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© 2025 Snowflake Inc. All Rights Reserved © 2025 Snowflake Inc. All Rights Reserved SNOWFLAKE INVESTOR PRESENTATION First Quarter Fiscal 2026
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© 2025 Snowflake Inc. All Rights Reserved 2© 2025 Snowflake Inc. All Rights Reserved 2 This presentation includes certain non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Please see the Appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and for the calculation of certain other financial metrics. Non-GAAP product gross profit, operating income, net income, and net income attributable to Snowflake Inc. are each defined as the respective GAAP measure, excluding, as applicable, the effect of (i) stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, (ii) amortization of acquired intangibles, (iii) expenses associated with acquisitions and strategic investments, (iv) amortization of debt issuance costs, (v) restructuring charges, net of associated income and recoveries, (vi) asset impairment related to office facility exit, net of associated sublease income, if any, (vii) adjustments attributable to noncontrolling interest, and (viii) the related income tax effect of these adjustments as well as the non-recurring income tax expense or benefit associated with acquisitions. Non-GAAP product gross margin is calculated as non-GAAP product gross profit as a percentage of product revenue. Non-GAAP operating margin is calculated as non-GAAP operating income as a percentage of revenue. Our non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic is calculated by dividing non-GAAP net income attributable to Snowflake Inc. by the weighted-average number of shares of common stock outstanding during the period. Our non-GAAP net income per share attributable to Snowflake Inc. common stockholders— diluted is calculated by dividing non-GAAP net income attributable to Snowflake Inc. by the non-GAAP weighted-average number of diluted shares outstanding, which includes (a) the effect of all potentially dilutive common stock equivalents (stock options, restricted stock units, employee stock purchase rights under our 2020 Employee Stock Purchase Plan), (b) the potential dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (collectively, the Notes) using the if-converted method, and (c) the antidilutive impact, if any, of the capped call transactions entered into in connection with the Notes (the Capped Calls). The Capped Calls are expected to reduce the potential dilution to our common stock upon any conversion of the Notes under certain circumstances. Under GAAP, the antidilutive impact of the Capped Calls is not reflected in diluted shares outstanding until exercised. For the historical periods presented, there was no material antidilutive impact of the Capped Calls. The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted attainment levels to the extent we believe it is probable that the performance conditions will be met. Amounts attributable to noncontrolling interest were not material for all periods presented. We believe the presentation of operating results that exclude these items that are (i) non-cash items, (ii) non-recurring items, or (iii) items that have highly variable amounts due to factors beyond our control and are unrelated to our core operations such that management does not consider them in evaluating the business performance or making operating plans, provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods. Free cash flow (FCF) is defined as net cash provided by operating activities reduced by purchases of property and equipment and capitalized internal-use software development costs. Cash outflows for employee payroll tax items related to the net share settlement of equity awards are included in cash flow for financing activities and, as a result, do not have an effect on the calculation of free cash flow. Free cash flow margin is calculated as free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations. Adjusted free cash flow is defined as free cash flow plus (minus) net cash paid (received) on employer and employee payroll tax-related items on employee stock transactions. Employee payroll tax-related items on employee stock transactions are generally pass-through transactions that are expected to have a net zero impact on free cash flow over time, but that may impact free cash flow in any given fiscal quarter due to differences between the time that we receive funds from our employees and the time we remit those funds to applicable tax authorities. We believe that excluding the effects of these payroll tax-related items will enhance stockholders' ability to evaluate our free cash flow performance, including on a quarter-over-quarter basis. Adjusted free cash flow margin is calculated as adjusted free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations. Statement Regarding Use of Non-GAAP Financial Measures
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© 2025 Snowflake Inc. All Rights Reserved 3© 2025 Snowflake Inc. All Rights Reserved 3 Safe Harbor Other than statements of historical fact, all statements contained in this presentation and accompanying oral commentary (collectively, the Materials) are forward-looking statements (FLS) within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding (i) our future operating results, targets, or financial position; (ii) our business strategy, plans, opportunities, or priorities; (iii) the release, adoption, and use of our new or enhanced products, services, and technology offerings, including those that are under development or not generally available; (iv) market size and growth, trends, and competitive considerations; (v) our vision, strategy and expected benefits relating to artificial intelligence, Snowpark, Snowflake Marketplace, the AI Data Cloud, and AI Data Clouds for specific industries or product categories, including the expected benefits and network effects of the AI Data Cloud; and (vi) the integration, interoperability, and availability of our products, services, and technology offerings with and on third-party products and platforms, including public cloud platforms. We have based the FLS in the Materials largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs, but the FLS are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the FLS. These risks, uncertainties, assumptions, and other factors include, but are not limited to, those related to our business and financial performance; general market and business conditions, downturns, or uncertainty, including higher inflation, tariffs and trade wars, higher interest rates, fluctuations or volatility in capital markets or foreign currency exchange rates, and geopolitical instability; our ability to attract and retain customers that use our platform to support their end-to- end data lifecycle; the extent to which customers continue to optimize consumption; the impact of new or optimized product features and pricing strategies on