Snowflake FY25 EBIT walkthrough
Snowflake reports a GAAP operating loss but a positive Adjusted EBIT after adding back stock-based compensation, amortization of acquired intangibles, employer payroll taxes on stock-comp, and restructuring. The SBC add-back is the largest single line and is the canonical SaaS Adjusted-EBIT example[EDGAR].
Income statement (FY25 selected lines)
| Line (illustrative FY25) | $M |
|---|---|
| Revenue | 3,626 |
| Cost of revenue | 1,071 |
| Gross profit | 2,555 |
| Operating expenses (GAAP) | 3,386 |
| GAAP operating loss | (831) |
| + Stock-based compensation | 1,279 |
| + Amortization of acquired intangibles | 37 |
| + Employer payroll tax on stock-comp | 46 |
| Adjusted EBIT | 531 |
Illustrative; verify against the live filing. Rule-of-40 check: ~30% growth + 15% adjusted EBIT margin = 45. Clears.
Sourcing notes
Pulled from the most recent 10-K filed with SEC EDGAR (CIK 0001640147). Figures shown in millions of US dollars unless otherwise noted. The full filing is atEDGAR filings index.
Walker cross-link
Paste these figures into the homepage walker to reproduce the reconciliation, or use the 10-K paste parser to do it automatically.