Jul 2026 (Q2 FY27) — Sep 2, 2026
Snowflake Q2 FY27 — Product Revenue Accelerates to 37% YoY, Driven by AI and Core Platform Strength
Read the full callSnowflake (SNOW) earnings
- Jul 2026
- Jul 2026 (Q2 FY27)
- Jan 2026
Snowflake earnings: last reported Wed, 2 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,547 | +35.1% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | -17.0 | +12.7 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | -192 | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
24 of 24 judged targets kept · 13 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Non-GAAP operating margin | 9% | Jan 2026 | our Q1 non-GAAP operating margin expanded over 300 basis points year-over-year to 12%. | Achieved |
| Full-year non-GAAP operating margin | 12.5% | Jan 2026 | we are increasing our full year non-GAAP operating margin guidance from 12.5% to 13.5%. | Revised Up |
| Full-year non-GAAP adjusted free cash flow margin | 23% | Jan 2026 | We are reiterating our non-GAAP adjusted free cash flow margin guide of 23%. | On Track |
13 of Snowflake Inc.'s 37 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 34 more targets are in the full ledger.
Claimed
- Product revenue accelerated to 37% year-over-year growth, reaching $1.49 billion.
- Non-GAAP operating margin expanded by over 400 basis points year-over-year to 15%.
- Net new customer additions increased 32% year-over-year, with 692 new customers.
- Net revenue retention rate remained healthy at 126%.
- 65 customers now exceed $10 million in trailing 12-month product revenue.
Qualified
- Revised FY27 non-GAAP product gross margin outlook to 74% due to a higher revenue mix from fast-growing AI workloads, which carry a lower contribution margin today.
Price
$315.35 +2.77% · +$8.51
Performance +31.0% 1Y
1Y: $240.74 on 17 Oct 2025 → $315.35. High $368.89 (9 Oct 2026), low $121.11 (10 Apr 2026).
- Previous close
- $306.84
- 52-week range
- $121.11 – $368.89
- One year
- +28.36%
Overview
- Symbol
- SNOW
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
24 of 24 judged targets kept · 13 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Non-GAAP operating margin | 9% | Jan 2026 | our Q1 non-GAAP operating margin expanded over 300 basis points year-over-year to 12%. | Achieved |
| Full-year non-GAAP operating margin | 12.5% | Jan 2026 | we are increasing our full year non-GAAP operating margin guidance from 12.5% to 13.5%. | Revised Up |
| Full-year non-GAAP adjusted free cash flow margin | 23% | Jan 2026 | We are reiterating our non-GAAP adjusted free cash flow margin guide of 23%. | On Track |
Claimed
- Product revenue accelerated to 37% year-over-year growth, reaching $1.49 billion.
- Non-GAAP operating margin expanded by over 400 basis points year-over-year to 15%.
- Net new customer additions increased 32% year-over-year, with 692 new customers.
- Net revenue retention rate remained healthy at 126%.
- 65 customers now exceed $10 million in trailing 12-month product revenue.
Qualified
- Revised FY27 non-GAAP product gross margin outlook to 74% due to a higher revenue mix from fast-growing AI workloads, which carry a lower contribution margin today.