consumption, including Iceberg tables and tiered storage pricing; unforeseen technical, operational, or business challenges impacting the timing, scope, or success of strategic partnerships; the extent to which customers continue to rationalize budgets and prioritize cash flow management, including through shortened contract durations; our ability to develop new products and services and enhance existing products and services; the extent to which customer adoption of new product capabilities results in durable consumption; the growth of successful native applications on the Snowflake Marketplace; our ability to respond rapidly to emerging technology trends, including the adoption and use of artificial intelligence; our ability to execute on our business strategy, including our strategy related to artificial intelligence, the AI Data Cloud, Snowpark, and Snowflake Marketplace; our ability to increase and predict customer consumption of our platform, particularly in light of the impact of holidays on customer consumption patterns; our ability to compete effectively; our ability to increase our penetration into existing markets and enter and grow new markets, including highly-regulated markets such as financial services, healthcare, and the public sector; the impact of cybersecurity threat activity directed at our customers and any resulting reputational or financial damage; our ability to manage growth; our ability to sublease or terminate certain of our office facility commitments and the impact of related asset impairment; the impact and timing of stock repurchases under our stock repurchase program; and our ability to meet the requirements of the Notes and the settlement timing and method for the Notes and the Capped Calls. Further information on these and additional risks, uncertainties, assumptions and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the FLS contained in the Materials are included in Snowflake’s Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K and other filings and reports we make with the Securities and Exchange Commission from time to time. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those included in the FLS in the Materials. As a result of these risks, uncertainties, assumptions, and other factors, you should not rely on any FLS as predictions of future events. FLS speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events and trends. Except as required by law, we undertake no obligation, and do not intend, to update the FLS in these Materials. The Materials may contain information provided by third-parties. Snowflake has not independently verified this information, and usage of this information does not mean or imply that Snowflake has adopted this information as its own or independently verified its accuracy. © 2025 Snowflake Inc. All rights reserved. Snowflake, the Snowflake logo, and all other Snowflake product, feature and service names mentioned in the Materials are registered trademarks or trademarks of Snowflake Inc. in the United States and other countries. All other brand names or logos mentioned or used in the Materials are for identification purposes only and may be the trademarks of their respective holder(s). Snowflake may not be associated with, or be sponsored or endorsed by, any such holder(s).
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© 2025 Snowflake Inc. All Rights Reserved 4© 2025 Snowflake Inc. All Rights Reserved 4 Every Organization Struggles with Silos Product Usage Agencies OLTP Databases IoT Enterprise Applications Sales Suppliers Third-Party Finance Web/ Log Data
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© 2025 Snowflake Inc. All Rights Reserved THERE IS NO AI STRATEGY WITHOUT A DATA STRATEGY
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© 2025 Snowflake Inc. All Rights Reserved 6© 2025 Snowflake Inc. All Rights Reserved 6 A Single Data Foundation to Eliminate Silos
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© 2025 Snowflake Inc. All Rights Reserved 7© 2025 Snowflake Inc. All Rights Reserved 7 Unified Data. All Architectures. Data Warehouse Data Lakehouse Data Lake Data Mesh / Fabric CLOUD / ON-PREM STRUCTURED SEMI-STRUCTURED UNSTRUCTURED OPEN FORMATS
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© 2025 Snowflake Inc. All Rights Reserved 8© 2025 Snowflake Inc. All Rights Reserved 8 All Workloads & Users SCALA JAVA PYTHON SQL CONTAINERS Product Categories Users SQL Analysts Business Users ML Engineers App Developers Data Scientists Data Engineers
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© 2025 Snowflake Inc. All Rights Reserved 9© 2025 Snowflake Inc. All Rights Reserved 9 z Universal Governance INTEROPERABILITY PRIVACY SECURITY COMPLIANCE ACCESS All Content Data Apps Models Replication & BDR 40+ regions
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10 Backed by Unique Platform Architecture
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© 2025 Snowflake Inc. All Rights Reserved 11© 2025 Snowflake Inc. All Rights Reserved 11 AN EVER EXPANDING PARTNER ECOSYSTEM
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© 2025 Snowflake Inc. All Rights Reserved 12© 2025 Snowflake Inc. All Rights Reserved 12 PROVEN BY THOUSANDS OF CUSTOMERS
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© 2025 Snowflake Inc. All Rights Reserved * Visualization based on actual AI Data Cloud sharing activity as of April 30, 2020 and April 30, 2025 respectively. AI Data Cloud Growth April 2025 April 2020 13
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© 2025 Snowflake Inc. All Rights Reserved © 2025 Snowflake Inc. All Rights Reserved FINANCIAL OVERVIEW
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© 2025 Snowflake Inc. All Rights Reserved 15© 2025 Snowflake Inc. All Rights Reserved 15 Snowflake Platform TAM ($ Billions) Large and Growing Market Note: Calendar year ends December 31. Charts/graphics created by Snowflake based on Gartner research. Source: Gartner, Forecast: Enterprise Infrastructure Software, Worldwide, 2022-2028, 1Q24 Update, March 2024; Gartner, Forecast: Enterprise Application Software, Worldwide, 2022-2028, 1Q24 Update, March 2024; Calculations performed by Snowflake. See Appendix for the Gartner Market information used in estimating the Snowflake Platform TAM. $152 $342 CY23 CY24 CY25 CY26 CY27 CY28 +2x
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© 2025 Snowflake Inc. All Rights Reserved 16© 2025 Snowflake Inc. All Rights Reserved 16 Q1 Financial Highlights GROWTH AT SCALE EXPANSION WITH EXISTING CUSTOMERS 26% 124% Y/Y Product Revenue Growth1 Net Revenue Retention Rate1 LARGE CUSTOMER MOMENTUM 606 $1M+ Product Revenue Customers1 PRODUCT GROSS MARGIN 76% Non-GAAP Product Gross Margin2 Note: Fiscal year ends January 31. All figures are as of or for Q1 FY26. 1. See definitions provided in the Appendix. 2. Please see the Appendix for a reconciliation of non-GAAP product gross margin to its nearest GAAP equivalent and for the calculation of certain other financial metrics.
