Snowflake Reports Financial Results for the First Quarter of Fiscal 2027
MENLO PARK, Calif.--( BUSINESS WIRE)--Snowflake (NYSE: SNOW), the AI Data Cloud company, today announced financial results for its first quarter of fiscal 2027, ended April 30, 2026.
"Snowflake delivered a milestone quarter, with product revenue of $1.33 billion, up 34% year-over-year, marking the strongest sequential dollar growth in our history,” said Sridhar Ramaswamy, CEO of Snowflake. “AI continues to be a powerful tailwind for Snowflake, and Q1 marks a clear inflection point in that journey. With Cortex Code and Snowflake Intelligence, we are extending from the trusted foundation for enterprise data and context to become the control plane for the Agentic Enterprise. We are seeing strong momentum from both AI-driven acceleration of our core platform and growing adoption of our first-party AI products, positioning Snowflake to lead in this new era."
“AI continues to accelerate our core data platform business as customers move to Snowflake with increasing urgency,” said Brian Robins, CFO of Snowflake. “We now have 779 customers spending more than $1 million on a trailing 12-month basis, 46 of which crossed the threshold in Q1, compared to 26 a year ago. Given the strong momentum across both our core platform business and AI business, we are raising our full-year product revenue guidance.”
Snowflake Business Highlights:
See the section titled “Key Business Metrics” for definitions of product revenue, net revenue retention rate, customers with trailing 12-month product revenue greater than $1 million, Forbes Global 2000 customers, and remaining performance obligations.
1 The average of the last 4 weeks of the quarter ended April 30, 2026, counted based on capacity and on-demand accounts using the respective features on a weekly basis via our internal classification.
Financial Outlook:
Our guidance includes GAAP and non-GAAP financial measures.
For the second quarter of fiscal 2027, the company expects:
For the full-year of fiscal 2027, the company expects:
A reconciliation of GAAP guidance measures to corresponding non-GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. These factors could be material to our results computed in accordance with GAAP. Our fiscal year ends January 31, and numbers are rounded for presentation purposes.
_______________________________________
2 We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures.
3 The potential impact of future repurchases under our stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to common stockholders—diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases. Additionally, the dilutive effect of the shares issuable upon conversion of our 0% convertible senior notes due 2027 and 0% convertible senior notes due 2029 (the Notes) using the if-converted method, estimated at approximately 15 million shares for each of the second quarter and full-year of fiscal 2027 based on the current conversion price and net of the potential antidilutive impact of the capped call transactions entered into in connection with the Notes (the Capped Calls), is reflected in our guidance for weighted-average shares used in computing net income per share attributable to common stockholders—diluted. Upon conversion of the Notes, we may choose to satisfy our conversion obligations by paying or delivering, as the case may be, cash, shares of our common stock, or a combination of both. The Capped Calls will have an antidilutive impact when the average stock price of our common stock in a given period is higher than their exercise price. The estimated antidilutive impact of the Capped Calls reflected in our guidance is based on the market price of our common stock as of April 30, 2026, and is subject to change with future stock price movements.
4 Beginning with the fourth quarter of fiscal 2026, we no longer attribute a portion of our non-GAAP net income to noncontrolling interest. See section titled “Statement Regarding Use of Non-GAAP Financial Measures” for further information.
First Quarter Fiscal 2027 GAAP and Non-GAAP Results:
The following table summarizes our financial results for the first quarter of fiscal 2027:
First Quarter Fiscal 2027
GAAP Results
First Quarter Fiscal 2027
Non-GAAP Results (1)
Amount
(millions)
Year/Year
Growth
Product revenue
$1,334.3
34
%
Amount
(millions)
Margin
Amount
(millions)
Margin
Product gross profit
$947.5
71.0
%
$1,002.7
75.1
%
Operating income (loss)
($326.2
)
(23.4
%)
$165.8
11.9
%
Net cash provided by operating activities
$243.2
17.5
%
(2)
Free cash flow
$232.8
16.7
%
Adjusted free cash flow
$265.5
19.1
%
(1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures, and the table titled “GAAP to Non-GAAP Reconciliations” for a reconciliation of GAAP to non-GAAP financial measures.
