Snowflake Inc. · FY2027 Q2
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 → FY2027 Q2 release page View SNOW stock page