Snowflake (SNOW) — Company Research

Last Updated: 05 Oct 2026

Snowflake Inc. (NYSE: SNOW) runs a cloud data platform called the AI Data Cloud. Companies use it to store, query, share and build AI applications on their data, and it runs on top of Amazon Web Services, Microsoft Azure and Google Cloud. Customers pay mainly for the compute and storage they use, so revenue follows how much work they run on the platform rather than a fixed subscription.

FY2026 (the year to 31 Jan 2026) revenue was $4,683.9m, up 29%. The company still made a GAAP net loss of $1,331.6m, mainly because of stock-based compensation, while non-GAAP diluted EPS was $1.25. Growth then sped up. Q2 FY2027 product revenue rose 37% to $1,491.9m, and on 02 Sep 2026 management raised its FY2027 product revenue guidance to $6,070m (+36%). On 28 Sep 2026 Snowflake priced $3.75bn of new 0% convertible notes. The shares closed at $341.04 on 02 Oct 2026, a market value of about $120.2bn.

This refresh draws on Snowflake's quarterly press releases, the FY2026 Form 10-K, the Q2 FY2027 Form 10-Q, SEC XBRL company facts and Form 4 filings, all retrieved on 05 Oct 2026. Follow the price on ChartsView Live Charts.

1. Company Snapshot

Field	Value
Full name	Snowflake Inc.
Ticker	SNOW (NYSE)
Sector	Technology: cloud data platform and AI data infrastructure
CEO / Leadership	Sridhar Ramaswamy (CEO); Brian Robins (CFO); Christian Kleinerman (EVP Product); Frank Slootman (former CEO, still a director)
Market cap	~$120.2bn (352.46m shares × $341.04 at the 02 Oct 2026 close)
Revenue (FY2026, to 31 Jan 2026)	$4,683.9m (+29% YoY); product revenue $4,472.3m
Net income (FY2026)	-$1,331.6m GAAP net loss; GAAP diluted EPS -$3.95; non-GAAP diluted EPS $1.25
Employees	9,060 at 31 Jan 2026, across 36 countries (FY2026 10-K)
Scale	Q2 FY2027: 828 customers paying more than $1m a year (+27%); 829 Forbes Global 2000 customers; net revenue retention 126%; remaining performance obligations $9.00bn (+30%)
Fiscal year	Ends 31 January (FY2027 runs to 31 Jan 2027)
Dividend	None

2. Bull Case vs Bear Case

Distilled from the full report below. Factual only, no ratings.

Bull Case

• Growth re-accelerating: Product revenue growth rose from 34% in Q1 FY2027 to 37% in Q2. FY2027 product revenue guidance has been raised twice, to $6,070m (+36%), and Q3 guidance is $1,588–1,593m (+37–38%).
• Customers spending more: Net revenue retention was 126% in Q2 FY2027, and customers paying more than $1m a year rose 27% to 828.
• Margins widening: Q2 FY2027 non-GAAP operating margin was 15.3%, up from guidance of 12.5%, and the full-year target was raised to 14.5% from 13.5%.
• Strong cash generation: Free cash flow was $1,120.3m in FY2026 (24% of revenue), and $1,195.3m over the twelve months to 31 Jul 2026. Management guides to a 23% adjusted free cash flow margin for FY2027.
• AI products landing: Cortex AI Gateway, dynamic model routing and Cortex Sense extend the platform into AI workloads, and LSEG signed a five-year enterprise-wide agreement on 30 Sep 2026.

Bear Case

• Deep GAAP losses: The GAAP operating loss was $1,435.2m in FY2026 and about $1,237m over the twelve months to 31 Jul 2026. Trailing GAAP diluted EPS is about -$3.18.
• Rich multiples: The shares trade at about 22x trailing revenue and roughly 100x trailing free cash flow.
• Rising debt and dilution risk: The $3.75bn of new convertible notes priced on 28 Sep 2026 sits alongside $2.3bn of existing notes. All of them can convert into shares.
• Databricks closing in: Databricks raised $5bn at a $190bn valuation in Aug 2026 and reports a revenue run-rate above $7bn, growing more than 80%.
• Heavy insider selling: Former CEO Frank Slootman sold 600,000 shares worth about $198m in Aug and Sep 2026. Co-founder Benoit Dageville and director Michael Speiser also sold, and there were no open-market purchases.

