Snowflake Inc. Earnings Recaps
Q2 2027
Sep 4, 2026
Snowflake's shares surged 11.5% post-earnings as accelerating product revenue growth and notable margin expansion underscored strengthening demand driven by AI adoption, outpacing market expectations.
Key takeaways
- Product revenue reached $1.49 billion, accelerating 37% year over year, marking a 7-point improvement over two quarters.
- Non-GAAP operating margin expanded over 400 basis points year over year to 15%.
- Added 692 net new customers this quarter, a 32% year-over-year increase, including 14 from the Global 2000.
- Growing adoption of AI products Cortex Code and CoWork with 11% and rapid quarterly account growth respectively, highlighting structural momentum from AI integration.
- Major enterprise customers continue to deepen platform usage, with 65 now generating over $10 million in trailing 12-month product revenue.
Q4 2026
Feb 26, 2026
Snowflake's Q4 FY '26 earnings showcased robust growth, with product revenue rising 30% year-over-year to $1.23 billion and operational efficiency improvements pushing the non-GAAP operating margin to 10.5%.
Key takeaways
- Remaining performance obligations increased by 42% year-over-year, reaching $9.77 billion, signaling strong future revenue potential.
- Net revenue retention stood at an impressive 125%, reflecting significant customer loyalty and expansion.
- Stock-based compensation as a percentage of revenue decreased from 41% to 34%, with further reductions expected to 27% in FY '27.
- Over 9,100 accounts are now utilizing AI products, with new offerings like Snowflake Intelligence rapidly gaining traction among users.
- The company added 2,332 net new customers during the year, demonstrating successful customer acquisition amidst a competitive landscape.