Key takeaways
- TTM revenue through Snowflake's July quarter reached nearly $5.4 billion, a growth rate of approximately 32% year over year.
- Despite this rapid top-line expansion, the company reported a net loss of close to $1.1 billion over the same period.
- TTM free cash flow through July was nearly $1.2 billion, but note that stock-based compensation represented roughly 130.9% of operating cash flow.
ServiceNow is down on fears that agentic AI will cut software demand, yet its subscription growth has stayed steady through 2026. Snowflake is growing faster and holding up against cloud rivals, but it is still unprofitable and trades at high multiples.
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