SNOW NYSE Application Software Financials FY2019–FY2026
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.
Hi! I read Snowflake’s latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
Are sales growing?
+29.2%
Yes. Sales grew 29.2% last year.
Does it make a profit?
−28.4%
No. It lost money last year.
Does profit turn into cash?
23.9%
Yes. 23.9% of sales ends up as free cash.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
KIRA · Snowflake had $4.7B of revenue in fiscal 2026, up 29.2% on the year before. Over five years, revenue changed +51.2% a year on average. Its operating margin was −30.6%, up 9.5 pts: of every 100 in sales, about −31 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA · Snowflake lost $1.3B in fiscal 2026.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA · Free cash flow was $1.1B in fiscal 2026, 23.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA · Snowflake returned $874M to shareholders in fiscal 2026, 78% of free cash flow. The diluted share count rose 1.4%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA · In the last 12 months, insiders sold $1.3B of shares on the open market and bought none.
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.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.3B
9 insiders
Of sales under plans
96%
$1.3B
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 21, 2026 | Benoit DagevilleDirector | Sold plan | 50,000 | $321.74 | $16.1M | Form 4 |
| Oct 19, 2026 | Frank SlootmanDirector | Sold plan | 300,000 | $316.43 | $94.9M | Form 4 |
| Oct 7, 2026 | Benoit DagevilleDirector | Sold plan | 50,000 | $333.42 | $16.7M | Form 4 |
| Oct 2, 2026 | Michael L SpeiserDirector | Sold plan | 48,221 | $344.00 | $16.6M | Form 4 |
| Oct 1, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 15,000 | $341.57 | $5.1M | 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 |
| Sep 9, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 2,730 | $335.72 | $0.9M | Form 4 |
| Sep 4, 2026 | Mark GarrettDirector | Sold | 50,000 | $350.00 | $17.5M | Form 4 |
| Sep 4, 2026 | Michael L SpeiserDirector | Sold plan | 48,221 | $353.87 | $17.1M | Form 4 |
| Sep 3, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 10,000 | $380.00 | $3.8M | Form 4 |
| Sep 1, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 15,000 | $325.57 | $4.9M | Form 4 |
| Aug 26, 2026 | Benoit DagevilleDirector | Sold plan | 50,000 | $309.44 | $15.5M | Form 4 |
| Aug 19, 2026 | Frank SlootmanDirector | Sold plan | 48,990 | $320.78 | $15.7M | Form 4 |
| Aug 18, 2026 | Frank SlootmanDirector | Sold plan | 251,010 | $325.52 | $81.7M | Form 4 |
| Aug 12, 2026 | Benoit DagevilleDirector | Sold plan | 50,000 | $335.70 | $16.8M | Form 4 |
| Aug 7, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 30,000 | $325.00 | $9.8M | Form 4 |
| Aug 7, 2026 | Michael L SpeiserDirector | Sold plan | 48,221 | $324.06 | $15.6M | Form 4 |
| Aug 3, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 10,000 | $297.00 | $3.0M | Form 4 |
| Jul 31, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 29,986 | $300.00 | $9.0M | Form 4 |
| Jul 29, 2026 | Benoit DagevilleDirector | Sold plan | 50,000 | $280.00 | $14.0M | Form 4 |
| Jul 21, 2026 | Frank SlootmanDirector | Sold plan | 10,315 | $275.10 | $2.8M | Form 4 |
| Jul 20, 2026 | Frank SlootmanDirector | Sold plan | 289,685 | $274.39 | $79.5M | Form 4 |
| Jul 15, 2026 | Benoit DagevilleDirector | Sold plan | 50,000 | $276.53 | $13.8M | Form 4 |
| Jul 14, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 2,500 | $275.00 | $0.7M | Form 4 |
| Jul 6, 2026 | Michael L SpeiserDirector | Sold plan | 47,381 | $257.91 | $12.2M | Form 4 |
| Jul 6, 2026 | Michael L SpeiserDirector | Sold plan | 840 | $257.91 | $0.2M | Form 4 |
| Jul 6, 2026 | Michael L SpeiserDirector | Sold plan | 840 | $257.91 | $0.2M | Form 4 |
| Jul 6, 2026 | Teresa BriggsDirector | Sold plan | 343 | $255.11 | $0.1M | Form 4 |
| Jul 2, 2026 | Benoit DagevilleDirector | Sold plan | 190,819 | $254.64 | $48.6M | Form 4 |
| Jul 2, 2026 | Teresa BriggsDirector | Sold plan | 344 | $254.64 | $0.1M | Form 4 |
