SNOW Q1 2026 Earnings

Call Details

• Call Title: Snowflake Inc. Q1 2026 Earnings Call
• Date: May 21, 2025 at 9:00 PM UTC
• Management Team:
  • Jimmy Sexton (Head of Investor Relations)
  • Sridhar Ramaswamy (Chief Executive Officer)
  • Mike Scarpelli (Chief Financial Officer)
  • Christian Kleinerman (Executive Vice President of Product)

Call Summary

Financial Performance

• Product revenue for Q1 was $997 million, representing 26% year-over-year growth.
• Excluding the impact of leap year, product revenue grew 28% year-over-year.
• Remaining performance obligations totaled $6.7 billion, which grew 34% year-over-year.
• Net revenue retention was 124% for the measurement period disclosed.
• The company added 451 net new customers in Q1, which is up 19% year-over-year.
• Non-GAAP product gross margin was 75.7% in Q1.
• Non-GAAP operating margin was 9% in Q1, an improvement of 442 basis points year-over-year.

Guidance

• Q2 product revenue is guided between $1.035 and $1.04 billion, representing 25% year-over-year growth.
• Q2 non-GAAP operating margin is expected to be 8%.
• FY26 revenue guidance was increased to $4.325 billion, representing 25% year-over-year growth.
• FY26 non-GAAP product gross margin is expected to be approximately 75% and non-GAAP operating margin is expected to be 8%.
• FY26 non-GAAP adjusted free cash flow margin is expected to be 25%.
• The company stated that guidance is based on observed customer behavior and visibility into known migrations and bookings.