Snowflake Inc. (SNOW): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de las plataformas de datos en la nube, Snowflake Inc. se ha convertido en una fuerza transformadora, revolucionando cómo las empresas administran, comparten y analizan conjuntos de datos masivos en múltiples entornos en la nube. Al resolver ingeniosamente los complejos desafíos de infraestructura de datos, el copo de nieve ha interrumpido los modelos tradicionales de almacenamiento de datos, ofreciendo escalabilidad, rendimiento y colaboración de nube transversal que faculta a las organizaciones desbloquear ideas sin precedentes e impulsar la toma de decisiones estratégicas. Esta profunda inmersión en el lienzo de modelo de negocio de Snowflake revela los intrincados mecanismos detrás de su enfoque innovador para la gestión de datos y la computación en la nube.

Snowflake Inc. (Snow) - Modelo de negocios: asociaciones clave

Proveedores de infraestructura en la nube

Snowflake mantiene asociaciones críticas con los principales proveedores de infraestructura de la nube:

Proveedor de nubes	Detalles de la asociación	Regiones globales apoyadas
Servicios web de Amazon (AWS)	Socio de infraestructura de la nube primaria	21 regiones globales
Microsoft Azure	Colaboración de infraestructura de nube estratégica	15 regiones globales
Plataforma en la nube de Google	Soporte integral de infraestructura en la nube	18 regiones globales

Socios tecnológicos

Snowflake colabora con múltiples socios de tecnología para mejorar las capacidades de integración y análisis de datos:

• Informatica: soluciones de integración de datos empresariales
• Tableau: visualización de datos avanzados
• Fivetran: integración automatizada de tuberías de datos
• Talend: Integración y transformación de datos
• Alteryx: automatización de procesos de análisis

Empresas de consultoría estratégica

Consultoría	Enfoque de asociación	Alcance de implementación global
Deloitte	Implementación de la estrategia de datos empresariales	Más de 50 países
Acentuar	Servicios de transformación de datos en la nube	Más de 45 países
Kpmg	Consultoría de análisis de datos avanzados	Más de 40 países

Proveedores de plataforma de integración de datos

• Matillion: ETL y transformación de datos
• Puntada: integración de la tubería de datos
• ATUNIDAD: replicación de datos empresariales

Colaboradores de ecosistemas de software empresarial

Socio de software	Capacidades de integración
Salesforce	Integración de datos CRM
SAVIA	Sincronización de datos de planificación de recursos empresariales
Jornada laboral	Integración de datos de gestión de capital humano

Snowflake Inc. (Snow) - Modelo de negocio: actividades clave

Desarrollo de la plataforma de datos en la nube

Snowflake invirtió $ 789.1 millones en investigación y desarrollo en el año fiscal 2023. La compañía emplea a 3,554 empleados a tiempo completo dedicados al desarrollo de la plataforma al 31 de enero de 2023.

Métricas de desarrollo	Valor
Gastos anuales de I + D	$ 789.1 millones
Empleados técnicos	3,554
Regiones de implementación de plataforma	26 regiones de nubes globales

Soluciones de almacenamiento y análisis de datos

Snowflake administra más de 6.100 clientes en varias industrias, procesando 2,5 billones de transacciones de datos diariamente.

• Los segmentos de los clientes incluyen empresas empresariales, del mercado medio y comerciales
• Soporte para el procesamiento de datos estructurado y semiestructurado
• Capacidades de intercambio de datos múltiples y nubes cruzadas

Innovación de plataforma continua

Snowflake lanzó 4 actualizaciones de plataformas principales en el año fiscal 2023, con 43 nuevas características y mejoras.

Métricas de innovación	Valor
Actualizaciones de plataforma anual	4
Nuevas características lanzadas	43
Solicitudes de patentes	218 archivado

Servicios de atención al cliente y implementación

Snowflake mantiene un equipo de apoyo global con asistencia técnica 24/7 en múltiples idiomas y zonas horarias.

• Cobertura de soporte en 10 idiomas
• Tiempo de respuesta promedio de atención al cliente: 30 minutos
• Gerentes de éxito de clientes dedicados para clientes empresariales

Gestión de seguridad y cumplimiento

Snowflake mantiene el cumplimiento de 10 principales estándares y certificaciones de seguridad global.

