Snowflake Inc. (SNOW) Q2 FY2027 earnings

Reported results

• Product revenue of $1,491.9 million, representing 37% year-over-year growth
• Total revenue of $1,546.8 million, representing 35% year-over-year growth
• GAAP product gross margin of 70.9%; non-GAAP product gross margin of 74.7%
• GAAP operating loss of ($263.0) million, or (17.0%); non-GAAP operating income of $237.0 million, or 15.3%
• Net revenue retention rate of 126%
• 828 customers with trailing 12-month product revenue greater than $1 million, representing 27% year-over-year growth

Guidance

• Q3 FY2027 product revenue of $1,588 to $1,593 million, representing 37% to 38% year-over-year growth
• Q3 FY2027 non-GAAP operating margin of 15.5%
• Q3 FY2027 non-GAAP weighted-average shares used in computing net income per share attributable to common stockholders—diluted of 382 million
• Full-year FY2027 product revenue of $6,070 million, representing 36% year-over-year growth (raised from previous guidance of $5,840 million, or 31% year-over-year growth)
• Full-year FY2027 non-GAAP product gross margin of 74.0%
• Full-year FY2027 non-GAAP operating margin of 14.5% (raised from previous guidance of 13.5%)
• Full-year FY2027 non-GAAP adjusted free cash flow margin of 23.0%
• Full-year FY2027 non-GAAP weighted-average shares used in computing net income per share attributable to common stockholders—diluted of 380 million

Notes

The company raised full-year FY2027 product revenue guidance to $6,070 million (36% year-over-year growth) from prior guidance of $5,840 million (31% year-over-year growth), and raised non-GAAP operating margin guidance to 14.5% from 13.5%. The release notes that CoCo surpassed 9,100 accounts and CoWork expanded to 5,800 accounts as of the last 4 weeks of the quarter ended July 31, 2026. Beginning with Q4 FY2026, the company no longer attributes a portion of net income to noncontrolling interest as it no longer controls a majority-owned subsidiary.

Price and volatility reaction

The stock moved +16.6% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -26.7 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-09-02 (8-K, Item 2.02). Read the original filing on sec.gov.