Companies /Technology

Snowflake Inc - Class A

NYSE: SNOW Software - Application
$337.18
▼ $19.29 (−5.41%) today
Markets closed · 11:34am ET

Q1 2027 Earnings

Reported May 27, 2026, 4:07pm ET · SEC source
$0.39
Beat +21.95%
EPS · est. $0.32
$1.4B
Beat +5.13%
Revenue · est. $1.3B
+44.9%
Beating market
SNOW vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−20%−10%0+10%May 27May 28report 4:07pm ETearnings+0.6%+9.0%
−20%−10%0+10%May 27May 28earnings+0.6%+9.0%
SNOW +9.0%S&P 500 +0.6%
−20%−10%0+10%May 27May 28report 4:07pm ETearnings+0.8%+9.0%
−20%−10%0+10%May 27May 28earnings+0.8%+9.0%
SNOW +9.0%NASDAQ +0.8%
−20%0+20%May 26Jun 4report 4:07pm ETearnings+0.5%+3.3%
−20%0+20%May 26Jun 4earnings+0.5%+3.3%
SNOW +3.3%S&P 500 +0.5%
−20%0+20%May 26Jun 4report 4:07pm ETearnings+1.0%+3.3%
−20%0+20%May 26Jun 4earnings+1.0%+3.3%
SNOW +3.3%NASDAQ +1.0%
−1.32%
Day of report
+36.48%
Next session
+37.67%
One week
+43.59%
30 days

S&P 500 over the same 30 days: −1.26%.

Did SNOW Beat Earnings? Q1 2027 Results

Snowflake Inc. delivered a standout first quarter of fiscal 2027, beating consensus estimates on both the top and bottom lines as its accelerating AI strategy drove broad-based demand across its platform. The cloud data company posted revenue of $1.39 billion, up 33.5% year over year and ahead of the $1.32 billion consensus, while non-GAAP diluted EPS of $0.39 cleared the $0.32 estimate by 21.95%, extending Snowflake's streak of beating consensus EPS estimates to four consecutive quarters. The clearest driver behind the results was AI adoption, with more than 13,600 accounts now using Snowflake AI capabilities and Snowflake Intelligence accounts more than doubling quarter over quarter. Remaining performance obligations grew 38% year over year to $9.21 billion, underlining the durability of that demand. Management raised full-year fiscal 2027 product revenue guidance to $5.84 billion, implying 31% growth, and lifted its non-GAAP operating margin outlook to 13.5%, signaling confidence that the AI momentum carrying Q1 has staying power heading into the rest of the year.

Key Takeaways
  • AI-driven acceleration of core data platform consumption
  • Growing adoption of first-party AI products including Cortex Code and Snowflake Intelligence
  • Strong customer acquisition with 616 net new customers added, up 38% year-over-year
  • Net revenue retention rate of 126%
  • 779 customers with trailing 12-month product revenue greater than $1 million, up 29% year-over-year

“Snowflake delivered a milestone quarter, with product revenue of $1.33 billion, up 34% year-over-year, marking the strongest sequential dollar growth in our history. AI continues to be a powerful tailwind for Snowflake, and Q1 marks a clear inflection point in that journey. With Cortex Code and Snowflake Intelligence, we are extending from the trusted foundation for enterprise data and context to become the control plane for the Agentic Enterprise. We are seeing strong momentum from both AI-driven acceleration of our core platform and growing adoption of our first-party AI products, positioning Snowflake to lead in this new era.”

Snowflake CEO, on the earnings call

Forward Guidance & Outlook

For Q2 FY27, Snowflake expects product revenue of $1,415 million to $1,420 million (approximately 30% year-over-year growth), non-GAAP operating margin of 12.5%, and non-GAAP diluted weighted-average shares of 375 million. For the full year FY27, the company raised product revenue guidance to $5,840 million (31% year-over-year growth), up from prior guidance of $5,660 million (27% growth). Full-year non-GAAP product gross margin is expected at 75.0%, non-GAAP operating margin was raised to 13.5% (from 12.5%), and non-GAAP adjusted free cash flow margin is guided at 23.0%.

SNOW YoY Financials

Q1 2027 vs Q1 2026 · SEC filings Q1 2026 Q1 2027
$0$500.0M$1.0B$1.5B$1.0B$1.4BRevenue$693.3M$926.5MGross Profit$-256,652,502$-326,154,000Operating Income$-225,145,491$-295,571,000Net Income
$0$500.0M$1.0B$1.5BRevenueGross ProfitOperating IncomeNet Income

SNOW Revenue by Segment

Product Revenue$1.3B+34.0%
Professional Services and Other$56.6M+25.1%

Figures from SEC filings and company reports. Not investment advice.