Snowflake
ConvictionModerate
Consumption-based (usage credits) SaaS; product revenue ~96% of total; multi-cloud, land-and-expand with high net revenue retention.
Revenue
$1.39B total / $1.33B productQ1 FY27, qtr ended Apr 30 2026); $4.47B product FY2026; ~$5.0B TTM totalRev growth
+34% YoY productQ1 FY27), accelerating from +30% prior qtr; +29% product FY2026Gross margin
~75% non-GAAP product gross margin~71% GAAP (Q1 FY27Op margin
+11.9% non-GAAP / -23.4% GAAPQ1 FY27); FY27 non-GAAP op-margin guide raised to 13.5%Capex intensity
Asset-light — runs on third-party hyperscaler inframinimal owned capex (COGS is largely cloud compute/storage purchases, not capexMarket cap
~$79-83BJun 26 2026, at ~$238/sh; ~345M sharesAcross the boards
The thesis on this name
subject
State of AI Compute
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-03-20. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’22
$1.2B
FY’23
$2.1B+69%
FY’24
$2.8B+36%
FY’25
$3.6B+29%
FY’26
$4.7B+29%
Margins & balance sheet — FY’26
Gross margin67.2%
Operating margin-30.6%
Net margin-28.4%
Net cash$2.1B
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Snowflake
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.