olivLaw · US equity research
Snowflake Inc. SNOW
Services-Prepackaged Software · SIC 7372 · Vertical: Services-Prepackaged Software (SIC 7372)
Snowflake Inc. (SNOW) offers a data and artificial intelligence platform delivered as a cloud service, with revenue of 4.7 billion USD in fiscal 2026, growing 29%. In the second quarter of fiscal 2027, total revenue was 1.55 billion USD, up 35%. The company remains loss-making on a net basis, so the trend in margins is a point to watch.
At the close of 04 Nov 2026, Snowflake Inc. (SNOW) stock was 290.60 USD (−1.50% on the day), with market capitalisation 102.5 bn USD, beta 1.48, 52-week range 121.11–368.89 USD. Latest reported quarter (Q2 2027): revenue of 1.5 bn USD (+35.1% YoY), net income of -191.7 m USD, diluted EPS -0.55 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.9
- weak (30–45)
- Bollinger (20, 2)
- 283.00 – 369.94
- in the lower half of the band · %B 0.09 · band width 26.6%
- SMA 50 / 200
- 330.10 / 240.40
- mixed trend
- MACD (12, 26, 9)
- -8.74 / -4.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.3% | −1.1% | −13.2 pp | — |
| 3 months | −8.3% | −0.5% | −7.8 pp | — |
| 6 months | +108.0% | +4.4% | +103.6 pp | — |
| Year to date | +32.5% | +12.3% | +20.2 pp | — |
| 1 year | +9.5% | +13.5% | −4.1 pp | −1.2% |
| 3 years | +93.7% | +76.4% | +17.3 pp | +24.0% |
| 5 years | −20.3% | +63.7% | −84.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 942.1 m | 986.8 m | 1.0 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.5 bn |
| Cost of revenue | 320.9 m | 333.2 m | 348.8 m | 371.8 m | 390.9 m | 426.3 m | 464.5 m | 510.1 m |
| Gross profit | 621.2 m | 653.6 m | 693.3 m | 773.2 m | 822.0 m | 857.7 m | 926.5 m | 1.0 bn |
| Research & development | 442.4 m | 492.5 m | 472.4 m | 492.0 m | 494.0 m | 511.0 m | 534.9 m | 567.5 m |
| Operating income | -365.5 m | -386.7 m | -447.3 m | -340.3 m | -329.5 m | -318.2 m | -326.2 m | -263.0 m |
| Depreciation & amortisation | 47.0 m ≈ | 50.1 m | 48.8 m | 54.8 m ≈ | 57.9 m ≈ | 58.9 m | 67.6 m | 68.6 m ≈ |
| Interest expense | 689.0 k | 2.1 m | 2.1 m | 2.1 m | 2.1 m | 2.1 m | 2.1 m | 2.1 m |
| Pre-tax income | -326.0 m | -330.1 m | -424.2 m | -297.9 m | -287.9 m | -301.9 m | -296.7 m | -188.3 m |
| Income tax | 1.9 m | -4.3 m | 5.7 m | 62.0 k | 3.7 m | 7.7 m | -1.1 m | 3.4 m |
| Net income | -324.3 m | -327.5 m | -430.1 m | -298.0 m | -294.0 m | -309.6 m | -295.6 m | -191.7 m |
| Diluted EPS | -0.98 | -0.99 ≈ | -1.29 | -0.89 | -0.87 | -0.90 ≈ | -0.86 | -0.55 |
| Operating cash flow | 101.7 m ≈ | 432.7 m | 228.4 m | 74.9 m ≈ | 137.5 m ≈ | 781.2 m | 243.2 m | 91.4 m ≈ |
| Capex | 13.4 m ≈ | 11.3 m | 45.0 m | 16.7 m ≈ | 23.9 m ≈ | 16.1 m | 10.5 m | 7.6 m ≈ |
| Share repurchases | 1.0 bn ≈ | 0 | 490.6 m | 0 ≈ | 232.9 m ≈ | 150.0 m | 300.0 m | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 96.7 m | 264.7 m | 592.0 m | 1.2 bn | 2.1 bn | 2.8 bn | 3.6 bn | 4.7 bn |
| Revenue YoY | unavailable | +173.9% | +123.6% | +106.0% | +69.4% | +35.9% | +29.2% | +29.2% |
| Net income | -178.0 m | -348.5 m | -539.1 m | -679.9 m | -796.7 m | -836.1 m | -1.3 bn | -1.3 bn |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -7.77 | -3.81 | -2.26 | -2.50 | -2.55 | -3.86 | -3.95 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -184.2% | -131.6% | -91.1% | -55.8% | -38.6% | -29.8% | -35.5% | -28.4% |
