"Last quarter, Snowflake delivered one of its stronger prints in recent memory. Product revenue reached $1.16 billion, up 29% year over year, while total revenue of $1.213 billion exceeded expectations. Remaining performance obligations rose to $7.88 billion, up 37% year over year, reinforcing forward revenue visibility."
"Snowflake is the cornerstone for our customers' data and AI strategies, driving real business impact at scale. That strategic framing is clear. The question now is execution."
"Consensus implies continued high-20% revenue growth but only modest earnings expansion, underscoring the importance of operating leverage in the upcoming fiscal year."
Snowflake reports Q4 FY2026 earnings after market close, with the data cloud company showing strong operational momentum. Product revenue reached $1.16 billion, up 29% year-over-year in Q3, while remaining performance obligations grew 37% to $7.88 billion. Net revenue retention remained steady at 125%. Despite these metrics, the stock has struggled to maintain gains as investors remain cautious about enterprise software valuations and Snowflake's ability to convert AI-driven demand into profitability. Tonight's earnings will test three critical areas: sustained product revenue growth, AI monetization effectiveness, and margin expansion trajectory.
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