(2) Calculated as net cash provided by operating activities as a percentage of revenue.
Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes.
Conference Call Details
The conference call will begin at 2 p.m. Pacific Time on May 27, 2026. Investors and participants may attend the call by dialing 1-800-330-6730 for domestic callers and 1-646-769-9500 for international callers (Access code: 222481).
The call will also be webcast live on the Snowflake Investor Relations website at https://investors.snowflake.com.
An audio replay of the conference call and webcast will be available two hours after its completion and will be accessible for 30 days on the Snowflake Investor Relations website.
Investor Presentation Details
An investor presentation providing additional information and analysis can be found at https://investors.snowflake.com.
Statement Regarding Use of Non‑GAAP Financial Measures
We report the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.
Key Business Metrics
We monitor our key business metrics, including (i) free cash flow and (ii) the other metrics set forth below to help us evaluate our business and growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts, and assess operational efficiencies. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for the definition of free cash flow. The calculation of our key business metrics may differ from other similarly titled metrics used by other companies, securities analysts, or investors.
Use of Forward‑Looking Statements
This release and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our performance, including but not limited to statements in the section titled “Financial Outlook.” Words such as “guidance,” “outlook,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “forecast,” “may,” “will,” “might,” “could,” “intend,” “shall,” “future,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Other than statements of historical fact, all statements contained in this release and accompanying oral presentation are forward-looking statements, including statements regarding (i) our future operating results, targets, or financial position; (ii) our business strategy, plans, opportunities, or priorities, including with respect to strategic transactions; (iii) the release, adoption, and use of our new or enhanced products, services, and technology offerings, including those that are under development or not generally available; (iv) market size and growth, trends, and competitive considerations; (v) our vision, strategy and expected benefits relating to artificial intelligence (AI), the enterprise AI revolution, Snowflake Cortex AI, Snowpark, Snowflake Marketplace, the AI Data Cloud, and AI Data Clouds for specific industries or product categories, including the expected benefits and network effects of the AI Data Cloud; and (vi) the integration, interoperability, and availability of our products, services, and technology offerings with and on third-party products and platforms, including public cloud platforms and AI models.
The forward-looking statements contained in this release and the accompanying oral presentation are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to, those related to our business and financial performance; general market and business conditions, downturns, or uncertainty, including higher inflation, tariffs and trade wars, extended federal government shutdowns, higher interest rates, fluctuations or volatility in capital markets, energy markets, or foreign currency exchange rates, and geopolitical instability; our ability to attract and retain customers that use our platform to support their end-to-end data lifecycle; our ability to execute on our business strategy, including our strategy across our product categories and an effective AI strategy; our ability to respond rapidly and effectively to emerging technology trends, including the adoption and use of AI, and the extent to which our investments in new technologies are successful; the extent to which customers continue to optimize consumption; our ability to compete effectively in a continually evolving market in which enterprises are increasingly adopting AI to perform core functions and significant disruption is being driven by AI; our ability to attract, recruit, and retain qualified personnel to support our operations and growth; the impact of new or optimized product features and pricing strategies on consumption, including AI credit pricing, Iceberg tables, tiered storage pricing, and adaptive warehouses; our ability to consummate and realize the anticipated benefits of any acquisitions, strategic investments, partnerships, or alliances; unforeseen technical, operational, or business challenges impacting the timing, scope, or success of strategic partnerships; the extent to which customers continue to rationalize budgets and prioritize cash flow management, including through shortened contract durations; our ability to develop new products and services and enhance existing products and services; the extent to which customer adoption of new product capabilities results in durable consumption; the growth of successful native applications on the Snowflake Marketplace; our ability to increase and predict customer consumption of our platform, particularly in light of the impact of holidays on customer consumption patterns; our ability to increase our penetration into existing markets and enter and grow new markets, including highly-regulated markets such as financial services, healthcare, and the public sector; the effectiveness of our security measures designed to protect against security incidents and the impact of cybersecurity threat activity directed at us or our customers and any resulting reputational or financial damage; success of our sales and marketing efforts and our ability to promote our brand; our ability to protect our intellectual property rights and the extent to which they provide us with a competitive advantage; our ability to manage growth; our ability to sublease or terminate certain of our office facility commitments and the impact of related asset impairment; the impact and timing of stock repurchases under our stock repurchase program; and our ability to meet the requirements of the Notes and the settlement timing and method for the Notes and the Capped Calls.