| Free cash flow | -146.0 m | -195.1 m | -80.5 m | 94.0 m | 520.5 m | 813.0 m | 913.5 m | 1.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 2.8 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.9 bn USD
- Total assets
- 9.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.30x
- ROE
- -54.0%
- ROA
- -14.7%
- FCF margin
- 23.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 592.0 m | 1.2 bn | 2.1 bn | 2.8 bn | 3.6 bn | 4.7 bn | SEC (XBRL)· 20 Mar 2026verified |
| Cost of revenue | 242.6 m | 458.4 m | 717.5 m | 898.6 m | 1.2 bn | 1.5 bn | SEC (XBRL)· 20 Mar 2026verified |
| Gross profit | 349.5 m | 760.9 m | 1.3 bn | 1.9 bn | 2.4 bn | 3.1 bn | SEC (XBRL)· 20 Mar 2026verified |
| Research & development | 237.9 m | 466.9 m | 788.1 m | 1.3 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 20 Mar 2026verified |
| Operating income | -543.9 m | -715.0 m | -842.3 m | -1.1 bn | -1.5 bn | -1.4 bn | SEC (XBRL)· 20 Mar 2026verified |
| Depreciation & amortisation | 9.8 m | 21.5 m | 63.5 m | 119.9 m | 182.5 m | 220.4 m | SEC (XBRL)· 20 Mar 2026verified |
| EBITDA | -534.1 m ≈ | -693.5 m ≈ | -778.7 m ≈ | -974.9 m ≈ | -1.3 bn ≈ | -1.2 bn ≈ | SEC (XBRL)· 20 Mar 2026derived |
| Interest expense | — | — | 0 | 0 | 2.8 m | 8.3 m | SEC (XBRL)· 20 Mar 2026verified |
| Pre-tax income | -537.0 m | -677.0 m | -816.0 m | -849.2 m | -1.3 bn | -1.3 bn | SEC (XBRL)· 20 Mar 2026verified |
| Income tax | 2.1 m | 3.0 m | -18.5 m | -11.2 m | 4.1 m | 17.1 m | SEC (XBRL)· 20 Mar 2026verified |
| Net income | -539.1 m | -679.9 m | -796.7 m | -836.1 m | -1.3 bn | -1.3 bn | SEC (XBRL)· 20 Mar 2026verified |
| Diluted EPS | -3.81 | -2.26 | -2.50 | -2.55 | -3.86 | -3.95 | SEC (XBRL)· 20 Mar 2026verified |
| Weighted average diluted shares | 141.6 m | 300.3 m | 318.7 m | 328.0 m | 332.7 m | 337.5 m | SEC (XBRL)· 20 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 820.2 m | 1.1 bn | 939.9 m | 1.8 bn | 2.6 bn | 2.8 bn | SEC (XBRL)· 20 Mar 2026verified |
| Receivables | 294.0 m | 545.6 m | 715.8 m | 926.9 m | 922.8 m | 1.3 bn | SEC (XBRL)· 20 Mar 2026verified |
| Current assets | 4.3 bn | 4.6 bn | 5.0 bn | 5.0 bn | 5.9 bn | 5.7 bn | SEC (XBRL)· 20 Mar 2026verified |
| Property, plant & equipment, net | 69.0 m | 105.1 m | 160.8 m | 247.5 m | 296.4 m | 248.6 m | SEC (XBRL)· 20 Mar 2026verified |
| Goodwill | 8.4 m | 8.4 m | 657.4 m | 975.9 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 20 Mar 2026verified |
| Intangibles (excl. goodwill) | 16.1 m | 37.1 m | 186.0 m | 331.4 m | 278.0 m | 246.9 m | SEC (XBRL)· 20 Mar 2026verified |
| Total assets | 5.9 bn | 6.6 bn | 7.7 bn | 8.2 bn | 9.0 bn | 9.1 bn | SEC (XBRL)· 20 Mar 2026verified |
| Accounts payable | 5.6 m | 13.4 m | 23.7 m | 51.7 m | 169.8 m | 145.6 m | SEC (XBRL)· 20 Mar 2026verified |
| Current liabilities | 789.3 m | 1.4 bn | 2.0 bn | 2.7 bn | 3.3 bn | 4.4 bn | SEC (XBRL)· 20 Mar 2026verified |
| Total liabilities | 985.3 m | 1.6 bn | 2.3 bn | 3.0 bn | 6.0 bn | 7.2 bn | SEC (XBRL)· 20 Mar 2026verified |
| Equity | 4.9 bn | 5.0 bn | 5.5 bn | 5.2 bn | 3.0 bn | 1.9 bn | SEC (XBRL)· 20 Mar 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -45.4 m | 110.2 m | 545.6 m | 848.1 m | 959.8 m | 1.2 bn | SEC (XBRL)· 20 Mar 2026verified |
| Capex | 35.0 m | 16.2 m | 25.1 m | 35.1 m | 46.3 m | 101.6 m | SEC (XBRL)· 20 Mar 2026verified |
| Free cash flow | -80.5 m ≈ | 94.0 m ≈ | 520.5 m ≈ | 813.0 m ≈ | 913.5 m ≈ | 1.1 bn ≈ | SEC (XBRL)· 20 Mar 2026derived |
