Snowflake
We believe that a cloud computing platform that puts data and artificial intelligence (AI) at its core will offer great benefits to organizations by allowing them to realize the value of the data that powers their businesses.
10-K, Mar 20, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001640147-26-000008 · filed Mar 20, 2026
Business
How does Snowflake make money?
Product is 95.5% of revenue.
Source and method
Revenue by revenue types, FY2025.
annual report FY2025 · 0001640147-25-000052 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($3.6B).
- Product: $3.5B · 95.5%
- Other: $164M · 4.5%
What is left of every $100?
Of every $100 in revenue, −$28 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $4.7B
- Gross profit: $3.1B
- Operating income: −$1.4B
- Net income: −$1.3B
- Free cash flow: $1.1B
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“By offering rich primitives for data and applications, we believe that we can create a data connected world where organizations have seamless access to explore, share, and unlock the value of data.”
“Our vision is a world where data and AI turn possibilities into reality.”
“To realize this vision, we deliver the AI Data Cloud, a network where Snowflake customers, partners, developers, data providers, and data consumers can break down data silos and derive value from a growing number of data sets in secure, governed, and compliant ways.”
Item 1 · Business · 10-K · 0001640147-26-000008 · filed Mar 20, 2026
Where did the growth actually come from?
Product drove 95% of Snowflake’s growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Product revenue +125%
“Product revenue increased $1.0 billion for the fiscal year ended January 31, 2026, compared to the prior fiscal year, primarily due to increased consumption of our platform by existing customers, as evidenced by our net revenue retention rate of 125% as of January 31, 2026.”
Item 7 · MD&A · 10-K · 0001640147-26-000008 · filed Mar 20, 2026
Position (in the company’s words)
“Our platform has been adopted by many of the world’s largest organizations that view Snowflake as a key strategic partner in their cloud and data transformation initiatives.”
Item 7 · MD&A · 10-K · 0001640147-26-000008 · filed Mar 20, 2026
R&D investment
“Research and development expenses increased $186.1 million for the fiscal year ended January 31, 2026, compared to the prior fiscal year, primarily due to an increase of $185.6 million in personnel-related costs and allocated overhead costs, as a result of increased headcount, stock-based compensation, and overall costs to support the growth in our business.”
Item 7 · MD&A · 10-K · 0001640147-26-000008 · filed Mar 20, 2026
Number check (R&D expense): stated $186M matches the stored change ($186M, ±10%)
R&D expense: $2.0B FY2026 · +10.4% vs FY2025 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 29% to $4.7B.
Revenue grew 35% YoY to $1.5B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 114.1%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
−30.6% operating margin, up from −40.2%.
67.2% gross margin, up from 66.5%.
Operating income: −$1.4B in FY2026.
Net income: −$1.3B in FY2026.
R&D grew 10% to $2.0B.
SG&A grew 25% to $2.6B.
EPS diluted: −$3.95 in FY2026.
−17.0% operating margin, up from −29.7%.
67.0% gross margin, down from 67.5%.
Operating income: −$263M in FY2027 Q2.
Net income: −$192M in FY2027 Q2.
R&D grew 15% YoY to $567M.
SG&A grew 18% YoY to $732M.
EPS diluted: −$0.55 in FY2027 Q2.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $24 of every $100 as free cash.
Operating cash flow grew 27% to $1.2B.
Capex grew 120% to $102M.
Buybacks fell 55% to $874M.
Stock-based compensation grew 8.1% to $1.6B.
Free cash flow grew 44% YoY to $83.8M.
Operating cash flow grew 22% YoY to $91.4M.
Capex fell 55% YoY to $7.6M.
Buybacks: $0 in FY2027 Q2.
Stock-based compensation grew 4.8% YoY to $424M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$2.8B cash vs $2.3B debt.
Total debt grew 0.4% to $2.3B.
Interest expense grew 201% to $8.3M.
Total assets grew 1.1% to $9.1B.
Equity fell 36% to $1.9B.