| Jul 1, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 2,500 | $258.56 | $0.6M | Form 4 |
| Jun 29, 2026 | Frank SlootmanDirector | Sold plan | 99,900 | $251.73 | $25.1M | Form 4 |
| Jun 26, 2026 | Frank SlootmanDirector | Sold plan | 100 | $250.00 | $0.0M | Form 4 |
| Jun 24, 2026 | Emily HoChief Accounting Officer | Sold | 1,860 | $232.25 | $0.4M | Form 4 |
| Jun 23, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 2,621 | $228.45 | $0.6M | Form 4 |
| Jun 22, 2026 | Jonathan Mead BeaulierChief Revenue Officer | Sold | 9,367 | $231.98 | $2.2M | Form 4 |
| Jun 18, 2026 | Frank SlootmanDirector | Sold plan | 200,000 | $224.27 | $44.9M | Form 4 |
| Jun 16, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 2,986 | $240.00 | $0.7M | Form 4 |
| Jun 16, 2026 | Frank SlootmanDirector | Sold plan | 8,066 | $240.00 | $1.9M | Form 4 |
| Jun 16, 2026 | Vivek RaghunathanSVP, Engineering | Sold plan | 3,876 | $240.00 | $0.9M | Form 4 |
| Jun 9, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 2,729 | $239.00 | $0.7M | Form 4 |
| Jun 5, 2026 | Michael L SpeiserDirector | Sold plan | 48,221 | $245.21 | $11.8M | Form 4 |
| Jun 1, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 10,000 | $272.00 | $2.7M | Form 4 |
| Jun 1, 2026 | Frank SlootmanDirector | Sold plan | 162,924 | $263.70 | $43.0M | Form 4 |
| May 29, 2026 | Frank SlootmanDirector | Sold plan | 437,076 | $252.44 | $110M | Form 4 |
| May 29, 2026 | Mark GarrettDirector | Sold | 100,000 | $250.00 | $25.0M | Form 4 |
| May 28, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 5,100 | $236.77 | $1.2M | Form 4 |
| May 28, 2026 | Frank SlootmanDirector | Sold plan | 400,000 | $233.42 | $93.4M | Form 4 |
| May 26, 2026 | Frank SlootmanDirector | Sold plan | 55,350 | $176.52 | $9.8M | Form 4 |
| May 19, 2026 | Frank SlootmanDirector | Sold plan | 144,650 | $175.45 | $25.4M | Form 4 |
| May 1, 2026 | Michael L SpeiserDirector | Sold plan | 48,221 | $141.60 | $6.8M | Form 4 |
| Apr 6, 2026 | Michael L SpeiserDirector | Sold plan | 48,221 | $148.21 | $7.1M | Form 4 |
| Apr 1, 2026 | Vivek RaghunathanSVP, Engineering | Sold plan | 3,876 | $152.80 | $0.6M | Form 4 |
| Mar 23, 2026 | Benoit DagevilleFounder and Chief Architect, Director | Sold plan | 874 | $170.01 | $0.1M | Form 4 |
| Mar 23, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 2,621 | $170.01 | $0.4M | Form 4 |
| Mar 23, 2026 | Emily HoChief Accounting Officer | Sold | 2,141 | $173.97 | $0.4M | Form 4 |
| Mar 19, 2026 | Frank SlootmanDirector | Sold plan | 11,299 | $175.25 | $2.0M | Form 4 |
| Mar 18, 2026 | Frank SlootmanDirector | Sold plan | 88,701 | $175.93 | $15.6M | Form 4 |
| Mar 17, 2026 | Benoit DagevilleFounder and Chief Architect, Director | Sold plan | 1,919 | $175.34 | $0.3M | Form 4 |
| Mar 17, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 2,986 | $175.34 | $0.5M | Form 4 |
| Mar 17, 2026 | Frank SlootmanDirector | Sold plan | 7,874 | $175.34 | $1.4M | Form 4 |
| Mar 10, 2026 | Benoit DagevilleFounder and Chief Architect, Director | Sold plan | 4,183 | $182.44 | $0.8M | Form 4 |
| Mar 10, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 550 | $182.44 | $0.1M | Form 4 |
| Mar 10, 2026 | Frank SlootmanDirector | Sold plan | 2,042 | $182.44 | $0.4M | Form 4 |
| Mar 6, 2026 | Michael L SpeiserDirector | Sold plan | 48,221 | $175.19 | $8.4M | Form 4 |
| Mar 2, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 10,000 | $165.01 | $1.7M | Form 4 |
| Feb 18, 2026 | Frank SlootmanDirector | Sold plan | 100,000 | $176.91 | $17.7M | Form 4 |
| Feb 6, 2026 | Michael L SpeiserDirector | Sold plan | 48,221 | $165.23 | $8.0M | Form 4 |
| Feb 2, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 10,000 | $197.09 | $2.0M | Form 4 |
| Jan 20, 2026 | Frank SlootmanDirector | Sold plan | 200,000 | $206.77 | $41.4M | Form 4 |
| Jan 2, 2026 | Christian KleinermanEVP, Product Management | Sold plan | 10,000 | $219.90 | $2.2M | Form 4 |
| Jan 2, 2026 | Michael L SpeiserDirector | Sold plan | 48,221 | $221.16 | $10.7M | Form 4 |
| Dec 31, 2025 | Vivek RaghunathanSVP, Engineering and Support | Sold | 11,801 | $220.44 | $2.6M | Form 4 |
