SNOW Q2 2027 Earnings

Call Details

• Call Title: Snowflake Q2 2027 Earnings Call
• Date: September 2, 2026 at 8:59 PM UTC
• Management Team:
  • Katherine McCracken (Investor Relations)
  • Sridhar Ramaswamy (Chief Executive Officer)
  • Brian Robins (Chief Financial Officer)
  • Christian Kleinerman (Executive Vice President of Product)

Call Summary

Financial Performance

• Product revenue for Q2 was $1.49B, representing 37% year-over-year growth.
• Q2 non-GAAP operating margin expanded by more than 400 basis points year-over-year to 15%.
• Non-GAAP product gross margin guidance for FY27 was updated to 74% to reflect higher mix of AI workloads.
• Remaining performance obligations grew 30% year-over-year to $9B, with approximately 54% expected to be recognized as revenue in the next 12 months.
• Cash, cash equivalents, short-term and long-term investments totaled $4.3B at quarter end.
• Year-to-date headcount increased by 334 employees, including 173 from the Observe acquisition, versus 935 added in the year-ago period.

ARR / Recurring Revenue Growth

• Snowflake reported 14,554 customers globally at quarter end.
• Net new customer additions were 692 in the quarter, representing a 32% increase year over year.
• 48 net new customers crossed the $1M trailing 12-month spend threshold in Q2, bringing the total to 828 customers above $1M.
• 65 customers have now crossed $10M in trailing 12-month product revenue, demonstrating concentration among large accounts.
• Remaining performance obligations of $9B imply meaningful near-term recurring revenue visibility, with ~54% anticipated revenue recognition within 12 months.
• The company stated it sees renewals and bookings increasingly weighted toward Q4, reducing even quarterly bookings distribution.