Certificaciones de seguridad	Estado
SoC 2 Tipo II	Certificado
ISO 27001	Certificado
Cumplimiento de HIPAA	Obediente
PCI DSS	Obediente

Snowflake Inc. (Snow) - Modelo de negocio: recursos clave

Arquitectura avanzada de software nativo de nube

La arquitectura nativa de nube de Snowflake abarca múltiples plataformas en la nube:

Plataforma en la nube	Cobertura
AWS	100% compatible
Microsoft Azure	100% compatible
Google Cloud	100% compatible

Tecnología de intercambio de datos y optimización patentada

La pila de tecnología de Snowflake incluye:

• Plataforma de nube de datos
• Arquitectura de datos compartidos de múltiples parcias
• Capacidades únicas de intercambio de datos

Talento de ingeniería y ciencia de datos altamente calificada

Composición de la fuerza laboral a partir del cuarto trimestre 2023:

Categoría de empleado	Número
Total de empleados	4,021
Personal de ingeniería	1,612
Especialistas en ciencias de datos	537

Infraestructura de nube global robusta

Métricas de implementación de infraestructura:

• Centros de datos globales: 200+ en todo el mundo
• Regiones de red: 35 regiones activas
• Integraciones de plataforma en la nube: 3 proveedores principales

Propiedad intelectual y patentes

Detalles de la cartera de patentes e IP:

Categoría de IP	Contar
Patentes totales archivadas	127
Patentes activas	89
Aplicaciones de patentes pendientes	38

Snowflake Inc. (Snow) - Modelo de negocio: propuestas de valor

Escala y rendimiento de datos ilimitados

Snowflake proporciona una plataforma nativa de la nube con Capacidades de escala de datos prácticamente ilimitadas. A partir del cuarto trimestre de 2023, Snowflake procesó 1.14 mil millones de consultas y 43.9 petabytes de almacenamiento de datos para los clientes.

Métrico de rendimiento	2023 datos
Consultas totales procesadas	1.14 mil millones
Volumen de almacenamiento de datos	43.9 petabytes
Rendimiento promedio de consultas	Tiempo de respuesta sub-segundo

Capacidades de colaboración de datos de nube cruzada

Snowflake permite un intercambio de datos sin problemas en múltiples plataformas en la nube.

• Soporte para AWS, Azure y Google Cloud
• Intercambio de datos en tiempo real sin movimiento de datos
• Colaboración de datos de nube cruzada para más de 7.400 clientes

Gestión y análisis de datos simplificados

Snowflake ofrece soluciones integradas de gestión de datos con capacidades de análisis avanzado.

Característica de análisis	Capacidad
Usuarios concurrentes	Admite usuarios concurrentes ilimitados
Transformación de datos	Soporte SQL nativo
Integración de aprendizaje automático	Soporte directo de Python y R Language

Características de seguridad y gobernanza mejoradas

Snowflake proporciona una robusta infraestructura de seguridad con controles integrales de gobernanza.

• Plataforma certificada de HITRUST CSF
• Cumplimiento de SoC 2 Tipo II
• Cifrado avanzado para datos en reposo y en tránsito

Soluciones de infraestructura de datos rentables

El modelo de precios de Snowflake ofrece precios flexibles basados ​​en el consumo.

Función de optimización de costos	Detalles
Facturación de pago por segundo	Incrementos mínimos de 1 segundo
Costo de almacenamiento	$ 23 por terabyte comprimido por mes
Costo de calcular	A partir de $ 0.00056 por segundo

Snowflake Inc. (Snow) - Modelo de negocios: relaciones con los clientes

Incorporación digital de autoservicio

A partir del cuarto trimestre de 2023, Snowflake ofrece una plataforma de incorporación digital con las siguientes características:

Métrico	Valor
Cuentas de prueba gratuitas creadas	Más de 7,500 por trimestre
Tiempo de incorporación promedio	45 minutos
Páginas de documentación digital	1.200+ guías técnicas

Equipos dedicados de éxito del cliente

La estructura de éxito del cliente de Snowflake incluye:

