Snowflake delivered a landmark fourth quarter of fiscal 2026, posting $1.28 billion in total revenue — a 30% year-over-year surge — while signing the largest deal in company history. Strong AI-driven demand and record customer additions propelled results well above Wall Street expectations, with fiscal 2027 guidance also clearing consensus estimates.
<h2 class="text-2xl font-bold text-landing-text-primary mt-10 mb-6">Q4 Revenue and Earnings Beat on All Fronts</h2>
Snowflake (NYSE: SNOW) closed fiscal year 2026 on February 25, 2026, with a dominant fourth-quarter performance that exceeded analyst forecasts across every key metric. Total revenue for the quarter ended January 31, 2026, reached $1.28 billion, up 30% year-over-year, surpassing the Wall Street consensus. Product revenue — the company's core consumption-based metric — came in at $1.23 billion, beating the $1.18 billion estimate by a considerable margin.
Adjusted earnings per share of $0.32 outpaced the $0.27 consensus estimate, while non-GAAP operating income reached $139.2 million, representing an 11% margin. Free cash flow surged to $765.1 million for the quarter, a 60% margin — a testament to the underlying financial discipline of the business.
<h2 class="text-2xl font-bold text-landing-text-primary mt-10 mb-6">Record-Breaking Deal and AI Platform Momentum</h2>
Headlining the quarter's business highlights was the signing of Snowflake's largest contract in company history, valued at over $400 million, a milestone CEO Sridhar Ramaswamy confirmed. The deal underlines the growing enterprise conviction in Snowflake's AI Data Cloud as a long-term strategic platform.
Snowflake Intelligence, the company's agentic AI offering launched in November 2025, reached adoption by more than 2,500 accounts — growing from a nascent product to a core enterprise capability in just three months. Overall, more than 9,100 accounts are now actively using Snowflake AI features, including major names such as Toyota Motor Europe and United Rentals. The company also introduced 430+ new platform capabilities throughout fiscal 2026, reflecting aggressive product velocity across its AI and data engineering stack.
Strategic $200 million multi-year partnerships with both OpenAI and Anthropic further cement Snowflake's position as the neutral enterprise layer through which leading AI foundation models are deployed at scale.
<h2 class="text-2xl font-bold text-landing-text-primary mt-10 mb-6">Customer Growth Reaches Historic Highs</h2>
The quarter marked Snowflake's strongest-ever period for net new customer acquisition, with 740 net new customers added — a 40% increase year-over-year. The total customer base now exceeds 13,300 globally, including 790 Forbes Global 2000 companies, up 5% annually.
The number of customers with trailing 12-month product revenue exceeding $1 million rose to 733, a 27% year-over-year increase, while a record number of customers crossed the $10 million annual spend threshold — a sign of deepening enterprise relationships and expanding platform utilization.
Net revenue retention rate held at 125%, reaffirming that existing customers consistently expand their consumption on the platform over time.
<h2 class="text-2xl font-bold text-landing-text-primary mt-10 mb-6">Full-Year Fiscal 2026: $4.47 Billion in Product Revenue</h2>
For the full fiscal year 2026, Snowflake posted product revenue of $4.47 billion, representing 29% year-over-year growth. Total annual revenue reached $4.68 billion, up 29% from the prior year. Remaining performance obligations (RPO) climbed to $9.77 billion, a 42% year-over-year gain — a leading indicator of contracted future revenue and forward demand strength.
Full-year adjusted free cash flow reached $1.19 billion, a 25% margin, while the non-GAAP product gross margin held at 76%, indicating durable unit economics even as the company scales aggressively.
<h2 class="text-2xl font-bold text-landing-text-primary mt-10 mb-6">Fiscal 2027 Guidance Tops Estimates</h2>
Looking ahead, Snowflake issued full-year fiscal 2027 product revenue guidance of $5.66 billion, representing 27% projected growth — clearing the analyst consensus estimate of $5.50 billion by a meaningful margin. First-quarter fiscal 2027 product revenue is guided between $1.262 billion and $1.267 billion, also above the $1.23 billion estimate.
The company targets a non-GAAP operating margin of 12.5% and adjusted free cash flow margin of 23% for the full fiscal year 2027, signaling a continued march toward profitability alongside top-line expansion.
Snowflake shares fell approximately 3% in extended trading following the release, a reaction attributed to market participants resetting expectations after the stock had retreated 26% year-to-date heading into the print. The broader market narrative remains centered on whether AI consumption workloads will accelerate into the second half of calendar 2026 and validate the company's ambitious forward guidance.
With a record deal pipeline, surging AI product adoption, and $9.77 billion in contracted backlog, Snowflake's enterprise AI Data Cloud strategy enters fiscal 2027 with substantial structural tailwinds behind it.
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Mentioned tickers: SNOW

