Snowflake: Contracted Revenue

Metric

RPO · Whole company

Contracted balance

$9B, +30% year over year

Denominator

Fiscal 2026 total revenue of $4.68bn for the year ended January 31, 2026, plus total revenue of $2,937.7m for the six months ended July 31, 2026, less total revenue of $2,187.0m for the six months ended July 31, 2025.

Coverage

1.66x (scopes match)

Duration

The 10-Q expects about 54% of the balance to be recognized in the twelve months to July 31, 2027, which is the first recognition figure recorded for Snowflake here. The previous row said no duration was published, and that was true of the press release but not of the filing. Snowflake attaches a condition to the number that the other companies in this table do not: the timing depends on customers' future consumption, which is at their discretion and can run past the original contract term where unused capacity rolls over at renewal.

Notes

The balance went sideways and slightly down: $9,004.3m at July 31 against $9,205.2m in April and $9,771.5m in January, while revenue grew 35%. Coverage therefore fell from 1.8x to 1.7x. The quarterly series in the filing shows why the year-over-year number still reads 30%: the balance jumped from $7.88bn in October 2025 to $9.77bn in January 2026, so growth is being measured against a quarter before that step up. A consumption business can post this pattern without anything going wrong, because the commitments are drawn down as workloads run and topped up at renewal, and net revenue retention held at 126%. What it does mean is that Snowflake's backlog is no longer outrunning its revenue the way it was two quarters ago.

Sources: company filing or release · company filing or release

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

Corrected 2026-09-20. This row first said no duration was published, which was true of the press release but not of the 10-Q: that filing expects about 50% of the balance to be recognized as revenue in the twelve months ending April 30, 2027. The balance was also refined here from $9.21bn to the $9,205.2m carried in the filing's own quarterly metrics table. No current portion is published. 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 · company filing or release