Snowflake Q2 Earnings Coverage Wrap-Up

Snowflake (NYSE:SNOW) delivered a decisive double beat, extending its streak to a fifth consecutive quarter of consensus EPS beats. Non-GAAP EPS came in at $0.62 against the $0.447 consensus, while revenue reached $1.55 billion, growing 35.1% year-over-year.

Polymarket’s 95.9% implied probability of a beat proved directionally accurate. With SNOW closing the regular session at $305.84 after a -4.37% selloff, the after-hours rip reverses that decline entirely. The 5:00 PM ET conference call is next.

Snowflake just reported earnings, with shares initially soaring 16% following the report. Here are the key numbers:

• Revenue: $1.55 billion vs. $1.49 billion expected
• Adjusted EPS: $0.62 vs. $0.45 expected
• Product Revenue: $1.49 billion vs. $1.42 billion expected

Guidance:

• Q3 adjusted operating margin: 15.5%

Quick Read:

• Snowflake crushed expectations across the board, with EPS beating estimates by nearly 38% and product revenue coming in roughly $70 million ahead.
• The 16% surge signals investors like the combination of stronger-than-expected growth and improving profitability, especially after shares fell more than 4% during today’s regular session.

Key KPIs to Watch Tonight

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.

Options Positioning and Sentiment Split

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.

Triggers for a Significant Move

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.