Snowflake (SNOW) Q2 2027 Earnings
How Did SNOW Stock React to Q2 2027 Earnings?
S&P 500 over the same 30 days: +0.77%.
Did SNOW Beat Earnings? Q2 2027 Results
Yes. Snowflake reported Q2 2027 earnings of $0.62 a share on Sep 2, 2026, beating the $0.45 consensus estimate by 38.7%. Revenue was $1.5B against a $1.5B estimate.
Snowflake delivered a standout second quarter of fiscal 2027, brushing aside <a href="https://247wallst.com/investing/2026/09/02/live-will-snowflakes-q2-earnings-tonight-deepen-todays-4-selloff/">pre-earnings investor anxiety</a> with adjusted EPS of $0.62, beating the $0.45 consensus by 38.70% and extending the company's streak of consensus EPS beats to five consecutive quarters. Revenue of $1.55 billion, up 35.1% year-over-year, edged past the $1.48 billion estimate by 4.44%, powered by accelerating product revenue growth and a meaningful step-up in AI-related consumption, with Snowflake's Cortex AI suite surpassing 9,100 accounts in the quarter. Non-GAAP operating margin expanded to 15.3% from 11% a year ago, reflecting improving operational leverage even as the company invests heavily in its AI platform. Net revenue retention held at 126%, and remaining performance obligations grew 30% year-over-year to $9.00 billion. Management raised full-year fiscal 2027 product revenue guidance to $6.07 billion, implying 36% growth and well above the prior target of $5.84 billion, with non-GAAP operating margin guidance lifted to 14.5%.
- Third consecutive quarter of product revenue growth acceleration
- Strength in both core data platform and meaningful step-up in AI revenue
- CoCo surpassed 9,100 accounts, adding more than 2,000 in the quarter
- CoWork expanded to 5,800 accounts
- Net revenue retention rate of 126%
- 692 net new customers added in the quarter, up 32% year-over-year
“Snowflake delivered another strong quarter, with product revenue of $1.49 billion, up 37% year-over-year, as Snowflake continues to power the enterprise AI revolution. AI continues to compound our advantages, creating a flywheel effect across the business. CoWork and CoCo are driving transformational outcomes for our customers, while fueling rapid adoption, user growth, new workloads, and overall platform consumption. Our rapid pace of innovation, tight go-to-market execution, and operational discipline position us well to capture the opportunity ahead. The Agentic Enterprise runs on Snowflake, and we're just getting started.”
Snowflake CEO, on the earnings call
What Is Snowflake's Outlook?
For Q3 FY2027, Snowflake expects product revenue of $1,588 million to $1,593 million (37-38% YoY growth), non-GAAP operating margin of 15.5%, and non-GAAP diluted shares of 382 million. For full-year FY2027, the company raised product revenue guidance to $6,070 million (36% YoY growth, up from prior guidance of $5,840 million or 31% growth), non-GAAP product gross margin of 74.0%, non-GAAP operating margin of 14.5% (up from prior 13.5%), non-GAAP adjusted free cash flow margin of 23.0%, and non-GAAP diluted shares of 380 million.
SNOW YoY Financials
| Metric | Q2 2027 | Q2 2026 | Year over year |
|---|---|---|---|
| Revenue | $1.5B | $1.1B | +35.1% |
| Gross Profit | $1.0B | $773.2M | +34.1% |
| Operating Income | −$263.0M | −$214.3M | +22.7% |
| Net Income | −$191.7M | −$141.3M | +35.7% |
SNOW Revenue by Segment
When Does Snowflake Report Next?
Figures from SEC filings and company reports. Not investment advice.