Revenue growth remains resilient at 33.5% in 2027Q1, though operating margins remain deeply negative at -23.4% due to persistent costs and high stock-based compensation.
| Sales/Revenue | 5.03B | 4.68B | 3.63B | 2.81B | 2.07B | 1.22B | 592.05M | 264.75M | 96.67M |
| Revenue Growth % | 31.07% | 29.16% | 29.21% | 35.86% | 69.41% | 105.95% | 123.63% | 173.88% | - |
| Cost of Goods Sold | 1.65B | 1.54B | 1.21B | 898.56M | 717.54M | 458.43M | 242.59M | 116.56M | 51.75M |
| COGS % of Revenue | - | 32.83% | 33.5% | 32.02% | 34.74% | 37.6% | 40.97% | 44.03% | 53.54% |
| Gross Profit | 3.38B | 3.15B | 2.41B | 1.91B | 1.35B | 760.89M | 349.46M | 148.19M | 44.91M |
| Gross Margin % | 67.15% | 67.17% | 66.5% | 67.98% | 65.26% | 62.4% | 59.03% | 55.97% | 46.46% |
| Gross Profit Growth % | - | 30.45% | 26.41% | 41.53% | 77.18% | 117.73% | 135.82% | 229.95% | - |
| Operating Expenses | 4.69B | 4.58B | 3.87B | 3B | 2.19B | 1.48B | 893.4M | 506.28M | 230.38M |
| OpEx % of Revenue | - | 97.81% | 106.66% | 106.99% | 106.04% | 121.04% | 150.9% | 191.23% | 238.32% |
| Selling, General & Admin | 2.66B | 2.61B | 2.08B | 1.71B | 1.4B | 1.01B | 655.45M | 401.12M | 161.7M |
| SG&A % of Revenue | - | 55.76% | 57.48% | 61.1% | 67.89% | 82.75% | 110.71% | 151.51% | 167.27% |
| Research & Development | 2.03B | 1.97B | 1.78B | 1.29B | 788.06M | 466.93M | 237.95M | 105.16M | 68.68M |
| R&D % of Revenue | - | 42.05% | 49.18% | 45.89% | 38.15% | 38.29% | 40.19% | 39.72% | 71.05% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -1.31B | -1.44B | -1.46B | -1.09B | -842.27M | -715.04M | -543.94M | -358.09M | -185.47M |
| Operating Margin % | -26.11% | -30.64% | -40.15% | -39.01% | -40.77% | -58.64% | -91.87% | -135.26% | -191.86% |
| Operating Income Growth % | - | 1.43% | -33% | -29.98% | -17.79% | -31.46% | -51.9% | -93.08% | - |
| EBITDA | -1.07B | -1.21B | -1.27B | -974.87M | -778.73M | -693.54M | -534.11M | -354.57M | -184.1M |
| EBITDA Margin % | -21.36% | -25.93% | -35.12% | -34.74% | -37.7% | -56.88% | -90.21% | -133.93% | -190.45% |
| EBITDA Growth % | 21.18% | 4.62% | -30.63% | -25.19% | -12.28% | -29.85% | -50.64% | -92.59% | - |
| D&A (Non-Cash Add-back) | 239.24M | 220.44M | 182.51M | 119.9M | 63.53M | 21.5M | 9.83M | 3.52M | 1.36M |
| EBIT | -1.18B | -1.3B | -1.28B | -849.22M | -815.99M | -715.04M | -543.94M | -358.09M | -185.47M |
| Net Interest Income | 170.23M | 182.26M | 206.25M | 200.66M | 73.84M | 9.13M | 7.51M | 11.55M | 8.76M |
| Interest Income | 178.54M | 190.56M | 209.01M | 200.66M | 73.84M | 9.13M | 7.51M | 11.55M | 8.76M |
| Interest Expense | 8.31M | 8.3M | 2.76M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 129.72M | 123.25M | 170.91M | 245.55M | 26.27M | 38.08M | 6.9M | 10.55M | 8.26M |
| Pretax Income | -1.18B | -1.31B | -1.29B | -849.22M | -815.99M | -676.96M | -537.04M | -347.54M | -177.21M |
| Pretax Margin % | -23.53% | -28.01% | -35.44% | -30.26% | -39.5% | -55.52% | -90.71% | -131.27% | -183.32% |
| Income Tax | 10.31M | 19.71M | 4.11M | -11.23M | -18.47M | 2.99M | 2.06M | 993K | 820K |
| Effective Tax Rate % | -0.87% | -1.5% | -0.32% | 1.32% | 2.26% | -0.44% | -0.38% | -0.29% | -0.46% |
| Net Income | -1.2B | -1.33B | -1.29B | -836.1M | -796.71M | -679.95M | -539.1M | -348.54M | -178.03M |
| Net Margin % | -23.79% | -28.43% | -35.45% | -29.79% | -38.57% | -55.76% | -91.06% | -131.65% | -184.17% |
| Net Income Growth % | 14.42% | -3.58% | -53.77% | -4.94% | -17.17% | -26.13% | -54.68% | -95.78% | - |
| Net Income (Continuing) | -1.19B | -1.33B | -1.29B | -837.99M | -797.53M | -679.95M | -539.1M | -348.54M | -178.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 6.71M | 10.29M | 12.18M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.47 | -3.95 | -3.86 | -2.55 | -2.50 | -2.26 | -1.87 | -1.26 | -0.75 |
| EPS Growth % | 16.39% | -2.33% | -51.37% | -2% | -10.62% | -20.86% | -48.41% | -68% | - |
| EPS (Basic) | - | -3.95 | -3.86 | -2.55 | -2.50 | -2.26 | -1.87 | -1.26 | -0.75 |
| Diluted Shares Outstanding | 345.39M | 337.49M | 332.71M | 328M | 318.73M | 300.27M | 287.92M | 276.69M | 238.37M |