| Investing cash flow | -4.0 bn | -20.8 m | -597.9 m | 832.3 m | 190.6 m | 312.2 m | SEC (XBRL)· 20 Mar 2026verified |
| Financing cash flow | 4.8 bn | 178.2 m | -92.6 m | -854.1 m | -226.5 m | -1.4 bn | SEC (XBRL)· 20 Mar 2026verified |
| Share repurchases | 0 | 0 | 0 | 591.7 m | 1.9 bn | 873.5 m | SEC (XBRL)· 20 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 102.5 bn USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 67.0% | 68 (on a fixed band) | 14% |
| EBIT margin · Quality | -22.8% | 4 (vs peers) | 11% |
| FCF margin · Quality | 22.0% | 88 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 31.4% | 100 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 29.2% | 91 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 8 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.2% | 23 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.7% | 44 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial8/100 · 1/2 factors with a value
- Growth97/100 · 2/2 factors with a value
- Quality54/100 · 3/3 factors with a value
- Returns44/100 · 1/1 factors with a value
- Valuation· partial23/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SNOWFLAKE INC. (SNOW). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 4.7 bn USD in 2026; YoY growth 29.2%; net margin -20.1%; ROE -48.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF margin: 22.0%
- Revenue CAGR 3Y: 31.4%
- Revenue growth (YoY): 29.2%
What contradicts it
- EBIT margin: -22.8%
- Current ratio: 0.9x
- FCF yield: 1.2%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Prepackaged Software (SIC 7372) · same industry (4-digit SIC) · compared with 23 companies
Only companies with a capitalisation between 13.8 bn and 886.1 bn (within 8× of the company's); 198 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PLTRPalantir Technologies Inc. | 413.7 bn | 120.4 | 41.2% | 50.3% | +56.2% | +2% / +756% |
| ORCLOracle Corporation | 374.1 bn | 19.3 | 41.6% | 26.4% | +17.3% | −39% / +6% |
| CRWDCrowdStrike Holdings, Inc. | 246.8 bn | 1,120.4 | 1.3% | 1.1% | +21.7% | +89% / +307% |
| CRMSalesforce, Inc. | 186.9 bn | 20.7 | 19.4% | 22.0% | +9.6% | −1% / −10% |
| NOWServicenow, Inc. | 112.9 bn | 78.1 | 11.8% | 9.4% | +20.9% | −33% / −21% |
| SNOWSnowflake Inc. | 102.5 bn | — | -48.2% | -20.1% | +29.2% | +9% / +94% |
| ADBEAdobe Inc. | 96.7 bn | 13.9 | 61.9% | 28.0% | +10.5% | −22% / −59% |
| INTUIntuit Inc. | 95.3 bn | 21.7 | 23.6% | 21.3% | +13.9% | −44% / −38% |
| CDNSCadence Design Systems, Inc. | 90.4 bn | 65.5 | 22.9% | 22.5% | +14.1% | +6% / +21% |
| SNPSSynopsys Inc | 88.7 bn | 81.8 | 3.7% | 11.4% | +15.1% | +11% / −15% |
| ADSKAutodesk, Inc. | 56.4 bn | 35.0 | 53.9% | 21.1% | +17.5% | −11% / +24% |
| VEEVVeeva Systems Inc. | 50.3 bn | 50.8 | 14.4% | 29.3% | +16.3% | +29% / +78% |
| TTWOTake-Two Interactive Software, Inc. | 39.1 bn | — | -9.0% | -4.8% | +18.2% | −15% / +32% |
| RBLXRoblox Corporation | 35.3 bn | — | -478.2% | -16.5% | +35.8% | −48% / +25% |
| TWLOTwilio Inc. | 33.0 bn | 26.8 | 14.9% | 21.8% | +13.7% | +65% / +230% |
| MDBMongodb, Inc. | 26.5 bn | 449.1 | 2.0% | 2.1% | +22.8% | −1% / −21% |
| PTCPTC Inc. | 21.2 bn | 19.0 | 35.1% | 41.4% | +19.2% | +11% / +24% |
| UUnity Software Inc. | 18.7 bn | — | -18.9% | -29.0% | +2.0% | −0% / +44% |
| SSNCSs&C Technologies Holdings, Inc. | 18.7 bn | 22.9 | 12.7% | 13.2% | +6.6% | −7% / +41% |