• 167 gerentes de éxito de clientes dedicados a partir del cuarto trimestre 2023
• Tamaño promedio del equipo de éxito del cliente: 3-5 profesionales por cliente empresarial
• Tasa de retención neta: 158% en el año fiscal 2024

Programas de soporte técnico y capacitación

Canal de soporte	Tiempo de respuesta	Cobertura
Soporte empresarial	1 hora	Cobertura global 24/7
Sesiones de capacitación técnica	Semanalmente	150+ seminarios web en vivo anualmente
Programas de certificación	A sí mismo	4 niveles diferentes de certificación técnica

Intercambio de conocimientos impulsado por la comunidad

Métricas de compromiso de la comunidad:

• Miembros del Foro de la Comunidad de Snowflake: más de 85,000
• Hilos de discusión activa: más de 500 semanales
• Soluciones técnicas generadas por el usuario: 3.200 documentados

Consulta empresarial personalizada

Especie de consulta empresarial:

Tipo de consulta	Cobertura	Tasa de compromiso
Reseñas de diseño de arquitectura	Top 500 clientes empresariales	Tasa de aceptación del 87%
Sesiones de estrategia de migración	Segmentos empresariales globales	Conversión del 72% a la implementación completa

Snowflake Inc. (Snow) - Modelo de negocio: canales

Equipo de ventas de Enterprise Direct

A partir del cuarto trimestre de 2023, el equipo de ventas de Snowflake Direct Enterprise constaba de 1,741 profesionales de ventas. El equipo generó $ 2.24 mil millones en ingresos recurrentes anuales (ARR) con un ciclo de ventas promedio de 3-6 meses para clientes empresariales.

Métrico de ventas	2023 datos
Representantes de ventas totales	1,741
Tamaño de trato promedio	$412,000
Tasa de conversión de clientes empresariales	22.3%

Plataforma digital en línea

La plataforma digital de Snowflake admite 6.860 clientes activos a partir de enero de 2024. La plataforma procesa 2.4 petabytes de datos diariamente y maneja más de 1.2 millones de consultas concurrentes.

Integraciones del mercado de la nube

Snowflake mantiene asociaciones con los principales proveedores de nubes:

• Amazon Web Services (AWS): 45% de las transacciones del mercado
• Microsoft Azure: 32% de las transacciones del mercado
• Plataforma en la nube de Google: 23% de las transacciones del mercado

Mercado de la nube	Volumen de transacción
AWS Marketplace	$ 412 millones
Mercado Azure	$ 287 millones
Google Cloud Marketplace	$ 203 millones

Referencias de socios tecnológicos

Snowflake colabora con 660 socios de tecnología, generando $ 337 millones en ingresos referidos a socios en 2023.

Marketing digital y eventos

En 2023, Snowflake invirtió $ 184 millones en marketing digital y organizó 42 eventos globales, atrayendo a 18,500 asistentes únicos.

Métrico de marketing	2023 datos
Gasto de marketing digital	$ 184 millones
Eventos globales alojados	42
Asistentes de eventos	18,500

Snowflake Inc. (Snow) - Modelo de negocio: segmentos de clientes

Grandes corporaciones empresariales

A partir del cuarto trimestre de 2023, Snowflake reportó 822 clientes con ingresos anuales de productos de más de $ 1 millón, lo que representa un crecimiento año tras año.

Segmento de clientes	Número de clientes	Gasto anual promedio
Fortune 500 Companies	203	$ 2.4 millones
Global 2000 Enterprises	346	$ 1.8 millones

Empresas de tecnología del mercado medio

La base de clientes de tecnología del mercado medio de Snowflake creció un 42% en 2023.

• Total de tecnología del mercado medio CLIENTES: 412
• Valor promedio del contrato anual: $ 385,000
• Industrias típicas: SaaS, Servicios en la nube, plataformas digitales

Instituciones de servicios financieros

Sector financiero	Conteo de clientes	Porcentaje de ingresos totales
Bancario	87	18%
Seguro	62	12%
Empresas de inversión	45	9%

Organizaciones de atención médica y farmacéutica

Snowflake atiende a 156 clientes de atención médica y farmacéutica con un valor de contrato anual promedio de $ 475,000.

