SNOW · 10-K filed 20 Mar 2026 · year to 31 Jan 2026

Snowflake

30 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Forbes Global 2000 customers

earns from · approximately 43% of our revenue

As of January 31, 2026, our customers included 790 of the Forbes Global 2000, based on the 2025 Forbes Global 2000 list, and those customers contributed approximately 43% of our revenue for the fiscal year ended January 31, 2026.Business (Item 1)

U.S. government

earns fromnamed as a risk

We sell to the U.S. government, state and local governments, foreign governments, and heavily regulated organizations directly and through our partners.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

Suppliers

Amazon Web Services (AWS)

depends on · substantial majority of our businessnamed as a risk

Currently, a substantial majority of our business is run on the AWS public cloud.Risk factors (Item 1A)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Microsoft Azure

depends onnamed as a risk

In addition, our platform currently operates on public cloud infrastructure provided by Amazon Web Services (AWS), Microsoft Azure (Azure), and Google Cloud Platform (GCP), and our costs and gross margins are significantly influenced by the prices we are able to negotiate with these public cloud providers, which in certain cases are also our competitors.Risk factors (Item 1A)

Also named by AIOT, AKAM, BLK, DDOG, DOCN, DOCU, EXTR, FFIV and 14 more

Google Cloud Platform (GCP)

depends onnamed as a risk

Also named by CRWV, DDOG, DOCN, EXTR, FFIV, INTU, MDB, MELI and 5 more

Third-party large language model vendors

depends onnamed as a risk

We also use third-party vendors for certain AI Technology components and services, including large language models, and if they are flawed or fail to execute, it may adversely impact our ability to deliver our products and services to our customers.Risk factors (Item 1A)

Partners and platforms

Global system integrators, managed service providers, and resellers

depends onnamed as a risk

Additionally, a small but increasing portion of our revenue is generated as a result of our relationships with global system integrators, managed service providers, and resellers.Risk factors (Item 1A)

Other companies

May 2024 customer Snowflake account cyberattacks

named as a risk

Even though we did not identify any evidence suggesting this activity was caused by or otherwise related to any vulnerability or misconfiguration of our systems, or a breach of our platform's security or our environment, we have been the subject of numerous lawsuits, regulatory investigations, and lawmaker inquiries relating to these customer incidents.Risk factors (Item 1A)

Observe, Inc.

In February 2026, we acquired Observe, Inc. (Observe), a leader in AI-powered observability, to deliver the next generation of AI-powered observability, built on open standards and designed for the scale, complexity, and economics required by modern AI-driven enterprises.Business (Item 1)

Competitors

Amazon Web Services (AWS)

competes withnamed as a risk

We currently offer our platform on the public clouds provided by AWS, Azure, and GCP, which are also some of our primary competitors.Risk factors (Item 1A)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Microsoft Azure

competes withnamed as a risk

We currently offer our platform on the public clouds provided by AWS, Azure, and GCP, which are also some of our primary competitors.Risk factors (Item 1A)

Also named by AIOT, AKAM, BLK, DDOG, DOCN, DOCU, EXTR, FFIV and 14 more

Google Cloud Platform (GCP)

competes withnamed as a risk

We currently offer our platform on the public clouds provided by AWS, Azure, and GCP, which are also some of our primary competitors.Risk factors (Item 1A)

Also named by CRWV, DDOG, DOCN, EXTR, FFIV, INTU, MDB, MELI and 5 more

Places

International (outside United States)

earns from · 25% of our revenuenamed as a risk

Customer accounts outside the United States generated 25% of our revenue for the fiscal year ended January 31, 2026.Risk factors (Item 1A)

Also named by DDOG, MDB, MSI, OKTA, ROP, TWLO

China

operates innamed as a risk

Under Chinese law, we must offer our platform through a Chinese-owned operating partner, which must assume control and management of certain aspects of our platform and serve as the seller of record.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Saudi Arabia

operates innamed as a risk

compliance with requirements to hire local employees to perform certain specific functions, such as Saudi Arabia's Regional Headquarters Program, which may not align with how we would otherwise operate our business;Risk factors (Item 1A)

Also named by APD, FLS, IEX

Hazards

Earthquakes (San Francisco Bay Area and Pacific Northwest)

concentrated innamed as a risk

Some of our U.S. corporate offices in which we operate and certain of the public cloud data centers on which our platform runs are located in the San Francisco Bay Area and Pacific Northwest, regions known for seismic activity.Risk factors (Item 1A)

Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more

Commodities and inputs

Euro

exposed to its price · approximately $50 millionnamed as a risk

A hypothetical 10% increase or decrease in foreign currency exchange rates would have resulted in a theoretical increase or decrease in operating loss of approximately $50 million, $39 million, and $25 million for the fiscal years ended January 31, 2026, 2025, and 2024, respectively.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

GPUs

depends onnamed as a risk

In addition, our successful development of AI Technology depends on our access to GPUs and ability to recruit and retain AI-skilled personnel, both of which are currently in high demand.Risk factors (Item 1A)

Also named by DOCN, SMCI

Regulators

U.S. Federal Trade Commission (FTC)

subject tonamed as a risk

Certain regulators, such as the FTC, may prohibit our use of certain personal information as a result of such proceedings.Risk factors (Item 1A)

Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more

Laws and programs

EU General Data Protection Regulation (GDPR)

subject tonamed as a risk

For example, if regulators assert that we have failed to comply with the GDPR or U.K. GDPR, we may be subject to significant fines, as well as potential data processing restrictions and penalties.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more

California Consumer Privacy Act (CCPA)

subject tonamed as a risk

For example, the California Consumer Privacy Act, as amended (CCPA), provides increased privacy rights and protections, including the ability of individuals to opt out of specific disclosures of their personal information, and provides for fines and allows private litigants affected by certain data breaches to recover significant statutory damages.Risk factors (Item 1A)

Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more

U.S. Export Administration Regulations

subject tonamed as a risk

Our platform is subject to U.S. export controls, including the U.S. Export Administration Regulations, and we incorporate encryption technology into our platform.Risk factors (Item 1A)

Also named by ADI, ALAB, AMD, APP, ARW, AVGO, CARR, CDRE and 40 more

EU Artificial Intelligence Act

subject tonamed as a risk

These regulations may impose onerous obligations related to our development, offering, and use of AI Technology and expose us to an increased risk of regulatory enforcement and litigation.Risk factors (Item 1A)

Also named by ABNB, ADP, AIOT, AKAM, ALAB, AMG, APP, AVAV and 24 more

False Claims Act

subject tonamed as a risk

For example, the government or other people on behalf of the government can bring civil actions under the False Claims Act where a contractor presents a false or fraudulent claim to the government for payment or approval, which can result in substantial civil penalties and/or prohibition from doing business with the government.Risk factors (Item 1A)

Also named by ACN, ASTS, CDW, CHE, CI, CVS, DGX, FLR and 13 more

FedRAMP

subject tonamed as a risk

We have obtained various government certifications and authorizations that are required to support sales opportunities to the government, including FedRAMP High and Department of War (DoW) Impact Level 4 and 5.Risk factors (Item 1A)

Also named by ADSK, CRWD, DDOG, DOCU, FTNT, GTLB, MSTR, NET and 9 more

EU Data Act

subject tonamed as a risk

For example, we are subject to certain parts of the EU's Data Act, which imposes certain data and cloud service interoperability and switching obligations to enable users to switch between cloud service providers without undue delay or cost, as well as certain requirements concerning cross-border international transfers of, and governmental access to, non-personal data outside the European Economic Area.Risk factors (Item 1A)

Also named by ADBE, CSGP, DDOG, IOT, KVYO, MSFT, NET, NOW and 6 more

EU Digital Operational Resilience Act (DORA)

subject tonamed as a risk

The EU's Digital Operational Resilience Act (DORA), which became effective as of January 17, 2025, applies to financial entities, such as banks, insurance companies, and investment firms, as well as their information and communication technology third-party service providers.Risk factors (Item 1A)

Also named by BKNG, BLK, CRM, CRWD, DDOG, EQIX, FDS, MCO and 3 more

EU NIS2 Directive

subject tonamed as a risk

Once fully implemented, non-compliance with NIS2 may lead to significant fines.Risk factors (Item 1A)

Also named by CGNX, DDOG, GDDY, MDB

U.S. DOJ Rule on Sensitive Personal Data and Countries of Concern

subject tonamed as a risk

This rule impacts certain business activities such as vendor engagements, employment of certain individuals, and investor agreements.Risk factors (Item 1A)

Tariffs on cloud infrastructure costs

exposed to its pricenamed as a risk

Tariffs may also increase the costs for AWS, Azure, and/or GCP to provide cloud infrastructure services, which may in turn increase the costs for us to use such services when we renew our agreements with them.Risk factors (Item 1A)