% | 154,266 | 5% | 120,507 | 5% Revenue | $ | 1,212,909 | 100% | $ | 942,094 | 100% | $ | 3,399,952 | 100% | $ | 2,639,626 | 100% Year-over-year growth | 29% | 28% | 29% | 30% Cost of revenue: GAAP cost of product revenue | $ | 320,810 | $ | 263,622 | $ | 908,402 | $ | 718,861 Adjustments: Stock-based compensation-related charges | (32,418) | (32,240) | (95,169) | (89,253) Amortization of acquired intangibles | (14,193) | (10,325) | (39,480) | (30,808) Restructuring recoveries (charges), net(1) | 5,013 | (7,678) | 5,013 | (7,678) Non-GAAP cost of product revenue | $ | 279,212 | $ | 213,379 | $ | 778,766 | $ | 591,122 GAAP cost of professional services and other revenue | $ | 70,063 | $ | 57,272 | $ | 203,072 | $ | 162,628 Adjustments: Stock-based compensation-related charges | (15,031) | (14,067) | (44,691) | (41,671) Amortization of acquired intangibles | (1,663) | (1,663) | (4,934) | (4,952) Non-GAAP cost of professional services and other revenue | $ | 53,369 | $ | 41,542 | $ | 153,447 | $ | 116,005 GAAP cost of revenue | $ | 390,873 | 32% | $ | 320,894 | 34% | $ | 1,111,4

•688 customers with trailing 12-month product revenue greater than $1 million

Revenue for the quarter was $1.1 billion, representing 32% year-over-year growth. Product revenue for the quarter was $1.09 billion, representing 32% year-over-year growth. Net revenue retention rate was 125% as of July 31, 2025. The company now has 654 customers with trailing 12-month product revenue greater than $1 million and 751 Forbes Global 2000 customers, representing 30% and 5% year-over-year growth, respectively. Remaining performance obligations were $6.9 billion, representing 33% year-over-year growth. See the section titled "Key Business Metrics" for definitions of product revenue, net revenue retention rate, customers with trailing 12-month product revenue greater than $1 million, Forbes Global 2000 customers, and remaining performance obligations.

•Remaining performance obligations of $6.9 billion, representing 33% year-over-year growth

"Snowflake delivered yet another strong quarter, with product revenue of $1.09 billion, up a strong 32% year-over-year, and remaining performance obligations totaling $6.9 billion," said Sridhar Ramaswamy, CEO of Snowflake. "Thousands of customers are betting their business on Snowflake and more than 6,100 accounts are using Snowflake's AI every week. Customers love that our platform is easy to use, connected to enable fluid access to data wherever it sits, and trusted by companies of all sizes and industries. We have an enormous opportunity ahead as we continue to empower every enterprise to achieve its full potential through data and AI."

"Snowflake delivered yet another strong quarter, with product revenue of $1.09 billion, up a strong 32% year-over-year, and remaining performance obligations totaling $6.9 billion," said Sridhar Ramaswamy, CEO of Snowflake. "Thousands of customers are betting their business on Snowflake and more than 6,100 accounts are using Snowflake's AI every week. Customers love that our platform is easy to use, connected to enable fluid access to data wherever it sits, and trusted by companies of all sizes and industries. We have an enormous opportunity ahead as we continue to empower every enterprise to achieve its full potential through data and AI."

•Net revenue retention rate of 125%

Third Quarter Fiscal 2026GAAP Guidance | Third Quarter Fiscal 2026Non-GAAP Guidance(1) Amount (millions) | Year/Year Growth Product revenue | $1,125 - $1,130 | 25 - 26% Margin Operating income | 9 | % Amount (millions) Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted(2) | 374 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.(2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (the Notes) using the if-converted method, estimated at approximately 10 million shares for the third quarter of fiscal 2026 based on the current conversion price and net of the potential antidilutive impact of the capped call transactions entered into in connection with the Notes (the Capped Calls), is reflected in our guidance for weighted-average share

Full-Year Fiscal 2026 GAAP Guidance | Full-Year Fiscal 2026 Non-GAAP Guidance(1) Amount (millions) | Year/Year Growth Product revenue | $4,395 | 27 | % Margin Product gross profit | 75 | % Operating income | 9 | % Adjusted free cash flow | 25 | % Amount (millions) Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted(2) | 372 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures. (2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of the Notes using the if-converted method, estimated at approximately 10 million shares for the full-year of fiscal 2026 based on the current conversion price and net of the potential antidilutive impact of the Capped Calls, is reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted. Upon conversi

Third Quarter Fiscal 2026GAAP Guidance | Third Quarter Fiscal 2026Non-GAAP Guidance(1) Amount (millions) | Year/Year Growth Product revenue | $1,125 - $1,130 | 25 - 26% Margin Operating income | 9 | % Amount (millions) Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted(2) | 374 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.(2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (the Notes) using the if-converted method, estimated at approximately 10 million shares for the third quarter of fiscal 2026 based on the current conversion price and net of the potential antidilutive impact of the capped call transactions entered into in connection with the Notes (the Capped Calls), is reflected in our guidance for weighted-average share

Third Quarter Fiscal 2026GAAP Guidance | Third Quarter Fiscal 2026Non-GAAP Guidance(1) Amount (millions) | Year/Year Growth Product revenue | $1,125 - $1,130 | 25 - 26% Margin Operating income | 9 | % Amount (millions) Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted(2) | 374 (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.(2) The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders-diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (the Notes) using the if-converted method, estimated at approximately 10 million shares for the third quarter of fiscal 2026 based on the current conversion price and net of the potential antidilutive impact of the capped call transactions entered into in connection with the Notes (the Capped Calls), is reflected in our guidance for weighted-average share

•654 customers with trailing 12-month product revenue greater than $1 million

Second Quarter Fiscal 2026GAAP Results | Second Quarter Fiscal 2026Non-GAAP Results(1) Amount (millions) | Year/Year Growth Product revenue | $1,090.5 | 32 | % Amount (millions) | Margin | Amount (millions) | Margin Product gross profit | $788.2 | 72 | % | $833.6 | 76 | % Operating income (loss) | ($340.3) | (30 | %) | $127.6 | 11 | % Net cash provided by operating activities | $74.9 | 7 | % | (2) Free cash flow | $58.2 | 5 | % Adjusted free cash flow | $67.8 | 6 | % (1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures, and the table titled "GAAP to Non-GAAP Reconciliations" for a reconciliation of GAAP to non-GAAP financial measures.(2) Calculated as net cash provided by operating activities as a percentage of revenue.Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes.