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Snowflake предоставляет облачную платформу Data Cloud, которая объединяет источники данных для аналитики, приложений на основе данных и безопасного обмена данными.
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Институциональные · 2026-Q1Transcripts
Earnings callsFY2027 Q12026-05-27
Earnings calls
AI-сводка
positiveSnowflake reported Q1 FY2027 results with product revenue of $1.334 billion, accelerating 34% year-over-year from 30% in the prior quarter. The company raised full-year FY2027 guidance from 27% to 31% product revenue growth, now expecting $5.84 billion in annual product revenue. Growth was driven by strength in the core data platform business combined with rapid adoption of AI products Snowflake Intelligence and Cortex Code (CoCo), which launched in February and already reached over 7,100 accounts. Net revenue retention improved to 126%, and the company added 616 net new customers, up 38% year-over-year, including 13 Global 2000 companies. Non-GAAP operating margin expanded 300 basis points year-over-year to 12%. The company now has 13,912 total customers with 64 customers spending over $10 million on a trailing twelve-month basis. Management attributed acceleration to AI accelerating core platform consumption, fastest adoption of any new products in company history for CoCo and Snowflake Intelligence, and increased core platform consumption from AI product users. The company announced a $6 billion expanded multi-year AWS partnership and an intended acquisition of Natoma to extend
Ключевые выводы
- Product revenue growth accelerated to 34% year-over-year with AI and CoCo as primary drivers, prompting full-year FY2027 guidance raise from 27% to 31% product revenue growth
- Cortex Code (CoCo) achieved fastest adoption of any new product in company history with over 7,100 accounts generating meaningful AI revenue while driving increased core platform consumption
- Net new customer additions increased 38% year-over-year to 616 customers with 13 Global 2000 additions, while remaining performance obligations grew 38% year-over-year, reflecting accelerating demand
- Non-GAAP operating margin expanded over 300 basis points year-over-year to 12% through strong revenue growth and disciplined hiring, with full-year operating margin guidance increased to 13.5%
- Snowflake Intelligence accounts more than doubled quarter-over-quarter as business users adopt conversational AI interface, while customers using CoCo demonstrate faster project completion and increased platform consumption
Финансовые итоги
- Q1 product revenue of $1.334 billion with 34% year-over-year growth, representing strongest sequential dollar growth in company history and 400 basis point acceleration from prior year
- FY2027 product revenue guidance raised to $5.84 billion representing 31% year-over-year growth, up from prior 27% guidance
- Q2 FY2027 product revenue guidance of $1.415 to $1.42 billion representing 30% year-over-year growth
- Net revenue retention increased to 126%, with 79 customers now spending over $1 million on trailing twelve-month basis, up from comparable year-ago period
Прогноз
- FY2027 product revenue of $5.84 billion representing 31% year-over-year growth, increased from prior 27% guidance
- Q2 FY2027 product revenue between $1.415 to $1.42 billion representing 30% year-over-year growth
- FY2027 non-GAAP product gross margin of 75%
- FY2027 non-GAAP operating margin of 13.5%, increased from prior 12.5% guidance, and non-GAAP adjusted free cash flow margin of 23%
Темы Q&A
- CoCo enables customers to complete migrations and complex projects significantly faster, with migration timelines reduced from years to one to two quarters, while driving increased core platform consumption
- AI products maintain acceptable gross margins through cost governance controls including account-level limits, token restrictions, and use of smaller models for simpler tasks, while offsetting lower margins through AWS infrastructure cost improvements
- Snowflake's position as trusted enterprise AI vendor is defended by deep infrastructure capabilities including role-based access control, disaster recovery, data masking and role-level policies that competitors would need to rebuild from scratch
- Natoma acquisition and MCP integration extend agentic control plane beyond data workflows into everyday applications like email, Slack, JIRA, and calendar while maintaining enterprise governance and security
Риски
- CoCo and AI products have lower gross margins than core platform; while company maintains 75% product gross margin guidance, sustained AI adoption at scale could pressure margins if cost governance controls prove insufficient or customer throttling of AI usage occurs
- Rapid innovation pace and new product launches create execution risk; company delivered 20% more product capabilities in Q1 compared to year ago, indicating aggressive development schedule that could impact stability or customer adoption
- Competitive landscape is moving rapidly with cloud providers and AI labs developing competing capabilities; while Snowflake emphasizes governance and data context advantages, sustained competitive pressure could limit customer expansion and market share gains
Operator: Good day, and welcome to the Q1 FY '27 Snowflake Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Katherine McCracken, Head of Investor Relations. Please go ahead. Katherine McCracken: Good afternoon, and thank you for joining us on Snowflake's First Quarter Fiscal 2027 Earnings Call. Joining me on the call today are Sridhar Ramaswamy, our Chief Executive Officer; Brian Robins, our Chief Financial Officer; and Christian Kleinerman, our Executive Vice President of Product, who will participate in the Q&A session. During today's call, we will review our financial results for the first quarter of fiscal 2027 and discuss our guidance for the second quarter and full year fiscal 2027. During today's call, we will make forward-looking statements, including statements related to our business operations and financial p...
