RPO Tracker · SNOW · Updated 2026-05-27
Snowflake: Contracted Revenue
Snowflake reported $9.2B of RPO at FY2027 Q1, which is 1.83x the trailing twelve months of the revenue it converts into. The median across all 11 disclosures tracked is 3.34x.
Contracted
$9.2B
FY2027 Q1, Whole company
Coverage
1.83x
against $5B of trailing revenue
Due within 12 months
Not disclosed
no near-term split published
Weighted duration
Not disclosed
the company published none
FY2027 Q1
Period ended 2026-04-30 · reported 2026-05-27
- Metric
- RPO · Whole company
- Contracted balance
- $9.2B, +38% year over year
- Denominator
- Fiscal 2026 total revenue of $4.68bn for the year ended January 31, 2026, plus first quarter fiscal 2027 total revenue of $1.39bn, less first quarter fiscal 2026 total revenue of $1.04bn.
- Coverage
- 1.83x (scopes match)
- Duration
- No duration or current portion published with the release. Snowflake's contracts are consumption commitments rather than seat subscriptions, so the balance converts at whatever pace customers actually run workloads, which is the reason net revenue retention of 126% matters more here than the coverage multiple.
- Notes
- RPO grew 38% against product revenue growth of 34%, so the backlog is still outrunning the business, modestly. Coverage of 1.8x sits in the middle of the software band. The caveat specific to consumption pricing: an RPO built from capacity commitments is a promise to spend, not a schedule of deliveries, and a customer who commits and then under-consumes shows up in RPO long before it shows up in revenue.
Sources: company filing or release · company filing or release
Our Coverage
Part of the free RPO and Backlog Coverage Tracker, CC BY 4.0. Cite as: RPO and Backlog Coverage Tracker, Regards of Wallstreet, https://www.regardsofwallstreet.com/data/rpo/entity/snowflake. The methodology explains how coverage is calculated and why the scope of both halves matters.