Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Preuves
•Net revenue retention rate of 126%
Second-quarter fiscal 2027 financial highlights; net revenue retention · Dépôt 02/09/2026
•828 customers with trailing 12-month product revenue greater than $1 million, representing 27% year-over-year growth
•829 Forbes Global 2000 customers
•Remaining performance obligations of $9.00 billion, representing 30% year-over-year growth
Second-quarter fiscal 2027 financial highlights; enterprise spending cohorts and RPO · Dépôt 02/09/2026
Product revenue of $1.49 billion in the second quarter, representing 37% year-over-year growth
Financial Highlights:
•Revenue of $1.55 billion in the second quarter, representing 35% year-over-year growth
Second-quarter fiscal 2027 reported product revenue and growth · Dépôt 02/09/2026
Within the compute layer, users can clean and prepare their data, including any required metadata and business semantics, to create governed, unified data records that are AI ready and are written back to the storage layer.
Platform architecture; governed data records and business semantics · Dépôt 04/09/2026
Customer contracts are generally non-cancelable during the contract term, although customers can terminate for breach if the Company materially fails to perform.
Revenue recognition; non-cancelable customer contracts · Dépôt 20/03/2026
71 Table of Contents Comparison of the Fiscal Years Ended January 31, 2026 and 2025 Revenue Fiscal Year Ended January 31, 2026 2025 % Change (dollars in thousands) Revenue: Product $ 4,472,317 $ 3,462,422 29% Professional services and other 211,629 163,974 29% Total $ 4,683,946 $ 3,626,396 29% Percentage of revenue: Product 95% 95% Professional services and other 5% 5% Total 100% 100% Product revenue increased $1.0 billion for the fiscal year ended January 31, 2026, compared to the prior fiscal year, primarily due to increased consumption of our platform by existing customers, as evidenced by our net revenue retention rate of 125% as of January 31, 2026.
Fiscal 2026 revenue comparison; existing-customer consumption and net revenue retention · Dépôt 20/03/2026
In recent years, we have adopted open data formats like Apache Iceberg tables to allow customers to use our platform to process data stored in external customer-controlled environments outside of Snowflake, and we have introduced a significant number of new features and expanded into new product categories like AI and transactions.
Competition; adoption of open formats and external customer-controlled storage · Dépôt 20/03/2026
These changes are driving increased competition, both because there is less customer “lock in” when our products are used in external environments, and also because we are competing across more product categories, each of which is subject to distinct customer requirements and preferences.
Competition; reduced customer lock-in and broader competitive exposure · Dépôt 20/03/2026
Customers are allowed to select compute, storage, and data transfer resources separately, at their discretion.
Business model; independent customer selection of resources · Dépôt 04/09/2026
However, the amount and timing of revenue recognition are generally dependent upon customers’ future consumption, which is inherently variable at customers’ discretion and can extend beyond the original contract term in cases where customers are permitted to roll over unused capacity to future periods, generally on the purchase of additional capacity at renewal.
Remaining performance obligations; discretionary consumption and capacity rollover · Dépôt 04/09/2026
Some customers have negotiated an option to purchase additional capacity at a stated discount.
Revenue recognition; negotiated additional-capacity discounts · Dépôt 20/03/2026
Our current competitors include:
•large, well-established, public cloud providers that generally compete in all of our markets, including AWS, Azure, and GCP;
Competition; explicitly named public cloud competitors · Dépôt 20/03/2026
Our platform enables governed and secure sharing of live data within an organization and externally across customers and partners, generally without copying or moving the underlying data.
Business; governed live data sharing across customers and partners · Dépôt 20/03/2026
The more customers adopt our platform, the more data can be exchanged with other Snowflake customers, partners, data providers, and data consumers, enhancing the value of our platform for all users.
Business; management's proposed network-effect mechanism · Dépôt 20/03/2026
The AI Data Cloud includes access to the Snowflake Marketplace, through which customers can access or acquire third-party data sets, data applications, and other data products.
