What factors contributed to SNOW's 2025 earnings momentum?

Snowflake's 2025 earnings momentum can be attributed to several key factors: 1. **Strong Product Revenue Growth**: Snowflake experienced a 28% year-over-year increase in product revenue for the fourth quarter of fiscal 2025, reaching $943.3 million. This growth is a testament to the company's ability to expand its customer base and increase revenue from existing customers. 2. **High Net Revenue Retention Rate**: With a net revenue retention rate of 126% as of January 31, 2025, Snowflake is effectively retaining a significant portion of its customer revenue, which supports continued growth. 3. **Expansion of Customer Base**: The company has seen growth in both the number and spending of its largest customers. Snowflake now has 580 customers with trailing 12-month product revenue greater than $1 million, and 745 Forbes Global 2000 customers, representing year-over-year growth of 27% and 5%, respectively. 4. **Remaining Performance Obligations**: Snowflake's remaining performance obligations grew by 33% year-over-year to $6.9 billion, indicating a strong backlog of future revenue. 5. **Strategic Partnerships**: Snowflake's partnerships with AI developers like Google, Microsoft, and Anthropic are expected to lead to significant revenue growth by providing secure access to AI models for regulated industries. 6. **Innovation and Market Position**: Snowflake's continuous product innovation and expansion of its AI offerings have positioned it as a leader in AI integration, which is likely contributing to its growth momentum. 7. **Economic Factors**: Despite macroeconomic pressures, Snowflake has continued to deliver solid growth. The company anticipates Q3 product revenue of $850 million to $855 million, reflecting a year-over-year increase of approximately 22%. These factors, combined with Snowflake's strong financial performance and strategic initiatives, have contributed to its earnings momentum in 2025.