The company’s stock price is climbing after reporting $1 billion in revenue for its first fiscal quarter, up 26 percent year over year. However, the data cloud company reported a net loss of $430 million.
Cloud data star Snowflake bested Wall Street estimates for its latest quarterly results after generating $1 billion in revenue, while also raising the forecast for its full fiscal year 2026.
Snowflake’s stock (SNOW) is surging as of Thursday morning, with the stock price up about 10 percent to $197.54 per share as of this writing.
“Snowflake delivered another strong quarter, with product revenue of $997 million,” said Snowflake CEO Sridhar Ramaswamy in a statement. “Our focus on making the Snowflake platform easy to use, to enable fluid access to data wherever it sits, and trusted for enterprise-grade performance, is what makes us differentiated and beloved by more than 11,000 customers.”
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The company now has more than 600 customers with trailing 12-month product revenue greater than $1 million and more than 750 of Forbes’ Global 2000 customers.
Snowflake currently owns 1 percent market share of the global cloud services market.
Snowflake’s Solid Q1 2026 Sales Results; Net Loss Of $430M
The Bozeman, Mont.-based company generated total revenue of $1.04 billion during the first quarter of its fiscal 2026, ended April 30, representing a 26 percent year over year growth rate.
The company generated $45 million in services sales and other revenue in Q1, up 16 percent year over year.
Wall Street analysts had expected Snowflake to generate only $959 million in total product sales in its fiscal first quarter of 2026.
Adjusted earnings for Q1 2026 came in at 24 cents a share for Snowflake, besting analysts’ consensus of 21 cents a share.
However, Snowflake reported a net loss of $430 million for the first quarter of its fiscal 2026, which was greater than its net loss of $318 million during the same period a year earlier.
Snowflake’s operating expenses in Q1 were $1.14 billion compared to its $693 million in total gross profit.
Snowflake’s FY 2026 Sales Target: $4.32 Billion
Snowflake is now targeting its fiscal year 2026 product revenue to be nearly $4.33 billion.
That is up compared to Snowflake’s previous fiscal year 2026 estimate of total sales of $4.28 billion.
For its current, second fiscal quarter, Snowflake is expecting product revenue to be between $1.035 billion to $1.045 billion.
“We see an enormous opportunity ahead as we extend this value throughout the full data lifecycle,” Ramaswamy said in the statement.
