The earnings call highlighted strong growth in product revenue and AI adoption, complemented by strategic partnerships and a robust customer base expansion. Despite some challenges in Europe and increased hiring costs, the overall performance and outlook remain positive.

Company Guidance

During Snowflake's Q2 Fiscal 2026 earnings call, the company provided robust guidance for the upcoming quarters, highlighting several key metrics and achievements. Snowflake reported a 32% year-over-year increase in product revenue, reaching $1.09 billion, with remaining performance obligations totaling $6.9 billion, reflecting a 33% year-over-year growth. The net revenue retention rate stood at a healthy 125%, while the non-GAAP operating margin improved to 11%. For Q3, Snowflake expects product revenue between $1.125 billion and $1.13 billion, representing 25-26% year-over-year growth, and a non-GAAP operating margin of 9%. The full-year Fiscal 2026 product revenue guidance was increased to $4.395 billion, indicating 27% year-over-year growth, with expectations for a 75% non-GAAP product gross margin and a 9% non-GAAP operating margin. Additionally, Snowflake is targeting a non-GAAP adjusted free cash flow margin of 25% for the full year. The company emphasized its commitment to scaling efficiently, with strategic investments in growth, partnerships, and product innovation, particularly in AI, where 25% of new logos were influenced by AI capabilities, and 50% of new use cases involve AI, reinforcing Snowflake's position as a leader in the enterprise AI space.

Strong Product Revenue Growth

Product revenue for Q2 was $1.09 billion, up 32% year over year, demonstrating an acceleration in growth from last quarter.

Healthy Financial Metrics

Non-GAAP operating margin increased to 11%, and the non-GAAP product gross margin was 76.4%. Non-GAAP adjusted free cash flow margin was 6% in Q2.

Expansion in AI and New Features

AI influenced nearly 50% of new logos won in Q2, and 6,100 accounts were using Snowflake's AI weekly. Approximately 250 capabilities were launched to general availability in the first half of the year.

Strong Customer and Partner Growth

Added 533 customers, including 15 Global 2,000 companies, and net new customer adds in the quarter were up 21% year over year.

Strategic Partnerships and Integration

Azure was the fastest-growing cloud at 40% year over year, with strong alignment with Microsoft and partnerships with OpenAI and Anthropic.

Snowflake (SNOW) Earnings, Revenues Date & History

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SNOW Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 26, 2025	2026 (Q3)	0.31 / -	0.2	―	―	―
Aug 27, 2025	2026 (Q2)	0.27 / 0.35	0.18	94.44% (+0.17)
May 21, 2025	2026 (Q1)	0.21 / 0.24	0.14	71.43% (+0.10)
Feb 26, 2025	2025 (Q4)	0.18 / 0.30	0.35	-14.29% (-0.05)
Nov 20, 2024	2025 (Q3)	0.15 / 0.20	0.25	-20.00% (-0.05)
Aug 21, 2024	2025 (Q2)	0.16 / 0.18	0.22	-18.18% (-0.04)
May 22, 2024	2025 (Q1)	0.18 / 0.14	0.15	-6.67% (>-0.01)
Feb 28, 2024	2024 (Q4)	0.18 / 0.35	0.14	150.00% (+0.21)
Nov 29, 2023	2024 (Q3)	0.16 / 0.25	0.11	127.27% (+0.14)
Aug 23, 2023	2024 (Q2)	0.10 / 0.22	0.007	3042.86% (+0.21)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

SNOW Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 27, 2025	$200.39	―	―
May 21, 2025	$179.12	$203.18	+13.43%
Feb 26, 2025	$166.19	$173.69	+4.51%
Nov 20, 2024	$129.12	$171.35	+32.71%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.