Good afternoon. Thank you for attending the Snowflake , Q1 FY 2026 earnings call. My name is Matt, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call for an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I'm about to pass the conference over to our host, Jimmy Sexton, Head of Investor Relations. Jimmy, please go ahead.
Good afternoon, and thank you for joining us on Snowflake's Q1 FY 2026 earnings call. Joining me on the call today are Sridhar Ramaswamy, our Chief Executive Officer; Mike Scarpelli, our Chief Financial Officer; and Christian Kleinerman, our Executive Vice President of Product, who will participate in the Q&A. During today's call, we will review our financial results for the first quarter of fiscal 2026 and discuss our guidance for the second quarter and full year of fiscal 2026. During today's call, we will make forward-looking statements, including statements related to our business operations and financial performance. These statements are subject to risks and uncertainties, which could cause them to differ materially from our actual results. Information concerning these risks and uncertainties is available in our earnings press release, our most recent forms 10-K and 10-Q, and other SEC reports.
All our statements are made as of today based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During today's call, we will also discuss certain non-GAAP financial measures. See our investor presentation for a reconciliation of GAAP to non-GAAP measures and business metric definitions, including adoption. The earnings press release and investor presentation are available on our website at investors.snowflake.com. A replay of today's call will also be posted on the website. With that, I would now like to turn the call over to Sridhar.
Thanks, Jimmy.
Hi, everyone. Thank you all for joining us today. We are off to a strong start to the year, and I could not be more proud of our team. Our core business is very strong. Our product delivery remains in overdrive, and our go-to-market engine continues to get stronger and stronger. We are in the zone, and there is still an enormous opportunity ahead. At Snowflake, our mission is to empower every enterprise to achieve its full potential through data and AI. Our AI Data Cloud helps customers get more value out of their data, innovate faster, and remove friction from their business operations. As I have shared the past few quarters, we are extending that value throughout the data lifecycle. We remain disciplined in driving operational rigor across our business, gaining greater efficiency even as we continue to invest aggressively in growth.
We are building on our strengths and executing with urgency and focus to capture the opportunities ahead and sustain durable momentum. Product revenue for Q1 was $997 million, up a strong 26% year over year. Excluding the impact of leap year, product revenue grew 28% year over year. Our growth rate was stable quarter over quarter, showing no deceleration. Remaining performance obligations totaled $6.7 billion, with year-over-year growth of 34%. Our net revenue retention was a very healthy 124%. As you can see, we have started the year with strong revenue growth and overall very healthy results, and we are increasing our growth expectations for the year. As I've shared the past few quarters, Snowflake is obsessed with creating product cohesion to make it easier and easier for our customers to innovate faster and unlock more value from their data, from ingestion to insights.
Enterprise leaders like Canva and JPMorgan Chase bet their business on Snowflake because our platform is easy to use, connected to enable fluid access to data wherever it sits, and trusted by companies of all sizes and industries. We are continuing to deliver on our vision of being the end-to-end technology provider for our customers' data journey. We have made important progress in delivering an extensible and flexible connectivity platform for unstructured as well as structured data. Snowflake Connectors, which leverages the technology from our acquisition of Datavolo, enables customers with seamless connectivity and data integration with key platforms like Google Drive, Workday, Slack, SharePoint, and more to tap into critical data across the business. Global pharmaceutical leader AstraZeneca, for example, can now analyze critical business data from systems like SAP and Workday with ease.
Customers like Cloud Zero leverage hundreds of powerful active data sharing connections to securely exchange data with their partners and customers, driving value across our ecosystem. As our data engineering business continues to show strength, we are helping our customers streamline and scale their data pipelines with less and less friction and realize meaningful cost savings. By consolidating data in Snowflake, Dentsu, a global marketing agency managing data for numerous Fortune 500 clients, reduced costs by 20% through simplified data architecture and reduced dependence on third-party tools. They now use Snowflake Data Clean Room to help global brands securely combine customer data without compromising privacy, enabling more personalized marketing campaigns while reducing risk. On the analytics front, our world-class solutions continue to power mission-critical operations for our customers. Global technology leader Siemens is collaborating with Snowflake to help manufacturers unlock new levels of operational efficiency and scale.
This enables customers to unify their information technology data, such as supply chain management and financial data, with operational technology data like data from plant floor systems and industrial equipment, leveraging Siemens' Industrial Edge and Snowflake's AI Data Cloud to gain better insights, improve machine performance, and optimize production processes across their customers. As AI reshapes the enterprise, Snowflake is helping our customers lead the way with AI-ready data. Take Samsung Ads, a leader in connected TV advertising. They leverage Snowflake to connect advertisers with millions of Samsung consumers while upholding strict privacy standards. By unifying their data on Snowflake, Samsung Ads drives innovation in personalized customer experiences and accelerates the development of new AI and ML-powered advertising features, enabling advertisers to deliver more relevant content and enhance the advertising experience. We have incredible product momentum, and we are continuing to innovate at lightning speed.