3. What Does This Company Actually Do?

Snowflake sells access to one data platform that separates storage from compute, so customers can scale each independently. They load data, run SQL and Python workloads, share data with partners through the Snowflake Marketplace, and build AI applications with Cortex AI. Snowflake reports a single operating segment; the disclosed revenue categories are below.

Segment / category	% of revenue	What it is
Product revenue	95.5% ($4,472.3m, FY2026)	Consumption-based charges for compute, storage and data transfer on the AI Data Cloud, including Cortex AI, Snowpark, Openflow and Marketplace use
Professional services and other	4.5% ($211.6m, FY2026)	Consulting, implementation, training and other services to help customers migrate and adopt the platform

FY2026 figures from the Q4 FY2026 press release; percentages are ChartsView calculations. In Q2 FY2027 the split was 96% product and 4% services.

By geography (FY2026 10-K):

• United States: $3,524.0m (75.2%);
• Europe, Middle East and Africa: $763.7m (16.3%);
• Asia-Pacific and Japan: $271.0m (5.8%);
• other Americas: $125.3m (2.7%).

4. The Business Model

How it makes money. Customers buy capacity contracts, usually paid up front, and Snowflake recognises product revenue as they consume credits for compute, storage and data transfer. Customers on demand pay in arrears. The model rewards Snowflake when existing customers run more workloads, which shows up as net revenue retention of 126%. It also makes revenue sensitive to customers cutting usage or making queries more efficient. Remaining performance obligations, the contracted revenue not yet recognised, were $9.00bn at 31 Jul 2026.

Where the moat sits. Snowflake's advantages are:

• data gravity: once an enterprise has centralised its data and pipelines in Snowflake, moving them is costly and slow;
• a cross-cloud design, so customers are not tied to a single hyperscaler;
• data sharing and the Snowflake Marketplace, where companies such as LSEG distribute data to customers without copying it;
• governance and security features that large regulated firms need, with 829 of the Forbes Global 2000 now customers.

What changed in 2025–2026. Under CEO Sridhar Ramaswamy (appointed in Feb 2024), Snowflake has pushed into AI and open table formats. It added Cortex AI services, support for Apache Iceberg tables and Openflow data ingestion. Growth slowed to 29% in FY2025 and FY2026, then sped back up to 35% in Q2 FY2027. Snowflake also began raising money through convertible notes, issuing $2.3bn in Sep 2024 and pricing $3.75bn in Sep 2026, and has spent $1,173.5m on buybacks since the start of FY2026.

5. Financial Health

Sources: Snowflake quarterly press releases (Business Wire and SEC 8-K exhibits), the FY2026 Form 10-K, the Q2 FY2027 Form 10-Q, and SEC XBRL company facts (data.sec.gov) for revenue, EPS, debt, cash flow, D&A and operating income. The fiscal year ends 31 January.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022 (to 31 Jan 2022)	$1,219.3m	+106%	-$2.26	$0.01	$0.00	Nil
FY2023 (to 31 Jan 2023)	$2,065.7m	+69%	-$2.50	$0.25	$0.00	Nil
FY2024 (to 31 Jan 2024)	$2,806.5m	+36%	-$2.55	$0.98	$0.00	Nil
FY2025 (to 31 Jan 2025)	$3,626.4m	+29%	-$3.86	$0.83	$0.00	$2,271.5m
FY2026 (to 31 Jan 2026)	$4,683.9m	+29%	-$3.95	$1.25	$0.00	$2,279.8m

Notes on the annual table:

• Adjusted EPS is Snowflake's non-GAAP diluted EPS, which excludes stock-based compensation and related items. The FY2022 figure is the comparative shown in the Q4 FY2023 release.
• Long-term debt is the net carrying value of the 0% convertible senior notes issued in Sep 2024 ($1.15bn due 2027 and $1.15bn due 2029), XBRL tag ConvertibleDebtNoncurrent. Snowflake had no borrowings before that. The net carrying value was $2,284.0m at 31 Jul 2026.