The full ledger
Open Snowflake Inc.’s full ledger
A free account opens 5 company ledgers a month. All 37 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q1 FY27) — May 27, 2026
Snowflake Inc. Q1 FY27 — AI-Driven Growth Acceleration and Strong Outlook Increase
Read the full callJan 2026 (Q4 FY26) — Feb 25, 2026
Snowflake Q4 FY26 — AI-driven Growth and Operational Efficiency
Read the full callEvery analysed call
Snowflake earnings calls (SNOW)
Financials
What the filings say
Net profit, year on year: +36% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 942 | 987 | 1,042 | 1,145 | 1,213 | 1,284 | 1,391 | 1,547 |
| Operating profit | -365 | -387 | -447 | -340 | -329 | -318 | -326 | -263 |
| Operating margin | −38.8% | −39.2% | −42.9% | −29.7% | −27.2% | −24.8% | −23.4% | −17.0% |
| Interest | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | -326 | -330 | -424 | -298 | -288 | -302 | -297 | -188 |
| Tax rate | −0.6% | 1.3% | −1.4% | −0.0% | −1.3% | −2.5% | 0.4% | −1.8% |
| Net profit | -324 | -327 | -430 | -298 | -294 | -310 | -296 | -192 |
| EPS ($ per share) | -0.98 | — | -1.29 | -0.89 | -0.87 | — | -0.86 | -0.55 |
| Line item | Jan 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | — | — | 0 | 0 | 0 | 0 | 0 |
| Reserves | — | -700 | -1,239 | -1,919 | -2,716 | -4,076 | -7,294 | -9,494 |
| Total liabilities | — | 621 | 985 | 1,601 | 2,254 | 3,033 | 6,027 | 7,208 |
| Fixed assets | — | 27 | 69 | 105 | 161 | 247 | 296 | 249 |
| Total assets | — | 1,013 | 5,922 | 6,650 | 7,722 | 8,223 | 9,034 | 9,132 |
| Line item | Jan 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -144 | -177 | -45 | 110 | 546 | 848 | 960 | 1,222 |
| Cash from investing | -363 | 138 | -4,037 | -21 | -598 | 832 | 191 | 312 |
| Cash from financing | 414 | 57 | 4,775 | 178 | -93 | -854 | -227 | -1,385 |
| Net cash flow | -93 | 19 | 693 | 267 | -146 | 824 | 918 | 166 |
| Capital expenditure | -2 | -19 | -35 | -16 | -25 | -35 | -46 | -102 |
| Free cash flow | -146 | -195 | -80 | 94 | 521 | 813 | 913 | 1,120 |
SNOW revenue by segment
| Segment | Q2 FY2025 | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | Q2 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +35.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
SNOW operating KPIs by quarter
| KPI | Jan 2025 Q4 FY25 | Jul 2025 Q2 FY26 | Oct 2025 Q3 FY26 | Jan 2026 Q4 FY26 | Apr 2026 Q1 FY27 | Jul 2026 Q2 FY27 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Remaining performance obligation (RPO) | $6.9BRemaining performance obligations totaled $6.9 billion with year-over-year growth of 33%.Source: earnings call transcript | $6.9BRemaining performance obligations totaled $6.9 billion with year-over-year growth of 33%.Source: earnings call transcript | $7.88BRemaining performance obligations totaled $7.88 billion, with year-over-year growth accelerating to 37%.Source: earnings call transcript | $9.77BRemaining performance obligations totaled $9.77 billion with year-over-year growth accelerating to 42%.Source: earnings call transcript | — | $9BRemaining performance obligations grew 30% year-over-year, totaling $9 billion.Source: earnings call transcript | — |
| Net revenue retention rate | 126%Our net revenue retention was a very healthy 126%.Source: earnings call transcript | 125%Our net revenue retention rate was a very healthy 125%.Source: earnings call transcript | 125%Our net revenue retention remained stable at a very healthy 125% and we added a record 615 new customers this quarter.Source: earnings call transcript | 125%Our net revenue retention was at a healthy 125%.Source: earnings call transcript | — | 126%Within our existing base, customer expansion is healthy, as evidenced by our net revenue retention rate of 126%.Source: earnings call transcript | — |
| Customers AI and ML technology weekly users | 4,000+We now have over 4,000 customers using our AI and ML technology on a weekly basis.Source: earnings call transcript | 6,100+And once they are on our platform, AI becomes a cornerstone of their strategy, powering 25% of all deployed use cases with over 6,100 accounts using Snowflake's AI every week.Source: earnings call transcript | 7,300+In Q3, more than 7,300 accounts are using our AI capabilities every week.Source: earnings call transcript | — | — | — | — |
