Aslan Research · AI software
Snowflake Inc. (SNOW)
Data as of 2026-08-21 · 26 quarters · filed in USD
Revenue grew 50% per year, faster than expenses at 35% per year. The backlog equals 1.8x one year of revenue, giving the $9.2 billion backlog meaningful scale against $5.0 billion of trailing-year revenue.
Earned, collected early, and merely signed
Reports — of debt; has promised $1.4B
Total committed money is $1.4 billion, including $490 million for leases. That adds lease commitments beyond reported debt and captures other committed spending.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry $9.3 billion of obligations, while only $56 million of revenue is promised for that period. Another $217 million of obligations falls after year five without a stated revenue schedule.
The rates that matter
Expenses as filed vs after cited reconciliation
6 patterns worth a second look
The filings describe a circular-financing relationship involving Observe, which was an investor, customer, and vendor before Snowflake acquired it. They also describe an increase from a $1.0 billion aggregate cloud infrastructure commitment with no minimum purchase commitment to a $6.0 billion cumulative minimum spend, plus a $34.0 million gain on remeasurement of a previously held equity interest presented as revenue.
circular financing · 1
The company invested in Observe while Observe was also a customer and vendor, before acquiring it.
off balance sheet · 1
The filings repeatedly disclose substantial obligations for leases signed but not yet commenced, alongside large operating lease and purchase commitments.
one time dressing · 1
The FY2024 filing presents a $34.0 million gain on remeasurement of a previously held equity interest as revenue.
redefinition · 1
The cloud infrastructure commitment changed from an aggregate $1.0 billion commitment with no minimum purchase commitment in the FY2024 filing to a cumulative $6.0 billion minimum spend under the April 2026 amendment.
related party exposure · 1
Related-party customer commitments and company investments in the counterparty increased across the FY2024-FY2026 filings.
subsequent event · 1
The FY2026 filing reports the acquisition of Observe shortly after period-end, recontextualizing prior related-party customer, vendor, and investment disclosures.