Snowflake (SNOW) SNOW Q3 Financial Results Summary
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Snowflake (SNOW) Q3 2026 Financial Results Summary
On December 3, 2025, Snowflake (NYSE: SNOW) released its financial results for the third quarter of fiscal 2026, which ended on October 31, 2025.
Key Highlights:
- Total Revenue:
- Revenue for the quarter was $1.21 billion, representing 29% year-over-year growth.
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Product revenue was $1.16 billion, also up 29% year-over-year.
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Net Revenue Retention Rate:
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Reported at 125% as of October 31, 2025.
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Customer Metrics:
- 688 customers with trailing 12-month product revenue exceeding $1 million, which is an increase of 29% compared to the prior year.
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766 customers on the Forbes Global 2000 list, representing a 4% growth.
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Remaining Performance Obligations:
- Totaled $7.88 billion, reflecting a 37% year-over-year increase.
Financial Performance:
GAAP and Non-GAAP Results:
- Product Gross Profit:
- GAAP: $837.6 million (72% margin), up 29%
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Non-GAAP: $879.2 million (76% margin)
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Operating Income (Loss):
- GAAP: -$329.5 million (down 27%)
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Non-GAAP: $131.3 million (11% margin)
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Net Cash Provided by Operating Activities:
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$137.5 million, up 11% year-over-year.
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Free Cash Flow:
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Reported at $113.6 million, up 9% year-over-year.
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Adjusted Free Cash Flow:
- $136.4 million, reflecting an 11% increase.
Guidance for Q4 2026:
- Projected product revenue between $1.195 billion and $1.200 billion, representing expected growth of 27% year-over-year.
Full-Year Guidance for Fiscal 2026:
- Anticipated product revenue of $4.446 billion, reflecting 28% growth from the previous year.
- Expected product gross margin at 75%, and operating income expected to be 9%.
Shareholder Returns:
- It was indicated that the potential impact of future repurchases under their stock repurchase program is not reflected in the guidance.
Conclusion:
Snowflake demonstrated continued robust growth in the third quarter of fiscal 2026, supported by a strong customer base and substantial remaining performance obligations. The company continues to focus on enhancing its position as an AI Data Cloud provider, with optimistic guidance for the upcoming quarter and full fiscal year.
For detailed financial statements and metrics, please refer to the company’s official investor relations website.
Here are the extracted tables in HTML format:
Condensed Consolidated Statements of Operations (in thousands, except per share data)
| Three Months Ended | |||||
|---|---|---|---|---|---|
| October 31, 2025 | October 31, 2024 | October 31, 2025 | October 31, 2024 | ||
| Revenue | $ 1,212,909 | $ 942,094 | $ 3,399,952 | $ 2,639,626 | |
| Cost of revenue | 390,873 | 320,894 | 1,111,474 | 881,489 | |
| Gross profit | 822,036 | 621,200 | 2,288,478 | 1,758,137 | |
| Operating expenses: | |||||
| Sales and marketing | 550,364 | 437,962 | 1,510,875 | 1,239,409 | |
| Research and development | 494,027 | 442,435 | 1,458,434 | 1,290,889 | |
| General and administrative | 107,118 | 106,260 | 436,175 | 297,171 | |
| Total operating expenses | 1,151,509 | 986,657 | 3,405,484 | 2,827,469 | |
| Operating loss | -329,473 | -365,457 | -1,117,006 | -1,069,332 | |
| Interest income | 45,481 | 48,655 | 148,111 | 152,699 | |
| Interest expense | -2,075 | -689 | -6,220 | -689 | |
| Other expense, net | -1,854 | -8,474 | -34,897 | -37,722 | |
| Loss before income taxes | -287,921 | -325,965 | -1,010,012 | -955,044 | |
| Provision for income taxes | 3,682 | 1,937 | 9,473 | 8,444 | |
| Net loss | -291,603 | -327,902 | -1,019,485 | -963,488 | |
| Less: net income (loss) attributable to noncontrolling interest | 2,354 | -3,623 | 2,581 | -5,322 | |
| Net loss attributable to Snowflake Inc. | $ -293,957 | $ -324,279 | $ -1,022,066 | $ -958,166 | |
| Net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted | $ -0.87 | $ -0.98 | $ -3.04 | $ -2.88 | |
| Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted | 339,648 | 331,761 | 335,875 | 333,136 |
Condensed Consolidated Balance Sheets (in thousands)
| October 31, 2025 | January 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,941,657 | $ 2,628,798 |
| Short-term investments | 1,411,448 | 2,008,873 |
| Accounts receivable, net | 938,145 | 922,805 |
| Deferred commissions, current | 167,926 | 97,662 |
| Prepaid expenses and other current assets | 164,319 | 211,234 |
| Total current assets | 4,623,495 | 5,869,372 |
| Long-term investments | 1,041,474 | 656,476 |
| Property and equipment, net | 265,844 | 296,393 |
| Operating lease right-of-use assets | 254,641 | 359,439 |
| Goodwill | 1,174,960 | 1,056,559 |
| Intangible assets, net | 256,580 | 278,028 |
| Deferred commissions, non-current | 209,511 | 183,967 |
| Other assets | 403,686 | 333,704 |
| Total assets | $ 8,230,191 | $ 9,033,938 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $ 193,691 | $ 169,767 |
| Accrued expenses and other current liabilities | 725,793 | 515,454 |
| Operating lease liabilities, current | 40,208 | 35,923 |
| Deferred revenue, current | 2,423,622 | 2,580,039 |
| Total current liabilities | 3,383,314 | 3,301,183 |
| Convertible senior notes, net | 2,277,749 | 2,271,529 |
| Operating lease liabilities, non-current | 367,658 | 377,818 |
| Deferred revenue, non-current | 10,884 | 15,501 |
| Other liabilities | 57,653 | 61,264 |
| Snowflake Inc. stockholders’ equity | 2,132,933 | 2,999,929 |
| Noncontrolling interest | — | 6,714 |
| Total liabilities and stockholders’ equity | $ 8,230,191 | $ 9,033,938 |