Snowflake
SNOW NYSE Application Software Financials FY2019–FY2026
Snowflake's revenue rose 29.2% to $4.7 billion in fiscal 2026. Its operating margin was −30.6%, up from −40.1% a year earlier. Free cash flow was $1.1 billion, up 22.6%. It paid out $874 million in dividends and buybacks, 78% of free cash flow. The diluted share count rose 1.4%.
About these figures. Snowflake's cash and investments nearly match its equity and debt, so return on capital isn't meaningful and is left blank in those years.
What Snowflake does
Snowflake sells a cloud-based data platform it calls the AI Data Cloud. Companies use it to store large amounts of data, query it, build data and AI applications, and share data with other organizations without copying it. The platform runs on three major public clouds, and Snowflake manages it so customers do not have to maintain servers themselves.
The company uses a consumption-based model: customers pay for the storage and computing power they use. The platform has separate layers for storage, computing and cloud services, so each can grow on its own. Snowflake describes its product areas as analytics, data engineering, AI, and applications and collaboration.
Snowflake also earns money from professional services that help customers set up and use the platform, and it works with partners and data providers who sell through its network. It says the market is highly competitive and that it has to keep adding features to stay relevant. It has a limited operating history and a record of operating losses.
- Legal name
- SNOWFLAKE INC.
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 20, 2026
- Accession · CIK
- 0001640147-26-000008
0001640147
Revenue and margins
Snowflake had $4.7B of revenue in fiscal 2026, up 29.2% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.1B in fiscal 2026, 23.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Snowflake returned $874M to shareholders in fiscal 2026, 78% of free cash flow. The diluted share count rose 1.4%.
Value Snowflake yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $1.7B and divides by 337.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Snowflake can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.9B | $4.0B | $3.8B | $4.6B | $4.0B |
| Debt incl. finance leases | — | — | $0.0M | $2.3B | $2.3B |
| Debt / equity | — | — | 0.0x | 0.8x | 1.2x |
| Interest coverage | — | — | — | −527.7x | −173.0x |
| Current ratio | 3.3x | 2.5x | 1.9x | 1.8x | 1.3x |
| Quick ratio | 3.3x | 2.5x | 1.9x | 1.8x | 1.3x |
| Total assets | $6.6B | $7.7B | $8.2B | $9.0B | $9.1B |
| Total liabilities | $1.6B | $2.3B | $3.0B | $6.0B | $7.2B |
| Shareholders' equity | $5.0B | $5.5B | $5.2B | $3.0B | $1.9B |
| Net debt (− = net cash) | — | — | −$3.8B | −$2.4B | −$1.7B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$239M
6 insiders
Of sales under plans
98%
$235M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 19, 2026 | Frank SlootmanDirector | Sold plan | 300,000 | $316.43 | $94.9M | Form 4 |
| Sep 23, 2026 | Benoit DagevilleDirector | Sold plan | 50,000 | $339.08 | $17.0M | Form 4 |
| Sep 23, 2026 | Jonathan Mead BeaulierChief Revenue Officer | Sold | 755 | $336.36 | $0.3M | Form 4 |
| Sep 22, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 2,622 | $344.50 | $0.9M | Form 4 |
| Sep 21, 2026 | Frank SlootmanDirector | Sold plan | 102,791 | $335.22 | $34.5M | Form 4 |
| Sep 18, 2026 | Frank SlootmanDirector | Sold plan | 197,209 | $334.10 | $65.9M | Form 4 |
| Sep 16, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 2,986 | $318.51 | $1.0M | Form 4 |
| Sep 16, 2026 | Emily HoChief Accounting Officer | Sold | 768 | $332.93 | $0.3M | Form 4 |
| Sep 16, 2026 | Frank SlootmanDirector | Sold plan | 8,191 | $318.51 | $2.6M | Form 4 |
| Sep 16, 2026 | Jonathan Mead BeaulierChief Revenue Officer | Sold | 12,292 | $336.12 | $4.1M | Form 4 |
| Sep 16, 2026 | Vivek RaghunathanSVP, Engineering | Sold plan | 3,876 | $318.51 | $1.2M | Form 4 |
| Sep 9, 2026 | Benoit DagevilleDirector | Sold plan | 50,000 | $335.72 | $16.8M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | — / 9 | 3 / 9 | 6 / 9 |
| Accruals ratio | −21.1% | −26.0% | −28.1% |
| Altman Z'' | 1.13 | −1.33 | −3.22 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
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| Snowflake SNOW | $113.7B | 29.2% | −30.6% | 23.9% | — | — | 6 | |
