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Snowflake(SNOW) - 2026 Q1 - Quarterly Results
SNOWSnowflake(SNOW)2025-05-21 20:06
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Revenue Growth - Revenue for the first quarter of fiscal 2026 was 1.0billion,representing261.0 billion, representing 26% year-over-year growth[3] - Product revenue for the quarter was 996.8 million, also reflecting a 26% year-over-year growth[5] - For the second quarter of fiscal 2026, product revenue guidance is projected to be between 1,035millionand1,035 million and 1,040 million, representing a 25% year-over-year growth[8] - Full-year fiscal 2026 product revenue guidance is set at 4,325million,reflectinga254,325 million, reflecting a 25% year-over-year growth[9] - Total revenue for the three months ended April 30, 2025, was 1,042,074, representing a year-over-year growth of 26% compared to 828,709in2024[31]−Productrevenueaccountedfor828,709 in 2024[31] - Product revenue accounted for 996,813, which is 96% of total revenue, up from 789,587(95789,587 (95%) in the previous year[31] Customer Metrics - Net revenue retention rate stood at 124% as of April 30, 2025[3] - The company has 606 customers with trailing 12-month product revenue greater than 1 million, marking a 27% year-over-year increase[3] - The number of customers with trailing 12-month product revenue greater than 1millionisakeymetric,indicatingstrongcustomerengagementandplatformusage[25]−Thecompanyreportedanetrevenueretentionratethatreflectscustomersatisfactionandthevaluederivedfromtheplatform,calculatedbasedonhistoricalusagedata[25]FinancialPerformance−Productgrossprofitforthefirstquarterwas1 million is a key metric, indicating strong customer engagement and platform usage[25] - The company reported a net revenue retention rate that reflects customer satisfaction and the value derived from the platform, calculated based on historical usage data[25] Financial Performance - Product gross profit for the first quarter was 711.5 million, with a margin of 71%[6] - Operating income for the first quarter was reported as a loss of 447.3millionunderGAAP,but447.3 million under GAAP, but 91.7 million under non-GAAP, with a margin of 9%[6] - Adjusted free cash flow for the first quarter was 206.3million,representinga20206.3 million, representing a 20% year-over-year growth[6] - GAAP net loss increased to (429,952) for the three months ended April 30, 2025, compared to (317,816)in2024[29]−Non−GAAPnetincomewas(317,816) in 2024[29] - Non-GAAP net income was 87,572, which is 8% of revenue, up from 6% in the prior year[32] - Non-GAAP operating income reached 91,658,accountingfor991,658, accounting for 9% of revenue, compared to 4% in the previous year[32] Cash Flow and Assets - Cash and cash equivalents as of April 30, 2025, were 2,243,083, down from 2,628,798asofJanuary31,2025[27]−Totalassetsdecreasedto2,628,798 as of January 31, 2025[27] - Total assets decreased to 8,157,407 as of April 30, 2025, from 9,033,938asofJanuary31,2025[27]−Cashflowsfromoperatingactivitiesgenerated9,033,938 as of January 31, 2025[27] - Cash flows from operating activities generated 228,373, down from 355,468inthesameperiodlastyear[29]−Cash,cashequivalents,andrestrictedcashattheendoftheperiodtotaled355,468 in the same period last year[29] - Cash, cash equivalents, and restricted cash at the end of the period totaled 2,319,408, compared to 1,349,136attheendofthepreviousyear[29]ExpensesandInvestments−GAAPtotaloperatingexpenseswere1,349,136 at the end of the previous year[29] Expenses and Investments - GAAP total operating expenses were 1,140,545, which is 110% of revenue, compared to 109% in the prior year[32] - GAAP sales and marketing expense was 458,554,accountingfor44458,554, accounting for 44% of revenue, down from 48% in the previous year[32] - GAAP research and development expense was 472,404, representing 46% of revenue, compared to 50% in the prior year[32] - The company plans to continue investing in product development and market expansion to drive future growth[30] Future Outlook - Remaining performance obligations totaled $6.7 billion, indicating a 34% year-over-year growth[5] - Forward-looking statements indicate expectations for future operating results and strategic initiatives, including advancements in artificial intelligence and new product offerings[18]