Detailed financial statements for Snowflake Inc. (SNOW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Snowflake Inc. delivers a cloud-centric data platform to customers across both the United States and international markets. The company's core offering, known as the Data Cloud, enables users to unify disparate data sources into a singular, reliable foundation. This unified data then facilitates the extraction of crucial business intelligence, the creation of innovative data-driven applications, and secure data sharing.
Analysis Summary
Snowflake Inc. reported revenue of $4.68B in the most recent fiscal year, growing at a 5-year CAGR of 51.2%.
Trailing-twelve-month margins: gross margin 67.0%, operating margin -22.8%, net margin -20.1%.
At the current price of $341.04, SNOW has negative trailing earnings (P/E not meaningful) and an ROE of -53.56%. Market capitalisation stands at $118.2B, placing it among large-cap names.
Balance sheet quality for SNOW: current ratio of 1.3. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $96.7M | $264.7M | $592.0M | $1.22B | $2.07B | $2.81B | $3.63B | $4.68B |
| Cost of Revenue | $51.8M | $116.6M | $242.6M | $458.4M | $717.5M | $898.6M | $1.21B | $1.54B |
| Gross Profit | $44.9M | $148.2M | $349.5M | $760.9M | $1.35B | $1.91B | $2.41B | $3.15B |
| Research & Development | $68.7M | $105.2M | $237.9M | $466.9M | $788.1M | $1.29B | $1.78B | $1.97B |
| Selling, General & Admin | $161.7M | $401.1M | $655.5M | $1.01B | $1.40B | $1.71B | $2.08B | $2.61B |
| Operating Expenses | $230.4M | $506.3M | $893.4M | $1.48B | $2.19B | $3.00B | $3.87B | $4.58B |
| Operating Income | -$185.5M | -$358.1M | -$543.9M | -$715.0M | -$842.3M | -$1.09B | -$1.46B | -$1.44B |
| EBITDA | -$184.1M | -$354.6M | -$534.1M | -$655.5M | -$752.5M | -$729.3M | -$1.10B | -$1.08B |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | $2.8M | $8.3M |
| Pre-tax Income | -$177.2M | -$347.5M | -$537.0M | -$677.0M | -$816.0M | -$849.2M | -$1.29B | -$1.31B |
| Income Tax | $820,000 | $993,000 | $2.1M | $3.0M | -$18.5M | -$11.2M | $4.1M | $19.7M |
| Net Income | -$178.0M | -$348.5M | -$539.1M | -$679.9M | -$796.7M | -$836.1M | -$1.29B | -$1.33B |
| EPS | $-0.75 | $-1.26 | $-1.87 | $-2.26 | $-2.50 | $-2.55 | $-3.86 | $-3.95 |
| EPS (Diluted) | $-0.75 | $-1.26 | $-1.87 | $-2.26 | $-2.50 | $-2.55 | $-3.86 | $-3.95 |
| Shares Outstanding (Diluted) | $238.4M | $276.7M | $287.9M | $300.3M | $318.7M | $328.0M | $332.7M | $337.5M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.21B | $1.28B | $1.39B | $1.55B |
| Gross Profit | $822.0M | $857.7M | $926.5M | $1.04B |
| Operating Income | -$329.5M | -$318.2M | -$326.2M | -$263.0M |
| EBITDA | -$228.0M | -$240.9M | -$227.0M | -$186.2M |
| Net Income | -$294.0M | -$309.6M | -$295.6M | -$191.7M |
| EPS | $-0.87 | $-0.90 | $-0.86 | $-0.55 |
| EPS (Diluted) | $-0.87 | $-0.90 | $-0.86 | $-0.55 |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.94B | $2.83B | $2.08B | $1.71B |
| Total Assets | $8.23B | $9.13B | $8.55B | $8.69B |
| Total Liabilities | $6.10B | $7.21B | $6.61B | $6.54B |
| Total Equity | $2.13B | $1.92B | $1.94B | $2.15B |
| Total Debt | $2.69B | $2.74B | $2.77B | $2.76B |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$178.0M | -$348.5M | -$539.1M | -$679.9M | -$797.5M | -$838.0M | -$1.29B | -$1.33B |
| Depreciation & Amortization | $1.4M | $3.5M | $9.8M | $21.5M | $63.5M | $119.9M | $182.5M | $220.4M |
