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SNOW · US

SNOW.US: Q2 FY27 product $1.49B (+37%) — NRR 126% & raise

Snowflake Q2 FY27 (ended 2026-07-31) revenue $1.55B (+35%), product $1.49B (+37%), NRR 126%, RPO $9.00B. FY27 product guide $6.070B (+36%). GAAP op. loss 17%, non-GAAP OM 15.3%.

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Snapshot

Price (approx.)
USD 293
Mkt cap (approx.)
USD 102.0B
Revenue (approx.)
USD 6.2B
RPO
USD 9.0B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Snowflake Q2 FY27 (ended 2026-07-31) revenue $1.55B (+35%), product $1.49B (+37%) — third straight quarter of product-growth acceleration. NRR 126%, 828 $1M+ customers (+27%), RPO $9.00B (+30%). FY27 product guide $6.070B (+36%). GAAP op. loss 17%, 15.3% non-GAAP OM, $84M FCF. Consumption AI data cloud; tape is product growth and NRR.

Business

Model: multi-cloud consumption data platform (compute/storage/transfer). Flagships: core data platform; Cortex/CoCo (~9,100 accounts); CoWork (~5,800). Edge: separated storage/compute + multi-cloud. Strategy: Agentic Enterprise (Cortex Sense / AI Gateway). Entity: Snowflake Inc.; FY ends Jan 31.

Value chain

Mid-stack data platform. Upstream: AWS/Azure/GCP COGS; downstream: analytics/AI teams. 829 Forbes G2000 customers; +692 net-new in-quarter. Risks: (1) cloud COGS / optimization; (2) open-source/lakehouse substitutes.

Valuation

Price context ~$293 / mkt ~$102B (pack KPI). Market prices the +36% product path; GAAP still loss-making so TTM PE is null.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
TTM PEN/A未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PBN/A待最新净资产与市值核验
股息率N/A待分红公告 / IR
现价语境约 293SNOW · 以包内 kpi_snapshot 时点为准
As of 2026-09-25

~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:

Valuation & return · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Public quarterly closes (split-adjusted); do not invent gaps · As of 2026-09-25

Financial trend (~24 months)

Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:

Revenue · last 8Q

Interactive chart available in the reader.

Company IR / 10-Q quarterly revenue; null when missing · As of 2026-09-25

Gross margin · last 8Q

Interactive chart available in the reader.

Company IR gross margin; null when missing — no interpolation · As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Attributable NI from filings; null when missing — no interpolation · As of 2026-09-25

Financial health (§A.7)

Q2 OCF $91.4M, FCF $83.8M (~5% margin); FY adj. FCF margin guide 23%. GAAP operating loss. Audit per latest 10-K.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评现金可覆盖、GAAP 仍亏Q2 FCF 季节性弱；看全年 23% adj. FCF 指引
经营现金流$91.4M（Q2）占收 5.9%；来源 2026-09-02 PR
可转债2027/2029 0% 票据指引已计入 if-converted 稀释约 1,000 万股
流动性FCF 正单季 FCF $83.8M，全年指引更厚
审计意见以最新 10-K 为准本 PR 未重述审计意见
As of 2026-09-25

Operations

Product GM 70.9% GAAP / 74.7% non-GAAP. OCF $91.4M, FCF $83.8M. Q3 product $1.588–1.593B. CEO: CoCo/CoWork attach new workloads.

Key financial points

Key financial points
ItemValueYoYNote
Q2 总营收$1.55B+35%截至 2026-07-31
产品收入$1.49B+37%连续三季加速
NRR126%—消耗留存
RPO$9.00B+30%合同未确认
$1M+ 客户828+27%G2000：829
FY27 产品指引$6.070B+36%前次 $5.840B
As of 2026-09-25

Competition

Peer strengths/weaknesses; share charts only when a named source exists.

Market share trend · last 8Q

Interactive chart available in the reader.

Named industry/company sources only; else omit or null · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Named sources only; list in references · As of 2026-09-25

Peer map

Peer map
CompanyShare/roleMarginStrengthWeakness
Snowflake (self)Data cloud~65-70% GMMulti-cloud UXOptimization pressure
Databricks (priv)Lakehousen/aAI mindsharePrivate
BigQueryCloud DWBundleGCP attachMulti-cloud
Fabric/SynapseMicrosoftBundleDistributionCompetition
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
CEOSridhar Ramaswamy2024+CEO change in 24m
CFOMichael Scarpellilong-tenuredNo material change
ProductProduct leadsongoingAI focus
As of 2026-09-25

Stability: Sridhar Ramaswamy (CEO) and Brian Robins (CFO) signed this print; current slate is stable after the earlier CEO transition.

Outlook

Track Q3 $1.588–1.593B, AI consumption mix, NRR, and FCF seasonality (only $84M in Q2).

Scenarios

Scenario Condition Implication
Bull Demand/execution beats Upside
Base Trend continues Hold/watch
Bear Cycle/competition worsens Drawdown/reassess

Risks

Risk Severity Note
消耗优化 / NRR 高 客户优化计算会直接打产品收入
云 COGS 中 产品 GAAP GM 70.9%，议价与存储 mix 波动
竞争 中 超大规模数仓、开源湖仓、应用层（PLTR）
GAAP 亏损 中 经营利润率 −17%，SBC 高
估值 中 已定价 +36% 产品路径

Tracking list

Verify on next earnings:

  1. Q3 product $1.588–1.593B (+37–38%)
  2. FY27 product $6.070B (+36%) vs prior $5.840B
  3. NRR 126% and 828 $1M+ customers
  4. CoCo 9,100 / CoWork 5,800 accounts → consumption
  5. GAAP op. loss −17% vs 15.3% non-GAAP OM / $84M FCF

References

  1. Snowflake Q2 FY2027 results (2026-09-02) — https://www.businesswire.com/news/home/20260902386235/en/
  2. Snowflake IR — https://investors.snowflake.com/
  3. Cross — PLTR data platform

Not investment advice; defer to latest company filings.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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