Snowflake (SNOW) Earnings: Q2 Fiscal 2027 Results and Next Report Date

The quarter ended July 31, 2026 and Snowflake published the results on September 2, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Snowflake reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Snowflake's fiscal year ends January 31, so Q2 fiscal 2027 is the quarter to July 31, 2026.
• GAAP EPS is the same basic and diluted because Snowflake had a net loss. Non-GAAP diluted EPS uses a share count that includes the effect of its convertible notes, net of the capped calls.

Source: Snowflake Q2 fiscal 2027 results, September 2, 2026. Also in the Form 10-Q for the quarter ended July 31, 2026. Figures as reported; checked against the release on November 10, 2026.

How Snowflake splits revenue in its own release, under its own labels, for Q2 fiscal 2027 against Q2 fiscal 2026. Indented lines are parts of the line above them.

• Snowflake's Product revenue revenue was $1.5 billion in Q2 fiscal 2027, up 37% from $1.1 billion in Q2 fiscal 2026, 96% of total revenue.
• Snowflake's Professional services and other revenue revenue was $54.9 million in Q2 fiscal 2027, up 1% from $54.5 million in Q2 fiscal 2026, 4% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Snowflake guides product revenue and non-GAAP margins, not total revenue or EPS. For Q3 fiscal 2027 it also guided a non-GAAP operating margin of 15.5%, and for the full year a non-GAAP operating margin of 14.5% (up from 13.5%) and a non-GAAP adjusted free cash flow margin of 23.0%.

In its Q2 fiscal 2027 release, Snowflake said:

“Product revenue of $1,588 million to $1,593 million, representing 37% to 38% year-over-year growth”

“Product revenue of $6,070 million, representing 36% year-over-year growth, up from previous guidance of $5,840 million, or 31% year-over-year growth”

“Balancing growth with discipline remains a top priority, and we are raising our full-year product revenue growth guidance to 36% year-over-year.”

Source: Snowflake Q2 FY27 release, Sep 2, 2026.

This is the company's own guidance as of Sep 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SNOW forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and net loss per share (basic and diluted), each as first reported in that quarter's release.

Snowflake's next report is scheduled for December 2, 2026. This page will show Q2 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2027 (this page), reported Sep 2, 2026

Snowflake earns almost all of its revenue from customers using its data platform. In Q2 fiscal 2027 product revenue was $1,491.9 million of $1,546.8 million total revenue, 96%, and professional services and other revenue was $54.9 million. Customers either buy capacity in advance or pay on demand monthly in arrears, and revenue is recognized as they consume it. Capacity arrangements with existing customers made up about 97% of revenue in the quarter. (Snowflake Q2 FY27 release, Sep 2, 2026; Snowflake Form 10-Q, Q2 FY27, Sep 4, 2026; Snowflake Form 10-K, fiscal 2026, Mar 20, 2026)

Snowflake said product revenue rose 37%, an increase of $401.4 million, primarily because existing customers consumed more, with a net revenue retention rate of 126%. Its CEO credited AI features: CoCo surpassed 9,100 accounts and CoWork reached 5,800 accounts. Snowflake added 692 net new customers in the quarter. (Snowflake Form 10-Q, Q2 FY27, Sep 4, 2026; Snowflake Q2 FY27 release, Sep 2, 2026)

Snowflake's revenue is concentrated in large customers. The 828 customers with more than $1 million of trailing 12-month product revenue accounted for about 68% of product revenue, and 156 of them spent more than $5 million and 65 more than $10 million. No single customer accounted for 10% or more of revenue. (Snowflake Form 10-Q, Q2 FY27, Sep 4, 2026)

By geography, the United States accounted for $1,152.2 million of Q2 fiscal 2027 revenue, EMEA $258.7 million, Asia-Pacific and Japan $94.9 million and other Americas $41.0 million. Snowflake runs on AWS, Microsoft Azure and Google Cloud Platform, and the 10-Q says its costs and gross margins are significantly influenced by the prices it negotiates with those providers. (Snowflake Form 10-Q, Q2 FY27, Sep 4, 2026)

Snowflake reported a GAAP net loss of $0.55 a share in Q2 fiscal 2027, against $0.89 a year earlier, and non-GAAP diluted EPS of $0.62. The largest item between the two is stock-based compensation-related charges of $456.4 million, followed by $42.2 million of amortization of acquired intangibles, less a $75.0 million tax effect. GAAP operating loss was $263.0 million, a margin of (17.0%); non-GAAP operating income was $237.0 million, a margin of 15.3%. (Snowflake Q2 FY27 release, Sep 2, 2026)

Shares used for GAAP EPS rose to 349.3 million from 335.2 million. Snowflake repurchased 1.7 million shares for $300.0 million in the first half of fiscal 2027, at a weighted-average price of $178.95. In June 2026 it bought Natoma Labs, an enterprise Model Context Protocol platform for AI agents, for preliminary purchase consideration of $128.3 million. (Snowflake Q2 FY27 release, Sep 2, 2026; Snowflake Form 10-Q, Q2 FY27, Sep 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Snowflake guides product revenue, not total revenue or EPS. For Q3 fiscal 2027 it expects product revenue of $1,588 million to $1,593 million, 37% to 38% growth, a non-GAAP operating margin of 15.5% and 382 million non-GAAP diluted shares. For the full year it raised product revenue guidance to $6,070 million, 36% growth, from $5,840 million, and the non-GAAP operating margin to 14.5% from 13.5%. (Snowflake Q2 FY27 release, Sep 2, 2026)

Snowflake also guides a non-GAAP product gross margin of 74.0% and a non-GAAP adjusted free cash flow margin of 23.0% for fiscal 2027. It says a GAAP reconciliation is not available because stock-based compensation-related charges are hard to predict. (Snowflake Q2 FY27 release, Sep 2, 2026)

A consensus figure is the average of the models published by the analysts who cover Snowflake, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Snowflake's own release and filings put weight on for Q2 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SNOW is on is SNOW a buy or a sell?, what analysts expect next is on the SNOW forecast, and what the company does is on the Snowflake (SNOW) stock page.

Every number on this page can be traced to a document Snowflake published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.