FY2026 Q42026-02-25
Earnings calls
AI-сводка
positiveSnowflake delivered strong Q4 FY2026 results with product revenue reaching $1.23 billion, growing 30% year-over-year, and net revenue retention steady at 125%. The company signed its largest deal in history exceeding $400 million in total contract value, along with 7 nine-figure contracts. Remaining performance obligations accelerated to $9.77 billion with 42% year-over-year growth. AI products showed significant momentum, with more than 9,100 accounts now using AI capabilities, and Snowflake Intelligence scaling to over 2,500 accounts. Cortex Code has been adopted by more than 4,400 customers for building AI-powered applications. For FY2027, the company guides product revenue of approximately $5.66 billion, representing 27% year-over-year growth, with non-GAAP operating margin expected to reach 12.5%. The company closed the acquisition of Observe for approximately $600 million, which is expected to contribute approximately 1 percentage point to FY2027 product revenue growth.
Ключевые выводы
- Product revenue grew 30% YoY to $1.23 billion in Q4, with NRR remaining stable at 125% and 740 net new customers added, up 40% YoY including 15 Global 2000 organizations
- AI adoption accelerated significantly with 9,100+ accounts using AI products, Snowflake Intelligence reaching 2,500 accounts, and Cortex Code adopted by 4,400+ customers for AI application development
- The company signed its largest contract in history exceeding $400 million in total contract value, plus 7 nine-figure deals, indicating strong customer confidence in long-term data and AI strategies
- FY2027 guidance of 27% product revenue growth to $5.66 billion, with non-GAAP operating margin expanding to 12.5%, supported by core business stability and growing AI workload contributions
Финансовые итоги
- Q4 product revenue of $1.23 billion, up 30% YoY
- RPO of $9.77 billion with 42% YoY acceleration
- Net revenue retention at 125%
- Non-GAAP operating margin of 10.5% in FY2026, up 400 basis points YoY
Прогноз
- FY2027 product revenue of approximately $5.66 billion, representing 27% YoY growth
- Q1 FY2027 product revenue expected between $1.262 billion and $1.267 billion, representing 27% YoY growth
- FY2027 non-GAAP product gross margin of 75%
- FY2027 non-GAAP operating margin of 12.5%, with Q1 at 9%
Темы Q&A
- Durability of 27% growth guidance based on stable core business growth and increasing AI workload contributions, with company maintaining consistent guidance philosophy
- Snowflake Intelligence now serving as major growth driver across data life cycle with 2,500 customers, with ability to work on all open data ecosystems
- Pricing predictability and customer concerns about consumption-related sticker shock being addressed through features like per-user and account caps on Snowflake Intelligence
- Observe acquisition positioned to unlock $50 billion IT operations market opportunity through integration of observability with data and AI products, built on Snowflake foundation
Риски
- Gross margin pressure from new AI product launches with lower margin profiles compared to core business, though partially offset by core business efficiencies
- Pricing model transition with AI products to consumption-based approach could impact customer adoption if not properly managed with clear caps and predictability features
- Execution risk on Observe integration and ability to capture cross-sell opportunities within existing customer base to justify $600 million acquisition investment
Operator: Good day, ladies and gentlemen. Thank you for joining today's Snowflake Q4 FY '26 Earnings Call. My name is Tia, and I will be your moderator for today's call. I would now like to pass the call over to your host, Katherine McCracken, Head of Investor Relations. Please proceed. Katherine McCracken: Good afternoon, and thank you for joining us on Snowflake's Fourth Quarter Fiscal 2026 Earnings Call. Joining me on the call today are Sridhar Ramaswamy, our Chief Executive Officer; Brian Robins, our Chief Financial Officer; and Christian Kleinerman, our Executive Vice President of Product, who will participate in the Q&A session. During today's call, we will review our financial results for the fourth quarter fiscal 2026 and discuss our guidance for the first quarter and full year fiscal 2027. During today's call, we will make forward-looking statements, including statements related...