Snowflake — 2026Q3 earnings
reported 2026-09-02
EPS $0.62 vs $0.45 est — beat
next session +16.6% (close 2026-09-02 → 2026-09-03)
Source
8-K filing ↗Summary
Snowflake's second quarter of fiscal 2027, ended July 31, 2026, was a broad-based growth print: product revenue of $1.49 billion grew 37% year over year inside total revenue of $1.55 billion, up 35%, with net revenue retention holding at 126%. The depth metrics moved with the top line — 828 customers now exceed $1 million in trailing-twelve-month product revenue, up 27%, and remaining performance obligations reached $9.00 billion, up 30% — meaning contracted future consumption is growing roughly in line with recognized revenue rather than being drawn down to fund it. This summary reads the company's own results release; no call transcript was verified for this quarter.
Review
From the report
Consumption growth re-accelerated across every disclosed cohort metric — product revenue, million-dollar customers and backlog all grew faster than a year of AI-spend skepticism priced in.
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Product revenue was $1.49 billion, up 37% year over year. show quote
“Product revenue of $1.49 billion in the second quarter, representing 37% year-over-year growth”
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Total revenue was $1.55 billion, up 35% year over year. show quote
“Revenue of $1.55 billion in the second quarter, representing 35% year-over-year growth”
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828 customers now exceed $1 million in trailing-12-month product revenue, up 27% year over year. show quote
“828 customers with trailing 12-month product revenue greater than $1 million, representing 27% year-over-year growth”
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Remaining performance obligations reached $9.00 billion, up 30% year over year. show quote
“Remaining performance obligations of $9.00 billion, representing 30% year-over-year growth”
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as of 2026-09-02