Snowflake maintains a robust and proven consumption-based model, well-positioned for the agentic AI revolution and multi-cloud data governance demands. RPO surged to $9.8B in fiscal Q4 FY2026, with a 125% net revenue retention rate, validating SNOW's platform stickiness despite market skepticism. Growth deceleration is evident, with consensus revenue growth at 27% and adjusted earnings multiples above 90x, raising concerns over GAAP profitability.









