Snowflake, Inc. Reports Strong Q1 Fiscal 2026 Growth

Snowflake, Inc. ( (SNOW) ) has released its Q1 earnings. Here is a breakdown of the information Snowflake, Inc. presented to its investors.

Snowflake, Inc., a leader in the AI Data Cloud sector, provides a platform that enables enterprises to leverage data and AI for innovation and value creation. In its latest earnings report for the first quarter of fiscal 2026, Snowflake announced a 26% year-over-year growth in product revenue, reaching $996.8 million. The company also reported a net revenue retention rate of 124% and a significant increase in remaining performance obligations, which grew by 34% to $6.7 billion.

Key financial highlights include a product gross profit margin of 76% on a non-GAAP basis and a free cash flow of $183.4 million, representing an 18% margin. Snowflake has continued to expand its customer base, now serving 606 customers with trailing 12-month product revenue exceeding $1 million and 754 Forbes Global 2000 customers. Despite a GAAP operating loss of $447.3 million, the company achieved a non-GAAP operating income of $91.7 million.

Looking ahead, Snowflake’s management remains optimistic about the company’s growth trajectory, projecting product revenue of $1,035 to $1,040 million for the second quarter of fiscal 2026, reflecting a 25% year-over-year growth. The company continues to focus on enhancing its platform capabilities to support the full data lifecycle and drive further adoption among enterprises globally.