• Top 10 compañías farmacéuticas como clientes: 7
• Gesto de gestión de datos de atención médica: $ 12.3 millones
• Soluciones de datos centradas en el cumplimiento: propuesta de valor primario

Sector público y agencias gubernamentales

Nivel gubernamental	Número de clientes	Valor total del contrato
Agencias federales	23	$ 44.6 millones
Gobiernos estatales	41	$ 22.3 millones
Municipios locales	33	$ 8.7 millones

Snowflake Inc. (Snow) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2024, los gastos de investigación y desarrollo de Snowflake fueron de $ 786.5 millones, lo que representa el 38.4% de los ingresos totales. El personal de I + D aumentó a aproximadamente 1,800 empleados centrados en la innovación de productos.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2024	$ 786.5 millones	38.4%

Mantenimiento de la infraestructura en la nube

Los costos de infraestructura en la nube de Snowflake para 2024 totalizaron $ 412.3 millones, principalmente distribuidos en los principales proveedores de nubes:

Proveedor de nubes	Gasto de infraestructura
Servicios web de Amazon	$ 218.6 millones
Microsoft Azure	$ 127.9 millones
Plataforma en la nube de Google	$ 65.8 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing para el año fiscal 2024 alcanzaron los $ 1.02 mil millones, lo que representa el 49.8% de los ingresos totales.

• Personal del equipo de ventas: 1.250 empleados
• Costo promedio de adquisición de clientes: $ 87,500
• Inversión de pila de tecnología de marketing: $ 45.3 millones

Operaciones de atención al cliente

Los costos de atención al cliente para 2024 fueron de $ 156.7 millones, con un equipo de soporte dedicado de 650 profesionales.

Canal de soporte	Costo operativo anual
Apoyo técnico	$ 98.4 millones
Éxito del cliente	$ 58.3 millones

Adquisición y retención de talentos

Los recursos humanos totales y los gastos de gestión del talento para 2024 fueron de $ 224.6 millones.

• Compensación total de empleados: $ 672.3 millones
• Salario promedio de ingeniería: $ 245,000
• Beneficios y ventajas de los empleados: $ 89.7 millones
• Costos de reclutamiento y capacitación: $ 42.1 millones

Snowflake Inc. (Snow) - Modelo de negocio: flujos de ingresos

Modelo de precios basado en el consumo

Ingresos de Snowflake para el año fiscal 2024 (que finaliza el 31 de enero de 2024): $ 2.9 mil millones, que representa un crecimiento año tras año del 36%. Ingresos del producto: $ 2.84 mil millones.

Métrico de fijación de precios	Tarifa de carga
Créditos de calcular	$ 0.00645 por crédito
Costo de almacenamiento	$ 23 por terabyte por mes
Transferencia de datos	$ 0.01 por GB

Suscripciones de software empresarial

Ingresos recurrentes anuales (ARR) a partir del cuarto trimestre 2024: $ 2.24 mil millones.

• Base de clientes: 8,111 Total de clientes
• Clientes Global 2000: 722
• Gasto promedio de clientes empresariales: $ 712,000 anualmente

Tarifas de transacción del mercado de datos

Volumen de transacción del mercado: $ 500 millones en 2024.

Categoría de mercado	Porcentaje de tarifa de transacción
Intercambio de datos	3-5%
Conjuntos de datos externos	5-7%

Servicios profesionales y consultoría

Ingresos de servicios profesionales: $ 60.2 millones en el año fiscal 2024.

• Tasa de servicios de implementación: $ 250- $ 350 por hora
• Consultoría de compromiso Duración promedio: 3-6 meses

Cargos de uso de infraestructura en la nube

Ingresos de uso de la infraestructura: $ 412.5 millones en el año fiscal 2024.

Proveedor de nubes	Porcentaje de uso
AWS	65%
Azur	25%
Google Cloud	10%

Snowflake Inc. (SNOW) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Snowflake Inc. in late 2025. It's about unification, flexibility, and paying only for what you use, all wrapped in enterprise-grade security.

Unified AI Data Cloud: Single platform for data warehousing, engineering, and GenAI.