Business; Snowflake Marketplace offerings · Dépôt 20/03/2026
Our product gross margin was 71% for each of the three and six months ended July 31, 2026, compared to 72% for each of the three and six months ended July 31, 2025, primarily due to costs attributable to newly launched product capabilities and features that have not yet reached economies of scale, partially offset by higher discounts for our purchases of third-party cloud infrastructure.
MD&A; realized product gross margin and infrastructure discounts · Dépôt 04/09/2026
In addition, our platform currently operates on public cloud infrastructure provided by Amazon Web Services (AWS), Microsoft Azure (Azure), and Google Cloud Platform (GCP), and our costs and gross margins are significantly influenced by the prices we are able to negotiate with these public cloud providers, which in certain cases are also our competitors.
Risk factors; reliance on cloud providers that also compete · Dépôt 20/03/2026
For those customers who do not have a capacity arrangement, the Company’s on-demand arrangements generally have a monthly stated contract term and can be terminated at any time by either the customer or the Company.
Revenue recognition; termination rights under on-demand arrangements · Dépôt 20/03/2026
GAAP to Non-GAAP Reconciliation (in millions) Fiscal Year Ended January 31, 2026 2025 Free cash flow: GAAP net cash provided by operating activities $ 1,221.9 $ 959.8 Less: purchases of property and equipment (101.6) (46.3) Less: capitalized software development costs — (29.4) Non-GAAP free cash flow $ 1,120.3 $ 884.1 GAAP net cash provided by investing activities $ 312.2 $ 190.6 GAAP net cash used in financing activities $ (1,385.4) $ (226.5) A-1
Appendix A; fiscal 2026 operating cash flow and free cash flow reconciliation · Dépôt 18/05/2026
During the fiscal year ended January 31, 2026, we repurchased 4.9 million shares of our outstanding common stock for an aggregate purchase price of $873.5 million, excluding transaction costs associated with the repurchases, at a weighted-average price of $177.37 per share.
Liquidity and capital resources; fiscal 2026 actual stock repurchases · Dépôt 20/03/2026
For example, our stock-based compensation, net of amounts capitalized, represented 34% of our revenue for fiscal 2026 and 41% for fiscal 2025, and we expect stock-based compensation to remain substantial even if we are successful in reducing it as a percentage of our revenue.
Risk factors; actual stock-based compensation relative to revenue · Dépôt 04/09/2026
common stockholders—basic and diluted
349,257
335,215
347,356
333,957
Non-GAAP net income per share attributable to Snowflake Inc.
GAAP earnings reconciliation; weighted-average shares outstanding · Dépôt 02/09/2026
During the six months ended July 31, 2026, we repurchased 1.7 million shares of our outstanding common stock for an aggregate purchase price of $300.0 million, excluding transaction costs associated with the repurchases, at a weighted-average price of $178.95 per share.
Liquidity and capital resources; six-month actual stock repurchases · Dépôt 04/09/2026
Based on the weighted final achievement of the performance metrics, our Compensation Committee determined that the attainment of the PRSU awards for Fiscal Year 2026 was approximately 102.9% of the target number of shares for each of our named executive officers who received a PRSU award.
Executive compensation; actual fiscal 2026 PRSU attainment · Dépôt 18/05/2026
The number of shares subject to the PRSU awards that became eligible to vest based on the achievement of the performance metrics (i.e., achieved PRSU awards) will vest over four years as follows: 25% of these PRSUs vested on March 8, 2026 and 6.25% of these PRSUs vest each quarter thereafter, subject to the named executive officer's continuous service through each applicable vesting date.
Executive compensation; achieved awards and service vesting schedule · Dépôt 18/05/2026
At our 2025 Annual Meeting, we received support from approximately 30% of the votes cast for our Say-on-Pay vote.
Executive compensation; 2025 say-on-pay voting support · Dépôt 18/05/2026
To address stockholder feedback regarding performance periods and vesting duration for our long-term equity incentive awards, our Compensation Committee approved a redesigned PRSU program for our executive leadership team for Fiscal Year 2027 (FY2027 PRSUs), including our named executive officers, which is summarized as follows:
Executive compensation; committee approval of fiscal 2027 PRSU redesign · Dépôt 18/05/2026
In addition, 100% of the achieved FY2027 PRSUs, if any, will vest after a three-year cliff on March 15, 2029.
