SNOWNET

SNOW 4Q25: Strong Margin Guidance Clears Last Quarter's Concerns, Implying YoY Acceleration in the Last Three Quarters of CY26

FUNDA·2026年2月26日

AI efficiencies and FY26 OPM guide to 12.5% ease margin fears; RPO +42% hints at 2027 revenue re-accel.

Performance Snapshot

  • 4Q25 revenue grew 30% YoY, beating estimates by 2.4% — the smallest beat in recent quarters, consistent with the 3Q25 beat

  • 1Q26 revenue guidance implies 27% YoY growth; applying a ~2.5% beat implies ~30% YoY growth

  • FY2026 revenue guidance implies 27% YoY growth, with organic revenue at ~26% YoY; applying FY2025 beat levels implies 31% organic

  • 4Q25 Non-GAAP OPM at 11%, no further deterioration

  • 1Q26 Non-GAAP OPM guidance of 9% — a strong margin guide, implying actual margins could reach 12%+

  • FY2026 Non-GAAP OPM guidance of 12.5% — a strong margin guide, implying actual margins could reach 16%+

  • RPO growth accelerated from 38% to 42%, potentially a leading indicator of revenue re-acceleration in 2027

Key Earnings Call Topics

Margins & Headcount Reduction

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