| Customers | — | — | — | 13.3K+This year's results are a testament that the AI Data Cloud continues to deliver tremendous value to our more than 13,300 customers across every stage of the data life cycle.Source: earnings call transcript | 13.912KOur 13,912 customers start to Snowflake because our AI data cloud is easy to use, seamlessly connected for collaboration, entrusted with enterprise-grade governance and security.Source: earnings call transcript | 14.554KSnowflake now provides the data and AI foundation for 14,554 customers around the world.Source: earnings call transcript | +4.6% |
| Customers Global 2000 | — | — | 776Our Global 2000 customers now totaled 776 with each of these accounts spending, on average, $2.3 million on a trailing 12-month basis.Source: earnings call transcript | — | — | 829We added 14 net new Global 2000 customers, bringing our total to 829.Source: earnings call transcript | — |
| Customers Cortex Code | — | — | — | 4,400+It's a truly transformational coding agent that's already helping over 4,400 customers build and scale AI-powered applications and massively accelerating their ability to deploy production-grade AI.Source: earnings call transcript | 7,100+And CoCo is already in use with more than 7,100 accounts, giving builders a natural language way to create applications, pipelines, agents and workloads directly in Snowflake.Source: earnings call transcript | — | — |
| Customers above an annual spend threshold >$1M TTM | — | — | — | 733We now have 733 customers spending more than $1 million on a trailing 12-month basis, growing 27% year-over-year and a record number of customers crossed $10 million in trailing 12-month spend, bringing a total of 56 customers above this $10 million threshold, growing 56% year-over-year.Source: earnings call transcript | 79We now have 79 customers spending more than $1 million on a trailing 12-month basis.Source: earnings call transcript | 828We now have 828 customers spending above the $1 million threshold.Source: earnings call transcript | +948.1% |
| Customers above an annual spend threshold >$10M TTM | — | — | — | 56We now have 733 customers spending more than $1 million on a trailing 12-month basis, growing 27% year-over-year and a record number of customers crossed $10 million in trailing 12-month spend, bringing a total of 56 customers above this $10 million threshold, growing 56% year-over-year.Source: earnings call transcript | 64We now have 64 customers spending more than $10 million on a trailing 12-month basis.Source: earnings call transcript | 65In fact, 65 customers have now crossed $10 million in trailing 12-month product revenue, demonstrating how our largest customers continue to go all in on Snowflake.Source: earnings call transcript | +1.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2027 · share of revenue
- US 74% ↓ 2 pt
- EMEA 17% ↑ 1 pt
- Asia Pacific and Japan 6% ↑ 1 pt
- Other Americas 3%
As SNOW cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
629 filings between Oct 30, 2025 and Oct 7, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.20B
415 sales by 9 insiders
97% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 27
- Award — granted as compensation
- 26
- Option exercise — converted options into shares
- 140
- Tax withheld — shares kept back by the company to cover tax
Also filed: 21 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Slootman Frank | — | $761.31M | Sep 21, 2026 |
| Dageville Benoit | — | $180.59M | Oct 7, 2026 |
| Speiser Michael L | — | $145.34M | Oct 2, 2026 |
| Kleinerman Christian | — | $60.40M | Oct 1, 2026 |
| GARRETT MARK | — | $42.50M | Sep 4, 2026 |
| Beaulier Jonathan Mead | — | $6.56M | Sep 23, 2026 |
| Raghunathan Vivek | — | $5.36M | Sep 16, 2026 |
| Ho Emily | — | $1.43M | Sep 16, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 7, 2026 | Dageville Benoit Director | Gift 10b5-1 plan | 16,668 | $0 |
| Oct 7, 2026 | Dageville Benoit Director | Sale 10b5-1 plan | 50,000 | $16.67M |