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© 2025 Snowflake Inc. All Rights Reserved 17© 2025 Snowflake Inc. All Rights Reserved 17 Product Revenue1 Product Revenue is the leading indicator of growth Remaining Performance Obligations (RPO)1 RPO represents contracted future revenue not yet recognized Billings Variable payment terms mean Billings are not necessarily indicative of future consumption patterns We Focus on Product Revenue and RPO Book Consume Bill 1 2 Customers typically pay annually in advance Customers’ draw down from bookings as they consume 3 Consumption patterns dictate future bookings 4 1. See definitions provided in the Appendix.
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© 2025 Snowflake Inc. All Rights Reserved Snowflake typically bills customers annually in advance for their capacity contracts Some customers consume on-demand and/or are billed in-arrears The platform is priced based on consumption of compute, storage, and data transfer resources Our Consumption Model Snowflake recognizes the substantial majority of its revenue as customers consume the platform Revenue Recognition Consumption Pricing Model Consumption Billings Terms Typically Upfront Pro: Enables faster growth Pro: Aligned with customer value Pro: Aligned with usage-based costs Consider: Revenue is variable based on customers’ usage Pro: Customers don’t pay for shelf- ware Consider: Performance improvements inherently reduce customer cost Pro: Bookings represent contractual minimum Pro: Variable consumption creates upside for renewal cycle Consider: Payment terms are evolving 18
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© 2025 Snowflake Inc. All Rights Reserved $1,939 $2,667 $3,462 FY23 FY24 FY25 Annual Product Revenue1 (Millions) Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. 1. See definitions provided in the Appendix. Strong Combination of Scale & Growth $790 $829 $900 $943 $997 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Quarterly Product Revenue1 (Millions) 30% Y/Y Growth 26% Y/Y Growth 19
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© 2025 Snowflake Inc. All Rights Reserved Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. The amount of RPO we expect to recognize as revenue in the next twelve months is calculated as of the applicable fiscal quarter end. For example, we expect to recognize 50% of RPO as of April 30, 2025 within the twelve months ending April 30, 2026. 1. See definitions provided in the Appendix. Significant Customer Commitments Expect to Recognize as Revenue in the Next Twelve Months RPO 51% 50% 50% 48% 50% $4,988 $5,231 $5,732 $6,867 $6,687 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Remaining Performance Obligations1 (Millions) 20
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© 2025 Snowflake Inc. All Rights Reserved Landing Strategic Organizations 727 734 749 751 754 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Forbes Global 2000 Customers1 9,741 10,189 10,588 11,127 11,578 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Total Customers1 Note: Fiscal year ends January 31. 1. See definitions provided in the Appendix. 21
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© 2025 Snowflake Inc. All Rights Reserved Adding Quality Customers 479 507 540 579 606 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Customers Over $1M Product Revenue1 27% Y/Y Growth Note: Fiscal year ends January 31. 1. See definitions provided in the Appendix. 22
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© 2025 Snowflake Inc. All Rights Reserved Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes 1. See definitions provided in the Appendix. World-Class Retention Rate 129% 128% 127% 126% 124% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Net Revenue Retention Rate1 23
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© 2025 Snowflake Inc. All Rights Reserved 44% 20% Q1 FY25 Q1 FY26 Focused on Efficient Investment Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes 1. Please see the Appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and for the calculation of certain other financial metrics for historical periods. 77% 76% Q1 FY25 Q1 FY26 4% 9% Q1 FY25 Q1 FY26 Non-GAAP Product Gross Margin1 Non-GAAP Operating Margin1 Non-GAAP Adjusted Free Cash Flow Margin1 24
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© 2025 Snowflake Inc. All Rights Reserved Hiring to Address our Opportunity 3,130 3,235 3,283 3,310 3,683 2,108 2,241 2,286 2,257 2,289 1,095 1,152 1,174 1,183 1,145 963 1,002 1,080 1,084 1,123 7,296 7,630 7,823 7,834 8,240 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Employee Headcount by Function S&M R&D G&A Cost of Revenue Note: Fiscal year ends January 31. 25
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© 2025 Snowflake Inc. All Rights Reserved Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. We attribute revenue to the Americas, EMEA, and APJ regions, as applicable, based on the location of the customer, which is derived from the ship-to or bill-to information, as applicable, provided by each customer. Global Revenue Opportunity 79% 79% 79% 79% 78% 16% 16% 16% 16% 16% 5% 5% 5% 5% 6% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Revenue Mix by Geography Americas EMEA APJ 26