| Stock-based Compensation | $22.4M | $78.4M | $301.4M | $605.1M | $861.5M | $1.17B | $1.48B | $1.60B |
| Change in Working Capital | $6.2M | $49.3M | $106.9M | $68.4M | $289.5M | $390.7M | $443.6M | $383.8M |
| Operating Cash Flow | -$144.0M | -$176.6M | -$45.4M | $110.2M | $545.6M | $848.1M | $959.8M | $1.22B |
| Capital Expenditure | -$4.0M | -$22.8M | -$40.3M | -$29.0M | -$49.1M | -$69.2M | -$46.3M | -$101.6M |
| Acquisitions | 0 | -$6.3M | -$6.0M | 0 | -$362.6M | -$275.7M | -$30.3M | -$178.8M |
| Stock Repurchased | -$29.6M | -$391,000 | -$30,000 | 0 | 0 | -$591.7M | -$1.93B | -$873.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$148.0M | -$199.4M | -$85.7M | $81.2M | $496.5M | $778.9M | $913.5M | $1.12B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $137.5M | $781.2M | $243.2M | $91.4M |
| Capital Expenditure | -$23.9M | -$16.1M | -$10.5M | -$7.6M |
| Free Cash Flow | $113.6M | $765.1M | $232.8M | $83.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $412.3M | $403.6M | $402.5M | $423.6M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +173.9% | +123.6% | +106.0% | +69.4% | +35.9% | +29.2% | +29.2% | |
| Net Income Growth (YoY) | -95.8% | -54.7% | -26.1% | -17.2% | -4.9% | -53.8% | -3.6% | |
| EPS Growth (YoY) | -68.0% | -48.4% | -20.9% | -10.6% | -2.0% | -51.4% | -2.3% | |
| Shares Change (YoY) | +16.1% | +4.1% | +4.3% | +6.1% | +2.9% | +1.4% | +1.4% | |
| FCF Growth (YoY) | -34.7% | +57.0% | +194.7% | +511.6% | +56.9% | +17.3% | +22.6% | |
| Gross Margin | 46.5% | 56.0% | 59.0% | 62.4% | 65.3% | 68.0% | 66.5% | 67.2% |
| Operating Margin | -191.9% | -135.3% | -91.9% | -58.6% | -40.8% | -39.0% | -40.2% | -30.6% |
| EBITDA Margin | -190.5% | -133.9% | -90.2% | -53.8% | -36.4% | -26.0% | -30.3% | -23.1% |
| Net Margin | -184.2% | -131.6% | -91.1% | -55.8% | -38.6% | -29.8% | -35.5% | -28.4% |
| FCF Margin | -153.1% | -75.3% | -14.5% | 6.7% | 24.0% | 27.8% | 25.2% | 23.9% |
| Effective Tax Rate | -0.5% | -0.3% | -0.4% | -0.4% | 2.3% | 1.3% | -0.3% | -1.5% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.62 | $-0.72 | $-0.30 | $0.27 | $1.56 | $2.37 | $2.75 | $3.32 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $238.4M | $276.7M | $287.9M | $300.3M | $318.7M | $328.0M | $332.7M | $337.5M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -53.56% |
| Return on Invested Capital | -24.59% |
| Return on Assets | -12.55% |
| Gross Margin | 67.03% |
| Operating Margin | -22.76% |
| Net Margin | -20.07% |
Financial Health
| Debt / Equity | 1.29 |
| Current Ratio | 0.94 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 4.13 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| P/E | -338.57 | -201.53 | -150.80 | -122.08 | -62.58 | -76.72 | -47.02 | -48.78 |
| P/B | -193.71 | -128.98 | 16.45 | 16.41 | 9.14 | 12.39 | 20.13 | 33.80 |
| P/S | 626.17 | 265.39 | 137.14 | 67.94 | 24.14 | 22.86 | 16.65 | 13.88 |
| Gross Margin | 46.5% | 56.0% | 59.0% | 62.4% | 65.3% | 68.0% | 66.5% | 67.2% |
| Operating Margin | -191.9% | -135.3% | -91.9% | -58.6% | -40.8% | -39.0% | -40.2% | -30.6% |
| Net Margin | -184.2% | -131.6% | -91.1% | -55.8% | -38.6% | -29.8% | -35.5% | -28.4% |
Related companies: ADSK · CDNS · CRWV · DDOG · GLW · MSI · MSTR
Explore sector: Technology · Software - Application
More sections of SNOW: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Investment Academy — learn to analyze stocks