Quarterly results (most recent first)

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 FY2027 (to 31 Jul 2026)	$1,546.8m	$0.62	-$0.55
Q1 FY2027 (to 30 Apr 2026)	$1,391.0m	$0.39	-$0.86
Q4 FY2026 (to 31 Jan 2026)	$1,284.0m	$0.32	-$0.90
Q3 FY2026 (to 31 Oct 2025)	$1,212.9m	$0.35	-$0.87
Q2 FY2026 (to 31 Jul 2025)	$1,145.0m	$0.35	-$0.89
Q1 FY2026 (to 30 Apr 2025)	$1,042.1m	$0.24	-$1.29
FY2026 total	$4,683.9m	$1.25	-$3.95

Notes on the quarterly table:

• Release dates: Q2 FY2027 on 02 Sep 2026; Q1 FY2027 on 27 May 2026; Q4 FY2026 on 25 Feb 2026.
• Q2 FY2027 in more detail:
  • product revenue $1,491.9m (+37%);
  • GAAP operating loss $263.0m (-17.0% margin);
  • non-GAAP operating income $237.0m (15.3% margin).
• Quarterly EPS figures do not sum exactly to the full year because the share count changes.

Cash flow and balance sheet.

• Cash flow (FY2026).
  • Operating cash flow was $1,221.9m and purchases of property and equipment $101.6m. No software was capitalised. That gives free cash flow of $1,120.3m; adjusted free cash flow was $1,192.7m.
  • D&A was $220.4m and the GAAP operating loss $1,435.2m. Buybacks totalled $873.5m.
• Cash flow (H1 FY2027).
  • Operating cash flow was $334.6m, capex $18.0m and D&A $136.2m. The GAAP operating loss was $589.1m, and buybacks were $300.0m, all in Q1.
  • Over the twelve months to 31 Jul 2026, operating cash flow was $1,253.3m and capex $58.0m, giving free cash flow of $1,195.3m.
• Balance sheet at 31 Jul 2026.
  • Cash and cash equivalents were $1,707.2m, short-term investments $637.5m and long-term investments $1,984.5m, a total of $4,329.2m.
  • Convertible notes were carried at $2,284.0m.
  • These figures predate the $3.75bn convertible offering priced on 28 Sep 2026. Of its roughly $3.70bn of net proceeds, $548.3m goes to repurchasing $261.8m of the 2027 notes and $383.5m to capped call transactions.
• FY2027 guidance (02 Sep 2026):
  • product revenue of $6,070m (+36%);
  • non-GAAP operating margin of 14.5%;
  • adjusted free cash flow margin of 23%;
  • non-GAAP product gross margin of 74%;
  • Q3 FY2027 product revenue of $1,588–1,593m at a 15.5% non-GAAP operating margin.

6. Valuation & Market Data

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$120.2bn (352.46m shares × $341.04 at the 02 Oct 2026 close)
Enterprise value	~$120.1bn = market cap ~$120.2bn + total debt ~$2.28bn (convertible notes $2,284.0m, all noncurrent) − cash and short-term investments ~$2.34bn ($1,707.2m + $637.5m), per the 31 Jul 2026 balance sheet. Long-term investments ($1,984.5m) are excluded, and so is the $3.75bn convertible priced on 28 Sep 2026.
Trailing P/E (GAAP)	n/m: trailing GAAP diluted EPS is negative, at about -$3.18 (sum of Q3 FY2026 to Q2 FY2027). On trailing non-GAAP EPS of $1.68 the multiple is ~203x.
P/E (forward)	~167x ($341.04 / $2.04, which is H1 FY2027 non-GAAP EPS of $1.02 annualised). Snowflake does not give EPS guidance; its FY2027 guide is a 14.5% non-GAAP operating margin on 380m diluted shares.
P/S (TTM)	~22.1x (market cap / revenue of $5,434.6m over the twelve months to 31 Jul 2026)
EV/EBITDA (TTM)	n/m: EBITDA is negative. Trailing GAAP operating loss of -$1,236.8m (FY2026 -$1,435.2m, less H1 FY2026 -$787.5m, plus H1 FY2027 -$589.1m) plus trailing D&A of $253.0m (XBRL DepreciationDepletionAndAmortization) gives EBITDA of about -$984m.
P/FCF	~101x (market cap ~$120.2bn / trailing FCF ~$1.195bn). FCF = operating cash flow $1,253.3m − capex $58.0m, for the twelve months to 31 Jul 2026. On FY2026 FCF of $1,120.3m ($1,221.9m − $101.6m) the multiple is ~107x.
52-week high	$384.56 (intraday, 03 Sep 2026, the day after Q2 results)
52-week low	$118.30 (intraday, 10 Apr 2026)
Short interest (% of float)	5.59% (18.78m shares, settlement date 15 Sep 2026, per MarketBeat)
Days to cover	2.6 (MarketBeat, 15 Sep 2026, on average volume of 4.00m shares)
Dividend yield	Nil (no dividend)

Price-based metrics use the 02 Oct 2026 close. The 52-week range is from Yahoo Finance daily bars. For live prices see ChartsView Live Charts.

