Snowflake
SNOWQ3 2025(SNOW Q2 FY2026)Estimated10% AI
AI Revenue %
10%
AI Fair Value
$2.3B
AI Revenue (Q)
$169.8M
Total Revenue (Q)
$1.7B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Snowflake's Q2 FY2026 (three months ended July 31, 2025) filing shows total revenue of $1,145.0M (+32% YoY). Cloud infrastructure costs are now 70% of product revenue (up from 65% a year ago), a significant increase indicating substantially more compute-intensive AI workloads running on the platform. The company completed an acquisition (goodwill increased from $1,056.6M to $1,175.0M) likely to bolster AI capabilities. R&D spending of $492.0M (+12% YoY) continues heavy AI investment. No AI-specific revenue breakdown. The 10% estimate (~$114.5M) reflects accelerating Cortex AI adoption with LLM inference becoming a meaningful consumption driver, the rise of AI agents and applications built on Snowflake, and the measurable increase in compute-intensive workload mix evidenced by the 5pp increase in cloud infrastructure cost ratio.
Analyzed by claude-opus-4-6
Quoted Figures
Revenue $1,144,969 thousand for the three months ended July 31, 2025
10-Q for period ended July 31, 2025, Segment Information
Third-party cloud infrastructure expenses...represented approximately 70% and 65% of cost of product revenue for the three months ended July 31, 2025 and 2024, respectively
10-Q for period ended July 31, 2025, Segment Information footnote
Goodwill $1,174,978 thousand as of July 31, 2025 (vs $1,056,559 thousand as of January 31, 2025)
10-Q for period ended July 31, 2025, Condensed Consolidated Balance Sheet
AI Products Identified (Ring 1)
Cortex AI (LLM inference, fine-tuning, search, analysts)Snowpark MLDocument AISnowflake IntelligenceAI agents
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
AI Data Cloud platformSnowflake MarketplaceStreamlit
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix