Snowflake Inc. 8-K
PositiveEarningsGuidance raised
Core data platform strength and rising AI revenue drove further growth acceleration; FY2027 product revenue and non-GAAP operating margin guidance rose.
Filed 2026-09-02 16:08 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 FY2027 results with Q3 and FY2027 guidance. Revenue was $1.55B, up 35% Y/Y, and product revenue grew 37%; Snowflake cited strength in its core data platform and a step-up in AI revenue. It raised FY2027 product revenue and non-GAAP operating margin guidance.
Key Figures
| Metric | Q2 FY2027 | Q2 FY2026 | Y/Y |
|---|---|---|---|
| Revenue | $1.55B | $1.14B | 35% |
| Product revenue | $1.49B | $1.09B | 37% |
| GAAP operating loss | $(263)M | $(340)M | n/m |
| Non-GAAP operating income | $237M | $128M | 86% |
| Net loss attributable to Snowflake Inc. | $(192)M | $(298)M | n/m |
| Diluted EPS | $(0.55) | $(0.89) | n/m |
| Net cash provided by operating activities | $91.4M | $74.9M | 22% |
| Non-GAAP free cash flow | $83.8M | $58.2M | 44% |
| Net revenue retention rate | 126% | — | — |
| Remaining performance obligations | $9.00B | — | 30% |
- Growth acceleration was the third consecutive quarter; the company attributed it to strength in the core data platform and increased AI revenue. It added 692 net new customers, up 32% Y/Y, and had 828 customers with trailing 12-month product revenue above $1M, up 27%.
- Cash and cash equivalents were $1.71B at 7/31/2026; investments totaled $2.62B. Convertible senior notes, net, were $2.28B. Six-month stock repurchases were $300M vs $491M in the prior-year period.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Product revenue | Q3 FY2027 | $1.588B-$1.593B; 37%-38% Y/Y | — | — |
| Non-GAAP operating margin | Q3 FY2027 | 15.5% | — | — |
| Non-GAAP weighted-average diluted shares | Q3 FY2027 | 382M | — | — |
| Product revenue | FY2027 | $6.07B; 36% Y/Y | $5.84B; 31% Y/Y | Raised |
| Non-GAAP product gross margin | FY2027 | 74.0% | — | — |
| Non-GAAP operating margin | FY2027 | 14.5% | 13.5% | Raised |
| Non-GAAP adjusted free cash flow margin | FY2027 | 23.0% | — | — |
| Non-GAAP weighted-average diluted shares | FY2027 | 380M | — | — |
Investor Takeaways
- Q3 product revenue vs the $1.588B-$1.593B outlook and continued platform consumption will show whether the current growth acceleration is sustained.
The summary is written by an AI model reading the filing.
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