Quick Read – SNOW’s $9.21 billion contracted backlog surged 38% YoY, outpacing revenue growth and signaling customers are committing to longer, larger deals. – Management raised FY27 product revenue guidance to $5.84 billion, driven by 13,600+ accounts adopting AI capabilities…
d a $6 billion AWS deal. – Shares jumped from $177 to $255 the day after Q1 earnings, while existing customers spent 26% more year over year. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Snowflake didn’t make the cut. Grab the names FREE today
Snowflake’s title bet references an $80 billion data opportunity, but the number in the Q1 FY27 filing that actually validates the thesis is the size of the contracted backlog. That contracted figure is what long-term holders should anchor on. The Number Snowflake (NYSE:SNOW) closed Q1 FY27 with $9.21 billion in remaining performance obligations, up 38% year over year.
The company reported the figure on May 27, 2026. RPO represents contracted business Snowflake has booked with customers but has not yet recognized as revenue. This figure grew faster than the 33.48% quarterly revenue increase, which is the tell.