7. What Are They Building

Cortex AI.

• Gateway and routing: Cortex AI Gateway gives customers one controlled entry point to large language models. It includes technology from Natoma, which Snowflake agreed to buy in May 2026. On 18 Aug 2026 Snowflake added dynamic model routing, which sends each request to the most cost-effective model that can handle it.
• Cortex Sense: Cortex Sense was announced with Q2 results on 02 Sep 2026. It is a further AI service that works on data held in Snowflake.

Open data and ingestion. Snowpipe Streaming for partitioned Snowflake-managed Apache Iceberg tables became generally available on 24 Sep 2026, so customers can stream data into open-format tables. A container runtime for Streamlit in Native Apps entered preview on the same day.

Resilience features. Optimized Refresh and RPO Assurance for failover groups became generally available on 30 Sep 2026. Both are aimed at customers that replicate data across regions for disaster recovery.

Ecosystem. Snowflake's partner ecosystem keeps adding integrations:

• LSEG expanded its partnership under a five-year enterprise-wide agreement (30 Sep 2026);
• UiPath launched a two-way integration on Snowflake Marketplace (30 Sep 2026);
• Liquibase Secure became available on the Marketplace (23 Sep 2026).

Snowflake Summit 2026 ran from 01 to 04 Jun 2026 in San Francisco.

8. Competitive Landscape

Peer	Market cap (Oct 2026)	Key 2025 metric
Databricks (private)	~$190bn post-money valuation (not listed)	$5bn funding round closed 13 Aug 2026; revenue run-rate above $7bn in Q2 2026, growing more than 80% (company statements reported by The Next Web and Constellation Research)
Oracle (ORCL)	~$431.4bn	Q1 FY2027 revenue $19.35bn (+30%); remaining performance obligations $664bn (Oracle press release, 10 Sep 2026)
Datadog (DDOG)	~$99.5bn	Q2 2026 revenue $1.12bn (+36%) (Datadog 8-K press release)
MongoDB (MDB)	~$28.8bn	Q2 FY2027 revenue $771.8m (+30%); Atlas revenue up about 29% (MongoDB press release)
Teradata (TDC)	~$2.8bn	Q2 2026 total ARR $1.509bn (+1%); public cloud ARR $686m (+8%) (Teradata press release)

Market caps are at the 02 Oct 2026 close from Yahoo Finance and StockAnalysis quote pages. Snowflake also competes with the data warehouses and lakehouse services of its own cloud hosts: Amazon Redshift, Google BigQuery and Microsoft Fabric.

9. Leadership and Ownership

Sridhar Ramaswamy has been CEO since 27 Feb 2024, when he succeeded Frank Slootman, who remains on the board. Brian Robins is CFO. Ramaswamy filed no open-market purchases or sales in the period below. Insider activity has been all selling, much of it under 10b5-1 plans and linked to exercising old stock options.

Name	Date	Type	Shares	Price	Value	Plan Type
Michael Speiser (director)	02 Oct 2026	Sale	50,741	$344.00	~$17.45m	10b5-1 (adopted 27 Dec 2024)
Christian Kleinerman (EVP Product)	01 Oct 2026	Sale	15,000	$341.57	~$5.12m	Not stated
Benoit Dageville (co-founder, director)	23 Sep 2026	Sale	50,000	$339.08	~$16.95m	Not stated
Frank Slootman (director, former CEO)	21 Sep 2026	Option exercise and sale (18 and 21 Sep)	300,000	~$334.49 (avg)	~$100.3m	10b5-1 (adopted 19 Sep 2025)
Jonathan Beaulier (Chief Revenue Officer)	16 Sep 2026	Sale	12,292	$336.12	~$4.13m	Not stated
Benoit Dageville (co-founder, director)	09 Sep 2026	Sale	50,000	$335.72	~$16.79m	10b5-1 (adopted 03 Apr 2026)
Mark Garrett (director)	04 Sep 2026	Option exercise and sale	50,000	$350.00	~$17.5m	No 10b5-1 footnote
Frank Slootman (director, former CEO)	18 Aug 2026	Option exercise and sale	300,000	$324.75	~$97.4m	Not verified

Sources: SEC Form 4 filings on EDGAR, listed via OpenInsider. Slootman's options had exercise prices of $8.88 or less. RSU vesting and tax withholdings are not shown.

