Snowflake Inc (NYSE: SNOW) is a cloud data platform company that provides organizations with infrastructure for storing, processing, and sharing data and AI workloads across cloud environments. Revenue is generated on a consumption basis, meaning customers pay for the compute, storage, and data transfer resources they actually use rather than a fixed subscription fee. Snowflake reported product revenue of $4,472.3 million in the fiscal year ended January 31, 2026, up from $3,462.4 million in the prior fiscal year. As of January 31, 2026, the company had 13,328 total customers, including 790 of the Forbes Global 2000, with 733 customers generating more than $1 million in trailing 12-month product revenue. Remaining performance obligations stood at $9,771.5 million as of January 31, 2026. The net revenue retention rate was 125% for the fiscal year ended January 31, 2026. Free cash flow (non-GAAP) was $1,120.3 million for the same period. The platform addresses analytics, data governance, transactional workloads, and AI use cases across industries including financial services, healthcare, retail, and the public sector.

Revenue model

Consumption-based pricing: customers are charged for compute, storage, and data transfer resources consumed on the platform. Revenue is recognized as consumption occurs, not ratably over a contract term. Customers purchase contracted capacity in advance and may consume beyond contracted amounts or roll over unused capacity upon renewal. Professional services revenue is excluded from the product revenue metric.

Products and services

Core platform capabilities include data storage, compute warehouses (including Generation 2 Standard Warehouses and Interactive Warehouses), and data transfer. AI and machine learning products include Snowflake Cortex Agents, Snowflake Cortex Code, and Snowflake Intelligence. Developer and integration tools include Snowpark Connect for Apache Spark, Managed MCP Server, and Snowflake Openflow. Transactional database products include Unistore (hybrid transactional and analytical processing), Snowflake Postgres, and hybrid tables. Data governance tools allow customers to manage data usage policies. The platform is offered with industry-vertical configurations under the AI Data Cloud brand for financial services, advertising, media and entertainment, retail and consumer goods, healthcare and life sciences, manufacturing, technology, telecom, travel and hospitality, and the public sector.

Customers and end markets

As of January 31, 2026, Snowflake had 13,328 total customers, up from 10,996 as of January 31, 2025. Customers include 790 of the Forbes Global 2000 (based on the 2025 list), contributing approximately unspecified share of revenue. End markets span financial services, retail, healthcare and life sciences, manufacturing, media and entertainment, technology, telecom, travel and hospitality, and the public sector. The customer base includes organizations of all sizes, with a focus on large enterprises. Revenue is weighted toward Q1 and Q4 of each fiscal year due to seasonality in new and existing customer orders.

Value-chain role

Snowflake sits between cloud infrastructure providers and enterprise data consumers, operating as a data platform layer that abstracts multi-cloud storage and compute. It enables customers to consolidate siloed data, run analytical and transactional workloads, share data with partners and other Snowflake customers, and deploy AI and machine learning applications. The platform positions itself as a replacement for legacy on-premises data warehouses and fragmented big data solutions.

Geographic exposure

The platform is used globally. Foreign-currency-denominated remaining performance obligations are revalued into U.S. dollars each period. The filing does not provide a specific revenue breakdown by geography in the excerpts provided.

Source: SEC 10-K, filed 2026-03-20

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