| Metric | Value ($ M) | Q1 FY26 |
|---|---|---|
| Revenue | 1.4K | 33.5% |
| Total Income | 1.4K | 33.5% |
| Expenditure | 1.7K | 15.3% |
| PBT | -296.66 | 30.1% |
| Net Profit | -295.57 | 31.3% |
| OPM | -23.45% | 19.47pp |
| NPM | -21.25% | 20.02pp |
| EPS | -0.86 | 33.3% |
Snowflake Reports Q1 FY2027: Product Revenue $1.33B, Up 34% Y-o-Y
28 May 2026 · 28 May, 1:42 am
Summary
Snowflake Inc. announced its financial results for the first quarter of fiscal year 2027, reporting a revenue of $1.39 billion, a 33% increase year-over-year. Product revenue grew by 34% to $1.33 billion. The company's remaining performance obligations reached $9.21 billion, representing a 38% year-over-year growth. Management is raising the full-year product revenue guidance, citing strong momentum across both the core platform and AI business.
Key Highlights
- 1
Snowflake's revenue reached $1.39 billion in the first quarter, representing a 33% year-over-year growth.
- 2
Product revenue for the first quarter was $1.33 billion, a 34% increase year-over-year.
- 3
The company's net revenue retention rate was 126%.
- 4
Snowflake has 779 customers with trailing 12-month product revenue greater than $1 million, marking a 29% year-over-year growth.
- 5
Remaining performance obligations totaled $9.21 billion, reflecting a 38% year-over-year increase.
- 6
The company added 616 net new customers in the quarter, up 38% year-over-year.
Management Comments
Sridhar Ramaswamy
Snowflake delivered a milestone quarter, with product revenue of $1.33 billion, up 34% year-over-year, marking the strongest sequential dollar growth in our history,” “AI continues to be a powerful tailwind for Snowflake, and Q1 marks a clear inflection point in that journey. With Cortex Code and Snowflake Intelligence, we are extending from the trusted foundation for enterprise data and context to become the control plane for the Agentic Enterprise. We are seeing strong momentum from both AI-driven acceleration of our core platform and growing adoption of our first-party AI products, positioning Snowflake to lead in this new era.
Brian Robins
AI continues to accelerate our core data platform business as customers move to Snowflake with increasing urgency,” “We now have 779 customers spending more than $1 million on a trailing 12-month basis, 46 of which crossed the threshold in Q1, compared to 26 a year ago. Given the strong momentum across both our core platform business and AI business, we are raising our full-year product revenue guidance.”
Informational and educational content only. Not investment advice.