SNOW earnings analysis
What we found in SNOW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Snowflake delivered approximately $1.5 billion of quarterly revenue, up from $1.1 billion year over year, while narrowing its net loss to $191.7 million from $297.9 million. Liquidity remained substantial at $4.3 billion, but declined from $4.8 billion at fiscal year-end, and the company continues to carry a $10.3 billion accumulated deficit. The principal offsets to the strong growth outlook are persistent GAAP losses, AI infrastructure and partner risks, cybersecurity-related litigation, and potential liquidity or dilution effects from the $2.3 billion convertible-note balance.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue growth remained strong
- Revenue was approximately $1.5 billion for the three months ended July 31, 2026, up from $1.1 billion in the comparable 2025 period, representing roughly 40% year-over-year growth.
- Loss narrowed materially
- Net loss narrowed to $191.7 million from $297.9 million year over year, although the company continued to report losses and accumulated deficit increased to $10.3 billion from $9.5 billion at January 31, 2026.
- Strong liquidity position
- Cash, cash equivalents, and short- and long-term investments totaled approximately $4.3 billion at July 31, 2026, providing substantial liquidity despite declining from $4.8 billion at January 31, 2026.
- Convertible debt has no regular interest
- Snowflake reported $2.3 billion of aggregate principal amount of zero-interest convertible notes issued in September 2024, with no regular interest or principal accretion.
- International mix expanded
- International customer accounts generated 26% of revenue for the three and six months ended July 31, 2026, highlighting meaningful global scale.
- Controls remained effective
- Disclosure controls and procedures were concluded effective as of July 31, 2026, and management reported no changes that materially affected internal control over financial reporting during the quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Profitability remains unachieved
- The company continued to report net losses of $191.7 million for the quarter and an accumulated deficit of $10.3 billion as of July 31, 2026; management also expects costs and expenses to continue increasing as it invests in AI, research and development, and expansion.
- Convertible notes may pressure liquidity
- The conditional conversion feature of both note series was triggered during the quarter, allowing holders to convert during the quarter ending October 31, 2026. The notes have an aggregate principal amount of $2.3 billion, which could pressure liquidity or working capital if settled in cash or reclassified as current liabilities.
- Cybersecurity litigation remains material
- Snowflake remains exposed to cybersecurity and litigation liabilities related to customer account incidents first identified in May 2024; the filing states that numerous lawsuits, regulatory investigations, and lawmaker inquiries remain possible, while the related multidistrict litigation was in discovery as of July 31, 2026.
- AI costs and partner dependence
- AI execution depends on third-party model providers and GPU availability. The company states that it has experienced difficulty sourcing GPUs and may make long-term commitments that result in GPU spending exceeding actual utilization, while third-party model terms may contribute to margin compression.
- Investment portfolio rate exposure
- Interest-rate sensitivity increased for the investment portfolio: a hypothetical 100-basis-point rate increase would have reduced the market value of cash equivalents and short- and long-term investments by $44.3 million as of July 31, 2026, versus $11.7 million at January 31, 2026.
- Strategic investment volatility
- Strategic investments totaled $370.178 million at July 31, 2026, and management anticipates additional operating-statement volatility from market-price changes, observable transactions, and impairments.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.62
What they said about what is next.
Management's prior outlook, reiterated in the earnings update preceding the 10-Q, raised fiscal 2027 product revenue guidance to $6.07 billion from $5.84 billion and non-GAAP operating margin guidance to 14.5% from 13.5%; Q3 product revenue guidance was $1.588-$1.593 billion. The supplied 10-Q extract does not include additional numeric guidance.
The filing reads better than the one before it.
What came before.
- 10-Q · May 29, 2026
- Snowflake reported strong Q1 results with revenue of $1.39 billion, a remarkable leap of 33% year-over-year and exceeding expectations by approximately 5%. Operating margin improved slightly to -23%, and the diluted EPS…
- 10-K · March 20, 2026
- Snowflake positions itself as the AI Data Cloud operator with a consumption-based, multi-cloud platform and explicit network effects. Fiscal 2026 revenue reached $4.7 billion (29% YoY) with strong customer expansion…
- 10-Q · May 30, 2025
- Snowflake reported revenue of $1,042,074,000 for the three months ended April 30, 2025, up $213,365,000 (+25.8%) versus the year-ago quarter, while GAAP net loss widened to $429,952,000 (loss per share $1.29). Operating…
- 10-K · March 26, 2024
- Snowflake reports fiscal 2024 revenue of $2.8 billion (up 36% year-over-year from $2.1 billion in FY2023) with a net loss of $838.0 million. The business highlights strong customer and usage expansion (9,437 customers,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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