Financial research concept

Data Cloud Remaining Performance Obligations Growth

Data cloud RPO growth measures the year-over-year change in contracted revenue not yet recognized.

By Lee BaileyPublished Sep 23, 2026
Research context

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Research date
Sep 23, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context
15 connected conceptsPart of the reviewed Data Cloud Consumption Economics; issuer definitions remain distinct where disclosed.
Company examples
1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
  1. How to use it
  2. Investor caution
  3. Part of the Data Cloud Consumption Economics
  4. See It in Company Research
  5. Continue Research

Data Cloud Remaining Performance Obligations Growth measures the change in contracted revenue that has not yet been recognized.

Snowflake's RPO increased from $6.932 billion at July 31, 2025 to $9.004 billion at July 31, 2026, growth of about 29.9%.

How to use it

RPO growth can indicate that contracted demand is expanding faster or slower than recognized product revenue. Comparing the two can help investors separate current consumption from future contracted opportunity.

For Snowflake in Q2 FY2027, product revenue grew 37% year over year while ending RPO grew about 30%.

Investor caution

RPO growth is not a clean forecast of future product revenue growth. Contract duration, renewals, rollover provisions, consumption timing, and customer behavior can all affect the relationship.

Source:

Part of the Data Cloud Consumption Economics

Connect realized platform consumption, enterprise customer expansion, contracted demand, revenue mix, and gross-margin economics for consumption-based data-cloud platforms.

How the model fits together
  • Consumption, revenue mix, and delivery economics: Product revenue is recognized from actual platform consumption rather than contract duration. Product revenue mix separates that core consumption revenue from professional services, while product gross profit and margin show the direct economics of delivering the platform and professional-services margin remains economically distinct.
  • Existing-customer expansion and enterprise penetration: Net revenue retention tracks product-revenue change within a defined existing capacity-contract cohort, while million-dollar customer counts and Forbes Global 2000 penetration show how broadly the platform is scaling into large enterprise relationships. These measures use issuer-specific customer definitions and are not interchangeable.
  • Contracted demand and revenue conversion: Remaining performance obligations measure contracted revenue not yet recognized, while RPO growth, expected next-12-month recognition, and capacity-contract remaining life add growth and duration context. In a consumption model, these measures do not form a fixed revenue schedule because actual recognition depends on future customer usage.

See It in Company Research

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