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- **Revenue Growth Accelerates**: Q3 product revenue up 29% YoY to $1.16 billion, driven by AI and data engineering workloads.
- **AI Adoption Soars**: $100 million AI revenue run rate achieved 1 quarter early, with 1,200 customers using Snowflake Intelligence.
- **Strong Margins and Cash Flow**: 11% operating margin, 75.9% gross margin, and $4.4 billion cash reserves.
- **Customer Expansion**: 615 new logos and 50% of bookings incorporating AI, signaling enterprise-wide adoption.
- **Strategic Momentum**: Partnerships with SAP, Anthropic, and zero-copy data sharing drive ecosystem leadership.

**【CEO Summary Section】**
- Product revenue reached $1.16 billion, up 29% year-over-year, driven by core business growth and AI workloads.
- Remaining Performance Obligations (RPO) totaled $7.88 billion, growing 37% YoY, with 615 new customers added.
- AI revenue run rate hit $100 million, 1 quarter ahead of schedule, with 1,200 customers using Snowflake Intelligence.
- 50% of Q3 bookings included AI, and 28% of use cases incorporated AI, reflecting strong customer adoption.
- Strategic partnerships with SAP, Workday, and Anthropic expanded ecosystem integration and go-to-market reach.

**【CFO Financial Commentary】**
- Non-GAAP product gross margin was 75.9%, with operating margin expanding 450 basis points to 11%.
- Q4 guidance: Product revenue $1.195-$1.2 billion (27% YoY growth), FY26 product revenue $4.446 billion (28% YoY growth).
- Free cash flow margin target of 25% for FY26, with $233 million used for share repurchases in Q3.
- Cash reserves of $4.4 billion support strategic investments and growth initiatives.

**【Q&A Highlights】**
- Snowflake Intelligence adoption accelerated, with 7,300 accounts using AI weekly and 1,200 customers leveraging agentic AI capabilities.
- AI influenced 50% of new bookings, with use cases spanning finance, manufacturing, and customer engagement.
- Zero-copy data sharing partnerships (e.g., ServiceNow, SAP) enhance ecosystem collaboration and customer value.
- Migrations from legacy systems contributed to growth, with Datometry acquisition streamlining data migration processes.
- FY26 guidance raise reflects confidence in consumption-based model and customer retention (125% NRR).

Snowflake Inc. (SNOW) Q3 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SNOW

SNOW fundamentals

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