Overview

• Snowflake reported Q1 FY2026 product revenue of $996.8 million, a 26% increase year-over-year, exceeding analyst estimates of $959.2 million.
• The company raised its full-year FY2026 product revenue guidance to $4.325 billion, up from its prior forecast of $4.28 billion.
• For Q2 FY2026, Snowflake projects product revenue between $1.035 billion and $1.040 billion, surpassing Wall Street's expectation of $1.021 billion.
• Snowflake's stock surged 6% in extended trading, with Piper Sandler raising its price target to $215, citing strong Q1 execution and growth prospects.
• AI-focused partnerships with OpenAI and Anthropic, along with increasing enterprise cloud adoption, continue to drive Snowflake's growth momentum.