The accelerating product revenue growth (37% vs 34% last quarter) and raised guidance signal sustained AI-driven demand. Watch Q3 product revenue guidance of $1.588-1.593B (37-38% YoY) for continued acceleration. The stock is likely to re-rate higher on the beat-and-raise; consider adding on any post-earnings pullback.
Price Chart
Executive Summary
Snowflake reported Q2 FY2027 results with product revenue of $1.49B (+37% YoY), accelerating from Q1's 34% growth, and non-GAAP diluted EPS of $0.62, beating consensus of $0.45 by 38%. Full-year product revenue guidance was raised to $6.07B (36% YoY, up from prior 31%), and non-GAAP operating margin guidance improved to 14.5%. AI adoption metrics (CoCo, CoWork) showed strong sequential growth, reinforcing the platform's momentum.
Key Financial Metrics
Key Facts
- Revenue $1.55B (+35% YoY), product revenue $1.49B (+37% YoY)
- Non-GAAP diluted EPS $0.62 vs consensus $0.45 (beat by 38%)
- Full-year product revenue guidance raised to $6.07B (36% YoY) from $5.84B (31%)
- Non-GAAP operating margin guidance raised to 14.5% from 13.5%
- Net revenue retention rate 126%, RPO $9.0B (+30% YoY)
- 828 customers with >$1M trailing product revenue (+27% YoY)
- CoCo AI product surpassed 9,100 accounts, CoWork expanded to 5,800 accounts
Financial Impact
Revenue beat by ~$67M (4.5%) vs consensus; EPS beat by $0.17 (38%); full-year guidance raised by $230M product revenue
Risk Factors
- Macroeconomic slowdown could pressure enterprise cloud spending
- Customer consumption optimization may temper growth rates
- Competition from hyperscalers (AWS, Azure, GCP) and emerging AI-native platforms
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001640147-26-000033 |
| Document: snow-20260902.htm | 0001640147-26-000033 |
| Document: 0001640147-26-000033-index-headers.html | 0001640147-26-000033 |
| Document: 0001640147-26-000033-index.html | 0001640147-26-000033 |
| Document: 0001640147-26-000033.txt | 0001640147-26-000033 |
| 8-K Data (Synthetic) | 0001640147-26-000033 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 15d ago | 144 | $331.02 $334.81 | ▼ −1.14% | ▲ +0.68% | $341.99 (−3.31%) |
Sep 11, 2026 21d ago | Insider Cluster | $328.99 $332.43 | ▲ +1.05% | ▲ +1.27% | $341.99 (+3.95%) |
Sep 9, 2026 22d ago | Insider Cluster | $329.72 $338.39 | ▲ +2.63% | ▲ +3.13% | $341.99 (+3.72%) |
Sep 9, 2026 22d ago | Insider Cluster | $329.72 $338.39 | ▲ +2.63% | ▲ +3.13% | $341.99 (+3.72%) |
Sep 9, 2026 22d ago | Insider Cluster | $329.72 $338.39 | ▲ +2.63% | ▲ +3.13% | $341.99 (+3.72%) |
Sep 4, 2026 27d ago | 144 | $337.18 $332.35 | ▲ +1.43% | ▲ +0.22% | $341.99 (−1.43%) |
Sep 4, 2026 27d ago | 144 | $337.18 $332.35 | ▼ −1.43% | ▼ −0.22% | $341.99 (+1.43%) |
Sep 3, 2026 28d ago | Insider Cluster | $337.18 $332.35 | ▼ −1.43% | ▼ −0.22% | $341.99 (+1.43%) |
Sep 2, 2026 29d ago | 8-K | $356.47 $328.99 | ▼ −7.71% | ▼ −6.56% | $341.99 (−4.06%) |
Aug 28, 2026 4w ago | Insider Cluster | $331.43 $335.50 | ▲ +1.23% | ▲ +1.37% | $341.99 (+3.19%) |
US Market Status
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