# Snowflake Surges Past Q4 Estimates on 30% Revenue Growth, AI Wave

**Snowflake delivered a landmark fourth quarter of fiscal 2026, posting $1.28 billion in total revenue — a 30% year-over-year surge — while signing the largest deal in company history. Strong AI-driven demand and record customer additions propelled results well above Wall Street expectations, with fiscal 2027 guidance also clearing consensus estimates.**

## Q4 Revenue and Earnings Beat on All Fronts

Snowflake (NYSE: SNOW) closed fiscal year 2026 on February 25, 2026, with a dominant fourth-quarter performance that exceeded analyst forecasts across every key metric. **Total revenue for the quarter ended January 31, 2026, reached $1.28 billion**, up 30% year-over-year, surpassing the Wall Street consensus. **Product revenue — the company's core consumption-based metric — came in at $1.23 billion**, beating the $1.18 billion estimate by a considerable margin.

**Adjusted earnings per share of $0.32** outpaced the $0.27 consensus estimate, while **non-GAAP operating income reached $139.2 million**, representing an 11% margin. Free cash flow surged to $765.1 million for the quarter, a **60% margin** — a testament to the underlying financial discipline of the business.

## Record-Breaking Deal and AI Platform Momentum

Headlining the quarter's business highlights was the **signing of Snowflake's largest contract in company history, valued at over $400 million**, a milestone CEO Sridhar Ramaswamy confirmed. The deal underlines the growing enterprise conviction in Snowflake's **AI Data Cloud** as a long-term strategic platform.

**Snowflake Intelligence**, the company's agentic AI offering launched in November 2025, reached adoption by more than **2,500 accounts** — growing from a nascent product to a core enterprise capability in just three months. Overall, **more than 9,100 accounts** are now actively using Snowflake AI features, including major names such as Toyota Motor Europe and United Rentals. The company also introduced **430+ new platform capabilities** throughout fiscal 2026, reflecting aggressive product velocity across its AI and data engineering stack.

Strategic **$200 million multi-year partnerships with both OpenAI and Anthropic** further cement Snowflake's position as the neutral enterprise layer through which leading AI foundation models are deployed at scale.

## Customer Growth Reaches Historic Highs

The quarter marked Snowflake's **strongest-ever period for net new customer acquisition**, with **740 net new customers added** — a 40% increase year-over-year. The total customer base now exceeds **13,300 globally**, including **790 Forbes Global 2000 companies**, up 5% annually.

The number of **customers with trailing 12-month product revenue exceeding $1 million** rose to **733**, a 27% year-over-year increase, while a **record number of customers crossed the $10 million annual spend threshold** — a sign of deepening enterprise relationships and expanding platform utilization.

**Net revenue retention rate held at 125%**, reaffirming that existing customers consistently expand their consumption on the platform over time.

## Full-Year Fiscal 2026: $4.47 Billion in Product Revenue

For the full fiscal year 2026, Snowflake posted **product revenue of $4.47 billion**, representing **29% year-over-year growth**. Total annual revenue reached **$4.68 billion**, up 29% from the prior year. **Remaining performance obligations (RPO) climbed to $9.77 billion**, a 42% year-over-year gain — a leading indicator of contracted future revenue and forward demand strength.

**Full-year adjusted free cash flow reached $1.19 billion**, a 25% margin, while the **non-GAAP product gross margin held at 76%**, indicating durable unit economics even as the company scales aggressively.

## Fiscal 2027 Guidance Tops Estimates

Looking ahead, Snowflake issued **full-year fiscal 2027 product revenue guidance of $5.66 billion**, representing **27% projected growth** — clearing the analyst consensus estimate of $5.50 billion by a meaningful margin. **First-quarter fiscal 2027 product revenue is guided between $1.262 billion and $1.267 billion**, also above the $1.23 billion estimate.

The company targets a **non-GAAP operating margin of 12.5%** and **adjusted free cash flow margin of 23%** for the full fiscal year 2027, signaling a continued march toward profitability alongside top-line expansion.

Snowflake shares fell approximately 3% in extended trading following the release, a reaction attributed to market participants resetting expectations after the stock had retreated 26% year-to-date heading into the print. The broader market narrative remains centered on whether **AI consumption workloads** will accelerate into the second half of calendar 2026 and validate the company's ambitious forward guidance.

With a record deal pipeline, surging AI product adoption, and $9.77 billion in contracted backlog, Snowflake's **enterprise AI Data Cloud** strategy enters fiscal 2027 with substantial structural tailwinds behind it.

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**Mentioned tickers:** SNOW

Snowflake delivered a landmark fourth quarter of fiscal 2026, posting $1.28 billion in total revenue — a 30% year-over-year surge — while signing the largest deal in company history. Strong AI-driven ...

Snowflake Surges Past Q4 Estimates on 30% Revenue Growth, AI Wave

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