| Metric | Value ($ M) | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Revenue | 1.5K | 11.2% | 35.1% |
| Total Income | 1.5K | 11.2% | 35.1% |
| Expenditure | 1.8K | 5.4% | 21.9% |
| PBT | -188.29 | 36.5% | 36.8% |
| Net Profit | -191.72 | 35.1% | 35.7% |
| OPM | -17.00% | 6.45pp | 12.72pp |
| NPM | -12.39% | 8.86pp | 13.63pp |
| EPS | -0.55 | 36.0% | 38.2% |
Snowflake Reports Q2 FY27 Results: Product Revenue Up 35% YoY to $1.55 Billion
03 Sept 2026 · 3 Sept, 1:43 am
Summary
Snowflake announced strong financial results for its second quarter of fiscal 2027, with total revenue reaching $1.55 billion, a 35% increase year-over-year. Product revenue saw even stronger growth at 37% year-over-year, totaling $1.49 billion. The company highlighted a net revenue retention rate of 126% and significant growth in its customer base, including a 27% increase in customers with over $1 million in trailing 12-month product revenue. Management expressed confidence in the company's AI-driven strategy and innovation pace, leading to an upward revision of full-year product revenue growth guidance to 36%.
Key Highlights
- 1
Snowflake reported revenue of $1.55 billion for the second quarter of fiscal 2027, marking a 35% year-over-year growth.
- 2
Product revenue reached $1.49 billion in the second quarter, an increase of 37% year-over-year.
- 3
The company maintained a net revenue retention rate of 126%.
- 4
Snowflake served 828 customers with trailing 12-month product revenue greater than $1 million, a 27% year-over-year increase.
- 5
Remaining performance obligations stood at $9.00 billion, reflecting 30% year-over-year growth.
- 6
Non-GAAP operating margin was 15.3% for the quarter.
- 7
The company added 692 net new customers in the quarter, up 32% year-over-year.
Management Comments
Sridhar Ramaswamy
Snowflake delivered another strong quarter, with product revenue of $1.49 billion, up 37% year-over-year, as Snowflake continues to power the enterprise AI revolution. AI continues to compound our advantages, creating a flywheel effect across the business. CoWork and CoCo are driving transformational outcomes for our customers, while fueling rapid adoption, user growth, new workloads, and overall platform consumption. Our rapid pace of innovation, tight go-to-market execution, and operational discipline position us well to capture the opportunity ahead. The Agentic Enterprise runs on Snowflake, and we're just getting started.
Brian Robins
Q2 marks our third consecutive quarter of product revenue growth acceleration, driven by strength in both our core data platform and a meaningful step-up in AI revenue. Importantly, we delivered this accelerating growth while expanding operating margin. Balancing growth with discipline remains a top priority, and we are raising our full-year product revenue growth guidance to 36% year-over-year.
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