Q2 26 EPS
$0.35
BEAT +31.33%
Est. $0.27
Q2 26 Revenue
$1.14B
BEAT +5.29%
Est. $1.09B
vs S&P Since Q2 26
-48.9%
TRAILING MARKET
SNOW -37.8% vs S&P +11.1%
Market Reaction
Did SNOW Beat Earnings? Q2 2026 Results
Snowflake delivered a standout second quarter of fiscal 2026, posting adjusted earnings of $0.35 per diluted share against a consensus estimate of $0.27, a 31.33% beat, while revenue of $1.14 billion cleared expectations by 5.29% and grew 31.8% year-… Read more Snowflake delivered a standout second quarter of fiscal 2026, posting adjusted earnings of $0.35 per diluted share against a consensus estimate of $0.27, a 31.33% beat, while revenue of $1.14 billion cleared expectations by 5.29% and grew 31.8% year-over-year. The cloud data platform's consumption-based model was the clearest engine behind the outperformance, with net revenue retention holding at 125% and the number of customers generating more than $1 million in trailing twelve-month product revenue climbing 30% to 654. Non-GAAP operating income surged to $127.57 million, more than triple the $43.75 million recorded a year earlier, reflecting meaningful operating leverage as the business scales. With remaining performance obligations reaching $6.90 billion, up 33% year-over-year, future revenue visibility remains robust, and management's full-year fiscal 2026 product revenue guidance of $4.39 billion, implying 27% growth, suggests the AI-driven momentum is far from fading.
Key Takeaways
- • 32% year-over-year product revenue growth driven by consumption-based model
- • Net revenue retention rate of 125%
- • 654 customers with trailing 12-month product revenue greater than $1 million, up 30% YoY
- • Remaining performance obligations of $6.9 billion, up 33% YoY
- • Non-GAAP operating margin expansion to 11% from 5% in year-ago quarter
- • Growing AI adoption with 6,100+ accounts using Snowflake AI weekly
SNOW YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
SNOW Revenue by Segment
With YoY comparisons, source: SEC Filings
“Snowflake delivered yet another strong quarter, with product revenue of $1.09 billion, up a strong 32% year-over-year, and remaining performance obligations totaling $6.9 billion.”
— Sridhar Ramaswamy, Q2 2026 Earnings Press Release
SNOW Earnings Trends
SNOW vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SNOW EPS Trend
Earnings per share: estimate vs actual
SNOW Revenue Trend
Quarterly revenue: estimate vs actual
SNOW Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $0.27 | $0.32 | +18.52% | $1.28B | — |
| FY Full Year | $1.20 | $1.25 | +3.84% | $4.68B | +0.62% |
| Q3 26 BEAT | $0.31 | $0.35 | +12.47% | $1.21B | +2.44% |
| Q2 26 BEAT | $0.27 | $0.35 | +31.33% | $1.14B | +5.29% |
| Q1 26 BEAT | $0.21 | $0.24 | +13.15% | $1.04B | +3.62% |
| Q4 22 MISS FY | $0.03 | $-0.43 | -1,533.33% | $383.8M | +3.00% |
| FY Full Year | — | $-2.26 | — | $1.22B | — |