At a glance
Snowflake Inc. is worth $119.04B. Revenue grew 29.2% to $4.68B in fiscal 2026, at a loss; over 5 years it has grown 51.2% a year. It pays no dividend; it spent $3.40B buying back its shares over FY2022–FY2026. The stock returned +26.9% over the past year with dividends reinvested and −0.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 65.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 50 months after the low.
The business in plain English
Snowflake sells a cloud data platform it calls the AI Data Cloud. Organizations gather their data in one place, then use it for analytics, preparing data, building artificial intelligence (AI) tools and apps, and sharing live data with partners, usually without copying it. It is built on three major public clouds, the computing networks that large providers rent out, with 53 regional deployments. Newer products include Snowflake Intelligence, which lets business users create AI “data agents” without coding, and Snowflake Postgres, a managed Postgres database.
Snowflake's model is consumption-based: it generally earns revenue as customers use computing power, storage and data transfer, rather than from fixed subscriptions. Revenue grows with usage and can slow when customers cut back. Revenue reached $4.7 billion in the fiscal year ended January 31, 2026, up 29%, yet Snowflake had a net loss of $1.3 billion.
As of January 31, 2026, Snowflake had 13,328 customers, including 790 of the Forbes Global 2000 list of the world's largest public companies. Those companies supplied about 43% of revenue. Its net revenue retention rate was 125%, meaning customers from a year earlier spent more as a group. By region, the United States produced 75% of revenue, Europe, the Middle East and Africa 16%, Asia-Pacific and Japan 6%, and the rest of the Americas 3%.
Price history
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SNOW +26.9% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $3.52B | 75.2% |
| EMEA | $763.6M | 16.3% |
| Asia-Pacific and Japan | $271.0M | 5.8% |
| Other Americas | $125.3M | 2.7% |
Latest results
- In Q2 FY2027 (ended Jul 31, 2026), revenue was $1.55B, up 35.1% from a year earlier, and net income was $-191.7M.
- For fiscal 2026, revenue was $4.68B (+29.2% year over year; +51.2% a year from FY2021 to FY2026) with a -28.4% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +51.2% good |
|---|---|
| Operating margin | -30.6% weak |
| Free cash flow margin | 23.9% good |
| Return on equity (FY2026) | -69.2% weak |
| Return on assets (FY2026) | -14.6% weak |
| Net cash (cash minus debt) | $2.05B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $592.0M | $-539.1M | $-80.5M |
| FY2022 | $1.22B | $-679.9M | $94.0M |
| FY2023 | $2.07B | $-796.7M | $520.5M |
| FY2024 | $2.81B | $-836.1M | $813.0M |
| FY2025 | $3.63B | $-1.29B | $913.5M |
| FY2026 | $4.68B | $-1.33B | $1.12B |
Valuation snapshot
| Market value | $119.04B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Snowflake’s market value went from $103.76B at the end of 2021 to $119.04B on Oct 27, 2026, up 15%; since the end of 2025 it is up 59%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 27, 2026 | $119.04B | +58.6% |
| 2025 | $75.06B | +47.3% |
| 2024 | $50.97B | -22.2% |
| 2023 | $65.53B | +42.0% |
| 2022 | $46.16B | -55.5% |
| 2021 | $103.76B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SNOW price data to Oct 27, 2026 | +53.8% | +26.9% | +33.0% | -0.6% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +53.8% |
| 2025 | +42.1% |
| 2024 | -22.4% |
| 2023 | +38.6% |
| 2022 | -57.6% |
| 2021 | +20.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 52.3% over that stretch · deepest drop along the way 65.9%, back to its old high 49.9 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 47 sales ($278.8M), 44 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 18, 2026 | Frank Slootman Director | sell (plan) | $26.5M |
| Oct 19, 2026 | Frank Slootman Director | sell (plan) | $26.2M |
| Oct 19, 2026 | Frank Slootman Director | sell (plan) | $21.6M |
| Sep 23, 2026 | Benoit Dageville Director | sell (plan) | $17.0M |
| Oct 7, 2026 | Benoit Dageville Director | sell (plan) | $16.7M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 6.4% | Jun 30, 2026 |
| Vanguard Capital Management | 5.13% | Mar 31, 2026 |
ETFs with the most weight in SNOW
| CLOU Global X Cloud Computing ETF | 5.35% |
| SPRX Spear Alpha ETF | 4.86% |
| DAT ProShares Big Data Refiners ETF | 4.56% |
| WUGI AXS Esoterica NextG Economy ETF | 3.88% |
| FCLD Fidelity Cloud Computing ETF | 3.61% |
| LGRO Level Four Large Cap Growth Active ETF | 3.59% |
| BAI iShares A.I. Innovation and Tech Active ETF | 3.5% |
| JTEK JPMorgan U.S. Tech Leaders ETF | 3.49% |
What could go wrong
- Revenue swings with customer usage. Snowflake generally earns revenue as customers use the platform, making sales harder to predict than subscriptions. Cost-cutting customers, shorter data retention or more efficient software can push revenue below forecasts.
