Current filing adds new language about investments in AI Technology including internal development and partnerships, risks related to competitors developing AI faster, dependency on GPUs and skilled personnel, customer regulatory compliance impacting AI usage, and possible failure to realize benefits from AI investments. This entire subsection was not present in the prior filing.
Current filing contains a greatly expanded section on actual or perceived security breaches, detailed descriptions of evolving cybersecurity threats, methods of attack, impacts of incidents, shared responsibility with customers for security configurations, examples of recent cyberattacks on customer accounts since May 2024 and subsequent regulatory, litigation, inventor inquiries, including lawsuits and investigations that were not present in prior filing.
Current filing adds mention of supply chain restrictions and further details on government certifications like Department of War (DoW) Impact Level 4 and 5, and additional compliance costs and risks, expanding upon prior filing which mentioned only FedRAMP High and DOD Impact Level 4. Also adds mention of selling directly to government customers, plus risks of special contract terms and supply chain restrictions not present before.
Current filing includes new language about dealing with more stringent industry regulations, regulatory audits by customers and agencies, compliance commitments, and risks of limited ability to continue or expand business if regulatory requirements are not met. This was absent in prior filing.
Current filing names recent executive transitions in CEO, CFO, SVP Engineering, and Chief Revenue Officer positions post-prior filing date, adding material personnel risk details not fully covered in prior period.
Current filing expands international risks with new mention of operating model in China requiring a local operator and consequences from geopolitical tensions including risks of restrictions from Chinese or US governments and potential business failures in China, extending prior filing discussion of international risks.
Current filing adds mention that tariffs may increase costs for cloud infrastructure providers and thus increase Snowflake's costs; inflation and macroeconomic conditions impacting costs and customer budgets; effects of tariffs, trade wars, militarized conflicts causing economic volatility and market disruption risks not detailed in prior.
Current filing adds detailed list of recent acquisitions beyond prior filing including Night Shift Development, Datavolo, Crunchy Data Solutions, TensorStax, and Observe, Inc. Also adds discussion of risks integrating acquired companies, potential impairment charges, and dilution from equity issued in acquisitions.
Current filing emphasizes partner network growth risks, partner training program efficacy, monitoring partners quality, and potential impact on customer acquisition and platform consumption growth not as thoroughly discussed in prior.
Prior filing mentioned COVID-19 specifically among public health crises; current filing uses broader 'epidemics, pandemics, or other public health crises' consistent with evolving context.
Current filing has a notably longer and more detailed list of variability causes including specific investment areas, non-cash expenses, legal costs, tax rate impacts, currency exchange, and competitor consolidation, among others, augmenting prior list.
Prior filing referred to 'artificial intelligence and machine learning technology (AI Technology)'. Current filing refers to 'artificial intelligence (AI) and machine learning technology (collectively, AI Technology)'. Current filing adds detailed descriptions of internal AI investments, acquisitions, partnerships, and elaborates on risks of competitive AI development, regulatory challenges, and operational challenges.
Prior filing stated: 'If we, our customers, or third-party service providers experience an actual or perceived security breach or unauthorized parties otherwise obtain access to our customers data, our data, or our platform...'. Current filing expands to detailed description of cyber threats, threat actors, attack methods, shared responsibility, May 2024 breach of customer accounts due to customer security failures, ongoing investigations, lawsuits, and impacts.
Revenue for fiscal year ended January 31, 2026 is $4.7 billion, increased from $3.6 billion for fiscal 2025 in prior filing. Net losses updated to $1.3 billion for fiscal 2026 and 2025, versus $1.3 billion for 2025 and $838 million for 2024 in prior.
On June 6, 2025, we acquired all of the outstanding capital stock of Crunchy Data Solutions, Inc. (Crunchy Data), a privately-held company that provided PostgreSQL technology, for $164.5 million in cash. On February 2, 2026, we acquired all the outstanding capital stock of Observe, Inc. (Observe), a privately-held company that built an AI-powered observability platform. The preliminary purchase consideration was approximately $596.2 million, primarily $286.2 million in cash and 1.5 million shares of common stock valued at $285.3 million.
Prior: Architecture includes three independently scalable but logically integrated layers across compute, storage, and cloud services. Compute layer provides dedicated resources; storage layer ingests various data to create unified data record; cloud services layer optimizes use cases. Current: Architecture includes three independently scalable but logically integrated layers across storage, compute, and cloud services. Storage layer ingests massive amounts and varieties of structured, semi-structured, and unstructured data. Compute layer provides dedicated resources to enable users to simultaneously access common data sets with minimal latency, including data cleaning and preparation. Cloud services layer enables users to securely use AI within applications, tools, and processes.
Customer count as of Jan 31, 2026 is 13,328, increased from 10,996 Jan 31, 2025 (prior filing had 11,159 and 9,384). Net revenue retention rate 125% (from 126%). Metrics reflect adjustments for acquisitions, consolidations, spin-offs, and market activity. Definition of metrics refined including for Forbes Global 2000 customer count and $1 million revenue customers.