| NTNXNutanix, Inc. | 17.2 bn | 12.3 | 37,460.2% | 52.8% | +12.4% | +33% / +48% |
| TYLTyler Technologies, Inc. | 16.8 bn | 53.3 | 10.5% | 13.5% | +9.1% | −10% / +4% |
| DOCUDocusign, Inc. | 15.0 bn | 49.1 | 17.8% | 9.8% | +8.2% | +16% / +87% |
| GWREGuidewire Software, Inc. | 14.0 bn | 104.7 | 10.5% | 9.4% | +22.7% | −21% / +71% |
| DTDynatrace, Inc. | 13.4 bn | 87.0 | 6.4% | 7.4% | +18.8% | +5% / −13% |
1- and 3-year price returns: for SNOW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Snowflake Inc. (SNOW) offers a data and artificial intelligence platform delivered as a cloud service, with revenue of 4.7 billion USD in fiscal 2026, growing 29% 1. In the second quarter of fiscal 2027, total revenue was 1.55 billion USD, up 35% 3. The company remains loss-making on a net basis, so the trend in margins is a point to watch 1.
SWOT
Strengths
- The company has a large base of big customers and high net revenue retention, showing that users expand their consumption 13. The platform is delivered as a service with little maintenance for the customer, an advantage over on-premises software 1.
- The architecture separates storage from compute and allows data sharing without copying, creating a network effect 1. The company has rapidly launched new AI features, supporting differentiation 3.
- Revenue growth has stayed strong in recent quarters, and the non-GAAP operating margin is rising 3.
Weaknesses
- The company has reported net losses in every period since inception, and its accumulated deficit is growing 1.
- Revenue is recognized on consumption, which makes short-term results hard to forecast 1.
- Dependence on infrastructure from providers that are also competitors could affect costs and margins 1.
Opportunities
- Growing enterprise adoption of AI could generate new demand for compute and data 3. Expansion into regulated sectors and new regions remains a strategic priority 1.
- The partner ecosystem and the Marketplace could bring new customers and new revenue streams 1.
- If customers migrate more workloads to the platform, consumption in existing accounts could grow 1.
Threats
- Cloud providers and AI model makers could integrate similar functions vertically, reducing market share 1.
- Customers may cut consumption because of budget pressure or technology changes that make the platform more efficient 1.
- Data regulation and digital sovereignty rules could complicate operations in some countries 1.
Risks
- Revenue predictabilityhigh
Revenue depends on customer consumption, which can fluctuate, and the company has limited visibility into when revenue is recognized 1. If consumption falls short of expectations, quarterly results could differ from estimates 1.
- Net losseshigh
The company has reported net losses in every year and may keep investing in research and acquisitions, which could keep margins low 1. If profitability is not reached, the value of the business could be affected 1.
- Competition from cloud providersmedium
The cloud providers Snowflake runs on are also competitors, and excessive control over the infrastructure could affect pricing and access to customers 1.
- Rapid innovationmedium
The market evolves quickly, and a delay in launching new features could reduce competitiveness 1.
- Macroeconomic conditionsmedium
The economic and geopolitical environment could push customers to reduce budgets or shorten contracts 2.