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© 2025 Snowflake Inc. All Rights Reserved 27© 2025 Snowflake Inc. All Rights Reserved 27 AI Data Cloud Metrics Note: All figures are as of April 30, 2025. 1. See definitions provided in the Appendix. DATA SHARING1 MARKETPLACE LISTINGS1 39% 3,098 of customers1 have at ≥1 stable edge1 21% Y/Y Growth
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© 2025 Snowflake Inc. All Rights Reserved 28© 2025 Snowflake Inc. All Rights Reserved 28 FY23 FY24 FY25 FY26 Guidance Product Revenue ($M) $1,939 $2,667 $3,462 $4,325 Y/Y Product Revenue Growth 70% 38% 30% 25% Non-GAAP Product Gross Margin1 75% 78% 76% 75% Non-GAAP Operating Margin1 5% 8% 6% 8% Non-GAAP Adjusted Free Cash Flow Margin1 25% 29% 26% 25% Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. 1. Please see the Appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and for the calculation of certain other financial metrics for historical periods. A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Fiscal 2026 Guidance
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© 2025 Snowflake Inc. All Rights Reserved APPENDIX
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© 2025 Snowflake Inc. All Rights Reserved Definitions Customers Over $1M Product Revenue or $1M+ Product Revenue Customers: To calculate the number of customers with trailing 12-month product revenue greater than $1 million, we count the number of customers under capacity arrangements that contributed more than $1 million in product revenue in the trailing 12 months. For purposes of determining our customer count, we treat each customer account, including accounts for end-customers under a reseller arrangement, that has at least one corresponding capacity contract as a unique customer, and a single organization with multiple divisions, segments, or subsidiaries may be counted as multiple customers. We do not include customers that consume our platform only under on-demand arrangements for purposes of determining our customer count. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our customer count for historical periods reflecting these adjustments. Data Sharing: We consider a customer to have engaged in data sharing if such customer had at least one stable edge as of April 30, 2025. An “edge” is a data or native application share between a Snowflake customer, as a ‘provider,’ and another Snowflake customer, as a ‘consumer.’ A “stable edge” is an edge that has produced at least 20 jobs in which compute resources are consumed and such consumption results in recognized product revenue over two successive three-week periods (20 jobs in each period). Effective February 1, 2024, we adjusted the definition of "stable edge" to include native application shares in addition to data shares, and for the purposes of this presentation, have adjusted comparative period amounts accordingly. Forbes Global 2000 Customers: Our Forbes Global 2000 customer count is a subset of our customer count based on the 2024 Forbes Global 2000 list. Our Forbes Global 2000 customer count is subject to adjustments for annual updates to the list by Forbes, as well as acquisitions, consolidations, spin-offs, and other market activity with respect to such customers, and we present our Forbes Global 2000 customer count for historical periods reflecting these adjustments. Marketplace Listing: Each live dataset, package of datasets, or data service published by a data provider as a single product offering on Snowflake Marketplace is counted as a unique listing. A listing may be available in one or more regions where Snowflake Marketplace is available. Net Revenue Retention Rate: To calculate net revenue retention rate, we first specify a measurement period consisting of the trailing two years from our current period end. Next, we define as our measurement cohort the population of customers under capacity contracts that used our platform at any point in the first month of the first year of the measurement period. The cohorts used to calculate net revenue retention rate include end-customers under a reseller arrangement. We then calculate our net revenue retention rate as the quotient obtained by dividing our product revenue from this cohort in the second year of the measurement period by our product revenue from this cohort in the first year of the measurement period. Any customer in the cohort that did not use our platform in the second year remains in the calculation and contributes zero product revenue in the second year. Our net revenue retention rate is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our net revenue retention rate for historical periods reflecting these adjustments. Since we will continue to attribute the historical product revenue to the consolidated contract, consolidation of capacity contracts within a customer’s organization typically will not impact our net revenue retention rate unless one of those customers was not a customer at any point in the first month of the first year of the