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Beyond the headline results, the reaction hinges on remaining performance obligations (last at $9.21 billion, up 38% year-over-year), net revenue retention (126%), and Cortex Code adoption across over 7,100 accounts.
Another FY27 product revenue raise above $5.84 billion would validate the AI-plus-consumption flywheel.
The Sept. 4 expiration dominates flow with 10,855 call and 10,789 put contracts traded, signaling a wide expected swing. Polymarket assigns a 95.8% probability to an EPS beat, yet composite sentiment reads a bearish 32.07.
History warns of asymmetry: Q3 FY26 beat by 12.47% yet closed -11.41% on the day.
Product revenue below $1.415 billion, softer NRR, or unchanged FY27 guidance could deepen today’s -3.72% slide. A raise paired with RPO acceleration is the setup bulls require.
This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. Simply stay on this page, and new updates will appear below automatically.
We expect Snowflake to release Q2 earnings shortly after 4:05 p.m. ET.
Snowflake reports Q2 fiscal 2027 earnings after the close today, with Wall Street expecting $0.45 in EPS on $1.481 billion of revenue.
Management previously guided product revenue to $1.415 billion to $1.42 billion, while Snowflake enters the report riding a five-quarter earnings-beat streak and a 40% year-to-date rally.
The key question is whether Snowflake’s AI push is translating into stronger consumption without creating too much margin pressure.
Continued Cortex Code traction and another guidance raise would strengthen the company’s AI-plus-consumption thesis. A softer consumption outlook could quickly bring about concerns around the company’s optimization and profitability.
This article is updated throughout the trading day. Check back for more.
Snowflake (NYSE:SNOW | SNOW Price Prediction) is expected to report Q2 FY27 earnings results at 4:05 PM ET after the bell today. Shares trade at $306.26, down 3.83% intraday, as investors assess whether the company’s AI monetization can extend the beat streak.
Q1 FY27 delivered product revenue of $1.334 billion, up 34% year over year, the strongest sequential dollar growth in company history. Management raised FY27 product revenue growth guidance from 27% to 31%, lifting operating margin guidance to 13.5%.
Net revenue retention climbed to 126%, RPO grew 38%, and Snowflake added 616 net new customers. Cortex Code reached more than 7,100 accounts, and Snowflake Intelligence accounts more than doubled quarter over quarter. The stock has ridden that momentum, gaining 45.79% year to date and 34% over the past year.
| Metric | Q2 FY27 Estimate | YoY Change | FY27 Estimate | FY28 Estimate |
|---|---|---|---|---|
| Revenue | $1.481B | +29.4% | $6.103B | $7.666B |
| EPS (Normalized) | $0.4470 | +67.7% | $1.9361 | $2.7067 |
Wall Street’s EPS expectation for Q2 has drifted higher from $0.419 ninety days ago to $0.45, with 31 upward revisions over 30 days. Consensus revenue of $1.481B sits above the company’s own $1.42B ceiling, embedding a healthy beat.
Tonight, I’ll be watching Cortex Code, which Robbins called “the largest driver to the increase in our forecast” last quarter. Adoption pace beyond 7,100 accounts and Snowflake Intelligence account growth will indicate whether the agentic control plane is monetizing.
Analysts will also watch gross margin closely. Management conceded “our AI products have a lower gross margin than our core platform,” offset by the $6 billion AWS agreement lowering bandwidth costs. Holding 75% non-GAAP product gross margin would go a long way.
I’ll also track the Natoma integration, Observe’s expected one-percentage-point revenue contribution, and any insights on Q4-weighted bookings. Polymarket traders assign a 95.9% probability of a beat, so a mere in-line result could disappoint.
| Quarter | EPS Surprise | Day-of Move | 1-Day Move | 1-Week Move |
|---|---|---|---|---|
| Q1 27 | +21.95% | -1.32% | +36.48% | +37.67% |
| Q4 26 | +17.78% | +2.28% | -2.69% | +2.54% |
| Q3 26 | +12.47% | -11.41% | -2.55% | -6.07% |
| Q2 26 | +31.33% | +20.27% | -0.97% | -6.4% |
On average, shares moved 5.79% seven days after earnings across the last five beats.
Contact [email protected] for any questions or corrections.
Thomas Richmond is a financial writer and content strategist with 5+ years of experience covering stocks and financial markets. He has published over 250 articles focused on individual stock analysis, helping investors better understand business fundamentals, stock valuations, and long-term opportunities.
Thomas previously served as a Content Lead at TIKR, a stock research platform, where he helped scale the company’s blog to hundreds of articles per month and contributed to a weekly newsletter reaching more than 100,000 investors.
He specializes in breaking down complex companies into clear, actionable insights for everyday investors, with a focus on fundamentals-driven research.
His work has also been featured on platforms including Seeking Alpha and Sure Dividend.
Outside of work, Thomas enjoys weight lifting and soccer.
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