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Preview|SNOW 1Q26: Cortex Code Drives Accelerating Growth

FundaAI 3 信息等级 3 1 噪音/剔除;2 较弱;3 普通事实;4 重要行业动态;5 极重大事件。该分数是信息显著性,不是投资建议。 发布:2026-05-25T14:40 抓取:2026-05-25 16:13
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摘要

与6家Snowflake销售合作伙伴交流发现,Cortex Code产品推动1Q26消费增长加速,北美合作伙伴A消费增速从3Q25的20-25%YoY增至1Q26的25-30%YoY,并预期2Q26达30-35%YoY。AI/GenAI产品从试点转向生产为主要驱动力。合作伙伴B在1Q26实现增长。

客观事实
  • Cortex Code驱动Snowflake 1Q26消费增长加速
  • 北美合作伙伴A 1Q26消费增速25-30%YoY
  • AI/GenAI产品从试点转向生产是增长主因
Snowflake Cortex Code 北美合作伙伴A 北美合作伙伴B

原文

We spoke with 6 Snowflake Sales Partners this round to gain insights into Snowflake’s sales trends, as well as Cortex Code, the flagship product launched in 1Q26. We observed a very optimistic growth trajectory for Cortex Code.
Sales AttainmentPartner expert growth is generally tracked using Consumption (which is highly correlated with Revenue), as Snowflake primarily measures partners on Consumption metrics. Some experts who lack Consumption data may use consulting revenue as their reporting metric instead.
North America Partner A1. Consumption Attainment
3Q25: +20–25% YoY
4Q25: +25–30% YoY
1Q26: +25–30% YoY
2Q26E: +30–35% YoY
2H26E: +25–30% YoY
2. 1Q26 Performance
In line with, or modestly above, expectations.
While revenue exceeded targets, the partner is in a cost-optimization / margin-expansion phase, and missed its margin target. The firm had originally targeted 10% cost reduction; having missed it this quarter, they are now pushing to achieve it next quarter.
3. 2Q26 Progress
The primary driver of accelerating growth is AI/GenAI products transitioning from pilot/experimentation into broader implementation and production.
Compute, storage, data processing, AI workloads, Snowpark, and analytical consumption trends are all favorable.
4. View on 2H26 Growth
The expert believes too many customers were signed in 2Q26, leading to some seasonal softness in 2H26. (Note: We believe the expert is conflating Consulting Revenue with Consumption — this is not a negative read-through for 2H26 Consumption.)
North America Partner B1. Consumption Attainment
1Q25: Accelerating growth, beat expectations
2Q25: Accelerating, materially beat expectations
3Q25: Decelerating, missed expectations
4Q25: Reaccelerated, beat expectations
1Q26: Growth held steady at 4Q25 levels
2Q26E: Likely to remain at similar growth rates
2. In the 4Q25 Preview, the expert called out Cortex Code and Iceberg as the largest 2026 drivers; this view is reaffirmed.
“Cortex Code is essentially a pixel-perfect replication of Claude Code, with extensive Snowflake-specific optimizations.”
“Cortex Code is the fastest-growing product in Snowflake’s history. Its contribution in 1Q26 was modest, but it became very visible in 2Q26.”
“We didn’t see a clear acceleration in 1Q26, but I expect it to be apparent in 2Q26.”
“Cortex Code already accounts for nearly 3% of Consumption in 2Q26, and is growing rapidly week over week.”
North America Partner C1. Consumption Attainment
1Q25: Accelerated vs. 4Q24, beat expectations by 15–20%
2Q25: Accelerated vs. 1Q25, beat expectations
3Q25: Decelerated vs. 2Q25, missed expectations
4Q25: Reaccelerated vs. 3Q25, beat expectations
1Q26: Modestly accelerated vs. 4Q25, beat expectations by 8%
2Q26E: Holding similar growth, but unlikely to accelerate further
2. 2Q26 Progress
“We had previously revised our expectations. Despite a strong 1Q26, we have modestly cut our 2Q26–4Q26 forecasts, and we now expect 2Q26 to land at the lowered target.”
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