measurement period. Product Revenue: Product revenue is primarily derived from the consumption of compute, storage, and data transfer resources by customers on our platform. Customers have the flexibility to consume more than their contracted capacity during the contract term and may have the ability to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal. Our consumption-based business model distinguishes us from subscription-based software companies that generally recognize revenue ratably over the contract term and may not permit rollover. Because customers have flexibility in the timing of their consumption, which can exceed their contracted capacity or extend beyond the original contract term in many cases, the amount of product revenue recognized in a given period is an important indicator of customer satisfaction and the value derived from our platform. While customer use of our platform in any period is not necessarily indicative of future use, we estimate future revenue using predictive models based on customers’ historical usage to plan and determine financial forecasts.Product revenue excludes our professional services and other revenue. Snowflake Platform TAM is estimated based on the following Gartner reports: Remaining Performance Obligations. Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. RPO excludes performance obligations from on-demand arrangements and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into U.S. dollars each period based on the applicable period-end exchange rates. RPO is not necessarily indicative of future product revenue growth because it does not account for the timing of customers’ consumption or their consumption of more than their contracted capacity. Moreover, RPO is influenced by a number of factors, including the timing and size of renewals, the timing and size of purchases of additional capacity, average contract terms, seasonality, changes in foreign currency exchange rates, and the extent to which customers are permitted to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal. Due to these factors, it is important to review RPO in conjunction with product revenue and other financial metrics disclosed elsewhere herein. Total Customers: We count the total number of customers at the end of each period. For purposes of determining our customer count, we treat each customer account, including accounts for end-customers under a reseller arrangement, that has at least one corresponding capacity contract as a unique customer, and a single organization with multiple divisions, segments, or subsidiaries may be counted as multiple customers. We do not include customers that consume our platform only under on-demand arrangements for purposes of determining our customer count. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our customer count for historical periods reflecting these adjustments. Gartner Source Gartner Market Forecast: Enterprise Infrastructure Software, Worldwide, 2022-2028, 1Q24 Update, March 2024 Database Management Systems (DBMS) Forecast: Enterprise Infrastructure Software, Worldwide, 2022-2028, 1Q24 Update, March 2024 Data Management Software (Excluding DBMS) Forecast: Enterprise Application Software, Worldwide, 2022-2028, 1Q24 Update, March 2024 Analytic Platforms 30
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© 2025 Snowflake Inc. All Rights Reserved 31© 2025 Snowflake Inc. All Rights Reserved 31 Note: Fiscal year ends January 31. Numbers are in thousands, except percentages. Numbers are rounded for presentation purpose s. 1. Restructuring charges, net represent certain costs incurred by us in connection with a restructuring plan for a majority-owned subsidiary, net of associated income and recoveries.. GAAP to Non-GAAP Reconciliations Product Gross Profit, Sales & Marketing, Research & Development Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 FY23 FY24 FY25 Product revenue $ 789,587 $ 829,250 $ 900,282 $ 943,303 $ 996,813 $ 1,938,783 $ 2,666,849 $ 3,462,422 Professional services and other revenue 39,122 39,573 41,812 43,467 45,261 126,876 139,640 163,974 Revenue $ 828,709 $ 868,823 $ 942,094 $ 986,770 $ 1,042,074 $ 2,065,659 $ 2,806,489 $ 3,626,396 Gross Profit GAAP product gross profit $ 569,930 $ 593,668 $ 636,660 $ 670,095 $ 711,537 $ 1,391,236 $ 1,965,649 $ 2,470,353 GAAP product gross margin 72 % 72 % 71 % 71 % 71 % 72 % 74 % 71 % Adjustments: Stock-based compensation-related charges 27,235 29,778 32,240 33,541 30,852 61,379 78,900 122,794 Amortization of acquired intangibles 10,147 10,336 10,325 11,670 11,735 4,767 31,403 42,478 Restructuring charges, net1 - - 7,678 - - - - 7,678 Non-GAAP product gross profit $ 607,312 $ 633,782 $ 686,903 $ 715,306 $ 754,124 $ 1,457,382 $ 2,075,952 $ 2,643,303 Non-GAAP product gross margin 77 % 76 % 76 % 76 % 76 % 75 % 78 % 76 % Sales & Marketing GAAP S&M expense $ 400,822 $ 400,625 $ 437,962 $ 432,683 $ 458,554 $ 1,106,507 $ 1,391,747 $ 1,672,092 GAAP S&M expense as a % of revenue 48 % 46 % 47 % 44 % 44 % 54 % 50 % 46 % Adjustments: Stock-based compensation-related charges (80,621) (83,740) (89,450) (95,718) (92,911) (258,056) (319,979) (349,529) Amortization