Snowflake reports 37% product revenue growth in fiscal Q2 2027, lifts full-year guidance

Snowflake (NYSE: SNOW), the AI Data Cloud company, on September 2, 2026 reported financial results for its second quarter of fiscal 2027, ended July 31, 2026. Product revenue reached $1.49 billion, up 37% year-over-year, while total revenue was $1.55 billion, up 35%.

The company added 692 net new customers in the quarter, up 32% year-over-year, including 14 net new Forbes Global 2000 customers. Snowflake now counts 828 customers with trailing 12-month product revenue greater than $1 million, up 27%, and reported remaining performance obligations of $9.00 billion, up 30%.

CFO Brian Robins said Q2 marked the company's third consecutive quarter of product revenue growth acceleration, adding that Snowflake delivered that growth while expanding operating margin. On the AI front, CoCo surpassed 9,100 accounts, adding more than 2,000 in the quarter, while CoWork expanded to 5,800 accounts.

For the third quarter of fiscal 2027, Snowflake expects product revenue of $1,588 million to $1,593 million, representing 37% to 38% year-over-year growth. For the full year, the company raised its product revenue guidance to $6,070 million, or 36% growth, up from previous guidance of $5,840 million (31% growth). It also lifted its non-GAAP operating margin guidance to 14.5% from 13.5%, and expects a non-GAAP adjusted free cash flow margin of 23.0%.