SNOW Q3 2026 Earnings

Call Details

• Call Title: Snowflake Inc. Q3 2026 Earnings Call
• Date: December 3, 2025 at 10:00 PM UTC
• Management Team:
  • Sridhar Ramaswamy (Chief Executive Officer)
  • Brian Robins (Chief Financial Officer)
  • Katherine McCracken (Investor Relations)

Call Summary

Financial Performance

• Snowflake reported product revenue of $1.16B in Q3, representing 29% year-over-year growth.
• Remaining performance obligations were $7.88B, with year-over-year growth accelerating to 37%.
• Net revenue retention remained at 125% for the quarter.
• The company added a record 615 new customers in the quarter.
• Global 2000 customers now total 776, with an average trailing 12-month spend of $2.3M per account.
• The company signed four nine-figure deals during the quarter, which was described as a record number of large deals in a single quarter.

Guidance

• For Q4, Snowflake expects product revenue between $1.195B and $1.2B, representing 27% year-over-year growth.
• The company expects a non-GAAP operating margin of 7% in Q4.
• Snowflake raised FY26 product revenue guidance to approximately $4.446B, representing 28% year-over-year growth.
• The company reiterated FY26 margin targets of 75% non-GAAP product gross margin, 9% non-GAAP operating margin, and 25% non-GAAP adjusted free cash flow margin.
• CFO emphasized that the full-year guide is the primary signal for the consumption model rather than one-quarter beats.
• Forecasts and guidance are supported by the company’s internal machine learning models for consumption trends.