of acquired intangibles (7,630) (7,801) (7,906) (8,021) (7,760) (25,207) (30,235) (31,358) Non-GAAP S&M expense $ 312,571 $ 309,084 $ 340,606 $ 328,944 $ 357,883 $ 823,244 $ 1,041,533 $ 1,291,205 Non-GAAP S&M expense as a % of revenue 38 % 35 % 36 % 33 % 34 % 39 % 37 % 36 % Research & Development GAAP R&D expense $ 410,794 $ 437,660 $ 442,435 $ 492,490 $ 472,404 $ 788,058 $ 1,287,949 $ 1,783,379 GAAP R&D expense as a % of revenue 50 % 51 % 47 % 50 % 46 % 38 % 46 % 49 % Adjustments: Stock-based compensation-related charges (204,041) (209,735) (204,139) (256,850) (230,945) (413,080) (663,471) (874,765) Amortization of acquired intangibles (3,600) (3,679) (3,680) (3,679) (2,645) (7,123) (12,384) (14,638) Restructuring charges, net1 - - (9,863) (1,151) 8 - - (11,014) Non-GAAP R&D expense $ 203,153 $ 224,246 $ 224,753 $ 230,810 $ 238,822 $ 367,855 $ 612,094 $ 882,962 Non-GAAP R&D expense as a % of revenue 25 % 26 % 24 % 24 % 23 % 18 % 22 % 24 %
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© 2025 Snowflake Inc. All Rights Reserved General & Administrative GAAP to Non-GAAP Reconciliations Note: Fiscal year ends January 31. Numbers are in thousands, except percentages. Numbers are rounded for presentation purpose s. 1. Restructuring charges, net represent certain costs incurred by us in connection with a restructuring plan for a majority -owned subsidiary, net of associated income and recoveries. 2. Asset impairment related to office facility exit primarily relates to our San Mateo office facility, which we ceased using du ring the three months ended April 30, 2025. There was no associated sublease income for the historical periods presented. 32 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 FY23 FY24 FY25 Product revenue $ 789,587 $ 829,250 $ 900,282 $ 943,303 $ 996,813 $ 1,938,783 $ 2,666,849 $ 3,462,422 Professional services and other revenue 39,122 39,573 41,812 43,467 45,261 126,876 139,640 163,974 Revenue $ 828,709 $ 868,823 $ 942,094 $ 986,770 $ 1,042,074 $ 2,065,659 $ 2,806,489 $ 3,626,396 General & Administrative GAAP G&A expense $ 93,148 $ 97,763 $ 106,260 $ 115,091 $ 209,587 $ 295,821 $ 323,008 $ 412,262 GAAP G&A expense as a % of revenue 11 % 11 % 11 % 11 % 20 % 14 % 11 % 12 % Adjustments: Stock-based compensation-related charges (34,577) (36,395) (41,549) (47,260) (39,373) (104,160) (108,942) (159,781) Amortization of acquired intangibles (441) (451) (451) (451) (337) (1,731) (1,789) (1,794) Expenses associated with acquisitions and strategic investments (982) (1,783) (1,334) (3,006) (378) (9,723) (12,715) (7,105) Restructuring charges, net1 - - - (761) 750 - - (761) Asset impairment related to office facility exit2 - - - - (106,488) - - - Non-GAAP G&A expense $ 57,148 $ 59,134 $ 62,926 $ 63,613 $ 63,761 $ 180,207 $ 199,562 $ 242,821 Non-GAAP G&A expense as a % of revenue 7 % 7 % 7 % 7 % 6 % 9 % 7 % 7 %
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© 2025 Snowflake Inc. All Rights Reserved Total Operating Expenses and Operating Income (Loss) GAAP to Non-GAAP Reconciliations 33 Note: Fiscal year ends January 31. Numbers are in thousands, except percentages. Numbers are rounded for presentation purpose s. 1. Restructuring charges, net represent certain costs incurred by us in connection with a restructuring plan for a majority-owned subsidiary, net of associated income and recoveries. 2. Asset impairment related to office facility exit primarily relates to our San Mateo office facility, which we ceased using du ring the three months ended April 30, 2025. There was no associated sublease income for the historical periods presented. 3. Stock-based compensation-related charges included employer payroll tax -related expenses on employee stock transactions of approximately $21.9 million, $9.6 million, $9.3 million, $11.1 million and $19.5 million for the three months ended April 30, 2024, July 31, 2024, October 31, 2024, January 31, 2025 and April 30, 2025, respectively, and $22.7 million, $45.5 million, and $51.9 million for the twelve months ended January 31, 2023, 2024, and 2025, respectively. Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 FY23 FY24 FY25 Product revenue $ 789,587 $ 829,250 $ 900,282 $ 943,303 $ 996,813 $ 1,938,783 $ 2,666,849 $ 3,462,422 Professional services and other revenue 39,122 39,573 41,812 43,467 45,261 126,876 139,640 163,974 Revenue $ 828,709 $ 868,823 $ 942,094 $ 986,770 $ 1,042,074 $ 2,065,659 $ 2,806,489 $ 3,626,396 Total Operating Expenses GAAP total operating expenses $ 904,764 $ 936,048 $ 986,657 $ 1,040,264 $ 1,140,545 $ 2,190,386 $ 3,002,704 $ 3,867,733 GAAP total operating expenses as a % of revenue 109% 108% 105% 105% 110% 106% 107% 107% Adjustments: Stock-based compensation-related charges (319,239) (329,870) (335,138) (399,828) (363,229) (775,296) (1,092,392) (1,384,075) Amortization of acquired intangibles (11,671) (11,931) (12,037) (12,151) (10,742) (34,061) (44,408) (47,790) Expenses associated with acquisitions and strategic investments (982) (1,783) (1,334) (3,006) (378) (9,723) (12,715) (7,105) Restructuring charges, net1 - - (9,863) (1,912) 758 - - (11,775) Asset impairment related to office facility exit2 - - - - (106,488) - - - Non-GAAP total operating expenses $ 572,872 $ 592,464 $ 628,285 $ 623,367 $ 660,466 $ 1,371,306 $ 1,853,189 $ 2,416,988 Non-GAAP total operating expenses as a % of revenue 70% 68% 67% 64% 63% 66% 66% 67% Operating Income (Loss) GAAP operating loss $(348,572) $(355,303) $(365,457) $(386,678) $(447,257) $(842,267) $(1,094,773) $(1,456,010) GAAP operating loss as a % of revenue (42)% (41)% (39)% (39)% (43)% (41)% (39)% (40)% Adjustments: Stock-based compensation-related charges3 360,389 373,337 381,445 449,122 408,722 888,999 1,229,523 1,564,293 Amortization of acquired intangibles 23,445 23,929 24,025 25,483 24,085 38,828 82,245 96,882 Expenses associated with acquisitions and strategic investments 982 1,783 1,334 3,006 378 9,723 12,715 7,105 Restructuring charges, net1 - - 17,541 1,912 (758) - - 19,453 Asset impairment related to office facility exit2 - - - - 106,488 - - - Non-GAAP operating income $ 36,244 $ 43,746 $ 58,888 $ 92,845 $ 91,658 $ 95,283 $ 229,710 $ 231,723 Non-GAAP operating income as a % of revenue 4 % 5 % 6 % 9 % 9 % 5 % 8 % 6 %
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© 2025 Snowflake Inc. All Rights Reserved Net Income (Loss) and Net Income (Loss) Attributable to Snowflake Inc. GAAP to Non-GAAP Reconciliations Note: Fiscal year ends January 31. Numbers are in thousands, except percentages. Numbers are rounded for presentation purpose s. 1. Restructuring charges, net represent certain costs incurred by us in connection with a restructuring plan for a majority -owned subsidiary, net of associated income and recoveries. 2. Asset impairment related to office facility exit primarily relates to our San Mateo office facility, which we ceased using du ring the three months ended April 30, 2025. There was no associated sublease income for the historical periods presented. 3. Stock-based compensation-related charges included employer payroll tax -related expenses on employee stock transactions of approximately $21.9 million, $9.6 million, $9.3 million, $11.1 million and $19.5 million for the three months ended April 30, 2024, July 31, 2024, October 31, 2024, January 31, 2025 and April 30, 2025, respectively, and $22.7 million, $45.5 million, and $51.9 million for the twelve months ended January 31, 2023, 2024, and 2025, respectively. 34 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 FY23 FY24 FY25 Product revenue $ 789,587 $ 829,250 $ 900,282 $ 943,303 $ 996,813 $ 1,938,783 $ 2,666,849 $ 3,462,422 Professional services and other revenue 39,122 39,573 41,812 43,467 45,261 126,876 139,640 163,974 Revenue $ 828,709 $ 868,823 $ 942,094 $ 986,770 $ 1,042,074 $ 2,065,659 $ 2,806,489 $ 3,626,396 Net Income (Loss) GAAP net loss $(317,816) $(317,770) $(327,902) $(325,724) $(429,952) $(797,526) $(837,990) $(1,289,212) GAAP net loss as a % of revenue (38)% (36)% (35)% (33)% (41)% (39)% (30)% (36)% Adjustments: Stock-based compensation-related charges3 360,389 373,337 381,445 449,122 408,722 888,999 1,229,523 1,564,293 Amortization of acquired intangibles 23,445 23,929 24,025 25,483 24,085 38,828 82,245 96,882 Expenses associated with acquisitions and strategic investments 982 1,783 1,334 3,006 378 9,723 12,715 7,105 Restructuring charges, net1 - - 17,541 1,912 (758) - - 19,453 Asset impairment related to office facility exit2 - - - - 106,488 - - - Amortization of debt issuance costs - - 689 2,070 2,071 - - 2,759 Income tax effect related to the above adjustments and acquisitions (15,555) (18,183) (23,820) (43,731) (23,462) (50,072) (134,801) (101,289) Non-GAAP net income $ 51,445 $ 63,096 $ 73,312 $ 112,138 $ 87,572 $ 89,952 $ 351,692 $ 299,991 Non-GAAP net income as a % of revenue 6 % 7 % 8 % 11 % 8 % 4 % 13 % 8 % Net Income (Loss) Attributable to Snowflake Inc. GAAP net loss attributable to Snowflake Inc. $(316,988) $(316,899) $(324,279) $(327,474) $(430,092) $(796,705) $(836,097) $(1,285,640) GAAP net loss attributable to Snowflake Inc. as a % of revenue (38)% (36)% (34)% (33)% (41)% (39)% (30)% (36)% Adjustments: Stock-based compensation-related charges3 360,389 373,337 381,445 449,122 408,722 888,999 1,229,523 1,564,293 Amortization of acquired intangibles 23,445 23,929 24,025 25,483 24,085 38,828 82,245 96,882 Expenses associated with acquisitions and strategic investments 982 1,783 1,334 3,006 378 9,723 12,715 7,105 Restructuring charges, net1 - - 17,541 1,912 (758) - - 19,453 Asset impairment related to office facility exit2 - - - - 106,488 - - - Amortization of debt issuance costs - - 689 2,070 2,071 - - 2,759 Income tax effect related to the above adjustments and acquisitions (15,555) (18,183) (23,820) (43,731) (23,462) (50,072) (134,801) (101,289) Adjustments attributable to noncontrolling interest, net of tax (113) (117) (3,719) 1,727 (147) (361) (236) (2,222) Non-GAAP net income attributable to Snowflake Inc. $ 52,160 $ 63,850 $ 73,216 $ 112,115 $ 87,285 $ 90,412 $ 353,349 $ 301,341 Non-GAAP net income attributable to Snowflake Inc. as a % of revenue 6 % 7 % 8 % 11 % 8 % 4 % 13 % 8 %