Snowflake Inc. is positioned as the platform for the AI era, driving adoption across its entire data lifecycle capabilities.

• Total active customers as of October 31, 2025: 12,621.
• Accounts using AI capabilities weekly (Q3 FY2026): Over 7,300.
• Customers harnessing next-generation agentic AI (Snowflake Intelligence): 1,200.
• New customer wins influenced by AI (Q2 FY2026): Approximately 50%.
• Deployed use cases involving AI (Q2 FY2026): 25%.

Cross-Cloud Flexibility: Eliminates vendor lock-in across AWS, Azure, and GCP.

The ability to operate seamlessly across the major public clouds is a key differentiator, simplifying procurement and deployment.

Snowflake Inc. transaction growth through AWS Marketplace alone eclipsed $2 billion in sales within the 2025 calendar year. Azure was the fastest-growing cloud for Snowflake, showing 40% year-over-year growth in Q2 FY2026. Snowflake Inc. received 14 AWS Partner Award wins in 2025.

Consumption Pricing: Pay-per-use model directly tied to customer utility and ROI.

The model ties cost directly to utility via credits for compute, storage, and cloud services, allowing for instant scaling up or down.

Here's a look at the components driving the consumption cost:

Pricing Component	Unit/Basis	Example On-Demand Rate (Enterprise Edition, US Region)
Compute (Virtual Warehouse)	Credits per Hour (e.g., Medium = 4 credits/hr)	Approximately $3 per credit.
Storage	Per Terabyte (TB) per Month	Approximately $23 per TB/month.
Cloud Services	Credits (Billed if > 10% of daily compute)	Varies, often around 10% of compute cost.

For example, a typical Enterprise Edition setup using 10 TB of storage and running compute for 1,408 credits in a month resulted in a compute cost of $4,224 and a storage cost of $230 in one scenario.

Secure Data Sharing: Governed, zero-copy data exchange via the Data Cloud.

Customer satisfaction and continued spending are validated by the Net Revenue Retention Rate, which shows existing customers are expanding their usage significantly.

• Net Revenue Retention Rate as of October 31, 2025: 125%.
• Customers with trailing 12-month product revenue greater than $1 million: 688.
• Forbes Global 2000 customers: 766.

Enterprise AI: Run LLMs securely on governed data within the Snowflake perimeter.

The focus on AI integration is translating into tangible financial milestones, showing rapid product uptake.

Snowflake Inc. achieved a $100 million annualized AI revenue run rate one quarter earlier than anticipated. Product revenue for Q3 FY2026 was $1.16 billion, up 29% year-over-year, fueled by AI workloads. The company signed a $200 million deal with Anthropic to deepen Claude model integration.

Finance: review Q4 FY2026 cash flow projections against the $1.3 billion remaining share repurchase authorization by March 2027.

Snowflake Inc. (SNOW) - Canvas Business Model: Customer Relationships

You're looking at how Snowflake Inc. keeps its biggest spenders happy and how that translates into growth from the existing base. The relationship strategy is clearly tiered, focusing intense resources where the revenue is most concentrated.

Dedicated Account Management is reserved for the top tier. As of January 31, 2025, Snowflake Inc. had exactly 580 customers with trailing 12-month product revenue greater than $1 million. These are the accounts getting the high-touch treatment, ensuring their consumption scales with their needs.

Retention is the real story here; it shows existing customers aren't just staying, they're expanding their footprint significantly. That consumption-based model works when the product delivers, and these numbers suggest it is.

Metric	Value	Date/Period End
Net Revenue Retention Rate (NRR)	126%	January 31, 2025
Net Revenue Retention Rate (NRR)	125%	July 31, 2025
Net Revenue Retention Rate (NRR)	125%	Fiscal Q3 2026

To be fair, that 126% NRR from January 2025 is the benchmark you asked for, showing that for every $100 spent last year, customers spent $126 this year. Still, even in the most recent reported quarter (Fiscal Q3 2026), the rate held strong at 125%, which is defintely best-in-class for this scale.

