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Company research11 Apr 2024
Companies with IPO in 2020: COVID-19 Impact and Market Volatility
An overview of the market sentiment and IPO landscape as the COVID-19 pandemic sent the markets into a period of volatility.
Snowflake
Snowflake (SNOW) investor relations material
Snowflake Piper Sandler 5th Annual Growth Frontiers Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Piper Sandler 5th Annual Growth Frontiers Conference summary15 Sep, 2026
Growth and outlook
CFO cited strong operating leverage and re-accelerating growth; target remains GAAP profitability in Q4 next year.
Full-year YoY growth guidance rose from 31% to 36%, a 500 bps increase in one quarter.
Management attributed half of the latest beat to AI products and half to the core business; core growth is accelerating.
Addressable market seen reaching $300B in five to six years, excluding analytics, business intelligence and adjacent AI opportunities.
AI adoption and product impact
About 9,100 accounts adopted CoCo and just over 5,000 adopted CoWork; sales teams are targeting deeper use and broader user adoption.
AI product adoption was associated with an 11% uplift to customers' core business, as cited from Sridhar's LinkedIn post.
Migration skills and agents shortened migration time from 10–11 months to six months, with some timing dependent on customers.
CoCo supports active dashboards and business analytics; all BI and analytics contracts were canceled, per the CFO.
Cost optimization is among the top 10 most-used skills; sales teams work with customers on consumption, use cases, ROI and savings.
Operating leverage and forecasting
Forecasting runs nightly through machine-learning models, with customer- and product-level views rolled up by region; established business forecasts have a tight range.
Guidance methodology is unchanged; short histories for rapidly adopted products are haircut rather than extrapolated directly.
Year to date, roughly 330 people were added, including 170–180 from the Observe acquisition, versus roughly 940 in the comparable prior-year period.
AI is being applied across finance, planning and sales workflows, including close analysis, long-term planning and automated sales-call preparation.
Engineering productivity gains include hiring AI-skilled early-career staff and using AI to redesign work and reduce manual handoffs.
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Latest events from Snowflake
- AI-driven innovation and efficiency gains fuel growth acceleration and improved profitability.SNOW
Citi’s 2026 Global TMT Conference - AI and automation are transforming data migration, product adoption, and platform innovation.SNOWGoldman Sachs Communacopia + Technology Conference 2026
- Q2 FY27 product revenue rose 37% to $1.49B, with strong AI adoption and raised guidance.SNOWQ2 2027
- Agentic AI and trusted data are redefining enterprise value, driving rapid, cost-effective transformation.SNOWThe Six Five Summit: AI Unleashed 2026
- Directors elected, auditor ratified, compensation proposal failed, majority voting proposal passed.SNOWAGM 2026
- Q3 FY25 revenue rose 28% to $942.1M, with 29% product growth and strong RPO.SNOWQ3 2025
- Q2 FY25 revenue up 29% to $868.8M, product revenue up 30%, and guidance raised.SNOWQ2 2025
- Unified platform and AI innovation drive growth in a $342B market by 2028.SNOWInvestor Day 2024
- Q4 product revenue up 28% year-over-year, with strong growth, margins, and AI adoption.SNOWQ4 2025
Next Snowflake earnings date
Q3 20272 Dec, 2026
Snowflake
Next Snowflake earnings date
Q3 20272 Dec, 2026
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Frequently asked questions
Offering cloud-based warehousing solutions
Snowflake Inc is an American technology company that builds data warehousing solutions. Their cloud-based solutions enable their customers to store and analyze their data with their analytics tools. Their platform includes data engineering, a data lake, a data warehouse, data science, data applications, and data sharing. The company was founded in 2012 and is headquartered in Bozeman, Montana.
Founders with an eye for the future of data
The company was founded in 2012 by Benoit Dageville, Thierry Cruanes, and Marcin Zukowski that all three were experts in data warehousing, with the two former previous working at Oracle. Dageville and Cruanes realized that data warehouses were struggling but concluded that they wouldn’t die out but rather needed to adapt to the era of big data. Bob Muglia, former Microsoft executive, bevame the CEO in 2014. The current CEO Frank Slootman was appointed in 2019 when he had previously retired from the technology company ServiceNow.
Not a SaaS business
Contrary to popular belief, Snowflake isn’t a traditional Software-as-a-Service (SaaS) company. Many traditional companies nowadays operate under a subscription model meaning the customer needs to choose a tier or a package based on anticipated needs in the future. Snowflake instead operates under a consumption model. Meaning customer only pays for what they need. At the same time, revenue is recognized when consumption occurs. As of January 2022, 93 percent of the revenue was consumption-based. Its product revenue category consists of computing, storage, and data transfer services. It’s the majority of its revenue. Customers can also stop their billing when no queries are running and so on, making them only charge for what they use.
The record-breaking IPO
Snowflake was listed on the New York Stock Exchange on September 16, 2020. At this point in time, it was the largest software IPO ever made. The company's share prices doubled on its first day of trading, breaking another record. Prior investors to the IPO include Salesforce, Sequoia, and Sutter Hill Ventures. Perhaps a more remarkable investor in the IPO was Warren Buffet’s Berkshire Hathaway. This was his first investment in a newly public U.S. company since Ford did its IPO in 1956. Due to the sharp rise in share price on its IPO day, Buffet made more than $800 million in profit on the investment in Snowflake’s IPO.