Snowflake Q2 FY2027: Product Revenue Up 37%, Full-Year Outlook Raised to $6.07B
SNOW has more than doubled off its 52-week low of $118.3.
Summary
Snowflake reported Q2 FY2027 product revenue of $1.49 billion, up 37% year-over-year, and raised full-year product revenue guidance to $6.07 billion while expanding non-GAAP operating margin outlook to 14.5%.
Key Events · Earnings and Guidance · SNOW
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Product Revenue Accelerates 37% YoY
Q2 FY2027 product revenue reached $1,491.9 million, up 37% year-over-year, marking the third consecutive quarter of growth acceleration. Total revenue was $1,546.8 million, up 35%.
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Full-Year Guidance Raised to $6.07B
Fiscal 2027 product revenue guidance was lifted to $6,070 million (36% YoY growth) from $5,840 million (31% YoY), and the non-GAAP operating margin outlook was raised to 14.5% from 13.5%.
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Non-GAAP Operating Margin Expands
Non-GAAP operating income was $237.0 million (15.3% margin) in Q2, up from $127.6 million (11% margin) a year ago. GAAP operating loss narrowed to $263.0 million from $340.3 million.
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RPO Grows 30% to $9.0B
Remaining performance obligations reached $9.00 billion, up 30% year-over-year, while net revenue retention rate held at 126% and customers with trailing 12-month product revenue over $1 million grew 27% to 828.
Analysis · SNOW · Technology
Product revenue growth accelerated to 37% year-over-year, reaching $1.49 billion—the third consecutive quarter of acceleration—and full-year product revenue guidance was raised to $6.07 billion from $5.84 billion. The company also lifted its non-GAAP operating margin outlook to 14.5% from 13.5%, demonstrating growth with improving profitability. Net revenue retention held strong at 126%, and remaining performance obligations grew 30% to $9.0 billion, indicating durable future revenue. The stock trades near its 52-week high, so the market has been pricing in strong execution, but the raised guidance and margin expansion confirm the thesis.
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In the 30 days to Sep 12, 2026, 35.8% of the 1618 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.19%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, SNOW was trading at $358.80 on NYSE in the Technology sector, with a market capitalization of approximately $106B. The 52-week trading range was $118.30 to $341.95. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.