Snowflake Inc. Q2 FY2027 Earnings Results vs. Expectations
ReportsSep 2, 2026
SlotAfter Market Close
Results are out
This quarter has reported. The consensus below is what we expected going in.
What the Street expects
EPS · NON-GAAP
$0.45
consensus · not yet reported
QoQ+15.4%
YoY+28.6%
Revenue
$1.48B
Guided $1.415B–$1.420B
QoQ+6.4%
YoY+29.3%
QoQ and YoY are what the consensus implies against the prior quarter and the prior year.
Also on the card
Consensus source
Zacks, TipRanks and Yahoo all at $0.45; Yahoo average of ~40 analysts $1.48B, range $1.47-1.53B (2 Sep 2026)
Product revenue consensus
~$1.4B, +30% YoY (Barchart citing Seeking Alpha, 31 Aug 2026)
Company guidance
Product revenue $1,415-1,420M (+30% YoY), non-GAAP operating margin 12.5%, ~375M diluted shares (27 May 2026)
FY2027 guidance
Product revenue $5,840M (+31%), non-GAAP operating margin 13.5%, adjusted FCF margin 23.0%
Basis
Non-GAAP diluted EPS; GAAP was -$0.86 in Q1 FY2027 and -$0.89 a year ago
Prior quarter
Non-GAAP diluted EPS $0.39, product revenue $1,334.3M, NRR 126%, RPO $9.21B
What to watch
- Product revenue against the $1,415–1,420 million guide, and against the ~$1,424 million the consensus implies. A beat in the historical 2.4–5.5% band is roughly $1,451–1,496 million; anything inside the guided range would be the first in the tracked window.
- The full-year product revenue guide, currently $5,840 million. Raised again, the implied 29.5% second-half deceleration was conservatism. Left alone after a beat, it becomes a forecast — and it is the anchor of the bear case in our model.
- Free cash flow against $58.2 million and a 5.1% margin in the July quarter a year ago, and the full-year adjusted margin against the guided 23.0%. The quarterly figure will look bad; the annual guide is the one that carries information.
- Remaining performance obligations against $9.21 billion. They fell $560 million sequentially in April while still growing 38% year over year, and they are the only forward volume disclosure Snowflake publishes.
- Net revenue retention against 126%, and the count of customers above $1 million against 779. Retention rose for the first time in four quarters in April; whether that was the AI attach or one large renewal is not something the release will separate.
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.
Every quarter
Read the full preview → Q2 FY2027 release page View SNOW stock page