Snowflake Inc. (SNOW) reported a 96% contribution of product revenues, totaling $1.22 billion, in the fourth quarter of fiscal 2026. The growth is primarily driven by the rapid scaling of its AI portfolio, with Snowflake Intelligence nearly doubling to over 2,500 accounts and Cortex Code reaching 4,400 customers.
During the same quarter, Snowflake achieved a net revenue retention rate of 125% and added 740 new customers, marking a 40% increase year-over-year. The firm now has 733 customers spending over $1 million annually, a 27% rise, along with 56 customers spending more than $10 million, which is up 56% year-over-year.
For fiscal Q1 2027, Snowflake anticipates product revenues between $1.262 billion and $1.267 billion, reflecting a year-over-year growth of 27%. The company faces growing competition from Amazon (AMZN) and Oracle (ORCL), particularly in AI applications.
