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Oct 31
Snowflake Q3 2026 Earnings Report
Snowflake reported Q3 FY26 results with continued product revenue growth and strong customer momentum, despite posting a net loss.
Key Takeaways
Snowflake delivered solid Q3 results with $1.21 billion in revenue and strong customer growth, although it posted a net loss of $294 million. Product revenue reached $1.16 billion, and key metrics such as net revenue retention and RPO remained robust.
Product revenue reached $1.158 billion in Q3 FY26.
Snowflake posted a GAAP net loss of $293.96 million.
Remaining performance obligations totaled $7.88 billion.
The company had 688 customers generating over $1M in trailing 12-month product revenue.
Snowflake
Snowflake
Snowflake Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comProfessional Svcs & Other Revenue
CapyFin.com Forward Guidance
Snowflake provided Q4 FY26 guidance forecasting continued product revenue growth and operating profitability.
Positive Outlook
- Q4 product revenue guidance of $1.195B to $1.200B
- Expected 27% YoY product revenue growth in Q4
- Non-GAAP operating income projected at 7%
- FY26 product revenue expected to reach $4.446B
- Adjusted free cash flow margin projected at 25% for FY26
Challenges Ahead
- GAAP net losses continue despite revenue growth
- Stock-based compensation remains a significant expense
- High capital outflows from stock repurchases
- Asset impairments continue to weigh on operating results
- Rising operating expenses despite revenue growth
Revenue & Expenses
Visualization of income flow from segment revenue to net income