Investment thesis
What would need to be true (bull case)
- Accelerating product revenue growth in recent quarters and high customer retention could show the platform gaining a solid position in AI adoption 3.
- If operating margins keep rising while revenue expands, the company could reach profitability sooner 3.
- The network effect of the AI Data Cloud could make the platform more valuable as more customers and partners join 1.
What would break the thesis
- The company has not yet reached net profitability, and continued investment could keep losses in place 1.
- If customers optimize consumption or cut storage, revenue growth could slow 1.
- Large cloud providers and AI model makers could reduce the platform's market share if they integrate similar features 1.
What to watch
- Product revenue guidance and non-GAAP operating marginQ3 fiscal 2027
- Adoption of AI features and growth of CoCo accounts2027
- Integration of the Observe and Crunchy Data acquisitions2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Snowflake describes its platform as the AI Data Cloud, a network in which customers, partners and data providers can share and use data often without copying it 1. The cloud-native architecture separates storage, compute and cloud services and runs on three major public clouds across 53 regional deployments at the end of fiscal 2026 1. The business model is consumption-based: customers pay for the compute, storage and data transfer they use, usually under capacity contracts of one to four years 2.
As of January 31, 2026 the company had 13,328 customers, and 790 of them were Forbes Global 2000 companies that contributed about 43% of revenue 1. The net revenue retention rate was 125% 1. By July 31, 2026 the customer count had risen to 14,554 and the retention rate to 126% 23.
The company acquired Crunchy Data, a PostgreSQL technology provider, in June 2025 and Observe, an AI-powered observability platform, in February 2026 1. These deals extend the product categories, including transactions and observability 1.
Segments
Market context
The company competes in the cloud data and analytics market, where modern platforms are replacing legacy systems and big data offerings, according to management 1. Large customers in regulated sectors such as financial services, healthcare and the public sector are a strategic target 1.
Expansion outside North America, into EMEA, Asia-Pacific and Japan, and Latin America is another growth direction named by the company 1. Interest in generative AI could accelerate platform consumption if enterprise adoption keeps its pace 3.
Trends
- Adoption of artificial intelligencetailwind
Customers are using AI features more, and the number of CoCo and CoWork accounts grew quickly in the second quarter of fiscal 2027 3. If this continues, it could support compute consumption growth 3.
- Customer optimization of consumptionheadwind
Customers are rationalizing budgets and cutting storage through shorter retention policies, which could slow revenue 1. The company also notes that optimizing AI usage affects consumption 2.
- Macroeconomic pressuremixed
Inflation, high interest rates and geopolitical conflicts could lead customers to shorten contracts 2. The effect on demand remains uncertain and depends on how the economic environment develops 2.
- Competition from cloud providers and AI model makersheadwind
Large cloud providers can compete directly with the platform, and AI model providers could extend into data storage 1. This could reduce market share if Snowflake does not respond quickly enough 1.
Competitive position
Competitors include the large cloud providers AWS, Azure and Google Cloud, which also offer data services and are at the same time partners because Snowflake runs on their infrastructure 1. There are also established legacy database vendors, big data offerings and new AI-focused entrants 1.
The company competes on price, performance, product features, multi-cloud availability, brand and data governance 1. Some competitors have greater brand recognition and financial resources, which may let them respond faster to market changes 1.
- Amazon Web ServicesAMZN
Cloud provider offering competing data services, while also hosting the majority of Snowflake's business 1.
- Microsoft AzureMSFT
Large cloud provider competing across several market segments and hosting the Snowflake platform 1.
- Google Cloud PlatformGOOGL
Cloud provider competing in the data market whose infrastructure Snowflake also uses 1.
- Legacy database and big data vendors
Established vendors whose existing customer investments could be gradually replaced 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Oct 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
- Quarterly report04 Sept 2026
- Current report02 Sept 2026Results of operations · Financial statements and exhibits
- Current report16 Jul 2026Departure or appointment of officers
- Current report30 Jun 2026Shareholder vote
- Quarterly report29 May 2026
- Current report27 May 2026Results of operations · Financial statements and exhibits
- Proxy statement18 May 2026
- Current report31 Mar 2026Regulation FD disclosure · Financial statements and exhibits
- Annual report20 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / Snowflake Inc. · 20 Mar 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Snowflake Inc. · 04 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Snowflake Inc. · 02 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.