Co-innovation is about building the future with key partners, often involving nine-figure commitments. Snowflake Inc. recently announced a significant expansion of its strategic partnership with Anthropic, a multi-year, $200 million agreement focused on deploying AI agents. This builds on existing work where thousands of customers process trillions of Claude tokens per month through Snowflake Cortex AI.

Also, the company struck new partnerships in Q3 2026 to ensure data access across the ecosystem. Here are some of the key strategic relationships announced:

• Expanded alliance with Accenture for agentic and generative AI.
• New partnerships with Workday, Palantir, UiPath, and Splunk.
• A new partnership with SAP to combine AI tools with SAP's Business Data Cloud.

For the broader user base, self-service tools and community support are crucial for adoption beyond the top spenders. Snowflake Inc. is clearly investing here, with Summit 2025 heavily messaging a 'Built for Builders' approach, including tools like SnowConvert AI for migrations and native dbt integration.

The developer community engagement, while broad, shows where the platform stands against competitors in terms of mindshare. In the 2025 Stack Overflow Developer Survey, 4.1% of developers reported doing extensive development work in Snowflake over the past year. This figure is lower than some traditional databases, but it reflects the platform's position as a specialized, high-value data environment rather than a general-purpose database.

Finance: draft the projected NRR impact from the new Anthropic partnership by next Tuesday.

Snowflake Inc. (SNOW) - Canvas Business Model: Channels

You're looking at how Snowflake Inc. gets its platform and services into the hands of customers; it's a multi-pronged approach that leans heavily on direct engagement for the biggest deals, but scales through the cloud providers.

Direct Sales Force: Primary channel for large enterprise contracts

The direct sales force remains the core engine for landing and expanding the largest, most complex enterprise contracts. This is where you see the focus on securing the biggest spenders in the market. As of January 31, 2025, Snowflake reported having 580 customers that generated more than $1 million in trailing 12-month product revenue. That's a significant cohort that the direct team is definitely prioritizing. Overall, the customer base reached 11,159 as of that same date, showing the breadth of the market they cover, but the high-value accounts are definitely a direct sales focus. The company also counts 745 of the Forbes Global 2000 customers as of January 31, 2025, which are prime targets for the dedicated enterprise sales teams.

Cloud Marketplaces

The cloud marketplaces are a massive accelerant, primarily by removing procurement friction for customers already committed to a hyperscaler. Honestly, this channel is performing exceptionally well. Snowflake eclipsed $2 billion in sales through Amazon Web Services (AWS) Marketplace within the 2025 calendar year. That number represents a doubling of its year-over-year transaction growth through that specific marketplace. This success is validated by AWS recognizing Snowflake across 14 Partner Award categories in 2025, including Data & Analytics Technology Partner of the Year for the third consecutive year. It just shows how critical these co-sell motions are for reaching scale quickly.

Partner Ecosystem

The partner ecosystem is where you see the true scale engine for Snowflake Inc. The network is exploding; as of mid-2025, the total partner count surpassed 12,600 worldwide. To put that growth in perspective, the Snowflake Partner Network only had about 600 partners back in 2022. The depth of engagement is also increasing, evidenced by the fact that the ecosystem now boasts over 36,000 partner credentials. This isn't just about sheer numbers, though; the top partners are investing heavily, with many doubling their practice sizes year-over-year, exceeding that 30 percent growth rate seen across the entire ecosystem. You've got GSIs (Global System Integrators) and ISVs (Independent Software Vendors) all building on the platform.

Data Cloud Marketplace

The Data Cloud Marketplace functions as the digital distribution platform for data products and applications built by partners. This is the marketplace where the ecosystem monetizes its work directly on Snowflake. As of January 31, 2025, partners had listed over 3,000 offerings on the Snowflake Marketplace. This digital storefront helps partners generate business and engage customers by making their solutions easily accessible to the existing Snowflake user base. It's a key component for driving consumption and expanding the platform's utility without requiring Snowflake to build every application itself.

