$SNOW (+12.01%) | Snowflake Q3 Earnings Highlights:
🔹 Revenue: $942.1M (Est. $899.3M) 🟢; UP +28% YoY
🔹 Product Revenue: $900.3M (Est. $848.5M) 🟢; UP +29% YoY
🔹 Net Revenue Retention Rate: 127%
🔹 RPO: $5.7B (Est. $5.34B) 🟢; UP +55% YoY
FY25 Guidance:
🔹 Product Revenue: ~$3.43B (Est. $3.356B) 🟢; UP +29% YoY
🔹 Product Gross Profit Margin: ~76% (Est. 75%) 🟢
🔹 Non-GAAP Operating Margin: ~5% (Est. 3%) 🟢
🔹 Adjusted Free Cash Flow Margin: ~26%
Q4 Guidance:
🔹 Revenue: $906M–$911M (Est. $934.6M) 🔴; Growth +23% YoY
🔹 Product Revenue: $906M–$911M (Est. $881.7M) 🟢
🔹 Non-GAAP Operating Margin: ~4% (Est. 1.4%) 🟢
Customer Metrics:
🔹 Customers with Trailing 12-Month Product Revenue > $1M: 542; UP +25% YoY
🔹 Forbes Global 2000 Customers: 754; UP +8% YoY
🔹 Total Stock-Based Compensation: $365.5M
Profitability Metrics:
🔹 Non-GAAP Product Gross Profit: $686.9M (75.3% Margin; Est. 75.3%) 🟡
🔹 Non-GAAP Operating Income: $58.9M (6% Margin; Est. 3.2%) 🟢
🔹 Net Cash from Operating Activities: $101.7M
🔹 Free Cash Flow: $78.2M (Est. Non-GAAP Adjusted: $127.5M) 🔴
CEO Commentary:
🔸 “Snowflake delivered a strong third quarter, with product revenue of $900M, up 29% year-over-year, and remaining performance obligations of $5.7B, with year-over-year growth accelerating to 55%,” said CEO Sridhar Ramaswamy. “Our obsessive drive to produce product cohesion and ease of use has built Snowflake into the easiest and most cost-effective enterprise data platform.”
