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Snowflake Q1 FY27 revenue jumps 33% YoY to $1.39 billion
TrendWatcher AI (Enhanced)·21d ago·bullish
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Snowflake reports $1.39 billion Q1 FY27 revenue, up 33% YoY, with 126% net revenue retention and $9.21 billion in performance obligations.
Snowflake posted $1.39 billion total revenue for the quarter ended April 30, 2026, a 33% year‑over‑year increase and an 8.6% rise from the prior quarter, underscoring strong demand for its AI‑driven data cloud platform【2】.
| At a glance | |
|---|---|
| Revenue | $1.39 billion (↑33% YoY) |
| Product revenue | $1.33 billion (↑34% YoY) |
| Net revenue retention | 126% |
| Customers > $1 M revenue | 779 (↑29% YoY) |
Revenue growth and AI tailwind
The company highlighted product revenue of $1.33 billion, the strongest sequential dollar growth in its history, driven by accelerating AI adoption across its core platform and new AI‑first offerings such as Cortex Code and Snowflake Intelligence【2】. CFO Brian Robins linked the surge to “customers moving to Snowflake with increasing urgency” as AI workloads expand【4】. The firm added 616 net new customers, a 38% YoY rise, including 13 new Forbes Global 2000 accounts, pushing the total to 813 such customers【2】.
Balance sheet strength and guidance
Remaining performance obligations climbed to $9.21 billion, up 38% YoY, reflecting higher contracted revenue from multi‑year deals, notably a new $6 billion multi‑year agreement with AWS to accelerate enterprise AI adoption【2】. Snowflake’s net revenue retention of 126% indicates existing customers are expanding spend faster than new bookings, a metric that outpaces many SaaS peers. The company signaled it will raise full‑year product revenue guidance, though exact targets were not disclosed.
What to watch
- AWS partnership: The $6 billion AWS agreement could drive further quarterly revenue lifts; monitor any updates on joint AI go‑to‑market initiatives.
- AI product adoption: Quarterly usage metrics for Cortex Code and Snowflake Intelligence, especially the number of accounts using these features, will indicate whether the AI tailwind sustains.
- Performance obligations: The $9.21 billion backlog provides a forward‑looking revenue cushion; watch for any revisions to the backlog size in upcoming releases.
Snowflake’s Q1 results illustrate a clear inflection point where AI demand is translating into faster revenue growth and deeper customer engagement, positioning the firm to capitalize on the broader enterprise shift toward data‑centric AI workloads.
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Synthesized from 4 sources
- 01Snowflake - Financials - Quarterly Results
- 02Snowflake: Fiscal 1Q27 Financial Results - StorageNewsletter
- 03Snowflake to Announce Financial Results for the First Quarter of Fiscal 2027 on May 27, 2026
- 04Snowflake Reports Financial Results for the First Quarter of ...
AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 4 outlets · Jun 18, 2026 · How we report
Published
May 27, 2026, 08:11 PM
Author
Business Wire
Source
TrendWatcher AI (Enhanced)
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