Snowflake Inc. completed a private offering of $2.0 billion of 0.00% Convertible Senior Notes due 2029 and $1.75 billion due 2031. Net proceeds were approximately $3.70 billion, funding capped calls and repurchasing 2027 Notes.
SNOW · Snowflake Inc.
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Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q2 FY27 earnings call · Sep 2, 2026TL;DR. Snowflake posted Q2 product revenue of $1.49B (up 37% YoY), its third straight quarter of accelerating growth and 400+ bps of non-GAAP operating margin expansion to 15%, and raised full-year FY27 product revenue guidance to 36% YoY growth and non-GAAP operating margin guidance from 13.5% to 14.5%.
- + Q2 product revenue accelerated to 37% YoY growth, marking a third consecutive quarter of acceleration
- + Non-GAAP operating margin expanded over 400 bps YoY to 15% in Q2
- + Raised full-year FY27 product revenue guidance to $6.07B, representing 36% YoY growth (up from $5.84B / 31%)
- + Raised full-year FY27 non-GAAP operating margin guidance from 13.5% to 14.5%
- − Lowered FY27 non-GAAP product gross margin guidance to 74%, reflecting lower-margin AI workload mix
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Mentioned in fund letters
Equibles Rating
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Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Free cash flow (non-GAAP) non-GAAP | 83.8M | the three months ended July 31, 2026 filing | — |
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GAAP → non-GAAP reconciliationGAAP Net cash provided by operating activities 91.36M
-7.55M Less: purchases of property and equipment
= Free cash flow (non-GAAP) 83.8M
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| Adjusted free cash flow non-GAAP | 92.3M | Q2 FY2027 | — |
| Adjusted free cash flow margin non-GAAP | 6% | Q2 FY2027 | — |
| CoWork accounts | 5,800 | Q2 FY2027 | — |
| Customers with trailing 12-month product revenue greater than $1 million | 828 | Q2 FY2027 | — |
| Forbes Global 2000 customers | 829 | Q2 FY2027 | — |
| Free cash flow non-GAAP | 83.8M | Q2 FY2027 | — |
| Free cash flow margin non-GAAP | 5.4% | Q2 FY2027 | — |
| Net new customers | 692 | Q2 FY2027 | — |
| Net new Forbes Global 2000 customers | 14 | Q2 FY2027 | — |
| Net revenue retention rate | 126% | Q2 FY2027 | — |
| Non-GAAP adjusted free cash flow non-GAAP | 357.82M | Six Months Ended July 31, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Non-GAAP free cash flow 83.8M
+8.5M Net cash paid on payroll tax-related items on employee stock transactions
= Non-GAAP adjusted free cash flow 92.3M
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| Non-GAAP adjusted free cash flow margin non-GAAP | 12% | Six Months Ended July 31, 2026 | — |
| Non-GAAP free cash flow non-GAAP | 316.58M | Six Months Ended July 31, 2026 | — |
GAAP → non-GAAP reconciliationGAAP GAAP net cash provided by operating activities 91.36M
-7.55M Purchases of property and equipment
= Non-GAAP free cash flow 83.8M
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| Non-GAAP free cash flow margin non-GAAP | 11% | Six Months Ended July 31, 2026 | — |
| Non-GAAP gross margin non-GAAP | 72% | Six Months Ended July 31, 2026 | — |
| Non-GAAP operating margin non-GAAP | 15.3% | Q2 FY2027 | +2.0% |
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| Non-GAAP product gross margin non-GAAP | 74.7% | Q2 FY2027 | — |
| Remaining performance obligations | 9B | Q2 FY2027 | — |
| Forbes Global 2000 customers contribution to revenue | 43% | the three months ended April 30, 2026 filing | — |
| Intrinsic value of options exercised | $127.2M | the three months ended April 30, 2026 filing | — |
| Stock-based compensation recognized for the Leadership PRSUs | $8.2M | the three months ended April 30, 2026 filing | — |
| Total Number of Shares Purchased | 1.68M | the three months ended April 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Software - Application — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
SNOW
this stock
Snowflake Inc.
|
$102.66B | +32.7% | +29.2% | — | 4.9% |
|
SAP
Sap SE
|
$271.12B | -3.3% | — | — | 0.2% |
|
QH
QUHUO Ltd
|
$268.05B | +181.9% | +59.7% | — | 0.0% |
|
SHOP
Shopify Inc.
|
$189.23B | -8.6% | +30.1% | 89.2 | 1.5% |
|
CRM
Salesforce, Inc.
|
$179.28B | -17.8% | +25.9% | 19.9 | 3.2% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 2, 2026
- This year
- 22
Snowflake Inc. completed a private offering of $2.0 billion of 0.00% Convertible Senior Notes due 2029 and $1.75 billion due 2031. Net proceeds were approximately $3.70 billion, funding capped calls and repurchasing 2027 Notes.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| SNOW | +5.5% | -5.2% | +63.9% | -4.9% | +32.7% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | +2.9% | -4.0% | +63.4% | -4.8% | +22.0% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.