Executive compensation; fiscal 2027 awards' prospective cliff vesting date · Dépôt 18/05/2026
As of July 31, 2026, the performance targets for 0.1 million of the Fiscal 2027 Leadership PRSUs were not yet set by the compensation committee of the Company’s board of directors and therefore were not considered granted for accounting purposes under Accounting Standards Codification (ASC) 718, Compensation—Stock Compensation.
Equity incentive plans; performance targets not yet set as of July 31, 2026 · Dépôt 04/09/2026
Proceeds from exercise of stock options
67,845
28,186
74,424
34,446
Proceeds from issuance of common stock under employee stock purchase plan
—
—
66,987
53,193
Taxes paid related to net share settlement of equity awards
(184,896)
(161,999)
(327,742)
(294,497)
Repurchases of common stock
—
—
(300,003)
(490,638)
Payments of deferred purchase consideration for business combinations
—
(226)
(2,250)
(600)
Net cash used in financing activities
(117,051)
(134,039)
(488,584)
(698,096)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(1,860)
(175)
(4,684)
12,222
Net decrease in cash, cash equivalents, and restricted cash
(2,132)
(17,633)
(108,620)
Non-GAAP total operating expenses
$
872,861
57%
$
707,715
62%
$
1,705,159
58%
$
1,368,181
63%
Operating income (loss):
GAAP operating loss
$
(262,967)
(17%)
$
(340,276)
(30%)
$
(589,121)
(20%)
$
(787,533)
(36%)
Adjustments:
Stock-based compensation-related charges(3)
456,363
436,182
890,020
844,904
Amortization of acquired intangibles
42,230
27,807
82,788
51,892
Expenses associated with acquisitions and strategic investments
1,378
2,191
1,440
2,569
Restructuring recoveries, net(1)
(2)
(464)
(22)
(1,222)
Asset impairment related to office facility exits, net of sublease income(2)
(17)
2,132
17,633
108,620
Non-GAAP operating income
$
236,985
15%
$
127,572
11%
$
402,738
14%
$
219,230
10%
Operating margin:
GAAP operating margin
(17%)
(30%)
(20%)
(36%)
Adjustments:
Stock-based compensation-related charges as a % of revenue
29%
39%
30%
39%
Amortization of acquired intangibles as a % of revenue
3%
2%
3%
2%
Expenses associated with acquisitions and strategic investments as a % of revenue
—%
—%
—%
—%
Restructuring recoveries, net as a % of revenue
—%
—%
—%
—%
Asset impairment related to office facility exits, net of sublease income as a % of revenue
—%
—%
1%
5%
Non-GAAP operating margin
15%
11%
14%
10%
Net income (loss):
GAAP net loss
$
(191,720)
(12%)
$
(297,930)
(26%)
$
(487,291)
(17%)
$
(727,882)
(33%)
Adjustments:
Stock-based compensation-related charges(3)
456,363
436,182
890,020
844,904
Amortization of acquired intangibles
42,230
27,807
82,788
51,892
Asset impairment related to office facility exits, net of sublease income(2)
(17)
2,132
17,633
108,620
Non-GAAP operating income
$
236,985
15%
$
127,572
11%
$
402,738
14%
$
219,230
10%
Operating margin:
GAAP operating margin
(17%)
(30%)
(20%)
(36%)
Adjustments:
Stock-based compensation-related charges as a % of revenue
29%
39%
30%
39%
Amortization of acquired intangibles as a % of revenue
3%
2%
3%
2%
Cash flows and GAAP reconciliation; equity settlement outflows and operating losses · Dépôt 02/09/2026
(2)Because we did not attain 100% of the product revenue target for the third and fourth quarters of Fiscal Year 2026, attainment of the applicable gate metrics for funding acceleration above 100% was not applicable.