| Dec 23, 2025 | Benoit DagevilleFounder and Chief Architect, Director | Sold plan | 870 | $224.30 | $0.2M | Form 4 |
| Dec 23, 2025 | Christian KleinermanEVP, Product Management | Sold plan | 4,755 | $224.30 | $1.1M | Form 4 |
| Dec 23, 2025 | Emily HoChief Accounting Officer | Sold | 1,072 | $223.63 | $0.2M | Form 4 |
| Dec 18, 2025 | Emily HoChief Accounting Officer | Sold | 586 | $222.91 | $0.1M | Form 4 |
| Dec 18, 2025 | Frank SlootmanDirector | Sold plan | 200,000 | $221.84 | $44.4M | Form 4 |
| Dec 16, 2025 | Benoit DagevilleFounder and Chief Architect, Director | Sold plan | 1,912 | $212.45 | $0.4M | Form 4 |
| Dec 16, 2025 | Christian KleinermanEVP, Product Management | Sold plan | 2,975 | $212.45 | $0.6M | Form 4 |
| Dec 16, 2025 | Frank SlootmanDirector | Sold plan | 7,728 | $212.45 | $1.6M | Form 4 |
| Dec 9, 2025 | Benoit DagevilleFounder and Chief Architect, Director | Sold plan | 814 | $223.31 | $0.2M | Form 4 |
| Dec 9, 2025 | Christian KleinermanEVP, Product Management | Sold plan | 548 | $223.31 | $0.1M | Form 4 |
| Dec 9, 2025 | Frank SlootmanDirector | Sold plan | 1,993 | $223.31 | $0.4M | Form 4 |
| Dec 5, 2025 | Michael L SpeiserDirector | Sold plan | 48,221 | $230.65 | $11.1M | Form 4 |
| Dec 1, 2025 | Christian KleinermanEVP, Product Management | Sold plan | 10,000 | $249.53 | $2.5M | Form 4 |
| Nov 28, 2025 | Benoit DagevilleFounder and Chief Architect, Director | Sold plan | 25,000 | $249.65 | $6.2M | Form 4 |
| Nov 13, 2025 | Benoit DagevilleFounder and Chief Architect, Director | Sold plan | 25,000 | $264.45 | $6.6M | Form 4 |
| Nov 7, 2025 | Michael L SpeiserDirector | Sold plan | 48,221 | $257.30 | $12.4M | Form 4 |
| Nov 3, 2025 | Christian KleinermanEVP, Product Management | Sold plan | 10,000 | $277.73 | $2.8M | Form 4 |
| Oct 31, 2025 | Christian KleinermanEVP, Product Management | Sold plan | 5,000 | $275.00 | $1.4M | Form 4 |
| Oct 30, 2025 | Benoit DagevilleFounder and Chief Architect, Director | Sold plan | 25,000 | $265.00 | $6.6M | Form 4 |
| Oct 16, 2025 | Benoit DagevilleFounder and Chief Architect, Director | Sold plan | 25,000 | $246.00 | $6.2M | Form 4 |
| Oct 8, 2025 | Christian KleinermanEVP, Product Management | Sold plan | 5,000 | $250.00 | $1.3M | Form 4 |
| Oct 3, 2025 | Michael L SpeiserDirector | Sold plan | 47,765 | $236.31 | $11.3M | Form 4 |
| Oct 3, 2025 | Michael L SpeiserDirector | Sold plan | 1,394 | $235.94 | $0.3M | Form 4 |
| Oct 2, 2025 | Benoit DagevillePresident of Products, Director | Sold plan | 25,000 | $234.64 | $5.9M | Form 4 |
| Oct 1, 2025 | Christian KleinermanEVP, Product Management | Sold plan | 10,000 | $223.88 | $2.2M | Form 4 |
| Sep 30, 2025 | Vivek RaghunathanSVP, Engineering and Support | Sold | 11,801 | $223.22 | $2.6M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA · Snowflake has $1.7B more cash than debt.
Cash, debt and the ratios that show how comfortably Snowflake can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA · Snowflake passes 6 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is 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 |
What does the share cost, and how does it compare?
KIRA · At $334.95 a share, the company is worth $117.0B.
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.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
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.
KIRA · Snowflake grew sales faster than 3 of its 4 similar companies.
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Snowflake SNOW | $117.0B | 29.2% | −30.6% | 23.9% | — | — | 6 | |
| Zoom Communications ZM | $29.4B | 4.4% | 23.1% | 39.5% | 56.2% | 9.1x | 6 | Compare → |
| Palantir PLTR | $510.8B | 56.2% | 31.6% | 46.9% | — | 171.4x | 7 | Compare → |
| OpenText OTEX | $6.9B | 1.5% | 20.6% | 15.4% | 9.0% | — | 9 | Compare → |
| Cadence Design Systems CDNS | $88.2B | 14.1% | 28.2% | 30.0% | 23.7% | 75.1x | 5 | Compare → |
Every number, year by year.
Amounts in USD. Hover a ratio’s name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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.