Here's a quick look at the key channel metrics we're tracking for late 2025:

Channel Metric	Value/Amount	Date/Period Reference
AWS Marketplace Sales	Over $2 billion	CY2025
Total Partner Network Count	Over 12,600	Mid-2025
Partner Credentials	Over 36,000	Mid-2025
Data Cloud Marketplace Listings	Over 3,000	January 31, 2025
Customers > $1M TTM Product Revenue	580	January 31, 2025
Partner Network Count (Historical Baseline)	600	2022

The Net Revenue Retention Rate was reported at 125% as of Q3 CY2025, which suggests that even with these varied channels, existing customers are significantly increasing their consumption, which is the ultimate goal of any channel strategy.

• AWS Marketplace sales growth year-over-year: Doubled (CY2025 vs CY2024).
• Partner ecosystem growth year-over-year: Approximately 30 percent.
• Customers using AI/ML technologies weekly: More than 4,000.
• AI-related sales run rate (as of Q3 CY2025 earnings call): Reached a $100 million annual revenue run rate during the quarter.

Finance: draft 13-week cash view by Friday.

Snowflake Inc. (SNOW) - Canvas Business Model: Customer Segments

You're looking at the core of Snowflake Inc. (SNOW) customer base as of late 2025, focusing on the segments driving that 29% year-over-year product revenue growth reported in Q3 Fiscal Year 2026.

The platform's appeal spans from the largest global entities down to specialized data practitioners. As of October 31, 2025, Snowflake counted 12,621 total customers, showing a 20% year-over-year growth in the total customer count.

The concentration of high-value customers is significant. The company reported 688 customers with trailing 12-month product revenue greater than $1 million as of October 31, 2025.

Here is a breakdown of the key customer segments:

Large Enterprises

This segment represents the bedrock of the largest contract values. Snowflake Inc. has deep penetration within the world's most significant corporations.

Customer Segment Metric	Data Point (as of late 2025)
Forbes Global 2000 Customers	766
Customers with TTM Product Revenue > $1M	688
Average TTM Spend for G2000 Customers	$2.3 million

Financial Services

This vertical is a primary driver of current momentum. Financial services and technology verticals led growth in Q3 Fiscal Year 2026.

• AI is being applied to analyze unstructured data like financial documents for quant research.
• Banking and Payments use cases focus on expediting processes like home buying by parsing documents quickly.
• AI influenced 50% of bookings signed during the third quarter.

Technology and Retail

These sectors rely on the platform for speed and scale across operations. The focus here is on real-time decision-making.

• Technology verticals led growth in Q3 Fiscal Year 2026 alongside Financial Services.
• Retail and Consumer Goods leaders use the platform for supply chain optimization and intelligent demand forecasting.
• The platform enables near real-time data analysis for quick reactions to market trends.

Data Professionals

This segment includes the end-users: data scientists, engineers, and analysts who directly consume the platform's capabilities, especially its AI features.

• More than 7,300 customers are using Snowflake's AI and ML technology weekly.
• New tools like Snowflake Intelligence and the Data Science Agent are making AI accessible to these professionals.
• The platform is evolving into an AI operating system, allowing companies to build and run AI-powered apps directly on Snowflake.

The overall health of the existing customer base is reflected in the Net Revenue Retention Rate, which stood at 125% as of October 31, 2025.

Finance: draft 13-week cash view by Friday.

Snowflake Inc. (SNOW) - Canvas Business Model: Cost Structure

You're looking at the major drains on Snowflake Inc.'s top-line revenue as the company scales its AI Data Cloud. Honestly, understanding these costs is key because they directly impact the path to sustained, cash-flow-positive growth. The cost structure is heavily weighted toward the resources needed to run and expand the platform, plus the equity needed to retain top-tier talent.

The primary operational expense tied to service delivery is the cost of the underlying cloud resources. For the fiscal year 2025, the Cloud Infrastructure Costs, which represent the direct cost of revenue, are cited at $1.21 Billion. This number reflects the consumption of compute, storage, and data transfer from the hyperscalers like AWS, Microsoft Azure, and Google Cloud Platform that power the platform.

Next, you have the significant non-cash expense that fuels talent acquisition and retention in a hyper-competitive market. Stock-Based Compensation (SBC) was a high non-cash expense totaling $2.3 Billion in fiscal 2025. This expense is added back for non-GAAP metrics, but it represents a real economic cost in terms of shareholder dilution. To be fair, this is how Snowflake competes for engineers against hyperscalers and AI startups.