Further information on these and additional risks, uncertainties, assumptions, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption “Risk Factors” and elsewhere in our Form 10-K for the fiscal year ended January 31, 2026 and other filings and reports we make with the Securities and Exchange Commission from time to time, including our Form 10-Q that will be filed for the fiscal quarter ended April 30, 2026.
Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. As a result of these risks, uncertainties, assumptions, and other factors, you should not rely on any forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Except as required by law, we undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current financial quarter.
About Snowflake
Snowflake is the platform for the AI era, making it easy for enterprises to innovate faster and get more value from data. More than 13,900 customers around the globe, including hundreds of the world’s largest companies, use Snowflake’s AI Data Cloud to build, use and share data, applications and AI. With Snowflake, data and AI are transformative for everyone. Learn more at snowflake.com (NYSE: SNOW).
Source: Snowflake Inc.
Snowflake Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended April 30,
2026
2025
Revenue
$
1,390,951
$
1,042,074
Cost of revenue
464,500
348,786
Gross profit
926,451
693,288
Operating expenses:
Sales and marketing
588,952
458,554
Research and development
534,937
472,404
General and administrative
128,716
209,587
Total operating expenses
1,252,605
1,140,545
Operating loss
(326,154
)
(447,257
)
Interest income
41,145
53,163
Interest expense
(2,080
)
(2,071
)
Other expense, net
(9,571
)
(28,058
)
Loss before income taxes
(296,660
)
(424,223
)
Provision for (benefit from) income taxes
(1,089
)
5,729
Net loss
(295,571
)
(429,952
)
Less: net income attributable to noncontrolling interest
—
140
Net loss attributable to Snowflake Inc.
$
(295,571
)
$
(430,092
)
Net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted
$
(0.86
)
$
(1.29
)
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted
345,391
332,657
Snowflake Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
April 30, 2026
January 31, 2026
Assets
Current assets:
Cash and cash equivalents
$
2,084,715
$
2,828,163
Short-term investments
870,283
1,201,523
Accounts receivable, net
579,719
1,303,740
Deferred commissions, current
212,886
214,058
Prepaid expenses and other current assets
229,504
195,128
Total current assets
3,977,107
5,742,612
Long-term investments
1,432,494
755,013
Property and equipment, net
227,207
248,611
Operating lease right-of-use assets
294,863
274,897
Goodwill
1,537,185
1,194,367
Intangible assets, net
451,357
246,916
Deferred commissions, non-current
222,000
241,759
Other assets
412,043
428,320
Total assets
$
8,554,256
$
9,132,495
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
55,062
$
145,559
Accrued expenses and other current liabilities
814,634
879,537
Operating lease liabilities, current
55,783
49,598
Deferred revenue, current
2,851,812
3,346,997
Total current liabilities
3,777,291
4,421,691
Convertible senior notes, net
2,281,903
2,279,827
Operating lease liabilities, non-current
434,409
411,689
Deferred revenue, non-current
25,663
14,440
Other liabilities
95,268
80,746
Stockholders’ equity
1,939,722
1,924,102
Total liabilities and stockholders’ equity
$
8,554,256
$
9,132,495
Snowflake Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended April 30,
2026
2025
Cash flows from operating activities:
Net loss
$
(295,571
)
$
(429,952
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
67,605
48,804
Non-cash operating lease costs
17,882
17,842
Amortization of deferred commissions
57,730
25,796
Stock-based compensation, net of any amounts capitalized
402,470
379,460
Net accretion of discounts on investments
(2,205
)
(7,652
)
