The raised guidance and accelerating product revenue growth (34% vs 30% last quarter) confirm AI-driven demand inflection. Watch for continued RPO growth and Cortex Code/Intelligence adoption as lead indicators. The $6B AWS deal and Natoma acquisition signal expanding platform moat. Consider adding to positions on any post-earnings pullback.
Price Chart
Executive Summary
Snowflake reported a strong Q1 FY2027 beat: product revenue of $1.33B (+34% YoY) and total revenue of $1.39B (+33% YoY), both above consensus. The company raised full-year product revenue guidance to $5.84B (from $5.66B) and lifted non-GAAP operating margin guidance to 13.5% (from 12.5%), signaling accelerating AI-driven consumption and operating leverage.
Key Financial Metrics
Key Facts
- Product revenue $1.33B, +34% YoY, strongest sequential dollar growth in company history
- Total revenue $1.39B, +33% YoY, above $1.32B consensus
- Net revenue retention rate 126%, up from 125% last quarter
- 779 customers with >$1M trailing 12-month product revenue, +29% YoY
- RPO $9.21B, +38% YoY
- FY2027 product revenue guidance raised to $5.84B (31% YoY growth) from $5.66B (27%)
- FY2027 non-GAAP operating margin guidance raised to 13.5% from 12.5%
- Non-GAAP EPS $0.39 diluted vs $0.24 a year ago
- GAAP net loss per share improved to ($0.86) from ($1.29) YoY
- Signed $6B multi-year AWS agreement; definitive agreement to acquire Natoma (AI agent platform)
Financial Impact
Product revenue beat consensus by ~$14M (1.1%); full-year guidance raised by $180M; non-GAAP operating margin expansion of 100bps
Risk Factors
- GAAP net loss remains large at ($295.6M) due to stock-based compensation ($402.5M)
- Consumption-based model creates quarterly variability; Q2 guidance implies deceleration to 30% YoY product growth
- Integration risk from Natoma acquisition and ongoing AI investment spend
- Competitive pressure from Databricks, Google BigQuery, and other cloud-native platforms
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001640147-26-000027 |
| Document: snow-20260527.htm | 0001640147-26-000027 |
| Document: 0001640147-26-000027-index-headers.html | 0001640147-26-000027 |
| Document: 0001640147-26-000027-index.html | 0001640147-26-000027 |
| Document: 0001640147-26-000027.txt | 0001640147-26-000027 |
| 8-K Data (Synthetic) | 0001640147-26-000027 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | 144 | $331.02 $334.81 | ▼ −1.14% | ▲ +0.68% | $339.42 (−2.54%) |
Sep 11, 2026 21d ago | Insider Cluster | $328.99 $332.43 | ▲ +1.05% | ▲ +1.27% | $339.42 (+3.17%) |
Sep 9, 2026 22d ago | Insider Cluster | $329.72 $338.39 | ▲ +2.63% | ▲ +3.13% | $339.42 (+2.94%) |
Sep 9, 2026 22d ago | Insider Cluster | $329.72 $338.39 | ▲ +2.63% | ▲ +3.13% | $339.42 (+2.94%) |
Sep 9, 2026 22d ago | Insider Cluster | $329.72 $338.39 | ▲ +2.63% | ▲ +3.13% | $339.42 (+2.94%) |
Sep 4, 2026 27d ago | 144 | $337.18 $332.35 | ▲ +1.43% | ▲ +0.22% | $339.42 (−0.66%) |
Sep 4, 2026 27d ago | 144 | $337.18 $332.35 | ▼ −1.43% | ▼ −0.22% | $339.42 (+0.66%) |
Sep 3, 2026 28d ago | Insider Cluster | $337.18 $332.35 | ▼ −1.43% | ▼ −0.22% | $339.42 (+0.66%) |
Sep 2, 2026 29d ago | 8-K | $356.47 $328.99 | ▼ −7.71% | ▼ −6.56% | $339.42 (−4.78%) |
Aug 28, 2026 4w ago | Insider Cluster | $331.43 $335.50 | ▲ +1.23% | ▲ +1.37% | $339.42 (+2.41%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access