Q1 26 EPS
$0.24
BEAT +13.15%
Est. $0.21
Q1 26 Revenue
$1.04B
BEAT +3.62%
Est. $1.01B
vs S&P Since Q1 26
-50.3%
TRAILING MARKET
SNOW -26.7% vs S&P +23.6%
Market Reaction
Did SNOW Beat Earnings? Q1 2026 Results
Snowflake delivered a milestone first quarter of fiscal 2026, crossing the $1 billion quarterly revenue threshold for the first time while beating Wall Street on both top and bottom lines. Total revenue reached $1.04 billion, up 25.8% year-over-year … Read more Snowflake delivered a milestone first quarter of fiscal 2026, crossing the $1 billion quarterly revenue threshold for the first time while beating Wall Street on both top and bottom lines. Total revenue reached $1.04 billion, up 25.8% year-over-year and ahead of the $1.01 billion consensus, while non-GAAP EPS of $0.24 beat the $0.21 estimate by 13.15%, doubling the $0.14 posted in the year-ago period. The primary engine was product revenue, Snowflake's key consumption-based metric, which climbed to $996.81 million, also up 26% year-over-year, reflecting deepening platform adoption across its more than 11,000 customers. Operating leverage was equally notable, with non-GAAP operating income expanding to $91.66 million from just $36.24 million a year ago. Perhaps most telling for future growth, remaining performance obligations surged 34% year-over-year to $6.70 billion, signaling strong forward demand as competition in enterprise AI intensifies. For Q2, Snowflake guided product revenue of $1.04–$1.04 billion, with full-year product revenue projected at $4.33 billion, implying continued 25% growth.
Key Takeaways
- • 26% year-over-year product revenue growth driven by consumption-based model
- • Net revenue retention rate of 124%
- • Remaining performance obligations of $6.7 billion, up 34% YoY
- • 606 customers with trailing 12-month product revenue greater than $1 million, up 27% YoY
- • Non-GAAP operating margin expansion to 9% from 4% year-over-year
SNOW YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
SNOW Revenue by Segment
With YoY comparisons, source: SEC Filings
“Snowflake delivered another strong quarter, with product revenue of $997 million, up a strong 26% year-over-year, and remaining performance obligations totaling $6.7 billion.”
— Sridhar Ramaswamy, Q1 2026 Earnings Press Release
SNOW Earnings Trends
SNOW vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SNOW EPS Trend
Earnings per share: estimate vs actual
SNOW Revenue Trend
Quarterly revenue: estimate vs actual
SNOW Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $0.27 | $0.32 | +18.52% | $1.28B | — |
| FY Full Year | $1.20 | $1.25 | +3.84% | $4.68B | +0.62% |
| Q3 26 BEAT | $0.31 | $0.35 | +12.47% | $1.21B | +2.44% |
| Q2 26 BEAT | $0.27 | $0.35 | +31.33% | $1.14B | +5.29% |
| Q1 26 BEAT | $0.21 | $0.24 | +13.15% | $1.04B | +3.62% |
| Q4 22 MISS FY | $0.03 | $-0.43 | -1,533.33% | $383.8M | +3.00% |
| FY Full Year | — | $-2.26 | — | $1.22B | — |