Snowflake lifts FY27 revenue guidance as AI offerings, core data platform strength boosts results

Snowflake

02/09/2026 21:17

Overview
AI data cloud firm's fiscal Q2 product revenue grew 37% yr/yr to $1.49 bln
Company raised full-year product revenue growth guidance to 36% yr/yr
Product revenue growth driven by core data platform and increased AI adoption

Outlook
Snowflake raises FY27 product revenue guidance to $6.07 bln, up 36% year-over-year
Company sees Q3 FY27 product revenue of $1.588 bln to $1.593 bln, up 37%-38%
Company expects FY27 non-GAAP operating margin of 14.5%, up from prior 13.5%

Result Drivers
AI PRODUCT ADOPTION - Co said increased adoption of AI offerings, including CoCo and CoWork, contributed to product revenue growth
CORE PLATFORM MOMENTUM - Growth in core data platform usage supported revenue acceleration, per CFO Brian Robins
CUSTOMER EXPANSION - Net new customer additions, including Global 2000 firms, contributed to business growth

Company press release: ID:nBw8FspXDa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Product Revenue
 
$1.49 bln
 
Q2 Loss Per Share
 
$0.55
 
Q2 Operating Income
 
-$263 mln
 
Q2 Product Gross Profit
 
$1.06 bln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 46 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the it services & consulting peer group is "buy"
Wall Street's median 12-month price target for Snowflake Inc. is $322.50, about 0.8% above its September 1 closing price of $319.80
The stock recently traded at 134 times the next 12-month earnings vs. a P/E of 119 three months ago

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Sept 2 - Spain's iPronics raises $125 million from Nvidia, others for data center networking chips

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)