Snowflake

Snowflake's Q3 FY2026 (three months ended October 31, 2025) filing shows total revenue of $1,212.9M (+29% YoY). Cloud infrastructure costs have now reached 72% of product revenue (up from 64% a year ago), the highest level in the filing history, strongly suggesting AI inference and compute-intensive workloads are driving a structural shift in the cost profile. The filing references 'emerging product areas' in forward-looking statements, consistent with Cortex AI and related AI features gaining traction. Deferred commissions (current + non-current) grew significantly to $377.4M from $281.6M at fiscal year start, indicating expanding deal sizes potentially driven by AI feature commitments. No AI-specific revenue disclosed. The 12% estimate (~$145.5M) reflects the accelerating shift evidenced by the 8pp increase in cloud infrastructure cost ratio over two years, expanding Cortex AI feature set, and growing AI/ML consumption on the platform.