Quarterly ResultMay 27, 2026, 04:13 PM
Snowflake Q1 Product Revenue $1.33B, +34%; Raises FY27 Guidance
AI Summary
Snowflake Inc. announced strong financial results for the first quarter of fiscal 2027, with product revenue growing 34% year-over-year to $1.33 billion and total revenue increasing 33% to $1.39 billion. The company also raised its full-year fiscal 2027 product revenue guidance to $5.84 billion, reflecting 31% year-over-year growth. Additionally, Snowflake is acquiring Natoma, an enterprise Model Context Protocol platform, to further enhance its AI capabilities and governance for AI-driven workflows.
Key Highlights
- Snowflake signed a definitive agreement to acquire Natoma, an enterprise Model Context Protocol platform for AI agents.
- Q1 FY27 product revenue reached $1.33 billion, a 34% year-over-year increase.
- Total revenue for Q1 FY27 was $1.39 billion, up 33% year-over-year.
- Raised full-year fiscal 2027 product revenue guidance to $5.84 billion, representing 31% year-over-year growth.
- Net revenue retention rate stood at 126%.
- Customers with trailing 12-month product revenue greater than $1 million increased by 29% year-over-year to 779.
- Remaining performance obligations (RPO) grew 38% year-over-year to $9.21 billion.
- Non-GAAP operating margin for Q1 FY27 was 11.9%.
Price Impact
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