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Snowflake Inc. (SNOW) ended Q1 fiscal 2026 with 11,578 total customers, including 606 generating over $1 million in trailing 12-month revenue. The company reported Remaining Performance Obligations (RPO) of $6.7 billion, a 34% year-over-year increase. The Zacks Consensus Estimate predicts 634 customers for Q2, reflecting a 24% increase, and an RPO of $6.84 billion, up 31% from last year.
Snowflake’s growth is fueled by expanding AI-native capabilities and strategic partnerships, notably with Acxiom and the acquisition of Crunchy Data. While Snowflake’s stock is trading at a premium with a forward Price/Sales ratio of 14.43X, it has appreciated 36.9% year to date, outpacing the broader tech sector. The fiscal 2026 earnings consensus estimate is $1.06 per share, indicating a 27.71% year-over-year increase.
Snowflake faces increasing competition from major players like Microsoft (MSFT) and ServiceNow (NOW), both enhancing their AI capabilities. Microsoft is leveraging its Azure platform, while ServiceNow embeds generative AI into its workflows. Continued innovation from Snowflake will be essential to maintain its competitive edge.
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