Snowflake Inc.SNOW

Snowflake Inc. Revenue Disclosure

10-KFiled Mar 20, 20262 min read
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations
Disaggregation of Revenue

Revenue consists of the following (in thousands):

Fiscal Year Ended January 31,
202620252024
Product revenue$4,472,317 $3,462,422 $2,666,849 
Professional services and other revenue211,629 163,974 139,640 
Total$4,683,946 $3,626,396 $2,806,489 

Revenue by geographic area, based on the location of the Company’s customers (or end-customers under reseller arrangements), was as follows (in thousands):

Fiscal Year Ended January 31,
202620252024
Americas:
United States$3,523,974 $2,761,664 $2,166,448 
Other Americas(1)
125,278 101,943 72,784 
EMEA(1)(2)
763,650 574,748 432,634 
Asia-Pacific and Japan(1)
271,044 188,041 134,623 
Total$4,683,946 $3,626,396 $2,806,489 
________________
(1)No individual country in these areas represented more than 10% of the Company’s revenue for all periods presented.
(2)Includes Europe, the Middle East and Africa.

Accounts Receivable, Net

The Company’s allowance for credit losses was not material as of each of January 31, 2026 and 2025.

Significant Customers

For purposes of assessing the concentration of credit risk and significant customers, a group of customers under common control or customers that are affiliates of each other are regarded as a single customer. As of January 31, 2026 and 2025, there were no customers that represented 10% or more of the Company’s accounts receivable, net balance. Additionally, there were no customers that represented 10% or more of the Company’s revenue for each of the fiscal years ended January 31, 2026, 2025, and 2024.
Deferred Revenue

The Company recognized $2.2 billion, $1.8 billion, and $1.4 billion of revenue for the fiscal years ended January 31, 2026, 2025, and 2024, respectively, from the deferred revenue balances as of January 31, 2025, 2024, and 2023, respectively.

Remaining Performance Obligations

Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with these arrangements, and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into U.S. dollars each period based on the applicable period-end exchange rates.

As of January 31, 2026, the Company’s RPO was approximately $9.8 billion, of which the Company expects approximately 46% to be recognized as revenue in the 12 months ending January 31, 2027 based on historical customer consumption patterns. However, the amount and timing of revenue recognition are generally dependent upon customers’ future consumption, which is inherently variable at customers’ discretion and can extend beyond the original contract term in cases where customers are permitted to roll over unused capacity to future periods, generally on the purchase of additional capacity at renewal.

Historical Timeline

Fiscal YearFiled
2026Mar 20, 2026Showing above
2025Mar 21, 2025
2024Mar 26, 2024
2023Mar 29, 2023
2022Mar 30, 2022
2021Mar 31, 2021

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

Income TaxesEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesCommitmentsNew StandardsPay vs Performance