Snowflake Inc. · Q2 FY2027
ReportedSep 2, 2026
Period endedJul 31, 2026
Rule of 40+41
Consensus vs reported
EPS · NON-GAAP
BEAT +38%
$0.62
vs $0.45 expected
QoQ+59.0%
YoY+77.1%
Revenue
BEAT +5%
$1.55B
vs $1.48B expected
QoQ+11.2%
YoY+35.1%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $1.55B, up 35.1% year over year and 11.2% on the quarter. Non-GAAP EPS $0.62, up 77.1% year over year and 59.0% on the quarter. GAAP EPS −$0.55. Free cash flow $84M, up 43.9% year over year and down 64.0% on the quarter. Non-GAAP EPS beat consensus by 38%. Rule of 40 score +41.
Reported this quarter
Revenue
$1.55B
QoQ +11.2%
YoY +35.1%
EPS · NON-GAAP
$0.62
QoQ +59.0%
YoY +77.1%
EPS · GAAP
−$0.55
QoQ +36.0%
YoY +38.2%
Free Cash Flow
$84M
QoQ −64.0%
YoY +43.9%
Gross Margin
67.0%
QoQ +0.4 pp
YoY −0.5 pp
FCF Margin
5.4%
QoQ −11.3 pp
YoY +0.3 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- Product revenue accelerated for a third straight quarter, to 36.8%. $1.492B against a guided midpoint of $1,417.5M — a 5.25% beat, at the top of the historical 2.4-5.5% band, and seven points added in two quarters.
- The full-year guide was raised $230M — but about a point of it is bought. $6.07B from $5.84B, 36% growth against 31%, and the CFO said it "includes approximately one percentage point of growth from Observe".
- Remaining performance obligations fell again, to $9.00B. Down $210M sequentially for a second quarter while revenue accelerated. About 54% converts within twelve months, a split the release does not give.
- The customer count is 14,554, and it is a call disclosure. The release gives only 692 net adds. 13,912 + 692 = 14,604, so the count is not the prior count plus adds — it absorbs churn.
- Margin expansion is headcount, not price. Operating margin up 400bp to 15.3% on 334 employees added year to date, 173 from Observe, against 935 a year earlier. Stock compensation remains 29.5% of revenue.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| FY2025 Q3 | — | −$0.98 | — |
| FY2025 Q4 | — | −$0.98 | — |
| FY2026 Q1 | — | −$1.29 | — |
| FY2026 Q2 | — | −$0.89 | — |
| FY2026 Q3 | — | −$0.87 | — |
| FY2026 Q4 | — | −$0.90 | — |
| FY2027 Q1 | — | −$0.86 | — |
| FY2027 Q2 | $0.45 | $0.62 | +38% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1640147.
JSON
Company facts (XBRL)
Every figure SNOW has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 FY2027, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings