Snowflake

Snowflake sells a cloud data platform. Companies use it to store, process and analyze their data, and to build AI applications and agents on that data. Customers pay mostly for what they use, not per user. The platform runs on the large public clouds.

In Q2 fiscal 2027, which ended on July 31, 2026, product revenue was $1.49 billion. Snowflake had 828 customers with more than $1 million of product revenue in the last 12 months and 829 Forbes Global 2000 customers. Its fiscal year ends on January 31.

The market doubts that Snowflake can turn fast AI-driven growth into GAAP profit. Product revenue growth rose for three quarters in a row, to 37% in Q2 fiscal 2027, and the company raised its fiscal 2027 product revenue guidance to $6,070 million. But stock-based compensation was $424 million in the quarter, the GAAP operating loss was $263 million, and the company sold $3.75 billion of convertible notes in September 2026. Investors also fear that open table formats such as Iceberg and new AI tools let customers move data work to cheaper engines.

For the gap to close, three things must be true. Product revenue must keep growing near 30% or more after fiscal 2027, as AI products such as Cortex Code and Snowflake Intelligence add consumption. The non-GAAP operating margin must keep rising from the fiscal 2027 guidance of 14.5%. Stock-based compensation must keep falling as a share of revenue, so that GAAP results move toward profit.

The Q3 fiscal 2027 report on December 2, 2026 gives the next test, and the fiscal 2028 guidance with the Q4 report, expected in late February 2027, gives a larger one. If these checks pass, the gap can close within four to six quarters.

1. Sep 2, 2026Passed

   Q2 fiscal 2027 resultsProduct revenue growth above the guidance and a higher full-year outlook pass; slower growth or a lower outlook fail.Outcome: Product revenue grew 37% to $1.49 billion and the company raised its fiscal 2027 product revenue and margin guidance.
2. Dec 2, 2026Pending

   Q3 fiscal 2027 resultsProduct revenue above $1,593 million, a non-GAAP operating margin of 15.5% or more and a higher full-year outlook pass; slower growth or a lower margin fail.
3. Feb 2027 · est.Pending

   Q4 fiscal 2027 results and fiscal 2028 guidanceFiscal 2028 guidance for product revenue growth near 30% or more with a higher margin passes; guidance for growth well below 30% fails.

Every passed and failed checkpoint across all picks

• November 2, 2026Snowflake said that it will report Q3 fiscal 2027 results on December 2, 2026, after the market closes.
• September 28, 2026Snowflake completed a sale of $2.0 billion of 0% convertible notes due 2029 and $1.75 billion of 0% convertible notes due 2031. The conversion prices are about $500.38 and $483.98 per share. Net proceeds were about $3.70 billion. Snowflake used $383.5 million for capped calls and $548.3 million to buy back part of its convertible notes due 2027.
• September 2, 2026Snowflake reported Q2 fiscal 2027 results. Product revenue rose 37% to $1.49 billion, and total revenue rose 35% to $1.55 billion. Net revenue retention was 126%, and remaining performance obligations rose 30% to $9.00 billion. The non-GAAP operating margin was 15.3%, and the GAAP operating loss was $263.0 million. The company raised its fiscal 2027 guidance for product revenue to $6,070 million, or 36% growth, and for the non-GAAP operating margin to 14.5%.

Last earnings

September 2, 2026 (8-K on sec.gov)

Next earnings

December 2, 2026, as the company confirmed.

• 8-KNew material agreement and New debt or financial obligationFiled October 2, 2026 · snow-20260928
• 10-QQuarterly report for the period ended Jul 31, 2026Filed September 4, 2026 · snow-20260731
• 8-KEarnings releaseFiled September 2, 2026 · snow-20260902
• 8-KChange of directors or officersFiled July 16, 2026 · snow-20260715
• 8-KShareholder vote resultsFiled June 30, 2026 · snow-20260629
• 10-QQuarterly report for the period ended Apr 30, 2026Filed May 29, 2026 · snow-20260430
• 8-KEarnings releaseFiled May 27, 2026 · snow-20260527
• 8-KInvestor disclosureFiled March 31, 2026 · snow-20260331
• 10-KAnnual report for the period ended Jan 31, 2026Filed March 20, 2026 · snow-20260131
• 8-KEarnings releaseFiled February 25, 2026 · snow-20260225

Every filing on SEC EDGAR (CIK 1640147)

• Competition is strong. The large cloud providers and other data platforms sell similar products, and open table formats such as Iceberg make it easier to process the same data with other engines. If AI tools lower the cost of moving data work, growth can slow.
• Stock-based compensation is high. It was $826.1 million in the first half of fiscal 2027, and Snowflake had a GAAP operating loss of $589.1 million in that period. Share awards dilute shareholders unless buybacks offset them.
• Customers pay for what they use. When they cut budgets or make their workloads more efficient, revenue can slow quickly. The company lists new pricing for AI credits, Iceberg tables and storage as factors that can change consumption.
• Snowflake has $3.75 billion of new convertible notes and part of its $2.3 billion of older notes. If the share price rises above the conversion prices, conversions add shares, although capped calls reduce this dilution.

Snowflake had net cash at July 31, 2026. Cash and cash equivalents were $1.71 billion, short-term investments were $0.64 billion and long-term investments were $1.98 billion, for a total of $4.33 billion. Read more

Snowflake does not pay a dividend.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.