Snowflake to Report Q2 Earnings: Key Metrics Investors Should Watch
Snowflake (SNOW) is set to report its second-quarter earnings on September 2, with analysts and investors closely watching key financial metrics. The company returned to strong growth in the first quarter of fiscal 2027, driven by increased adoption of AI-related services such as Cortex Code. Product revenue rose 34% year-over-year (YoY) to $1.3 billion, while net revenue retention reached 126%. Investors are looking for signs that this momentum will continue in Q2 and whether Snowflake can maintain growth above 30%, especially after a significant stock price increase of 48% YTD. Another key focus is remaining performance obligations (RPO), which grew 38% YoY to $9.2 billion, indicating strong future revenue potential from existing contracts. Additionally, net new customers increased by 38% year-over-year in Q1, with a growing number of high-spending clients. If Snowflake can maintain or improve on its first-quarter performance and reiterate full-year guidance—currently set at $5.84 billion (vs. consensus estimates of $6.1 billion)—it could signal continued strength in both the core data platform business and AI-driven offerings.
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