Net realized and unrealized losses on strategic investments
9,498
29,685
Amortization of debt issuance costs
2,080
2,071
Asset impairment related to office facility exits
17,724
106,488
Deferred income tax
(6,562
)
—
Other
2,821
(5,174
)
Changes in operating assets and liabilities, net of effects of a business combination:
Accounts receivable
747,217
393,657
Deferred commissions
(36,799
)
(31,114
)
Prepaid expenses and other assets
(22,455
)
(17,852
)
Accounts payable
(89,673
)
(4,423
)
Accrued expenses and other liabilities
(80,791
)
3,935
Operating lease liabilities
(19,207
)
(11,838
)
Deferred revenue
(528,541
)
(271,360
)
Net cash provided by operating activities
243,223
228,373
Cash flows from investing activities:
Purchases of property and equipment
(10,451
)
(44,989
)
Cash paid for a business combination, net of cash, cash equivalents and restricted cash acquired
(252,457
)
—
Purchases of investments
(896,447
)
(1,012,575
)
Sales of investments
109,694
17,399
Maturities and redemptions of investments
445,170
984,182
Net cash used in investing activities
(604,491
)
(55,983
)
Cash flows from financing activities:
Proceeds from exercise of stock options
6,579
6,260
Proceeds from issuance of common stock under employee stock purchase plan
66,987
53,193
Taxes paid related to net share settlement of equity awards
(142,846
)
(132,498
)
Repurchases of common stock
(300,003
)
(490,638
)
Payments of deferred purchase consideration for business combinations
(2,250
)
(374
)
Net cash used in financing activities
(371,533
)
(564,057
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(2,824
)
12,397
Net decrease in cash, cash equivalents, and restricted cash
(735,625
)
(379,270
)
Cash, cash equivalents, and restricted cash—beginning of period
2,864,303
2,698,678
Cash, cash equivalents, and restricted cash—end of period
$
2,128,678
$
2,319,408
Snowflake Inc.
GAAP to Non-GAAP Reconciliations
(in thousands, except per share data and percentages)
(unaudited)
Three Months Ended April 30,
2026
2025
Amount
Amount as a % of Revenue
Amount
Amount as a % of Revenue
Revenue:
Product revenue
$
1,334,329
96
%
$
996,813
96
%
Professional services and other revenue
56,622
4
%
45,261
4
%
Revenue
$
1,390,951
100
%
$
1,042,074
100
%
Year-over-year growth
33
%
26
%
Cost of revenue:
GAAP cost of product revenue
$
386,874
$
285,276
Adjustments:
Stock-based compensation-related charges
(31,646
)
(30,852
)
Amortization of acquired intangibles
(23,594
)
(11,735
)
Non-GAAP cost of product revenue
$
331,634
$
242,689
GAAP cost of professional services and other revenue
$
77,626
$
63,510
Adjustments:
Stock-based compensation-related charges
(14,596
)
(14,641
)
Amortization of acquired intangibles
(1,764
)
(1,608
)
Non-GAAP cost of professional services and other revenue
$
61,266
$
47,261
GAAP cost of revenue
$
464,500
33
%
$
348,786
33
%
Adjustments:
Stock-based compensation-related charges
(46,242
)
(45,493
)
Amortization of acquired intangibles
(25,358
)
(13,343
)
Non-GAAP cost of revenue
$
392,900
28
%
$
289,950
28
%
Gross profit (loss):
GAAP product gross profit
$
947,455
$
711,537
Adjustments:
Stock-based compensation-related charges
31,646
30,852
Amortization of acquired intangibles
23,594
11,735
Non-GAAP product gross profit
$
1,002,695
$
754,124
GAAP professional services and other revenue gross loss
$
(21,004
)
$
(18,249
)
Adjustments:
Stock-based compensation-related charges
14,596
14,641
Amortization of acquired intangibles
1,764
1,608
Non-GAAP professional services and other revenue gross loss
$
(4,644
)
$
(2,000
)
GAAP gross profit
$
926,451
67
%
$
693,288
67
%
Adjustments:
Stock-based compensation-related charges
46,242
45,493
Amortization of acquired intangibles
25,358
13,343
Non-GAAP gross profit
$
998,051
72
%
$
752,124
72
%
Gross margin:
GAAP product gross margin
71
%
71
%
Adjustments:
Stock-based compensation-related charges as a % of product revenue