Current mentions additional factors such as tariffs, trade wars, and geopolitical and military conflicts impacting customers budget rationalization, cash flow management (shortened contract duration), and consumption optimization (shorter data retention policies). Prior focuses mainly on inflation, high interest rates, capital markets volatility, and foreign exchange fluctuations.
Current filing provides detailed data for fiscal 2026 compared to prior years for Product revenue ($4.472B), net cash provided by operating activities ($1.222B), free cash flow, net revenue retention rate, number of customers with >$1M revenue (733), Forbes Global 2000 customers (790), remaining performance obligations ($9.8B), detailed definitions and footnotes. Prior filing provides similar metrics for fiscal 2025 and earlier, but with lower absolute values and less detail, e.g., 580 customers >$1M revenue, remaining performance obligations $6.9B.
Headcount increased - sales and marketing from 3,310 to 4,159; research and development from 2,257 to 2,424; general and administrative from 1,183 to 1,189. Expenses increased in sales and marketing $1.672B to $2.062B (23% increase), research & development $1.783B to $1.969B (10% increase), general & administrative $412M to $550M (33% increase). Stock-based compensation totals increased from $1.479B to $1.6B.
Operating expenses decreased as % of revenue from 107% to 98%, driven by sales and marketing dropping from 46% to 44% and research and development dropping significantly from 49% to 42%. Operating loss decreased slightly from (40)% to (31)% of revenue; net loss decreased from (36)% to (28)% of revenue.
Product revenue increased 29% to $4.472B due primarily to increased consumption by existing customers (net revenue retention rate 125%). Professional services and other revenue also increased 29%, related to professional services expansion. Substantially all revenue from capacity arrangements, approx. 97%; on-demand revenue approx. 1% vs 2% prior year. Customers $ >$1M revenue increased to 733 from 580. Other metrics and definitions updated.
Cost of product revenue increased 27% primarily from increased third-party cloud infrastructure expenses (including AI inference), personnel costs, amortization of capitalized software development and intangibles; product gross margin stable or slightly improved to 72% from 71% (prior 71% down from 74%). Cost of professional services increased 25%, with professional services gross margin negative at (31%) vs (36%) prior year.
Sales and marketing expense increased 23% to $2.06B, headcount grew from 3,310 to 4,159. R&D expense increased 10% to $1.97B, headcount grew from 2,257 to 2,424. General and administrative expense increased 33% to $550M with slight headcount increase.
Interest income decreased 9% to $190.6M due to lower yields. Other income (expense) net worse due to impairments and unrealized losses on strategic investments, increasing losses to $59.0M from $35.3M.
Provision for income taxes increased $13.0M to $17.1M vs $4.1M prior year, effective tax rate increased from (0.3%) to (1.3%). Valuation allowances remain for US and UK deferred tax assets.
Factor Model & Position History (net -2.0)
Factor Model
net -2.0 4.7 / 10Snowflake rallies 9% amid AI backlog surge
Watch: Monitor Snowflake’s upcoming quarterly guidance for AI consumption and margin trends to gauge sustainability of its recovery rally.
Full analysis
Snowflake shares jumped 9% to $132 on April 13, driven by sector rebound and AI demand. The company's backlog rose 40% YoY in Q4 2025, with AI tools like Intelligence doubling usage in 2,500 accounts. Despite a 44% YTD stock decline, Snowflake benefits from strong institutional support and recent analyst Overweight and Outperform ratings.
Snowflake’s AI-driven backlog growth and rising consumption model underpin a bullish turnaround potential despite 2026 stock pressure and sector volatility.
Evidence
7 older signals
Fundamentals & Data ▾
Recent transactions
full analysis
Current filing adds new language about investments in AI Technology including internal development and partnerships, risks related to competitors developing AI faster, dependency on GPUs and skilled personnel, customer regulatory compliance impacting AI usage, and possible failure to realize benefits from AI investments. This entire subsection was not present in the prior filing.
full analysis
Current filing contains a greatly expanded section on actual or perceived security breaches, detailed descriptions of evolving cybersecurity threats, methods of attack, impacts of incidents, shared responsibility with customers for security configurations, examples of recent cyberattacks on customer accounts since May 2024 and subsequent regulatory, litigation, inventor inquiries, including lawsuits and investigations that were not present in prior filing.
full analysis
Current filing adds mention of supply chain restrictions and further details on government certifications like Department of War (DoW) Impact Level 4 and 5, and additional compliance costs and risks, expanding upon prior filing which mentioned only FedRAMP High and DOD Impact Level 4. Also adds mention of selling directly to government customers, plus risks of special contract terms and supply chain restrictions not present before.
full analysis
Current filing includes new language about dealing with more stringent industry regulations, regulatory audits by customers and agencies, compliance commitments, and risks of limited ability to continue or expand business if regulatory requirements are not met. This was absent in prior filing.
full analysis
Current filing names recent executive transitions in CEO, CFO, SVP Engineering, and Chief Revenue Officer positions post-prior filing date, adding material personnel risk details not fully covered in prior period.
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