A：Snowflake's Q3 product revenue was $1.16 billion, up 29% year over year. The remaining performance obligations totaled $7.88 billion, with year-over-year growth accelerating to 37%. The net revenue retention remains stable at a very healthy 125%, and they added a record 615 new customers this quarter.

A：Snowflake's mission is to empower every enterprise to achieve its full potential through data and AI. They continue to double down on what makes Snowflake unique, delivering an AI data cloud that is enterprise-ready with a radical focus on customers.

A：New capabilities include the general availability of Snowflake Intelligence, setting the tone for enterprise-grade AI, and partnerships with Workday, Splunk, Palantir, UiPath, and more. These partnerships are aimed at enabling secure and seamless data access across systems and unblocking new innovations like agent-to-agent collaboration. A landmark partnership with SAP was also announced, integrating mission-critical business data with the Snowflake AI Data Cloud.

A：Snowflake Intelligence is transforming how businesses interact with their data by turning natural language into real-time actionable intelligence. It is used by customers like Coca-Cola and consolidated PayPal to manage and query data, make faster trading and risk management decisions, and automate customer case resolution, among other uses.

A：Recent achievements include achieving a $100 million AI revenue run rate one quarter earlier than anticipated, landing a record number of new logos, and AI influencing 50% of the bookings signed in the quarter. They also partnered with AstraZeneca to access and analyze real-time data.

A：Snowflake's disaster recovery capability was highlighted for seamlessly transferring more than 300 mission-critical workloads to backup systems during a major cloud service provider outage, ensuring business continuity for customers when it mattered the most.

A：During Snowflake's annual World Tour, over 40,000 customers, partners, and prospects joined across 23 events, representing a year-over-year increase of more than 40%. The annual Build Developer Summit saw a 43% increase in attendance year over year, signifying growing excitement and engagement.

A：Snowflake acquired the technology behind the Tectum software migration solution to help customers move to Snowflake at lower cost and with minimal disruption. It also agreed to acquire certain assets to enhance its data catalog and provide a more complete view of an enterprise's data state.

A：Snowflake has surpassed $2 billion in sales through AWS Marketplace in a single calendar year and was recognized with 14 AWS Partner Awards. It has also announced a commitment from Accenture to train over 5000 professionals on Snowflake solutions to help customers realize AI value faster.

A：Strategic partnerships with leading cloud service providers, AI model developers, SaaS providers, and global system integrators are unlocking new levels of performance, accessibility, and AI-driven insight for customers while expanding the value and impact of the Snowflake platform across industries.

A：In Q3, revenue grew 29% year over year, with product revenue up 29%, driven by global growth in the core business and expansion into data engineering and AI workloads. Non-GAAP product gross margins were 75.9%, and non-GAAP operating margin expanded more than 450 basis points year over year to 11%. The company also achieved strong booking results, signed record number of large deals, and maintained financial discipline with healthy margins and non-GAAP adjusted free cash flow margin of 11%.

A：For Q4, product revenue is expected to be between $1.195 and $1.2 billion, representing a 27% year-over-year growth. The expected non-GAAP operating margin is 7%. For fiscal year 2026, the company raised the product revenue guidance to approximately $4.446 billion, representing 28% growth, and updated the margin targets to expect non-GAAP product gross margin of 75%, non-GAAP operating margin of 9%, and non-GAAP adjusted free cash flow margin of 25%.

A：Migrations are positive for Snowflake, with the CEO indicating that the company is 15% to 20% of the way through legacy migrations. This is beneficial as the data within Snowflake becomes more valuable and is expected to drive business more effectively. AI, specifically products like Snowflake Intelligence, is also seen as a powerful pull factor, enhancing the data's value. Migrations are being closely watched throughout the use case lifecycle with a goal to accelerate the process.

A：Zero copy agreements facilitate data sharing in a faster and more efficient manner, which is beneficial for both Snowflake and its customers. These agreements are particularly relevant for SaaS vendors under pressure to share data with their customers. The process of data collaboration becomes easier, and it helps to make data flow more smoothly. This is seen as a big step forward for everyone involved, especially customers, and is expected to drive Snowflake's mission to be at the center of all of the data needs for their customers.

A：Yes, Snowflake is becoming increasingly central to customers' AI and data strategies, as indicated by a Fortune 150 customer describing Snowflake as the most important piece of their strategy and tying their Snowflake budget to AI investments. They are broadening their adoption of products on the Snowflake platform. This trend is supported by the company's efforts to be a genuine player in enterprise AI, which involves building on earlier products and creating an ecosystem that provides value to customers.

A：The Snowflake AI stack consists of the product suite which includes Cortex AI and AI SQL, accessible from SQL and as a rest API. Additionally, it includes the Cortex Search and Cortex Analyst for unstructured data products, and Snowflake Intelligence which builds on the foundational building blocks to provide an agentic solution for data products.

A：Besides making all data in Snowflake AI consumable, Snowflake plans to focus on migrating from legacy systems, bringing data into Snowflake, using products like OpenFlow, and enabling data engineering workloads using their coding agents to accelerate value for customers and business potential.

A：Snowflake plans to balance investment in sales and marketing with driving margin expansion by continuing to invest in these teams while also upskilling their labor force, including engineers and solution engineers. The company expects to aid substantially from the maturation of their current team investments and aims to increase efficiency within the company. They plan to continue investing in the business and see substantial gains in operational efficiency and effectiveness, targeting both healthy expansions in operating margin and SBC year over year improvements.

A：There has been no change in the guidance philosophy at Snowflake. The company cautions that large migrations are lumpy and not easy to predict. They use the same guidance philosophy as before, which involves cautious forecasting and updating guidance based on actual results and performance.

A：The $100 million AI run rate is impressive and expected to continue growing well into the future. While specific growth rates are not disclosed, early conversations indicate that customers are welcoming PostgreSQL within Snowflake and see it as a robust and reliable data platform. This will be important for certain use cases like agentic solutions. Further discussions and confirmations from the company suggest that the growth will be driven by the adoption of the Cortex product suite and Snowflake Intelligence.

A：RPO bookings of roughly a billion dollars in the quarter are indicative of customers' future spending plans. The focus is on product revenue as the best indicator of collective customer spending on Snowflake. The upcoming fiscal year's guidance will be based on consumption behavior post-holiday season, which will be closely observed in January and February to ensure accurate forecasting. Snowflake remains focused on the enterprise AI revolution, with a strong product revenue growth and a positive outlook for the remainder of fiscal 26, indicating durable, high growth, and continued margin expansion opportunities.