Snowflake: Fiscal 1Q27 Financial Results

• Revenue of $1.39 billion in the first quarter, representing 33% YoY growth
• Net revenue retention rate of 126%
• 779 customers with trailing 12-month product revenue greater than $1 million, representing 29% YoY growth
• 813 Forbes global 2000 customers
• Remaining performance obligations of $9.21 billion, representing 38% YoY growth

Snowflake, an AI data cloud company, announced financial results for its first quarter of fiscal 2027, ended April 30, 2026.“Snowflake delivered a milestone quarter, with product revenue of $1.33 billion, up 34% year-over-year, marking the strongest sequential dollar growth in our history,” said Sridhar Ramaswamy, CEO, Snowflake. “AI continues to be a powerful tailwind for Snowflake, and Q1 marks a clear inflection point in that journey. With Cortex Code and Snowflake Intelligence, we are extending from the trusted foundation for enterprise data and context to become the control plane for the Agentic Enterprise. We are seeing strong momentum from both AI-driven acceleration of our core platform and growing adoption of our first-party AI products, positioning Snowflake to lead in this new era.”

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“AI continues to accelerate our core data platform business as customers move to Snowflake with increasing urgency,” said Brian Robins, CFO, Snowflake. “We now have 779 customers spending more than $1 million on a trailing 12-month basis, 46 of which crossed the threshold in Q1, compared to 26 a year ago. Given the strong momentum across both our core platform business and AI business, we are raising our full-year product revenue guidance.”

Snowflake Business Highlights:

• AI Momentum: New customers like Holiday Inn Club Vacations and Houzz chose Snowflake as the cornerstone of their data and AI transformation, and more than 13,600 accounts ¹ are now using Snowflake AI capabilities. Accounts using Snowflake Intelligence ¹ more than doubled quarter-over-quarter, while Cortex Code is already in use across over 7,100 accounts ¹. These innovations contributed to the strongest sequential product revenue dollar growth in company history
• Customer Growth and Expansion: Added 616 net new customers in the quarter, up 38% year-over-year, including 13 new Forbes Global 2000 customers
• Accelerated Product Velocity: Delivered over 20% more product capabilities than a year ago, including new features across Cortex Code and Snowflake Intelligence, underscoring the pace of innovation and continued expansion of the platform
• Expanded Partnerships: Expanded collaboration with AWS through a new $6 billion multi-year agreement designed to accelerate enterprise AI adoption globally. The company also deepened its partnership with OpenAI to deliver advanced AI capabilities through co-innovation and joint go-to-market efforts, and brought capabilities from its landmark SAP partnership to general availability
• AI Acquisition: Signed a definitive agreement in May 2026 to acquire Natoma, an enterprise Model Context Protocol platform for AI agents, to make it easier for users to securely connect AI to the tools they use every day, directly within and beyond Snowflake. By extending governance to AI-driven workflows, Snowflake makes it easier for companies to safely manage not just their data, but also the actions AI agents take across business workflows

See the section titled “Key Business Metrics” for definitions of product revenue, net revenue retention rate, customers with trailing 12-month product revenue greater than $1 million, Forbes Global 2000 customers, and remaining performance obligations.

¹ The average of the last 4 weeks of the quarter ended April 30, 2026, counted based on capacity and on-demand accounts using the respective features on a weekly basis via our internal classification