SNOW Morgan Stanley TMT 2026

Call Details

• Call Title: Morgan Stanley TMT 2026 Conference - Snowflake
• Date: March 4, 2026 at 3:44 AM UTC
• Management Team:
  • Sridhar Ramaswamy (Chief Executive Officer)
  • Brian Robins (Chief Financial Officer)

Call Summary

Strategic Commentary

• Snowflake is positioning to evolve from a data governance and analytics layer into a platform for AI-native applications and workflows.
• Cortex Code is intended as a native coding/agent layer to accelerate Snowflake deployments and internal productivity, and it delivered a reported 10x improvement in deployment speed for certain tasks.
• Snowflake Intelligence is presented as the higher-level business-user abstraction that complements Cortex Code and enables action on governed data.
• Cortex Code is distributed as an attach-to-account consumption feature rather than a separate subscription product to prioritize adoption and usage-driven monetization.
• The focus is on product-led adoption to convert internal lived experience with AI tools into customer-facing use cases and platform stickiness.
• Partnerships with model providers and hyperscalers are treated as collaborative and strategically similar to prior hyperscaler relationships rather than purely competitive engagements.

ARR / Recurring Revenue Growth

• Product revenue growth reaccelerated to 30% in Q4 of the fiscal year as reported on the call.
• Remaining performance obligation (RPO) was reported at $9.8B, which management stated was 42% year-over-year growth.
• The company disclosed signing one deal over $400M and a total of seven nine-figure deals in the quarter, with those large contracts described as expansions of existing customers.
• ARR and new ARR were not disclosed in the call.
• There was no disclosure of billings versus revenue reconciliation or any explicit mention of a material mismatch between bookings and revenue.
• There was no disclosure of region-specific recurring revenue growth rates.