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© 2025 Snowflake Inc. All Rights Reserved Net Income (Loss) Per Share GAAP to Non-GAAP Reconciliations Note: Fiscal year ends January 31. Numbers are in thousands, except per share data. Numbers are rounded for presentation purp oses. 1. For the periods in which we had non-GAAP net income, the non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted included (a) the effect of all potentially dilutive common stock equivalents (stock options, restricted stock units, and employee stock purchase righ ts under our 2020 Employee Stock Purchase Plan) and (b) the potential dilutive effect of shares issuable upon conversion of the Notes using the if-converted method, starting from the issuance date of the Notes. The Capped Calls entered into in connection with the Notes had no material anti-dilutive impact for any of the historical periods presented. The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted attainment levels to the extent we believe it is probable that the performance conditions will be met. 35 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 FY23 FY24 FY25 Product revenue $ 789,587 $ 829,250 $ 900,282 $ 943,303 $ 996,813 $ 1,938,783 $ 2,666,849 $ 3,462,422 Professional services and other revenue 39,122 39,573 41,812 43,467 45,261 126,876 139,640 163,974 Revenue $ 828,709 $ 868,823 $ 942,094 $ 986,770 $ 1,042,074 $ 2,065,659 $ 2,806,489 $ 3,626,396 Net Income (Loss) Per Share Attributable to Snowflake Inc. Common Stockholders—Basic and Diluted GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted $(0.95) $(0.95) $(0.98) $(0.99) $(1.29) $(2.50) $(2.55) $(3.86) Weighted-average shares used in computing GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted 333,584 334,071 331,761 331,432 332,657 318,730 328,001 332,707 Non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic $ 0.16 $ 0.19 $ 0.22 $ 0.34 $ 0.26 $ 0.28 $ 1.08 $ 0.90 Weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic 333,584 334,071 331,761 331,432 332,657 318,730 328,001 332,707 Non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted $ 0.14 $ 0.18 $ 0.20 $ 0.30 $ 0.24 $ 0.25 $ 0.98 $ 0.83 GAAP weighted-average shares used in computing GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted 333,584 334,071 331,761 331,432 332,657 318,730 328,001 332,707 Add: Effect of potentially dilutive common stock equivalents 29,730 25,248 22,615 24,819 24,033 40,414 34,063 25,600 Add: Effect of convertible senior notes, net of antidilutive impact of capped call transactions - - 7,777 14,432 14,230 - - 5,067 Non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted1 363,314 359,319 362,153 370,683 370,920 359,144 362,064 363,374
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© 2025 Snowflake Inc. All Rights Reserved Free Cash Flow and Adjusted Free Cash Flow GAAP to Non-GAAP Reconciliations Note: Fiscal year ends January 31. Numbers are in thousands, except percentages. Numbers are rounded for presentation purpose s. 1. The amounts for the three months ended April 30, 2024, July 31, 2024, October 31, 2024, January 31, 2025 and April 30, 2025 d o not include employee payroll taxes of $174.6 million, $103.5 million, $81.5 million, $129.5 million and $132.5 million, respectively, and the amounts for the twelve months ended January 31, 2023, 2024 and 2025 do not include empl oyee payroll taxes of $184.6 million, $380.8 million and $489.1 million related to net share settlement of employee restricted stock units, which were reflected as cash outflows for financing activities. 36 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 FY23 FY24 FY25 Product revenue $ 789,587 $ 829,250 $ 900,282 $ 943,303 $ 996,813 $ 1,938,783 $ 2,666,849 $ 3,462,422 Professional services and other revenue 39,122 39,573 41,812 43,467 45,261 126,876 139,640 163,974 Revenue $ 828,709 $ 868,823 $ 942,094 $ 986,770 $ 1,042,074 $ 2,065,659 $ 2,806,489 $ 3,626,396 Non-GAAP Free Cash Flow and Adjusted Free Cash Flow GAAP net cash provided by operating activities $ 355,468 $ 69,865 $ 101,706 $ 432,725 $ 228,373 $ 545,639 $ 848,122 $ 959,764 GAAP net cash provided by operating activities as a % of revenue 43 % 8 % 11 % 44 % 22 % 26 % 30 % 26 % Adjustments: Purchases of property and equipment (16,519) (5,043) (13,440) (11,277) (44,989) (25,128) (35,086) (46,279) Capitalized internal-use software development costs (7,404) (5,992) (10,032) (6,005) - (24,012) (34,133) (29,433) Non-GAAP free cash flow $ 331,545 $ 58,830 $ 78,234 $ 415,443 $ 183,384 $ 496,499 $ 778,903 $ 884,052 Non-GAAP free cash flow as a % of revenue 40 % 7 % 8 % 42 % 18 % 24 % 28 % 24 % Adjustments: Net cash paid on payroll tax-related items on employee stock transactions1 34,146 7,121 8,563 7,644 22,885 23,927 31,282 57,474 Non-GAAP adjusted free cash flow $ 365,691 $ 65,951 $ 86,797 $ 423,087 $ 206,269 $ 520,426 $ 810,185 $ 941,526 Non-GAAP adjusted free cash flow as a % of revenue 44 % 8 % 9 % 43 % 20 % 25 % 29 % 26 % GAAP net cash provided by (used in) investing activities $(151,178) $ 384,078 $(267,142) $ 224,888 $(55,983) $(597,885) $ 832,258 $ 190,646 GAAP net cash provided by (used in) financing activities $(633,498) $(490,546) $ 1,017,639 $(120,118) $(564,057) $(92,624) $(854,103) $(226,523)
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