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Apr 30, 2025
Snowflake Q1 2026 Earnings Report
Reported financial results for the first quarter of fiscal 2026.
Key Takeaways
Snowflake delivered a strong first quarter for fiscal year 2026, with total revenue exceeding $1 billion and product revenue showing significant year-over-year growth. The company also demonstrated strong remaining performance obligations and continued to expand its customer base, particularly among large enterprises.
Total revenue for the first quarter of fiscal 2026 was $1.042 billion, a 26% increase year-over-year.
Product revenue reached $996.8 million, representing 26% year-over-year growth.
Remaining performance obligations (RPO) grew to $6.7 billion, up 34% compared to the previous year.
The company added 606 customers with trailing 12-month product revenue exceeding $1 million and now serves 754 Forbes Global 2000 customers.
Revenue by Segment
Forward Guidance
Snowflake provided positive guidance for the second quarter and full fiscal year 2026, projecting continued product revenue growth and strong non-GAAP operating and adjusted free cash flow margins.
Positive Outlook
- Second quarter fiscal 2026 product revenue guidance of $1.035 billion to $1.040 billion.
- Second quarter fiscal 2026 non-GAAP operating income margin guidance of 8%.
- Full-year fiscal 2026 product revenue guidance of $4.325 billion.
- Full-year fiscal 2026 non-GAAP product gross profit margin guidance of 75%.
- Full-year fiscal 2026 non-GAAP adjusted free cash flow margin guidance of 25%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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