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8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $96.7M | $265M | $592M | $1.2B | $2.1B | $2.8B | $3.6B | $4.7B |
| Gross profit | $44.9M | $148M | $350M | $761M | $1.3B | $1.9B | $2.4B | $3.1B |
| Research and development | $68.7M | $105M | $238M | $467M | $788M | $1.3B | $1.8B | $2.0B |
| Operating income | −$186M | −$358M | −$544M | −$715M | −$842M | −$1.1B | −$1.5B | −$1.4B |
| Interest expense | — | — | — | — | $0.0M | $0.0M | $2.8M | $8.3M |
| Pretax income | −$177M | −$348M | −$537M | −$677M | −$816M | −$849M | −$1.3B | −$1.3B |
| Income tax | $0.8M | $1.0M | $2.1M | $3.0M | −$18.5M | −$11.2M | $4.1M | $17.1M |
| Net income | −$178M | −$349M | −$539M | −$680M | −$797M | −$836M | −$1.3B | −$1.3B |
| Diluted EPS | −$4.67 | −$7.77 | −$3.81 | −$2.26 | −$2.50 | −$2.55 | −$3.86 | −$3.95 |
| Diluted shares | 0.04B | 0.04B | 0.14B | 0.30B | 0.32B | 0.33B | 0.33B | 0.34B |
| Cash flow | ||||||||
| Cash from operations | −$144M | −$177M | −$45.4M | $110M | $546M | $848M | $960M | $1.2B |
| Capital expenditure | $2.1M | $18.6M | $35.0M | $16.2M | $25.1M | $35.1M | $46.3M | $102M |
| Free cash flow | −$146M | −$195M | −$80.5M | $94.0M | $521M | $813M | $913M | $1.1B |
| Depreciation and amortization | $1.4M | $3.5M | $9.8M | $21.5M | $63.5M | $120M | $183M | $220M |
| Stock-based compensation | $22.4M | $78.4M | $301M | $605M | $862M | $1.2B | $1.5B | $1.6B |
| Acquisitions | $0.0M | $6.3M | $6.0M | $0.0M | $363M | $276M | $30.3M | $179M |
| Share buybacks | $29.6M | $0.0M | $0.0M | $0.0M | $0.0M | $592M | $1.9B | $874M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $29.6M | $0.0M | $0.0M | $0.0M | $0.0M | $592M | $1.9B | $874M |
| Balance sheet | ||||||||
| Cash and short-term investments | $117M | $434M | $3.9B | $3.9B | $4.0B | $3.8B | $4.6B | $4.0B |
| Total debt | — | — | — | — | — | $0.0M | $2.3B | $2.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $665M | $4.3B | $4.6B | $5.0B | $5.0B | $5.9B | $5.7B |
| Current liabilities | — | $417M | $789M | $1.4B | $2.0B | $2.7B | $3.3B | $4.4B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $27.1M | $69.0M | $105M | $161M | $248M | $296M | $249M |
| Total assets | — | $1.0B | $5.9B | $6.6B | $7.7B | $8.2B | $9.0B | $9.1B |
| Total liabilities | — | $621M | $985M | $1.6B | $2.3B | $3.0B | $6.0B | $7.2B |
| Shareholders' equity | −$313M | −$545M | $4.9B | $5.0B | $5.5B | $5.2B | $3.0B | $1.9B |
| Margins | ||||||||
| Gross margin | 46.5% | 56.0% | 59.0% | 62.4% | 65.3% | 68.0% | 66.5% | 67.2% |
| Operating margin | −191.9% | −135.3% | −91.9% | −58.6% | −40.8% | −39.0% | −40.2% | −30.6% |
| EBITDA margin | −190.5% | −133.9% | −90.2% | −56.9% | −37.7% | −34.7% | −35.1% | −25.9% |
| Net margin | −184.2% | −131.7% | −91.1% | −55.8% | −38.6% | −29.8% | −35.5% | −28.4% |
| FCF margin | −151.1% | −73.7% | −13.6% | 7.7% | 25.2% | 29.0% | 25.2% | 23.9% |
| Returns | ||||||||
| Return on capital | — | — | — | — | — | — | −115.9% | — |
| Return on capital employed | — | — | −19.0% | −13.8% | −15.3% | −19.5% | −25.9% | −27.5% |
| Return on equity | — | — | −24.6% | −13.6% | −15.2% | −15.7% | −31.4% | −54.1% |
| Return on assets | — | — | −15.6% | −10.8% | −11.1% | −10.5% | −14.9% | −14.7% |
| Growth | ||||||||
| Revenue growth | — | 173.9% | 123.6% | 106.0% | 69.4% | 35.9% | 29.2% | 29.2% |
| FCF growth | — | — | — | — | 454.0% | 56.2% | 12.4% | 22.6% |
| Share count change | — | 17.5% | 215.8% | 112.0% | 6.2% | 2.9% | 1.4% | 1.4% |
| Financial health | ||||||||
| Debt / equity | — | — | — | — | — | 0.0x | 0.8x | 1.2x |
| Interest coverage | — | — | — | — | — | — | −527.7x | −173.0x |
| Current ratio | — | 1.6x | 5.5x | 3.3x | 2.5x | 1.9x | 1.8x | 1.3x |
| Quick ratio | — | 1.6x | 5.5x | 3.3x | 2.5x | 1.9x | 1.8x | 1.3x |
| Capital allocation | ||||||||
| Capex / revenue | 2.1% | 7.0% | 5.9% | 1.3% | 1.2% | 1.3% | 1.3% | 2.2% |
| Stock comp / revenue | 23.2% | 29.6% | 50.9% | 49.6% | 41.7% | 41.6% | 40.8% | 34.2% |
| Payouts / FCF | — | — | — | 0.0% | 0.0% | 72.8% | 211.5% | 78.0% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | — | — | — | — | 3.0 | 6.0 |
| Altman Z'' | — | −3.9 | 7.9 | 4.8 | 3.2 | 1.1 | −1.3 | −3.2 |
| Accruals ratio | — | — | −14.2% | −12.6% | −18.7% | −21.1% | −26.0% | −28.1% |
Source: SEC EDGAR XBRL filings (CIK 0001640147). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.