Snowflake Q4 surge — and a lawsuit

Snowflake reported total Q4 revenue of $1.28 billion for the quarter ended January 31, 2026, and management reported roughly $4.8 billion in cash and investments on the balance sheet at period end. ( ) The company closed the quarter with $9.77 billion in remaining performance obligations and said 733 customers had trailing twelve‑month product spend above $1 million, while 56 customers exceeded $10 million in spend. ( ) Snowflake disclosed AI adoption metrics that went beyond feature counts: more than 9,100 accounts were using Snowflake AI features and Snowflake Intelligence reached about 2,500 accounts within three months, with named adopters including Toyota Motor Europe and United Rentals. (snowflake.com) Operational moves highlighted on the call included the roughly $600 million Observe acquisition, a $150 million share‑repurchase in Q4 (668,000 shares at an average price of $225), and a non‑GAAP operating margin of about 10.5% for FY2026 with guidance for margin and stock‑based‑compensation reductions into FY2027. (fool.com) The securities‑fraud class action was filed by Bernstein Liebhard LLP and covers purchases of Snowflake Class A shares from June 27, 2023 through the close of market on February 28, 2024; the complaint alleges defendants misstated customer usage and product developments, and the firm set an April 27, 2026 deadline to seek lead‑plaintiff status. ( ) After the results, shares traded higher in after‑hours and were reported up about 5.06% to $161.31 in aftermarket trading, though outlets also documented intraday swings into the low‑$160s and around $180 in immediate after‑hours action. ( )