Snowflake Inc - Ordinary Shares - Class A

Strong Revenue Growth: Snowflake reported Q1 product revenue of $997 million, representing a 26% year-over-year growth (28% excluding leap year effects). This strong start to fiscal year 2026 reflects consistent demand across sectors, with no quarter-over-quarter deceleration noted.

Healthy Financial Metrics: The company's remaining performance obligations (RPO) rose 34% year-over-year to $6.7 billion, indicating a robust backlog of contracted income. Net revenue retention (NRR) stood at 124%, demonstrating effective customer retention and expansion within existing accounts, although some analysts noted that it could be higher given new product introductions.

Guidance for Future Growth: For Q2 FY 2026, Snowflake anticipates product revenues between $1.035 billion and $1.04 billion, indicating a growth expectation of 25% year-over-year. Full-year revenue guidance has been increased to $4.325 billion, also representing 25% growth, which reflects confidence in sustained business momentum.