Detailed Narrative
AI as a Catalyst for Core Platform Growth
AI is fundamentally reshaping how work gets done, with Snowflake at the center of this transformation. The company observes that AI is accelerating consumption in its core platform as customers migrate workloads to Snowflake faster to access the necessary data context and governance. This tailwind is evident in the pace of new customer additions, with net new customer additions increasing 38% year-over-year and 13 Global 2000s added in Q1 FY27.
Agentic Enterprise Vision and Product Adoption
Snowflake is uniquely positioned to help customers become 'agentic enterprises' by providing a unified, governed data foundation, access to leading AI models, and connectivity across enterprise applications. Snowflake Intelligence offers a natural language interface for business users, while Cortex Code (CoCo) provides builders with a natural language way to create applications and workflows directly on Snowflake. Both products are seeing the fastest adoption of any new products in the company's history, with accounts using Snowflake Intelligence more than doubling quarter-over-quarter and CoCo in use with over 7,100 accounts.
Customer Success and Expansion
Customers continue to expand their use of Snowflake, with examples including Holiday Inn Club Vacations, Health, and a large US bank completing a complex Teradata migration. Nestle is expanding its use for enterprise digital transformation, enabling real-time connected views of its business. A wealth management firm built a Cortex-powered agent, 'Osteo data,' which answers over 60% of business inquiries previously routed to analysts. This expansion is reflected in large customer growth, with 64 customers now spending over $10 million in TTM revenue.
Internal AI Transformation and Efficiency Gains
Snowflake is leveraging AI internally to drive productivity. CoCo now analyzes incoming customer cases for the global support organization, leading to over 25% faster case resolution times and a 25% increase in throughput per engineer. The SRE team has reduced complex case resolution time by nearly 30% and engineering time per ticket by roughly 40%. Internal data teams have doubled developer productivity and automated over 100 workflows across various departments, demonstrating significant operational transformation.
Go-to-Market and Ecosystem Expansion
The company is strengthening its go-to-market organization under new CRO Jonathan Boulier, seeing increased use cases won (up 114% YoY) and use cases per account executive (up 86% YoY). Snowflake announced an expanded $6 billion multiyear agreement with AWS to accelerate enterprise AI adoption, building on over $7 billion in lifetime AWS Marketplace sales. A $200 million partnership with OpenAI was also announced, and a joint capability with SAP reached general availability, further extending the AI data cloud's reach.
Strategic Acquisition and Future Vision
Snowflake announced the intended acquisition of Natoma, which will extend the agentic control plane beyond data workflows into everyday applications like email, Slack, and Jira. This acquisition aims to enhance AI governance by allowing companies to safely manage actions AI agents take across business workflows. This move reinforces Snowflake's vision of becoming the 'agentic control plane' where intent becomes governed action, connecting data, models, applications, and workflows in a trusted environment.