This brief reports what Snowflake's 10-Q, filed 2025-12-05, 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 |
|---|---|---|
| Remaining performance obligations | $7.9 billion | October 31, 2025 |
| 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 | 80% | 2032 |
| Revenue | $1.2 billion | three months ended October 31, 2025 |
| Revenue | $942.1 million | three months ended October 31, 2024 |
| Revenue | $3.4 billion | nine months ended October 31, 2025 |
| Revenue | $2.6 billion | nine months ended October 31, 2024 |
| Stock-based compensation | $18.6 million | three months ended October 31, 2025 |
| Stock-based compensation | $47.3 million | nine months ended October 31, 2025 |
| Advertising costs and other expenses associated with sales, marketing and business development programs, and travel-related expenses | $14.4 million | three months ended October 31, 2025 |
| Advertising costs and other expenses associated with sales, marketing and business development programs, and travel-related expenses | $34.7 million | nine months ended October 31, 2025 |
| Research and development expenses | $51.6 million | three months ended October 31, 2025 |
| Research and development expenses | $167.5 million | nine months ended October 31, 2025 |
| Personnel-related costs and allocated overhead costs | $65.3 million | three months ended October 31, 2025 |
| Personnel-related costs and allocated overhead costs | $177.4 million | nine months ended October 31, 2025 |
| Stock-based compensation | $36.9 million | three months ended October 31, 2025 |
| Stock-based compensation | $94.5 million | nine months ended October 31, 2025 |
| Costs incurred in connection with a restructuring plan for a majority-owned subsidiary | $15.9 million | three and nine months ended October 31, 2025 |
| General and administrative expenses | $139.0 million | nine months ended October 31, 2025 |
| Personnel-related costs and allocated overhead costs | $18.8 million | nine months ended October 31, 2025 |
| Unallocated lease costs associated with unused office facilities | $7.9 million | nine months ended October 31, 2025 |
| Interest income | $3.2 million | three months ended October 31, 2025 |
| Interest income | $4.6 million | nine months ended October 31, 2025 |
| Headcount (at period end) | 2,403 | period end October 31, 2025 |
| Headcount (at period end) | 2,286 | period end October 31, 2024 |
| Headcount (at period end) | 1,221 | period end October 31, 2025 |
| Headcount (at period end) | 1,174 | period end October 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
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.
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 believe the growth in use of our platform by our existing customers is an important measure of the health of our business and our future growth prospects. 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.
Any customer in the cohort that did not use our platform in the second year remains in the calculation and contributes zero product revenue in the second year.
Scope: customers that did not use the platform in the second year.
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.
Scope: 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, and as their consumption growth primarily relates to existing use cases rather than new use cases.
In addition, we have seen, and may continue to see, impacts on customer consumption patterns due to holidays and certain of our customers increasing their consumption of our platform at a slower pace than expected, which may negatively impact our net revenue retention rate in future periods.
Scope: holidays and certain customers increasing their consumption at a slower pace than expected.
As of October 31, 2025, our remaining performance obligations were approximately $7.9 billion, of which we expect approximately 48% to be recognized as revenue in the 12 months ending October 31, 2026 based on historical customer consumption patterns.
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.
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.
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.
AI product monetisation / attach
Our revenue was $1.2 billion and $942.1 million for the three months ended October 31, 2025 and 2024, respectively, and $3.4 billion and $2.6 billion for the nine months ended October 31, 2025 and 2024, respectively.
Our revenue was $1.2 billion and $942.1 million for the three months ended October 31, 2025 and 2024, respectively, and $3.4 billion and $2.6 billion for the nine months ended October 31, 2025 and 2024, respectively.
Our revenue was $1.2 billion and $942.1 million for the three months ended October 31, 2025 and 2024, respectively, and $3.4 billion and $2.6 billion for the nine months ended October 31, 2025 and 2024, respectively.
