Snowflake (SNOW) Earnings Date & Reports

Key Takeaways

• Snowflake reported total revenue of $1.39 billion for the first quarter of fiscal 2027, up 33% year-over-year.
• Product revenue reached $1.33 billion, reflecting 34% year-over-year growth and the strongest sequential dollar growth in company history.
• Non-GAAP earnings per share came in at $0.39, beating analyst expectations of $0.32.
• Net revenue retention rate improved to 126%, with 779 customers generating over $1 million in trailing 12-month product revenue.
• The company raised full-year fiscal 2027 product revenue guidance to $5.84 billion, representing 31% growth.
• Remaining performance obligations grew 38% year-over-year to $9.21 billion.

Earnings Context and Why It Matters

Snowflake’s fiscal year ends January 31, making the first quarter of fiscal 2027 the period ended April 30, 2026. This report follows a period of accelerating adoption of the company’s AI Data Cloud platform. Investors closely monitor Snowflake’s results for signals on enterprise data and AI spending trends, as the company serves a broad base of customers scaling data workloads. Strong performance in this quarter underscores momentum in both core platform usage and emerging AI capabilities, which can influence broader cloud infrastructure and data analytics sector sentiment.

Reported Results

Total revenue for the first quarter of fiscal 2027 totaled $1.39 billion, a 33% increase from the prior-year period. Product revenue, which accounted for the majority of the total, reached $1.334 billion, up 34% year-over-year. The company delivered a non-GAAP operating margin of 11.9%. On a GAAP basis, Snowflake reported a net loss of $309.55 million, or $0.90 per share. Non-GAAP earnings per share of $0.39 surpassed the consensus estimate of $0.32. Key operating metrics included a net revenue retention rate of 126% and remaining performance obligations of $9.21 billion, up 38% year-over-year. The results exceeded expectations on both revenue and earnings, prompting an upward revision to full-year guidance.

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Market Reaction and Investor Sentiment

Following the May 27, 2026 earnings release after market close, investor focus centered on the robust revenue growth, earnings beat, and raised full-year guidance. The strong sequential momentum in product revenue and expanded AI adoption highlighted positive business trends. Market participants noted the continued outperformance relative to expectations as a sign of sustained demand for Snowflake’s platform amid broader enterprise AI investments.

Forward Outlook and Key Factors to Monitor

Snowflake raised its fiscal 2027 product revenue guidance to $5.84 billion, implying 31% year-over-year growth, and increased its non-GAAP operating margin target to 13.5%. For the second quarter, the company expects product revenue between $1.415 billion and $1.420 billion. Investors will watch execution on AI initiatives, including new capabilities such as Cortex Code and Snowflake Intelligence, as well as the impact of recent partnerships and the planned acquisition of Natoma.

Additional areas of focus include customer expansion metrics, net revenue retention trends, and the pace of remaining performance obligation growth. Margin expansion and free cash flow generation will also remain important as the company scales its AI offerings alongside its core data platform. Broader industry dynamics around enterprise data and AI spending will continue to shape the operating environment.

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