This brief reports what Snowflake's 10-Q, filed 2025-09-05, states, and nothing else. Every item below is a sentence the filing contains, quoted exactly and verified character-for-character against the document fetched from EDGAR. No inference is drawn and no claim is made about what any figure means.
The figures
| Metric | Value | Period |
|---|---|---|
| U.S. federal, state, and foreign NOL carryforwards | $6.2 billion, $6.0 billion, and $178.0 million | January 31, 2025 |
| U.S. federal NOL carryforwards | $6.1 billion | 2032 |
| U.S. federal NOL carryforwards | $0.1 billion | 2032 |
| Foreign NOL carryforwards | $165.2 million | — |
| Foreign NOL carryforwards | $12.8 million | 2027 |
| Revenue | $1.1 billion | three months ended July 31, 2025 |
| Revenue | $868.8 million | three months ended July 31, 2024 |
Every figure above is quoted from the filing; the sentence it was read from appears under its beat below.
The evidence, by beat
ARR / NRR / NDR growth or dilution
We monitor our dollar-based net revenue retention rate to measure this growth.
To calculate this metric, we first specify a measurement period consisting of the trailing two years from our current period end.
The cohorts used to calculate net revenue retention rate include end-customers under a reseller arrangement.
We then calculate our net revenue retention rate as the quotient obtained by dividing our product revenue from this cohort in the second year of the measurement period by our product revenue from this cohort in the first year of the measurement period.
Our net revenue retention rate is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our net revenue retention rate for historical periods reflecting these adjustments.
Historical numbers for (i) net revenue retention rate, (ii) customers with trailing 12-month product revenue greater than $1 million, and (iii) Forbes Global 2000 customers reflect any adjustments for acquisitions, consolidations, spin-offs, and other market activity.
seat vs consumption / usage-based pricing mix shift
We monitor our dollar-based net revenue retention rate to measure this growth.
We then calculate our net revenue retention rate as the quotient obtained by dividing our product revenue from this cohort in the second year of the measurement period by our product revenue from this cohort in the first year of the measurement period.
Our net revenue retention rate is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our net revenue retention rate for historical periods reflecting these adjustments.
We expect our net revenue retention rate to decrease over the long-term as customers that have consumed our platform for an extended period of time become a larger portion of both our overall customer base and our product revenue that we use to calculate net revenue retention rate, and as their consumption growth primarily relates to existing use cases rather than new use cases.
We define free cash flow, a non-GAAP financial measure, as GAAP net cash provided by operating activities reduced by purchases of property and equipment and capitalized software development costs.
Cash outflows for employee payroll tax items related to the net share settlement of equity awards are included in cash flow for financing activities and, as a result, do not have an effect on the calculation of free cash flow.
Our Forbes Global 2000 customer count is a subset of our customer count based on the 2025 Forbes Global 2000 list.
Our Forbes Global 2000 customer count is subject to adjustments for annual updates to the list by Forbes, as well as acquisitions, consolidations, spin-offs, and other market activity with respect to such customers, and we present our Forbes Global 2000 customer count for historical periods reflecting these adjustments.
Product revenue excludes our professional services and other revenue, which has been less than 10% of revenue for each of the periods presented.
competitive displacement / win-loss / platform consolidation
As of January 31, 2025, we had U.S. federal, state, and foreign NOL carryforwards of $6.2 billion, $6.0 billion, and $178.0 million, respectively.
Of the $6.2 billion U.S. federal NOL carryforwards, $6.1 billion may be carried forward indefinitely with utilization limited to 80% of taxable income, and the remaining $0.1 billion will begin to expire in 2032.
Of the $6.2 billion U.S. federal NOL carryforwards, $6.1 billion may be carried forward indefinitely with utilization limited to 80% of taxable income, and the remaining $0.1 billion will begin to expire in 2032.
The state NOL carryforwards begin to expire in 2026.
Of the $178.0 million foreign NOL carryforwards, $165.2 million may be carried forward indefinitely, and the remaining $12.8 million will begin to expire in 2027.
Of the $178.0 million foreign NOL carryforwards, $165.2 million may be carried forward indefinitely, and the remaining $12.8 million will begin to expire in 2027.
AI product monetisation / attach
Our revenue was $1.1 billion and $868.8 million for the three months ended July 31, 2025 and 2024, respectively.
Our revenue was $1.1 billion and $868.8 million for the three months ended July 31, 2025 and 2024, respectively.
guidance raised/cut, outlook change
The filing names this beat, but no statement in it verified as a verbatim quote, so none is reported here.
cost action / restructuring / headcount
The filing names this beat, but no statement in it verified as a verbatim quote, so none is reported here.
Verification ledger
- 24 statements proposed by the extractor
- 23 verified verbatim against the fetched filing (96%)
- 1 discarded — not quotable character-for-character
The verbatim check contains no model: the extractor proposes a statement, and a deterministic substring match against the fetched text decides whether it is admissible. A proposal that does not verify is dropped.
This brief publishes no inference and no synthesis. The publication's inference layer must clear a measured second-lab confirmation threshold before it may appear; it has not, so it is absent by rule rather than by omission.