Our revenue was $1.2 billion and $942.1 million for the three months ended October 31, 2025 and 2024, respectively, and $3.4 billion and $2.6 billion for the nine months ended October 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 increase in personnel-related costs included a $18.6 million and $47.3 million increase in stock-based compensation for the three and nine months ended October 31, 2025, compared to the same periods in the prior year, primarily related to additional equity awards granted to existing and new employees, partially offset by the effects of equity awards that became forfeited or fully vested.
The increase in personnel-related costs included a $18.6 million and $47.3 million increase in stock-based compensation for the three and nine months ended October 31, 2025, compared to the same periods in the prior year, primarily related to additional equity awards granted to existing and new employees, partially offset by the effects of equity awards that became forfeited or fully vested.
Advertising costs and other expenses associated with our sales, marketing and business development programs, as well as travel-related expenses increased $14.4 million and $34.7 million for the three and nine months ended October 31, 2025, respectively, compared to the same periods in the prior year.
Advertising costs and other expenses associated with our sales, marketing and business development programs, as well as travel-related expenses increased $14.4 million and $34.7 million for the three and nine months ended October 31, 2025, respectively, compared to the same periods in the prior year.
Research and development expenses increased $51.6 million and $167.5 million for the three and nine months ended October 31, 2025, compared to the three and nine months ended October 31, 2024, respectively.
Research and development expenses increased $51.6 million and $167.5 million for the three and nine months ended October 31, 2025, compared to the three and nine months ended October 31, 2024, respectively.
The increase was primarily due to an increase of $65.3 million and $177.4 million in personnel-related costs and allocated overhead costs for the three and nine months ended October 31, 2025, respectively, compared to the same periods in the prior year, as a result of increased stock-based compensation, headcount, and overall costs to support the growth in our business.
The increase was primarily due to an increase of $65.3 million and $177.4 million in personnel-related costs and allocated overhead costs for the three and nine months ended October 31, 2025, respectively, compared to the same periods in the prior year, as a result of increased stock-based compensation, headcount, and overall costs to support the growth in our business.
The increase in personnel-related costs included a $36.9 million and $94.5 million increase in stock-based compensation for the three and nine months ended October 31, 2025, respectively, compared to the same periods in the prior year, primarily related to additional equity awards granted to existing and new employees, partially offset by the effects of equity awards that became forfeited or fully vested.
The increase in personnel-related costs included a $36.9 million and $94.5 million increase in stock-based compensation for the three and nine months ended October 31, 2025, respectively, compared to the same periods in the prior year, primarily related to additional equity awards granted to existing and new employees, partially offset by the effects of equity awards that became forfeited or fully vested.
The overall increase in research and development expenses for the three and nine months ended October 31, 2025, was partially offset by a decrease of $15.9 million in costs incurred by us in connection with a restructuring plan for a majority-owned subsidiary, net of associated income and recoveries.
General and administrative expenses increased $139.0 million for the nine months ended October 31, 2025, compared to the nine months ended October 31, 2024.
In addition, personnel-related costs and allocated overhead costs increased $18.8 million for the nine months ended October 31, 2025, compared to same period in the prior year, as a result of increased headcount, stock-based compensation and overall costs to support the growth in our business.
Unallocated lease costs associated with unused office facilities to accommodate planned headcount growth also increased $7.9 million for the nine months ended October 31, 2025, compared to same period in the prior year.
Interest income decreased $3.2 million and $4.6 million during the three and nine months ended October 31, 2025, compared to the three and nine months ended October 31, 2024, respectively, primarily due to lower weighted average annual yields on our cash equivalents and investments in available-for-sale marketable debt securities as a result of decreased interest rates.
Interest income decreased $3.2 million and $4.6 million during the three and nine months ended October 31, 2025, compared to the three and nine months ended October 31, 2024, respectively, primarily due to lower weighted average annual yields on our cash equivalents and investments in available-for-sale marketable debt securities as a result of decreased interest rates.
Headcount (at period end)2,4032,2862,4032,286
Headcount (at period end)2,4032,2862,4032,286
Headcount (at period end)1,2211,1741,2211,174
Headcount (at period end)1,2211,1741,2211,174
Verification ledger
- 49 statements proposed by the extractor
- 46 verified verbatim against the fetched filing (94%)
- 3 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.