Cash fell 9.2% YoY to $1.7B.
Total debt grew 0.4% YoY to $2.3B.
Interest expense grew 0.3% YoY to $2.1M.
Total assets grew 6.0% YoY to $8.7B.
Equity fell 36% YoY to $1.9B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Snowflake depend on?
No customer above the disclosure threshold.
Risks
What could go wrong?
4 of 58 risk factors, one per theme.
Competition
“The markets in which we operate are highly competitive, and if we do not compete effectively, our business, financial condition, and results of operations could be harmed.”
Item 1A · Risk Factors · 10-K · 0001640147-26-000008 · filed Mar 20, 2026
AI and new products
“If we are not successful in executing an effective AI strategy, our business, financial condition, and results of operations could be harmed.”
Item 1A · Risk Factors · 10-K · 0001640147-26-000008 · filed Mar 20, 2026
Security, defects and outages
“We, our customers, or third-party service providers have in the past and may in the future experience an actual or perceived security breach, unauthorized access to data, or unintended operation of our products. If any such event occurs, our products may be perceived as not being secure, our reputation may be harmed, demand for our products may be reduced, and we may incur significant liabilities.”
Item 1A · Risk Factors · 10-K · 0001640147-26-000008 · filed Mar 20, 2026
Regulation and legal proceedings
“Any litigation against us could be costly and time-consuming to defend.”
Item 1A · Risk Factors · 10-K · 0001640147-26-000008 · filed Mar 20, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 6.4%.
BlackRock, Inc.6.4%
13G/A · as of Jun 30, 2026 · filed Jul 30, 2026
Vanguard Capital Management LLC5.13%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Stad Marc7.65% (then)
13G · as of Dec 31, 2020 · filed Feb 16, 2021 · older than 18 months, current position unknown
Salesforce.Com, Inc.6.1% (then)
13G/A · as of Dec 31, 2020 · filed Feb 10, 2021 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
14 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.10.2%
31.4M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC4.9%
15.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC4.2%
12.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Jpmorgan Chase & Co3.0%
9.2M shares · 13F filed Aug 12, 2026 · share of 13F-reported
State Street Corp2.6%
8.0M shares · 13F filed Aug 7, 2026 · share of 13F-reported
1,462 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 3 large filings with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 416 sales · $1.2B sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 33 SEC metrics, FY2017–FY2026
Income statement 12
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | ||||||||
| D&A | not reported | not reported | ||||||||
| G&A | not reported | not reported | ||||||||
| Gross profit | not reported | not reported | ||||||||
| Income taxes | not reported | not reported | ||||||||
| Interest expense | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Net income | not reported | not reported | ||||||||
| Operating income | not reported | not reported | ||||||||
| Research and development | not reported | not reported | ||||||||
| Revenue | not reported | not reported | ||||||||
| SG&A calc. | not reported | not reported | ||||||||
| Sales & marketing | not reported | not reported | ||||||||
Balance sheet 8
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | ||||||||
| Current liabilities | not reported | not reported | not reported | |||||||
| Equity | not reported | |||||||||
| Equity incl. NCI | not reported | |||||||||
| Long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Total assets | not reported | not reported | not reported | |||||||
| Total debt calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Total liabilities & equity | not reported | not reported | not reported | |||||||
Cash flow 5
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | ||||||||
| Capex | not reported | not reported | ||||||||
| Free cash flow calc. | not reported | not reported | ||||||||
| Operating cash flow | not reported | not reported | ||||||||
| Stock-based compensation | not reported | not reported | ||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | ||||||||
| EPS diluted | not reported | not reported | ||||||||
| Wtd. shares basic | not reported | not reported | ||||||||
| Wtd. shares diluted | not reported | not reported | ||||||||
Other 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | not reported | not reported | not reported | not reported | ||||||
| Other income (incl. interest) calc. | not reported | not reported | ||||||||
| Pretax income | not reported | not reported | ||||||||
| Total liabilities | not reported | not reported | not reported | |||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values