Snowflake (SNOW) Q4 FY26 earnings call

Earnings call· Jan 2026 (Q4 FY26)· Information Technology· Feb 25, 2026

Source: earnings call transcript

Snowflake concluded Q4 FY26 with strong performance, driven by the enterprise AI revolution and its evolving platform for AI-native applications. The company demonstrated robust RPO growth and significant margin expansion, reflecting both core business strength and increasing AI workload contributions. Strategic product innovations and partnerships are fueling customer adoption and operational efficiencies, positioning Snowflake for continued durable growth and efficient scaling in the agentic era.

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SNOW operating KPIs by quarter

SNOW operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Jan 2025 Q4 FY25	Jul 2025 Q2 FY26	Oct 2025 Q3 FY26	This call Jan 2026 Q4 FY26	Apr 2026 Q1 FY27	Jul 2026 Q2 FY27	Change vs prior quarter
Remaining performance obligation (RPO)	$6.9B Remaining performance obligations totaled $6.9 billion with year-over-year growth of 33%. Source: earnings call transcript	$6.9B Remaining performance obligations totaled $6.9 billion with year-over-year growth of 33%. Source: earnings call transcript	$7.88B Remaining performance obligations totaled $7.88 billion, with year-over-year growth accelerating to 37%. Source: earnings call transcript	$9.77B Remaining performance obligations totaled $9.77 billion with year-over-year growth accelerating to 42%. Source: earnings call transcript	—	$9B Remaining performance obligations grew 30% year-over-year, totaling $9 billion. Source: earnings call transcript	—
Net revenue retention rate	126% Our net revenue retention was a very healthy 126%. Source: earnings call transcript	125% Our net revenue retention rate was a very healthy 125%. Source: earnings call transcript	125% Our net revenue retention remained stable at a very healthy 125% and we added a record 615 new customers this quarter. Source: earnings call transcript	125% Our net revenue retention was at a healthy 125%. Source: earnings call transcript	—	126% Within our existing base, customer expansion is healthy, as evidenced by our net revenue retention rate of 126%. Source: earnings call transcript	—
Customers AI and ML technology weekly users	4,000+ We now have over 4,000 customers using our AI and ML technology on a weekly basis. Source: earnings call transcript	6,100+ And once they are on our platform, AI becomes a cornerstone of their strategy, powering 25% of all deployed use cases with over 6,100 accounts using Snowflake's AI every week. Source: earnings call transcript	7,300+ In Q3, more than 7,300 accounts are using our AI capabilities every week. Source: earnings call transcript	—	—	—	—
Customers	—	—	—	13.3K+ This year's results are a testament that the AI Data Cloud continues to deliver tremendous value to our more than 13,300 customers across every stage of the data life cycle. Source: earnings call transcript	13.912K Our 13,912 customers start to Snowflake because our AI data cloud is easy to use, seamlessly connected for collaboration, entrusted with enterprise-grade governance and security. Source: earnings call transcript	14.554K Snowflake now provides the data and AI foundation for 14,554 customers around the world. Source: earnings call transcript	+4.6%
Customers Global 2000	—	—	776 Our Global 2000 customers now totaled 776 with each of these accounts spending, on average, $2.3 million on a trailing 12-month basis. Source: earnings call transcript	—	—	829 We added 14 net new Global 2000 customers, bringing our total to 829. Source: earnings call transcript	—
Customers Cortex Code	—	—	—	4,400+ It's a truly transformational coding agent that's already helping over 4,400 customers build and scale AI-powered applications and massively accelerating their ability to deploy production-grade AI. Source: earnings call transcript	7,100+ And CoCo is already in use with more than 7,100 accounts, giving builders a natural language way to create applications, pipelines, agents and workloads directly in Snowflake. Source: earnings call transcript	—	—
Customers above an annual spend threshold >$1M TTM	—	—	—	733 We now have 733 customers spending more than $1 million on a trailing 12-month basis, growing 27% year-over-year and a record number of customers crossed $10 million in trailing 12-month spend, bringing a total of 56 customers above this $10 million threshold, growing 56% year-over-year. Source: earnings call transcript	79 We now have 79 customers spending more than $1 million on a trailing 12-month basis. Source: earnings call transcript	828 We now have 828 customers spending above the $1 million threshold. Source: earnings call transcript	+948.1%
Customers above an annual spend threshold >$10M TTM	—	—	—	56 We now have 733 customers spending more than $1 million on a trailing 12-month basis, growing 27% year-over-year and a record number of customers crossed $10 million in trailing 12-month spend, bringing a total of 56 customers above this $10 million threshold, growing 56% year-over-year. Source: earnings call transcript	64 We now have 64 customers spending more than $10 million on a trailing 12-month basis. Source: earnings call transcript	65 In fact, 65 customers have now crossed $10 million in trailing 12-month product revenue, demonstrating how our largest customers continue to go all in on Snowflake. Source: earnings call transcript	+1.6%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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