Snowflake (SNOW) Earnings Date & Reports

Key Takeaways

• Snowflake reported total revenue of $1.39 billion for Q1 FY2027, a 33% year-over-year increase.
• Product revenue reached $1.334 billion, up 34% year-over-year, with the strongest sequential dollar growth in company history.
• Non-GAAP earnings per share came in at $0.39, beating analyst expectations.
• Net revenue retention rate held steady at 126%, while remaining performance obligations grew 38% to $9.21 billion.
• The company raised full-year fiscal 2027 product revenue guidance to $5.84 billion, reflecting 31% year-over-year growth.
• Customer metrics improved, with 779 accounts exceeding $1 million in trailing twelve-month product revenue.

Earnings Context and Why It Matters

Snowflake’s first quarter of fiscal 2027, which ended April 30, 2026, highlights the company’s accelerating role in enterprise data and artificial intelligence infrastructure. Following robust prior periods, this report underscores sustained demand for cloud data platforms amid rising AI adoption. Investors closely monitor these results because Snowflake’s performance often signals broader trends in enterprise technology spending, particularly as companies integrate AI capabilities into their data ecosystems. Strong growth here can influence sentiment across the software sector.

Reported Results

Snowflake delivered total revenue of $1.39 billion in Q1 FY2027, representing 33% year-over-year growth. Product revenue, the core driver, totaled $1.334 billion and rose 34% from the prior year. Non-GAAP earnings per share reached $0.39, surpassing consensus estimates. Key operating metrics included a net revenue retention rate of 126% and $9.21 billion in remaining performance obligations, up 38% year-over-year. The company added 616 net new customers and expanded its base of large accounts, with 779 customers generating more than $1 million in trailing twelve-month product revenue. Guidance for the full fiscal year 2027 was raised, with product revenue now expected at $5.84 billion, or 31% growth.

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Market Reaction and Investor Sentiment

Following the May 27, 2026, earnings release, investor focus centered on the raised full-year guidance and continued AI-driven momentum. The results reinforced confidence in Snowflake’s ability to expand its platform usage among large enterprises. Market participants noted the company’s operational improvements and customer acquisition trends as positive signals heading into the balance of the fiscal year.

Forward Outlook and Key Factors to Monitor

Investors will watch Snowflake’s progress on its raised fiscal 2027 guidance, particularly product revenue targets and non-GAAP operating margin expansion to 13.5%. Key areas include adoption rates of new AI features such as Cortex Code and Snowflake Intelligence, along with the impact of recent partnerships and the planned acquisition of Natoma.

Additional metrics to track involve remaining performance obligations growth, net revenue retention stability, and the pace of customer expansion beyond the current 813 Forbes Global 2000 accounts. Demand signals from enterprise AI workloads and any shifts in cloud spending patterns will also remain important.

Broader industry dynamics, including competition in data platforms and evolving AI regulatory environments, could influence execution. The next earnings release, expected in late August 2026, will provide further updates on these trends.

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