- A long record of losses. Snowflake has lost money every period since it began, including $1.3 billion in the fiscal year ended January 31, 2026. It expects costs to keep rising and may not achieve or sustain a profit.
- Fierce competition and a fast-moving AI race. Snowflake faces strong competition and must keep pace with rapid changes in AI. If its AI products or strategy fall behind, customers could move data and spending to rival platforms.
- Data breaches and cloud outages. The platform runs on public clouds and handles customer data. Snowflake, its customers or its suppliers have had security breaches before. Another breach or an outage could damage trust, cut demand and create liabilities.
- Convertible debt and share dilution. Snowflake has convertible notes, bonds that can turn into stock. Converting them, plus shares issued to employees or for deals, can shrink each owner's stake. Servicing the debt also takes significant cash.
- A very volatile share price. The shares have fallen as much as 73% from a peak, and as much as 56% within the year to October 27, 2026. Results that miss analysts' expectations can push the price down.
Recent events
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Quarterly results released
- Other company announcement
For income and retirement investors
Snowflake pays no dividend and says it does not plan to pay one for the foreseeable future, so any return must come from a rising share price. Investors who need income would have to sell shares to raise cash. The company has bought back stock instead: $3.4 billion over fiscal years 2022 through 2026, including $1.9 billion in the fiscal year ended January 31, 2025. Even so, the share count rose 15.2% between November 19, 2021, and August 21, 2026, so newly issued shares outweighed the buybacks.
In the 2022 bear market, a prolonged market decline, the shares fell 65.9% from their January 3 peak to a June 13 low and did not regain that peak until August 10, 2026, about 50 months after the low. Snowflake's price history does not reach back to the 2008 financial crisis or the 2020 COVID crash. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does Snowflake make money?
Snowflake makes money by charging customers for how much they use its cloud data platform: the computing power, storage and data transfer they consume. Unlike typical subscription software, it generally records revenue as customers use the platform, so sales rise and fall with usage. Revenue was $4.7 billion in the fiscal year ended January 31, 2026, up 29%. The United States supplied 75% of it, and Forbes Global 2000 customers about 43%.
Is Snowflake profitable?
No, not on a net income basis. Snowflake had a net loss of $1.3 billion in the fiscal year ended January 31, 2026, and has lost money in every period since it started. It does generate cash, though: free cash flow, the cash left after running the business and paying for equipment, was $1.1 billion that year, about 24% of revenue. In the quarter ended July 31, 2026, revenue grew 35.1% from a year earlier, but the net loss was $191.7 million.
Does Snowflake pay a dividend?
No. Snowflake paid no dividends in fiscal years 2022 through 2026 and says it does not intend to pay any for the foreseeable future, so shareholders' returns depend on the share price. The company has repurchased $3.4 billion of its own stock over the same period. Even so, shares outstanding rose 15.2% between November 19, 2021, and August 21, 2026, because newly issued shares outweighed the buybacks.
How much debt does Snowflake have?
Snowflake had $2.3 billion of total debt as of July 31, 2026, against $4.3 billion in cash and investments, so it held about $2 billion more cash than debt. Its borrowing includes convertible notes, bonds that can be swapped for stock, and converting them could dilute shareholders. A company filing on October 2, 2026, reported a new debt obligation and a major agreement, which the July 31 figures do not include.
How volatile is Snowflake stock?
Very volatile. Over the year to October 27, 2026, its beta, a gauge of how much a stock moves with the overall market, was 1.51, so the shares tended to swing about one and a half times as much as the market. The stock has fallen as much as 73% from a peak and needed about 50 months after its 2022 low to regain its earlier peak. It lost 57.6% in 2022 and 22.4% in 2024, then gained 42.1% in 2025 and 53.8% in 2026 through October 27.