The investment in the future of the platform is substantial. Research and Development (R&D) spending shows heavy investment in AI and platform features. For the full fiscal year 2025, R&D expenses reached $1.783 Billion. This heavy spend is what keeps the platform competitive and drives new revenue streams, like those tied to AI model development.

Finally, the push for customer acquisition and consumption expansion requires a significant go-to-market engine. The broader Selling, General, and Administrative (SG&A) expenses, which encompass Sales and Marketing, were $2.084 Billion for the annual period of fiscal 2025. This significant spend is necessary to grow the customer base and drive consumption from the existing 11,000+ customers and the 580 customers generating over $1 million in trailing 12-month product revenue. Here's the quick math: R&D plus SG&A alone accounted for over $3.8 Billion in annual operating expenses.

Here is a breakdown of the major annual operating cost components for Snowflake Inc. in FY2025:

Cost Component	FY2025 Annual Amount (USD)	Context/Nature
Cloud Infrastructure Costs (Cost of Revenue Component)	$1.21 Billion	Direct cost for underlying cloud services consumption.
Stock-Based Compensation (SBC)	$2.3 Billion	High non-cash expense for employee and executive compensation.
Research and Development (R&D)	$1.783 Billion	Investment in AI, platform features, and engineering talent.
Selling, General & Administrative (SG&A)	$2.084 Billion	Covers Sales and Marketing spend for customer acquisition and expansion.

You can see the scale of the investment required to maintain market leadership. The company is spending heavily across the board to secure its position as the AI Data Cloud provider. The key action item here is monitoring the efficiency of the R&D and S&M spend relative to the 29.21% annual revenue growth seen in FY2025, which brought total revenue to $3.63 Billion.

• Cloud services consumption is the variable cost core to the product delivery.
• SBC is a structural cost reflecting intense competition for specialized cloud and AI talent.
• R&D investment is focused on expanding the end-to-end data lifecycle capabilities.
• Sales and Marketing spend is aimed at expanding consumption from the existing base, evidenced by a Net Revenue Retention rate of 126% as of January 31, 2025.

Finance: draft 13-week cash view by Friday.

Snowflake Inc. (SNOW) - Canvas Business Model: Revenue Streams

You're looking at the core ways Snowflake Inc. actually brings in the cash, which is key for any financial model you're building. Honestly, the model is heavily skewed toward usage, which is a double-edged sword-great when customers are expanding, but a risk if consumption dips.

Product Revenue is the engine here. This isn't a flat subscription; it's usage-based fees for compute, storage, and cloud services. You pay for what you process and keep. This structure ties Snowflake's success directly to customer data activity, which is why metrics like Net Revenue Retention Rate are so closely watched. For the full fiscal year 2025, the Total Product Revenue was set at $3.46 Billion.

To give you a clearer picture of how the revenue composition looked recently, here's a snapshot based on the Q3 fiscal year 2026 results, which gives us the latest segment breakdown:

Revenue Component	Latest Reported Amount (Q3 FY26)	Percentage of Total Revenue (Q3 FY26)
Product Revenue	$1.16 billion	96%
Professional Services and Other Revenue	$54.5 million	4%

Professional Services cover the necessary hand-holding for large enterprises. This stream includes consulting, training, and implementation support to get those massive data workloads running smoothly. While smaller than the core product revenue, this segment is growing; for instance, in Q3 fiscal year 2026, Professional Services and other revenues hit $54.5 million, showing a 30% year-over-year increase.

The final piece of the puzzle is the Marketplace Transactions. This is where Snowflake monetizes its ecosystem, taking fees from data and application exchanges hosted on its platform. It's a multiplier effect; the more valuable data partners join, the stickier the platform becomes, driving more Product Revenue usage.

Here are some key customer metrics that feed these revenue streams:

• Customers with trailing 12-month product revenue greater than $1 million: 688 as of October 31, 2025.
• Net Revenue Retention Rate as of January 31, 2025: 126%.
• Net Revenue Retention Rate as of October 31, 2025: 125%.
• Customers among the Forbes Global 2000: 766 as of October 31, 2025.

Finance: draft 13-week cash view by Friday.