| Basic Shares Outstanding | 345.39M | 337.49M | 332.71M | 328M | 318.73M | 300.27M | 287.92M | 276.69M | 238.37M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
High Stock-Based Compensation Dilution
As reported in recent financial statements, Snowflake achieved a 33.5% year-over-year revenue growth rate in 2027Q1, indicating that the company is successfully maintaining its top-line expansion despite the transition toward a more mature phase of its enterprise adoption cycle within the competitive cloud data infrastructure market.
The consistent revenue growth suggests that the consumption-based model remains resilient, though investors should monitor whether this pace can be sustained without significant pricing adjustments. The ability to scale revenue while navigating a shift in leadership implies that the core platform utility remains high among existing enterprise clients.
Based on the provided income statement data, Snowflake's gross margin has remained relatively stagnant near 66-67%, which appears to reflect the inherent costs of its reliance on third-party hyperscaler infrastructure rather than a proprietary, high-margin software-only delivery model common among its direct industry peers.
This margin profile suggests that Snowflake functions more as a high-value service layer than a traditional software provider, limiting its ability to achieve the 80%+ margins seen in pure-play SaaS competitors. Future margin expansion may depend on the company's success in optimizing compute efficiency or increasing the mix of higher-margin proprietary AI services.
According to the quarterly income statement, Snowflake continues to report significant operating losses, with operating margins hovering around -23.4% in 2027Q1, suggesting that the company has yet to achieve the necessary scale to offset its aggressive investments in sales, marketing, and research and development.
The persistent gap between gross profit and operating income indicates that the company is prioritizing market share capture over immediate profitability. Investors should monitor whether the recent pivot toward AI-led product innovation will eventually allow for a reduction in the current high levels of SG&A spending.
Analysis of the reported figures reveals that stock-based compensation remains a substantial component of the cost structure, consistently exceeding $400 million per quarter, which significantly obscures the company's true GAAP profitability and complicates the assessment of long-term shareholder value creation through earnings per share.
The reliance on equity-based compensation to attract and retain talent suggests that the company's path to GAAP profitability is heavily dependent on managing this non-cash expense. This warrants further investigation into whether the current compensation strategy is sustainable as the company matures and growth rates eventually normalize.
As noted in recent industry trends, the increasing adoption of open table formats like Apache Iceberg may threaten Snowflake's competitive moat, potentially reducing the switching costs that have historically supported its premium pricing and high customer retention rates within the enterprise data warehousing market.
If customers shift toward open formats, Snowflake may face increased pressure to lower its storage fees, which could lead to margin compression. This shift suggests that the company's future success may depend more on its compute and AI capabilities than on its ability to lock in customer data.
Quick answers to the most common questions about buying SNOW stock.
For fiscal year 2026, Snowflake Inc. (SNOW) reported total revenue of $4.68B. This represents a 4745.5% increase compared to $96.7M in 2019.
Snowflake Inc. (SNOW) reported a net loss of $1.33B for the fiscal year ending 2026.
Snowflake Inc. (SNOW) reported an operating income of $-1435.2M, resulting in an operating profit margin of -30.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Snowflake Inc. (SNOW) generated $3.15B in gross profit for the year, representing a gross profit margin of 67.2%. This demonstrates the company's core pricing power and production efficiency.