Snowflake: Fiscal 2Q27 Financial Results

Summary:

• Revenue of $1.55 billion in the second quarter, representing 35% YoY growth
• Net revenue retention rate of 126%
• 828 customers with trailing 12-month product revenue greater than $1 million, representing 27% YoY growth
• 829 Forbes Global 2000 customers
• Remaining performance obligations of $9.00 billion, representing 30% YoY growth

Snowflake, an AI data cloud company, announced financial results for its second quarter of fiscal 2027, ended July 31, 2026.“Snowflake delivered another strong quarter, with product revenue of $1.49 billion, up 37% year-over-year, as Snowflake continues to power the enterprise AI revolution,” said Sridhar Ramaswamy, CEO, Snowflake. “AI continues to compound our advantages, creating a flywheel effect across the business. CoWork and CoCo are driving transformational outcomes for our customers, while fueling rapid adoption, user growth, new workloads, and overall platform consumption. Our rapid pace of innovation, tight go-to-market execution, and operational discipline position us well to capture the opportunity ahead. The Agentic Enterprise runs on Snowflake, and we’re just getting started.”

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“Q2 marks our third consecutive quarter of product revenue growth acceleration, driven by strength in both our core data platform and a meaningful step-up in AI revenue,” said Brian Robins, CFO, Snowflake. “Importantly, we delivered this accelerating growth while expanding operating margin. Balancing growth with discipline remains a top priority, and we are raising our full-year product revenue growth guidance to 36% year-over-year.”

Snowflake Business Highlights:

• AI Momentum: CoCo surpassed 9,100 accounts ¹, adding more than 2,000 accounts in the quarter alone, while CoWork expanded to 5,800 accounts ¹
• Accelerated Product Velocity: Launched over 330 product capabilities to general availability in the first half of fiscal 2027, up 35% YoY, and recently introduced Cortex Sense for business context and Cortex AI Gateway, which extends AI from insight to action through its integration of Natoma
• AI Customer Wins: Customers like 1Password and Indeed chose Snowflake as the foundation for their data and AI transformation. Sayari cut costs by more than half and is using CoCo to accelerate the migration of 12 billion records
• Customer Growth: Added 692 net new customers in the quarter, up 32% YoY, including 14 net new Forbes Global 2000 customers

See the section titled “Key Business Metrics” for definitions of product revenue, net revenue retention rate, customers with trailing 12-month product revenue greater than $1 million, Forbes Global 2000 customers, and remaining performance obligations.

¹ The average of the last 4 weeks of the quarter ended July 31, 2026, counted based on capacity and on-demand accounts using the respective features on a weekly basis via our internal classification