| Oct 2, 2026 | Speiser Michael L Director | Sale 10b5-1 plan | 403 | $138.6K |
| Oct 2, 2026 | Speiser Michael L Director | Sale 10b5-1 plan | 840 | $289.0K |
| Oct 2, 2026 | Speiser Michael L Director | Sale 10b5-1 plan | 840 | $289.0K |
| Oct 2, 2026 | Speiser Michael L Director | Sale 10b5-1 plan | 840 | $289.0K |
| Oct 2, 2026 | Speiser Michael L Director | Sale 10b5-1 plan | 840 | $289.0K |
| Oct 2, 2026 | Speiser Michael L Director | Sale 10b5-1 plan | 34,005 | $11.70M |
| Oct 2, 2026 | Speiser Michael L Director | Sale 10b5-1 plan | 12,973 | $4.46M |
| Oct 1, 2026 | Kleinerman Christian EVP, Product Management | Sale 10b5-1 plan | 15,000 | $5.12M |
| Sep 23, 2026 | Dageville Benoit Director | Gift 10b5-1 plan | 16,668 | $0 |
| Sep 23, 2026 | Beaulier Jonathan Mead Chief Revenue Officer | Sale | 755 | $254.0K |
| Sep 23, 2026 | Dageville Benoit Director | Sale 10b5-1 plan | 50,000 | $16.95M |
| Sep 22, 2026 | Kleinerman Christian EVP, Product Management | Sale 10b5-1 plan | 2,622 | $903.3K |
| Sep 21, 2026 | Beaulier Jonathan Mead Chief Revenue Officer | Tax withheld | 70 | $23.3K |
| Sep 21, 2026 | Beaulier Jonathan Mead Chief Revenue Officer | Tax withheld | 470 | $156.2K |
| Sep 21, 2026 | Kleinerman Christian EVP, Product Management | Tax withheld 10b5-1 plan | 860 | $285.9K |
| Sep 21, 2026 | Beaulier Jonathan Mead Chief Revenue Officer | Tax withheld | 171 | $56.8K |
| Sep 21, 2026 | Dageville Benoit Director | Tax withheld | 256 | $85.1K |
| Sep 21, 2026 | Ramaswamy Sridhar Chief Executive Officer | Tax withheld | 1,012 | $336.4K |
| Sep 21, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 1,936 | $639.2K |
| Sep 21, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 2,510 | $850.9K |
| Sep 21, 2026 | Ho Emily Chief Accounting Officer | Tax withheld | 708 | $235.4K |
| Sep 21, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 2,268 | $751.1K |
| Sep 21, 2026 | Ramaswamy Sridhar Chief Executive Officer | Tax withheld | 3,415 | $1.14M |
| Sep 21, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 9,843 | $3.31M |
| Sep 21, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 15,867 | $5.35M |
| Sep 21, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 25,268 | $8.47M |
| Sep 21, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 5,740 | $1.91M |
| Sep 21, 2026 | Ho Emily Chief Accounting Officer | Tax withheld | 383 | $127.3K |
| Sep 21, 2026 | Dageville Benoit Director | Tax withheld | 535 | $177.9K |
| Sep 21, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 25,159 | $8.41M |
| Sep 21, 2026 | Kleinerman Christian EVP, Product Management | Tax withheld 10b5-1 plan | 1,793 | $596.0K |
| Sep 21, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 6,671 | $2.22M |
| Sep 21, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 7,529 | $2.55M |
| Sep 21, 2026 | Slootman Frank Director | Option exercise 10b5-1 plan | 102,791 | $912.8K |
| Sep 21, 2026 | Raghunathan Vivek SVP, Engineering | Tax withheld | 3,603 | $1.20M |
| Sep 18, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 102 | $34.4K |
| Sep 18, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 30,100 | $10.19M |
| Sep 18, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 42,009 | $14.04M |
| Sep 18, 2026 | Slootman Frank Director | Option exercise 10b5-1 plan | 197,209 | $1.75M |
| Sep 18, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 2,841 | $952.4K |
| Sep 18, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 4,097 | $1.38M |
| Sep 18, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 23,507 | $7.81M |
| Sep 18, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 79,366 | $26.45M |
| Sep 18, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 15,187 | $5.03M |
| Sep 16, 2026 | Ho Emily Chief Accounting Officer | Sale | 768 | $255.7K |
| Sep 16, 2026 | Raghunathan Vivek SVP, Engineering | Sale 10b5-1 plan | 3,876 | $1.23M |
| Sep 16, 2026 | Beaulier Jonathan Mead Chief Revenue Officer | Sale | 12,292 | $4.13M |
| Sep 16, 2026 | Slootman Frank Director | Sale 10b5-1 plan | 8,191 | $2.61M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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