On September 2, 2026, Snowflake Inc. issued a press release detailing its financial results for the second quarter of fiscal 2027, which ended July 31, 2026. The company reported total revenue of $1.55 billion for the quarter, representing a 35% increase compared to the same period in the prior year. Product revenue specifically reached $1.49 billion, a 37% year-over-year increase.
Key business metrics for the quarter included a net revenue retention rate of 126%, indicating strong customer loyalty. Snowflake reported 828 customers with trailing 12-month product revenue exceeding $1 million, a 27% year-over-year increase. Additionally, the company noted 829 customers from the Forbes Global 2000 list and reported Remaining Performance Obligations (RPO) of $9.00 billion, up 30% year-over-year.
Management highlighted momentum in its AI offerings, noting that CoCo surpassed 9,100 accounts and CoWork expanded to 5,800 accounts during the quarter. The company also reported adding 692 net new customers, including 14 new Forbes Global 2000 customers.
In terms of financial guidance for fiscal 2027, Snowflake raised its full-year product revenue outlook to $6,070 million, representing 36% year-over-year growth, up from a previous estimate of $5,840 million. The company also updated its non-GAAP operating margin guidance to 14.5%, up from the previous forecast of 13.5%.
For the third quarter of fiscal 2027, Snowflake expects product revenue between $1,588 million and $1,593 million, representing 37% to 38% year-over-year growth. The company projects a non-GAAP operating margin of 15.5% for the upcoming quarter.
