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NYSE · SNOW

Snowflake

Consumption-based cloud data platform

Earnings release date
2026.09.02
Market data date
2026.10.13
Last checked
2026.10.13
PUBLICATION GATEOfficial Facts MatchedThe key facts shown on this page match issuer IR/SEC materials and market data.
View Matched Facts
Official sources and filing dateMatchedRevenueMatchedTTM revenueMatchedShares outstandingMatchedClosing price and market-data dateMatched
01

EARNINGS & GROWTH

Revenue · Profitability · Key Metrics

Revenue$1.547B
YoY+$0.402B · +35.1%
QoQ+$0.156B · +11.2%
Product Revenue$1.492B
YoY+$0.401B · +36.8%
QoQ+$0.158B · +11.8%
NRR126%
YoY+1%p
QoQunchanged
RPO$9.00B
YoY+$2.10B · +30.4%
QoQ−$0.21B · −2.3%
02

EARNINGS ANALYSIS

Stock Analysis · Growth Drivers · Business Model

Revenue

Product Revenue Reaccelerated Overall Growth

Growth in Snowflake’s core Product Revenue lifted overall revenue growth. Under its consumption-based model, revenue follows customers’ actual platform usage rather than the signing of a contract alone.

Product Revenue

Platform Consumption Continued to Expand

More data and application workloads ran on Snowflake, increasing Product Revenue. Because revenue is recognized as customers use the platform, this metric is a key measure of actual consumption.

NRR

Existing Customers Expanded Usage

Existing Snowflake customers ran more workloads and increased their spending. NRR shows how much customers already on the platform are expanding usage, separately from new-customer acquisition.

RPO

Contracted Demand Grew, but Revenue Depends on Usage

RPO reflects contracted amounts for future services, while Snowflake recognizes revenue as customers use the platform. RPO growth and near-term revenue growth can therefore move at different rates; contract timing and currency movements can also affect quarterly comparisons.

03

VALUATION · RETURN CALCULATOR

P/E · Multiples · Long-Term Investing

Current market cap$126.1B

$357.76 × 0.35B

TTM revenue$5.435B
See calculation

FY2026 Q3 revenue $1.213B
+ FY2026 Q4 revenue $1.284B
+ FY2027 Q1 revenue $1.391B
+ FY2027 Q2 revenue $1.547B
= TTM $5.435B

Current P/S23.2x
Current market cap
$126.1B
TTM revenue
$5.435B

$126.1B ÷ $5.435B = 23.2x

Current P/EN/M*
Current market cap
$126.1B
GAAP TTM net income
$-1.091B

GAAP TTM net margin -20.1%

* P/E cannot be calculated when GAAP net income is zero or negative.

TTM vs. Annualized Revenue

Trailing twelve monthsTTM revenue$5.435B
FY2027 Q2Annualized latest-quarter revenue$6.187BQuarter revenue $1.547B ×4
FY2027 Q3Annualized company guidance$6.362BProduct revenue guidance is not directly comparable with total-revenue TTM.

Recent-quarter and guidance annualizations are simple quarter-revenue ×4 comparisons, not forecasts for the next 12 months.

View high-point comparison
HIGH-POINT COMPARISON

All-Time Closing High

2021-11-16
Sources and calculations checked
Peak close$401.89
Market cap at peak$120.8B
P/S at peak141.9x
P/E at peakN/M*

* P/E cannot be calculated when GAAP net income is zero or negative.

Trailing twelve months at the peakTTM revenue at the peak$0.851B

FY2022 Q2Annualized latest quarter at the peak$1.089B

Quarter revenue $0.272B ×4

FY2022 Q3Annualized public guidance at the peak$1.130B

Guidance revenue midpoint $0.282B ×4

At peakCurrentChange
TTM revenue$0.851B$5.435B+538.5%
Latest quarter$0.272B$1.547B+468.3%
Public guidance$0.282B$1.591B+463.0%

Uses only information available as of the peak date. The comparison uses Q2 FY2022 results and share-count information available before the November 16, 2021 peak.

Key Variables at the Peak

The key variables were whether high consumption-based product growth and large-customer expansion could persist and whether scale would translate into lower losses and stronger cash generation.

Growth and Profitability Conditions Implied by the Peak Multiple

The multiple required very high product revenue growth and substantial long-run profitability expansion to persist together.

Close $401.89 × 0.30B shares outstanding = approximately $120.8B market cap at the peak.

CURRENT MARKET CAP REQUIREMENTS

Requirements Implied by the Current Market Cap

Current Market Cap Basis
Implied 2030 Revenue CAGR27.5% annuallyTTM revenue growth +32.0% YoY
Current market cap$126.1B
Assumed 2030 P/S8.8x14.7% assumed net margin × 59.9x assumed P/E
Required 2030 revenue$14.4B

This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions.

Share-count changes and dividends are not included in this calculation.

