The company increased its revenue by 26% year-over-year in the first fiscal quarter of 2026, demonstrating its ability to scale profitably thanks to its AI and business data-focused platform.
Snowflake, the company specializing in data platforms for the era of artificial intelligence, has kicked off its fiscal year 2026 with a historic milestone: it has surpassed $1 billion in quarterly revenue for the first time, solidifying its position as a leader in the cloud sector.
The first-quarter results, which closed on April 30, 2025, reflect a year-over-year growth of 26% in total revenue, with $996.8 million coming from products, representing nearly all of its revenue. Additionally, the net revenue retention rate was at 124%, indicating strong loyalty and growth among its existing customers.
Strong Growth, Operational Efficiency, and Customer Base Expansion
The company, which is listed on the New York Stock Exchange (NYSE: SNOW), reported Remaining Performance Obligations (RPO) of $6.7 billion, a 34% increase compared to the same period last year. Snowflake also reached 606 customers with annual revenues exceeding $1 million, a 27% increase.
Despite reporting GAAP losses of $430 million for the quarter, on a non-GAAP basis, the company achieved an operating profit of $91.6 million, with an adjusted operating margin of 9%. The adjusted free cash flow was $206.3 million, representing 20% of total revenue.
“The momentum we are seeing comes from the trust our customers place in the Snowflake platform to transform their business with data and artificial intelligence,” said Sridhar Ramaswamy, the company’s CEO. “We focus on delivering a connected, easy-to-use, enterprise-level experience, built for the future.”
Real-World Use Cases Driven by AI and Data
Snowflake continues to expand use cases in key sectors thanks to its focus on artificial intelligence and machine learning. Some of the most notable examples include:
- Kraft Heinz has launched KHAI, an internal AI assistant built with Snowflake Cortex, aimed at transforming internal processes and promoting the adoption of advanced AI tools among its employees.
- The Detroit Lions (NFL) use the platform to unify and analyze ticket sales, concessions, and stadium sensor data from Ford Field, reducing wait times and improving inventory management, positioning themselves as leaders in fan experience in the NFL.
- Siemens collaborates with Snowflake to help its industrial customers unify IT and OT (operational technology) data on a single platform, allowing for improved operational efficiency and optimized performance of their manufacturing plants.
Outlook for the Second Quarter and the Rest of the Year
Looking ahead to the second fiscal quarter of 2026, Snowflake expects to achieve product revenue between $1.035 billion and $1.040 billion, representing another 25% year-over-year growth.
For the full year, the company maintains its forecast of $4.325 billion in product revenue, with a non-GAAP operating margin of 8% and adjusted free cash flow equivalent to 25% of revenue.
Beyond the Numbers: AI-Focused Strategy and Connected Data
Snowflake continues to position itself as a key platform for the era of artificial intelligence. With its Data Cloud for AI approach, the company aims not only to facilitate data access but also to enable its customers to build, share, and deploy AI applications and models at an enterprise scale.
With over 11,000 customer companies, including giants like JPMorgan, AstraZeneca, Samsung Ads, and Canva, along with more than 5,200 accounts using its AI/ML technology weekly, Snowflake is advancing as a pillar of data infrastructure for the digital future.