2
%
4
%
Amortization of acquired intangibles as a % of product revenue
2
%
1
%
Non-GAAP product gross margin
75
%
76
%
GAAP professional services and other revenue gross margin
(37
%)
(40
%)
Adjustments:
Stock-based compensation-related charges as a % of professional services and other revenue
26
%
32
%
Amortization of acquired intangibles as a % of professional services and other revenue
3
%
4
%
Non-GAAP professional services and other revenue gross margin
(8
%)
(4
%)
GAAP gross margin
67
%
67
%
Adjustments:
Stock-based compensation-related charges as a % of revenue
3
%
4
%
Amortization of acquired intangibles as a % of revenue
2
%
1
%
Non-GAAP gross margin
72
%
72
%
Operating expenses:
GAAP sales and marketing expense
$
588,952
42
%
$
458,554
44
%
Adjustments:
Stock-based compensation-related charges
(103,898
)
(92,911
)
Amortization of acquired intangibles
(13,208
)
(7,760
)
Non-GAAP sales and marketing expense
$
471,846
34
%
$
357,883
34
%
GAAP research and development expense
$
534,937
39
%
$
472,404
46
%
Adjustments:
Stock-based compensation-related charges
(248,629
)
(230,945
)
Amortization of acquired intangibles
(1,960
)
(2,645
)
Restructuring recoveries, net (1)
—
8
Non-GAAP research and development expense
$
284,348
20
%
$
238,822
23
%
GAAP general and administrative expense
$
128,716
9
%
$
209,587
20
%
Adjustments:
Stock-based compensation-related charges
(34,888
)
(39,373
)
Amortization of acquired intangibles
(32
)
(337
)
Expenses associated with acquisitions and strategic investments
(62
)
(378
)
Restructuring recoveries, net (1)
20
750
Asset impairment related to office facility exits, net of sublease income (2)
(17,650
)
(106,488
)
Non-GAAP general and administrative expense
$
76,104
6
%
$
63,761
6
%
GAAP total operating expenses
$
1,252,605
90
%
$
1,140,545
110
%
Adjustments:
Stock-based compensation-related charges
(387,415
)
(363,229
)
Amortization of acquired intangibles
(15,200
)
(10,742
)
Expenses associated with acquisitions and strategic investments
(62
)
(378
)
Restructuring recoveries, net (1)
20
758
Asset impairment related to office facility exits, net of sublease income (2)
(17,650
)
(106,488
)
Non-GAAP total operating expenses
$
832,298
60
%
$
660,466
63
%
Operating income (loss):
GAAP operating loss
$
(326,154
)
(23
%)
$
(447,257
)
(43
%)
Adjustments:
Stock-based compensation-related charges (3)
433,657
408,722
Amortization of acquired intangibles
40,558
24,085
Expenses associated with acquisitions and strategic investments
62
378
Restructuring recoveries, net (1)
(20
)
(758
)
Asset impairment related to office facility exits, net of sublease income (2)
17,650
106,488
Non-GAAP operating income
$
165,753
12
%
$
91,658
9
%
Operating margin:
GAAP operating margin
(23
%)
(43
%)
Adjustments:
Stock-based compensation-related charges as a % of revenue
31
%
40
%
Amortization of acquired intangibles as a % of revenue
3
%
2
%
Expenses associated with acquisitions and strategic investments as a % of revenue
—
%
—
%
Restructuring recoveries, net as a % of revenue
—
%
—
%
Asset impairment related to office facility exits, net of sublease income as a % of revenue
1
%
10
%
Non-GAAP operating margin
12
%
9
%
Net income (loss):
GAAP net loss
$
(295,571
)
(21
%)
$
(429,952
)
(41
%)
Adjustments:
Stock-based compensation-related charges (3)
433,657
408,722
Amortization of acquired intangibles
40,558
24,085
Expenses associated with acquisitions and strategic investments
62
378
Restructuring recoveries, net (1)
(20
)
(758
)
Asset impairment related to office facility exits, net of sublease income (2)
17,650
106,488
Amortization of debt issuance costs
2,080
2,071
Income tax effect related to the above adjustments and acquisitions
(50,421
)
(23,462
)
Non-GAAP net income
$
147,995
11
%
$
87,572
8
%
Net income (loss) attributable to Snowflake Inc. (4):
GAAP net loss attributable to Snowflake Inc.
