Snowflake Q2 FY2027 Earnings: Product Revenue Growth Accelerates to 37%

Snowflake’s Q2 FY2027 revenue rose 35% year over year to $1.55 billion, while product revenue increased 37% to $1.49 billion, marking a third consecutive quarter of product revenue growth acceleration. Non-GAAP operating margin reached 15.3%, although the company still reported a $263 million GAAP operating loss. Remaining performance obligations grew 30% to $9.00 billion, and management raised full-year product revenue guidance to $6.07 billion, or 36% growth, while lifting its non-GAAP operating margin outlook to 14.5%. The increase reflected strength in core data workloads and a step-up in AI revenue.