Snowflake Inc.SNOW

Snowflake Inc. Earnings Per Share Disclosure

10-KFiled Mar 21, 20252 min read
Net Loss per Share
The following table presents the calculation of basic and diluted net loss per share attributable to Snowflake Inc. Class A common stockholders (in thousands, except per share data):

Fiscal Year Ended January 31,
202520242023
Numerator:
Net loss$(1,289,212)$(837,990)$(797,526)
Less: net loss attributable to noncontrolling interest
(3,572)(1,893)(821)
Net loss attributable to Snowflake Inc. Class A common stockholders
$(1,285,640)$(836,097)$(796,705)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted
332,707 328,001 318,730 
Net loss per share attributable to Snowflake Inc. Class A common stockholders—basic and diluted
$(3.86)$(2.55)$(2.50)

No Class B common stock was outstanding during any periods presented.

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders for the periods presented because the impact of including them would have been anti-dilutive (in thousands):

Fiscal Year Ended January 31,
202520242023
RSUs24,790 20,957 15,560 
Stock options21,653 27,369 35,854 
Shares underlying the conversion option in the Notes
14,603 — — 
Unvested restricted common stock and early exercised stock options
821 671 446 
ESPP Rights
569 284 265 
Total62,436 49,281 52,125 

The Company entered into the Capped Calls in connection with the Notes offering. The effect of the Capped Calls was also excluded from the calculation of diluted net loss per share attributable to Snowflake Inc. Class A common stockholders as the effect of the Capped Calls would have been anti-dilutive. The Capped Calls are generally expected to reduce the potential dilution to the Company’s Class A common stock upon any conversion of the relevant series of the Notes. See Note 10, “Convertible Senior Notes,” for further details.
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About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&EGoodwill & IntangiblesCommitmentsNew StandardsPay vs Performance