10. Risks and Challenges

• Competition (Competitive): Databricks is growing faster from a similar base, and the cloud platforms Snowflake runs on (AWS, Azure and Google Cloud) sell their own data warehouses. Pricing pressure or lost workloads would slow product revenue growth.
• Consumption volatility (Operational): Revenue depends on how much customers use the platform, not on fixed subscriptions. Customers optimising queries, moving data to open formats such as Iceberg or cutting budgets can reduce revenue quickly.
• Losses and stock-based pay (Financial): Snowflake reported a GAAP net loss in every fiscal year shown in Section 5. The GAAP operating loss was $1,435.2m in FY2026, largely from stock-based compensation, which also dilutes shareholders.
• Convertible debt (Financial): After the Sep 2026 offering Snowflake will owe more than $5.5bn of principal under 0% convertible notes due between 2027 and 2031. Conversion could dilute shareholders, and notes that are not converted must be repaid in cash.
• Reliance on cloud providers (Operational): Snowflake runs on AWS, Azure and Google Cloud, which are also competitors. Higher infrastructure costs or outages at those providers would hit margins and service quality.
• Data security (Regulatory): Snowflake stores sensitive data for thousands of enterprises. A breach of customer accounts, or new data-protection or AI rules, could bring liability and damage trust.
• Macro and IT budgets (Macro): Spending on data and analytics projects tends to be cut when budgets tighten, and growth expectations are high after the guidance raises in 2026.

11. Recent Developments

• 02 Oct 2026 — Director sale. Michael Speiser of Sutter Hill Ventures sold 50,741 shares at $344.00 under a 10b5-1 plan.
• 30 Sep 2026 — LSEG and UiPath deals. LSEG expanded its collaboration with Snowflake under a five-year enterprise-wide agreement, announced at Snowflake World Tour London. UiPath launched a two-way integration on Snowflake Marketplace.
• 28 Sep 2026 — $3.75bn convertible notes priced. The proposed $3.5bn offering was upsized to $3.75bn of 0% notes: $2.0bn due 2029 (conversion price about $500.38) and $1.75bn due 2031 (about $483.98). Snowflake will use $548.3m to repurchase part of its 2027 notes and $383.5m for capped calls with a cap price of $820.30.
• 24 Sep 2026 — Iceberg streaming goes live. Snowpipe Streaming for partitioned Snowflake-managed Iceberg tables became generally available.
• 21 Sep 2026 — Slootman sale. Former CEO Frank Slootman completed a second 300,000-share option exercise and sale under a 10b5-1 plan, worth about $100m.
• 02 Sep 2026 — Q2 FY2027 beat and raise. Revenue rose 35% to $1,546.8m and non-GAAP EPS was $0.62, against $0.35 a year earlier. FY2027 guidance went up to product revenue of $6,070m and a 14.5% operating margin, and the shares hit a 52-week high of $384.56 the next day.
• 18 Aug 2026 — Dynamic model routing. Snowflake added automatic model routing to Cortex AI Gateway to cut AI inference costs for customers.
• 27 May 2026 — Q1 FY2027 results. Revenue rose 33% to $1,391.0m, and FY2027 product revenue guidance was raised to $5,840m.

12. Key Dates Coming Up

• 03 Nov 2026 — Snowflake Expedition, a free virtual global event, runs from 03 to 06 Nov 2026.
• Expected 02 Dec 2026 — Q3 FY2027 results after the US market close. The date comes from market calendars and Snowflake has not confirmed it. Guidance is product revenue of $1,588–1,593m.
• 31 Jan 2027 — FY2027 year-end. Guidance is product revenue of $6,070m and a 14.5% non-GAAP operating margin.
• Expected Feb 2027 — Q4 and FY2027 results; the FY2026 results came on 25 Feb 2026.
• TBC — 2027 annual meeting; the 2026 meeting was held on 29 Jun 2026.

Macro events are on the ChartsView Economic Calendar, and you can discuss Snowflake on the ChartsView Forum.

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