$
(295,571
)
(21
%)
$
(430,092
)
(41
%)
Adjustments:
Stock-based compensation-related charges (3)
433,657
408,722
Amortization of acquired intangibles
40,558
24,085
Expenses associated with acquisitions and strategic investments
62
378
Restructuring recoveries, net (1)
(20
)
(758
)
Asset impairment related to office facility exits, net of sublease income (2)
17,650
106,488
Amortization of debt issuance costs
2,080
2,071
Income tax effect related to the above adjustments and acquisitions
(50,421
)
(23,462
)
Adjustments attributable to noncontrolling interest, net of tax
—
(147
)
Non-GAAP net income attributable to Snowflake Inc.
$
147,995
11
%
$
87,285
8
%
Net income (loss) per share attributable to Snowflake Inc. common stockholders—basic and diluted (4):
GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted
$
(0.86
)
$
(1.29
)
Weighted-average shares used in computing GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted
345,391
332,657
Non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic
$
0.43
$
0.26
Weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic
345,391
332,657
Non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted
$
0.39
$
0.24
GAAP weighted-average shares used in computing GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted
345,391
332,657
Add: Effect of potentially dilutive common stock equivalents
15,444
24,033
Add: Effect of convertible senior notes
14,603
14,603
Less: Effect of antidilutive impact of capped call transactions
(393
)
(373
)
Non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted (5)
375,045
370,920
Free cash flow and adjusted free cash flow:
GAAP net cash provided by operating activities
$
243,223
17
%
$
228,373
22
%
Adjustments:
Purchases of property and equipment
(10,451
)
(44,989
)
Non-GAAP free cash flow
232,772
17
%
183,384
18
%
Adjustments:
Net cash paid on payroll tax-related items on employee stock transactions (6)
32,742
22,885
Non-GAAP adjusted free cash flow
$
265,514
19
%
$
206,269
20
%
Non-GAAP free cash flow margin
17
%
18
%
Non-GAAP adjusted free cash flow margin
19
%
20
%
GAAP net cash used in investing activities
$
(604,491
)
$
(55,983
)
GAAP net cash used in financing activities
$
(371,533
)
$
(564,057
)
(1) Restructuring recoveries, net represent recoveries on certain costs incurred by us in connection with a restructuring plan for a majority-owned subsidiary.
(3) Stock-based compensation-related charges included employer payroll tax-related expenses on employee stock transactions of approximately $21.4 million and $19.5 million for the three months ended April 30, 2026 and 2025, respectively.
(4) Beginning with the fourth quarter of fiscal 2026, the Company no longer attributes a portion of GAAP and non-GAAP net income (loss) to noncontrolling interest as it no longer controls a majority-owned subsidiary. As such, for the three months ended April 30, 2026, the calculations of GAAP and non-GAAP basic and diluted net income (loss) per share attributable to common stockholders align with the methodologies used to calculate the corresponding metrics for Snowflake Inc. common stockholders.
(5) The non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted included (a) the effect of all potentially dilutive common stock equivalents (stock options, restricted stock units, and employee stock purchase rights under our 2020 Employee Stock Purchase Plan) and (b) the potential dilutive effect of shares issuable upon conversion of the Notes using the if-converted method, starting from the beginning of the period or the issuance date of the Notes, if later. The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted attainment levels to the extent we believe it is probable that the performance conditions will be met.