Executive compensation; fiscal 2026 third- and fourth-quarter revenue target misses · Dépôt 18/05/2026
On August 31, 2026, the Company’s board of directors (Board), upon the recommendation of the nominating and governance committee of the Board, approved and adopted an amendment and restatement of the Company’s bylaws (Amended and Restated Bylaws), effective as of such date, to:
Other information; August 31, 2026 bylaw adoption · Dépôt 04/09/2026
•implement a majority vote standard for uncontested director elections under which a director nominee will be elected to the Board only if the votes cast “for” such nominee’s election exceed the votes cast “against” such nominee’s election, with “abstentions” and “broker non-votes” not counted as votes cast,” with the plurality vote standard continuing to apply to contested elections (as defined in the Amended and Restated Bylaws);
Other information; adopted majority voting standard · Dépôt 04/09/2026
The Observe Acquisition was approved by a special committee of our Board (Special Committee) consisting solely of independent and disinterested directors not affiliated with Observe, pursuant to authority delegated to it by our Board, as well as our Audit Committee.
Related-person transactions; Observe acquisition committee approval · Dépôt 18/05/2026
The Special Committee also obtained a fairness opinion regarding the Observe Acquisition from a third-party financial advisor engaged by the committee.
Related-person transactions; Observe acquisition fairness opinion · Dépôt 18/05/2026
•establish that our board of directors is divided into three classes, with each class serving three-year staggered terms;
Governance risk factors; classified board with staggered terms · Dépôt 20/03/2026
We then calculate our net revenue retention rate as the quotient obtained by dividing our product revenue from this cohort in the second year of the measurement period by our product revenue from this cohort in the first year of the measurement period.
Key business metrics; cohort-based net revenue retention calculation · Dépôt 04/09/2026
Any customer in the cohort that did not use our platform in the second year remains in the calculation and contributes zero product revenue in the second year.
Key business metrics; non-consuming customers remain in retention calculation · Dépôt 04/09/2026
The results of operations of Observe from the date of acquisition, which were not material, have been included in the Company’s condensed consolidated statements of operations for the three and six months ended July 31, 2026.
Business combinations; Observe's included operating results were not material · Dépôt 04/09/2026
Cash outflows for employee payroll tax items related to the net share settlement of equity awards are included in cash flow for financing activities and, as a result, do not have an effect on the calculation of free cash flow.
Free cash flow definition; equity settlement tax outflows classified as financing · Dépôt 18/05/2026
The preliminary purchase consideration was approximately $596.2 million, which was comprised primarily of $286.2 million in cash and approximately 1.5 million shares of our common stock valued at $285.3 million as of the acquisition date.
Business combinations; preliminary Observe acquisition consideration · Dépôt 20/03/2026
Future minimum payments under the Company’s non-cancelable purchase commitments with a remaining term in excess of one year as of January 31, 2026 are presented in the table below (in thousands):
Fiscal Year Ending January 31,
656,283
796,737
660,845
50,000
2031 and thereafter
518,020
2,681,885
(1)Includes $530.5 million of remaining non-cancelable contractual commitments as of January 31, 2026 related to one of the Company’s third-party cloud infrastructure agreements, under which the Company committed to spend an aggregate of at least $1.0 billion between June 2023 and May 2028 with no minimum purchase commitment during any year.
Commitments and contingencies; non-cancelable purchase commitments · Dépôt 20/03/2026
These options generally do not provide a material right as they are priced at the Company’s SSP, as described below, as the stated discounts are not incremental to the range of discounts typically given.
Revenue recognition; negotiated discounts within customary discount ranges · Dépôt 20/03/2026
Although we rely on intellectual property rights, including patents, copyrights, trademarks, and trade secrets, as well as contractual protections to establish and protect our proprietary rights, we believe that factors such as the technological and creative skills of our personnel, creation of new services, features and functionality, and frequent enhancements to our platform are more essential to establishing and maintaining our technology leadership position.
Intellectual property; management's dependence on continuing innovation · Dépôt 20/03/2026
