Snowflake (SNOW) Earnings Date & Reports

Snowflake delivered Q4 fiscal 2026 total revenue of $1.28 billion, up 30% year-over-year, exceeding consensus estimates of $1.26 billion. Product revenue, the core metric, hit $1.23 billion, also up 30% YoY and above expectations of around $1.20 billion. Non-GAAP EPS was $0.32, beating the $0.27 consensus, compared to $0.30 last year; GAAP EPS was -$0.90, reflecting ongoing investments.

Key operating metrics shone: RPO surged 42% YoY to $9.77 billion, with 46% expected in the next 12 months. NRR remained at 125%, indicating strong expansion among existing customers. The company added 740 net new customers (40% YoY) and expanded its $1 million+ trailing 12-month product revenue customers to 733 (27% YoY growth), including a record $400 million deal and seven nine-figure contracts.

Margins improved, with non-GAAP product gross margin at 75% (GAAP 71%) and non-GAAP operating income of $139 million (11% margin). For full FY2026, product revenue grew 29% to $4.47 billion, non-GAAP EPS was $1.25, and non-GAAP operating margin expanded to 10%.

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Market Reaction and Investor Sentiment

Shares initially rose 5-6% in after-hours trading post-release, reflecting relief over the earnings beat and RPO acceleration. However, the stock reversed, falling about 3% extended and giving back gains the next day amid concerns over Q1 FY2027 guidance implying slightly decelerated 27% growth and a 9% non-GAAP operating margin. Sentiment remains mixed, with bulls highlighting AI momentum—over 9,100 accounts using AI features—and bears noting profitability pressures in a high-valuation environment. Since earnings, the stock has traded volatile, down from peaks but up year-to-date as of early April 2026.

Forward Outlook and Key Factors to Monitor

Snowflake guided Q1 FY2027 product revenue to $1.26-$1.27 billion (27% YoY growth at midpoint) with a 9% non-GAAP operating margin and 75% non-GAAP product gross margin. Full FY2027 product revenue is projected at $5.66 billion (27% growth), 12.5% non-GAAP operating margin, and 23% adjusted free cash flow margin.

Investors should watch AI adoption metrics, as over 9,100 accounts now use Snowflake AI features like Cortex Code and Snowflake Intelligence (adopted by 2,500 accounts in three months). Partnerships with OpenAI, Anthropic, and Google Cloud, plus 430+ new FY2026 capabilities, position Snowflake centrally in enterprise AI.

Customer expansion remains key, with NRR at 125% and growth in large accounts ($1M+ and $10M+ customers). Recent acquisitions like Observe and TensorStax enhance AI observability and supply chain optimization. Monitor net new logos, RPO conversion (46% next 12 months), and operating leverage amid stock-based compensation discipline (down to 34% of revenue).

Broader dynamics include cloud spending trends, competition from Databricks and BigQuery, and macroeconomic factors affecting IT budgets. Upcoming Q1 FY2027 earnings, expected late May 2026, will provide early read on FY2027 trajectory.

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