Snowflake delivered a robust start to FY2026 (QQ1), underscored by durable data‑driven growth and meaningful AI product momentum. Revenue reached $1.042B, up 25.8% year over year, supported by continued strength in product offerings (Snowpark, Dynamic Tables) and expanding AI capabilities via Cortex. Remaining performance obligations (RPO) swelled to $6.7B, up 34% YoY, while net revenue retention (NRR) remained healthy at 124%, signaling strong cross‑sell and retention among existing customers. Managementuparalleled this with an outsized emphasis on AI enablement and ecosystem collaboration (Iceberg, Snowflake connectors, Cortex, and OpenAI/Microsoft Azure partnership), signaling a strategic shift toward a more integrated, AI‑ready data platform. Margins remain modestly negative on a GAAP basis, but non‑GAAP metrics show improvement: non‑GAAP gross margin approximately 75%, non‑GAAP operating margin around 8–9%, and non‑GAAP adjusted free cash flow margin near 25%. The company also highlighted significant product momentum (125 new capabilities in the quarter, up 100% YoY) and a scalable go‑to‑market (GTM) engine led by the new Chief Revenue Officer, Mike Gannon. The guidance for FY2026 contemplates continued strong top‑line growth (revenue of ~$4.325B, +25% YoY) with improving but still elevated investment in growth initiatives, alongside a planned Investor Day on June 3. Overall, Snowflake’s QQ1 results reinforce a thesis of durable, high‑growth, and margin‑expanding opportunity driven by data‑first AI strategies and a broadened data lifecycle offering.