Product revenue — Cost of revenue
Snowflake Product revenue — Cost of revenue increased by 9.7% to $351.92M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 28.8%, from $273.21M to $351.92M. Over 3 years (FY 2023 to FY 2026), Product revenue — Cost of revenue shows an upward trend with a 32.0% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
How to read this metric
An increase relative to revenue may suggest declining gross margins or inefficiencies in infrastructure management. A decrease relative to revenue often signals improved operational leverage and better cost management of cloud hosting expenses.
Detailed definition
This metric captures the direct costs associated with delivering the company's cloud data platform services to customers...
Peer comparison
Comparable to 'Cost of Subscription Revenue' or 'Cost of Cloud Services' reported by other cloud-native software and infrastructure companies.
snow_segment_product_revenue_cost_of_revenueHistorical Data
| Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $136.89M | $136.89M | $136.89M | $136.89M | $175.30M | $175.30M | $175.30M | $175.30M | $219.66M | $235.58M | $263.62M | $273.21M | $285.28M | $302.32M | $320.81M | $351.92M |
| QoQ Change | — | +0.0% | +0.0% | +0.0% | +28.1% | +0.0% | +0.0% | +0.0% | +25.3% | +7.2% | +11.9% | +3.6% | +4.4% | +6.0% | +6.1% | +9.7% |
| YoY Change | — | — | — | — | +28.1% | +28.1% | +28.1% | +28.1% | +25.3% | +34.4% | +50.4% | +55.9% | +29.9% | +28.3% | +21.7% | +28.8% |
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Frequently Asked Questions
- What is Snowflake's product revenue — cost of revenue?
- Snowflake (SNOW) reported product revenue — cost of revenue of $351.92M in Q4 2025.
- How has Snowflake's product revenue — cost of revenue changed year-over-year?
- Snowflake's product revenue — cost of revenue increased by 28.8% year-over-year, from $273.21M to $351.92M.
- What is the long-term trend for Snowflake's product revenue — cost of revenue?
- Over 3 years (2023 to 2026), Snowflake's product revenue — cost of revenue has grown at a 32.0% compound annual growth rate (CAGR), from $547.55M to $1.26B.
- What does product revenue — cost of revenue mean?
- The direct costs incurred to provide the company's core cloud data platform services.