Company profile
SEC EDGAR ↗- Industry
- Services-Prepackaged Software
- Listed
- NYSE: SNOW
- Incorporated
- DE
- Headquarters
- Menlo Park, CA
- Fiscal year end
- Jan 31
Financials
FY2026- Revenue
- $4.68B
- Net income
- −$1.33B
- Total assets
- $9.13B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2026 | $4.68B | −$1.33B | $9.13B |
| FY2025 | $3.63B | −$1.29B | $9.03B |
| FY2024 | $2.81B | −$838.0M | $8.22B |
| FY2023 | $2.07B | −$797.5M | $7.72B |
| FY2022 | $1.22B | −$679.9M | $6.65B |
| FY2021 | $592.0M | −$539.1M | $5.92B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Money Machine · Business Model
Snowflake Sells "Pay Only For What You Use." Most of Its Money Is Prepaid.
Snowflake's pitch is elastic, on-demand metering. But per its own 10-K, the majority of product revenue comes from capacity contracts billed a year in advance - a credit-burn model closer to SaaS than to the meter. And the meter is slowing: net revenue retention fell from 158% to 125%.
8 min
The Money Machine · Business Model
Snowflake Gets Paid Only When You Run. That's the Genius — and the Time Bomb.
Snowflake bills by the second, not the seat. That same meter that produced a 158% retention rate at IPO now transmits every efficiency gain straight into the revenue line — grinding NRR down to 125% over time, and helping send the stock down roughly 18% in a single day when management cut its growth outlook.
8 min
The Distribution Rebellion · Decision Forks
To Copy Snowflake, Redshift and Oracle Would Have Had to Burn Their Own Codebases
The textbook tells you Snowflake invented the separation of storage and compute. Its own SIGMOD paper says otherwise: the concept was already lying around in the public cloud. The real bet was building from scratch on commodity object storage — the one move Redshift and Oracle couldn't copy without burning their own codebase.
8 min
The Moat Anatomy · Moat & Competition
Snowflake Built a Moat Out of Data Gravity. Its Own Numbers Show the Water Receding.
Snowflake's no-copy sharing creates real switching friction - net revenue retention sat at 126% in fiscal 2025. But that number fell from 151% in under two years, and Morningstar still rates the company no-moat. The gravity is real. So is the leak.
8 min
The Moat Anatomy · Moat & Competition
Is Snowflake's moat real? Net revenue retention has fallen from 158% to 125% in two years
The bull case says Snowflake has a fortress moat. Morningstar gives it no moat at all. The truth is in one number: net revenue retention has fallen from 158% to 125% in two unbroken years — the sound of a moat slowly losing water.
8 min
The Pricing Bet · Business Model
Snowflake's Meter Cuts Both Ways: Every Efficiency It Ships Can Shrink Its Own Revenue
Most enterprise software sells seats; Snowflake sells consumption — and it grew revenue per customer for years on that bet. But the same meter that expands also means every efficiency Snowflake ships can shrink its own revenue, a tension now in federal court.
7 min