Snowflake Inc. is a cloud-based data-warehousing company that provides a platform for data storage, processing, and analytics, tailored for enterprises aiming to leverage data and artificial intelligence (AI) effectively. The company focuses on helping organizations maximize the potential of their data with robust connectivity and processing capabilities.

In the first quarter of fiscal 2026, Snowflake reported a product revenue of $996.8 million, reflecting a year-over-year growth of 26%. This growth was stable when accounting for leap year adjustments, with the rate unchanged quarter-over-quarter. The net revenue retention rate was 124%, marking a robust customer engagement. Remaining performance obligations (RPO) stood at $6.7 billion, indicating a 34% year-over-year increase. The company added 451 net new customers, a growth of 19% from the prior year.

For the first fiscal quarter, Snowflake’s non-GAAP product gross margin was reported at 76%, while the non-GAAP operating margin reached 9%, which is a notable increase of 442 basis points year-over-year. The non-GAAP adjusted free cash flow margin was at 20%. Snowflake’s operating cash flow for the quarter was $228.4 million, reflecting a 22% increase in cash provided by operating activities year-over-year. The company repurchased 3.2 million shares for $491 million at an average price of $152.63, maintaining $1.5 billion in share repurchase authorization through March 2027.

Looking ahead, Snowflake projected second-quarter fiscal 2026 product revenue to be between $1.035 billion and $1.04 billion, which translates to a year-over-year growth expectation of 25%. For the full fiscal year, Snowflake has increased its revenue guidance to $4.325 billion, projecting a growth of 25% year-over-year. The non-GAAP operating margin for Q2 is anticipated to be at 8%, while the non-GAAP adjusted free cash flow margin for the full fiscal year is forecasted to be at 25%.

The performance highlights indicate that Snowflake is currently in a rising condition, with substantial financial growth and a strong operational rhythm supporting its business strategies.