# Snowflake Inc. (SNOW) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/SNOW/thesis · /stocks/SNOW/memo

## Financial Snapshot

---
ticker: SNOW
step: 04
generated: 2026-05-13
source: quick-research
---

### Snowflake Inc. (SNOW) — Financial Snapshot

*Note: Snowflake's fiscal year ends January 31. FY2024 = Feb 2023 – Jan 2024.*

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $2.07B | $2.81B | $3.63B | +29% |
| Product Revenue | ~$1.94B | ~$2.67B | ~$3.44B | +29% |
| Non-GAAP Gross Margin | ~66% | ~68% | ~69% | |
| GAAP Net Income | ~-$0.8B | ~-$0.8B | ~-$1.0B | (SBC-driven) |
| Non-GAAP Operating Margin | ~5% | ~8% | ~10% | improving |

*FY2026 (ended Jan 2026): Product revenue $4.72B (+30% YoY); Q4 FY2026 product revenue $1.23B (+30% YoY). RPO $9.77B (+42% YoY). NRR 125%. Snowflake Intelligence reached 2,500 accounts in first 3 months — fastest product ramp in company history. 9,100+ customers using AI features.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | $1.22B (43% of revenue) |
| Free Cash Flow | $1.12B (40% of revenue) |
| Capital Expenditures | ~$100M |
| Cash & Equivalents | ~$3.7B |
| Total Debt | ~$2.3B (convertible notes) |

*FCF margins are unusually high (~40%) relative to GAAP losses, because SBC (~30%+ of revenue) adds back to operating cash flow. Non-GAAP profitability is real but GAAP losses remain large. Net cash positive. FY2026 FCF margins likely ~20–25% after strategic acquisitions (Observe $596M, Crunchy Data $165M).*

#### Key Ratios (approximate)
- P/E: ~85x (non-GAAP FY2027E) | EV/Sales: ~10–11x | FCF Yield: ~2%
- Revenue Growth (TTM): ~29–30% | Non-GAAP Operating Margin: ~10–12%

#### Growth Profile
Snowflake compounded from $2.07B (FY2023) to $4.72B product revenue (FY2026) — roughly doubling in 3 years — but growth decelerated from 69% (FY2023) to 29% (FY2025) to 30% (FY2026 re-acceleration). The re-acceleration in FY2026 (+30% after slowing) and 42% RPO growth are the key bull signals. Heavy SBC (~30% of revenue) keeps GAAP losses large, but the consumption model drives strong operating cash flow. AI product ramps (Cortex, Snowflake Intelligence) are the forward growth drivers.

#### Forward Estimates
- FY2027: Management guiding $5.66B product revenue (+27% YoY); Snowflake Intelligence + Cortex AI scaling
- RPO $9.77B: ~2x forward revenue — provides multi-year visibility
- NRR 125%: organic consumption growth from existing base
- Analyst median PT: ~$286 (+60–66% upside from ~$155–170); 85% Buy consensus (52 analysts)
- Strategic acquisitions: Observe ($596M, AI observability), Crunchy Data ($165M, PostgreSQL) adding capabilities

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/SNOW/fundamental

## Navigation

- Overview: /stocks/SNOW
- Financials (this page): /stocks/SNOW/financials
- Thesis: /stocks/SNOW/thesis
- Investment Memo: /stocks/SNOW/memo
- Coverage universe: /stocks