Conditional Business Scenarios

Conservative · Base · Optimistic
SNOW conditional assumptions
Current TTM$5.435B
Latest-quarter annualized$6.187B
Annualized Q3 product revenue guidance$6.362B
Conservative
Assumed 2030 revenue$13.08BRevenue CAGR from TTM 24.6%
CAGR from annualized latest-quarter revenue 20.6%CAGR from annualized guidance midpoint 19.7%
Assumed 2030 net margin
13.9%Current -20.1%
Assumed 2030 GAAP P/E
56.0xCurrent N/M*
Converted P/S
7.8x
Conditional Shareholder Return Bridge
Conditional Market Cap$101.9BVs. current -19.2%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares0.35BVs. current +0.6%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$287.57Current $357.76 · -19.6%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return-19.6%Implied Share Value Change -19.6% · Dividend Contribution +0.0 ppAnnualized -5.3%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$126.1B$101.9B
Shares
0.35B0.35B
Implied Share Value Change
-19.6%
Shareholder Return Components
Implied Share Value Change
-19.6%
Dividend Contribution
+0.0 pp
Conditional Total Shareholder Return
-19.6%

Product consumption and the customer base continue to expand, but revenue growth moderates more quickly. Under the common cost and investment policies, the lower revenue path results in more limited improvement in profitability and cash generation.

Base
Assumed 2030 revenue$13.58BRevenue CAGR from TTM 25.7%
CAGR from annualized latest-quarter revenue 21.7%CAGR from annualized guidance midpoint 20.9%
Assumed 2030 net margin
14.7%Current -20.1%
Assumed 2030 GAAP P/E
58.0xCurrent N/M*
Converted P/S
8.5x
Conditional Shareholder Return Bridge
Conditional Market Cap$115.4BVs. current -8.5%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares0.36BVs. current +1.1%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$324.01Current $357.76 · -9.4%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return-9.4%Implied Share Value Change -9.4% · Dividend Contribution +0.0 ppAnnualized -2.4%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$126.1B$115.4B
Shares
0.35B0.36B
Implied Share Value Change
-9.4%
Shareholder Return Components
Implied Share Value Change
-9.4%
Dividend Contribution
+0.0 pp
Conditional Total Shareholder Return
-9.4%

Existing-customer consumption and new-customer adoption continue as growth gradually normalizes, while greater scale translates into improving profitability and cash generation.

Optimistic
Assumed 2030 revenue$14.18BRevenue CAGR from TTM 27.1%
CAGR from annualized latest-quarter revenue 23.0%CAGR from annualized guidance midpoint 22.2%
Assumed 2030 net margin
15.5%Current -20.1%
Assumed 2030 GAAP P/E
60.0xCurrent N/M*
Converted P/S
9.3x
Conditional Shareholder Return Bridge
Conditional Market Cap$131.6BVs. current +4.4%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares0.36BVs. current +1.6%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$367.72Current $357.76 · +2.8%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+2.8%Implied Share Value Change +2.8% · Dividend Contribution +0.0 ppAnnualized +0.7%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$126.1B$131.6B
Shares
0.35B0.36B
Implied Share Value Change
+2.8%
Shareholder Return Components
Implied Share Value Change
+2.8%
Dividend Contribution
+0.0 pp
Conditional Total Shareholder Return
+2.8%

Existing-customer consumption and new and large-customer expansion remain stronger, growth moderates more gradually, and the higher revenue scale produces greater operating leverage.

This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.

Conditional Shareholder Return Calculator

P/E and P/S are linked through the assumed net margin.

Conditional Shareholder Return Bridge
Conditional Market Cap$115.4BVs. current -8.5%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares0.36BVs. current +1.1%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$324.01Current $357.76 · -9.4%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return-9.4%Implied Share Value Change -9.4% · Dividend Contribution +0.0 ppAnnualized -2.4%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$126.1B$115.4B
Shares
0.35B0.36B
Implied Share Value Change
-9.4%
Shareholder Return Components
Implied Share Value Change
-9.4%
Dividend Contribution
+0.0 pp
Conditional Total Shareholder Return
-9.4%

This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.

Original Sources

Snowflake Q2 FY2027 results ↗

Official Snowflake IR/SEC materials and market data.

Methodology, Terms and Operating Principles

What is GAAP?

GAAP refers to U.S. generally accepted accounting principles. GAAP financial results include items such as stock-based compensation and amortization that companies may adjust out of non-GAAP measures.

Company-Specific Valuation Assumptions

VALUFOUR does not apply the same valuation multiples to every company. Conditional scenarios are analytical assumptions based on each company’s business model, revenue scale, growth rate, profitability, durability of growth and historical valuation range. They are not forecasts or recommendations.

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Product revenue

Core revenue recognized from customer consumption of the Snowflake platform.

NRR

Measures how product revenue from the existing customer cohort is retained and expanded compared with one year earlier.

RPO

Remaining performance obligations that are contracted but not yet fulfilled or recognized as revenue. They are not mechanically converted into scenario revenue.