“Snowflake has delivered yet another strong quarter.”（CEO）
“Product revenue for Q2 was $1.09 billion, up a strong 32% year over year, demonstrating an acceleration in growth from last quarter.”（CEO）
“Our non-GAAP operating margin increased to 11%, reflecting our focus on efficiency and operational rigor.”（CEO）
“In Q2, new features across all four product categories outperformed our expectations.”（CFO）
“We are increasing our product revenue guidance for FY 2026.”（CFO）
Prepared Metrics
Metric
Value
Speaker/Context
产品收入
10.9亿美元
Q2，同比增长32%（CEO）
剩余履约义务（RPO）
69亿美元
同比增长33%（CEO）
净收入留存率（NRR）
125%
Q2（CEO）
非GAAP产品毛利率
76.4%
Q2（CFO）
非GAAP营业利润率
11%
Q2（CEO）
非GAAP调整后自由现金流利润率
6%
Q2（CFO）
新增客户数
533
Q2（CEO）
百万美元以上客户数
654
过去12个月（CFO）
新增员工数
529
Q2，其中364名销售与市场（CFO）
现金及投资总额
46亿美元
期末（CFO）
股票回购授权余额
15亿美元
至2027年3月（CFO）
Q3产品收入指引
11.25亿-11.3亿美元
同比增长25%-26%（CFO）
FY2026产品收入指引
43.95亿美元
同比增长27%（CFO）
FY2026非GAAP营业利润率指引
9%
（CFO）
FY2026非GAAP调整后自由现金流利润率指引
25%
（CFO）
Q&A Batch (1-5 of 20)
Q1 — Sanjit Singh
Topic: Durability of growth post data modernization
Key points:
Data modernization driven by legacy systems' inability to scale workloads or data.
Modernization is "just the beginning"; AI transformation depends on data being AI-ready in Snowflake.
Data in Snowflake is increasingly AI-ready for Cortex Analyst, Cortex Search, and agentic layers like Snowflake Intelligence.
Mgmt stance: Bullish — sees long-term value creation as customers use AI and applications on top of modernized data.
Q2 — Raimo Lenschow
Topic: New customer adds and European organizational changes
Key points:
U.S. organization split into hunters and farmers last year; European split implemented this year.
Europe is "still developing" but contributing; bulk of new customers still from the U.S.
Replicating the setup in EMEA and APJ; expects future yield from those regions.
Mgmt stance: Neutral — Europe contributing but early stage; U.S. remains the primary driver.
Q3 — Karl Keirstead
Topic: Azure cloud growth and Microsoft partnership
Key points:
Azure was Snowflake's fastest-growing cloud, up 40% year-over-year (off a lower base).
AWS remains the largest cloud, but Microsoft (Azure) is moving up.
Better alignment between Snowflake's field and Microsoft over the last six months; Microsoft is strong in EMEA, contributing to uptick.
Collaboration spans infrastructure, OneLake, and end-user products like Office Copilot and Power BI.
Mgmt stance: Bullish — sees long-term benefits from depth/breadth of collaboration with Azure.
Q4 — Kirk Materne
Topic: Q2 upside drivers and Q3 guidance for newer products
Key points:
Newer products (across four growth pillars) outperformed expectations in Q2.
Q2 surprised on the upside; forecast was based on consumption patterns at the time, with a modest amount included for newer products (which have been in development since before Summit).
Q3 guidance is based on current consumption patterns; consumption model means forecasts adjust as trends solidify.
Topic: Drivers of consumption acceleration — demand normalization vs. AI budget inclusion
Key points:
Core analytics business remains strong; net revenue retention (NRR) was 125%.
Large customers are allocating budgets for AI projects, especially when data is on Snowflake, due to ease of use, governance, and trustworthiness of AI.
In Q2, close to 25% of deployed use cases involved AI in some form.
AI workloads are becoming more mainstream; prediction models will increasingly roll these into forecasts.
Mgmt stance: Bullish — sees AI as a continued and accelerating trend for creating business value.
Professional services revenue was up 20% quarter-on-quarter.
The increase was driven by one large customer where deferred revenue milestones were hit in Q2; excluding that, it was a normal growth quarter.
Snowflake itself does a very small fraction of total professional services in its ecosystem; most is done by GSIs.
Mgmt stance: Neutral — the ramp was a one-off from milestone recognition, not a strategic shift; Snowflake aims to keep services limited and partner-led.
Q12 — Michael Turrin
Topic: Net revenue retention and expansion rate improvement
Key points:
Net revenue retention is not guided; it is a product of revenue growth, and Q2 revenue growth outpaced expectations, causing a slight uptick.
The uptick was driven by several large existing customers migrating new workloads, which temporarily boosts consumption before normalizing.
Optimizations are ongoing and normal; no customer is in an unhealthy consumption state currently.
Mgmt stance: Neutral — improvement is tied to workload migration spikes, not a durable trend; optimizations are a constant factor.
Q13 — Brad Reback
Topic: Migration activity outlook for second half
Key points:
Snowflake has identified a number of new workload use cases going into production, including on-prem migrations and migrations from first-generation cloud infrastructure (raw S3 or Azure).
Sales consultants (SCs) are doing a “phenomenal job” identifying these use case go-lives and migrations.
Mgmt stance: Bullish — line of sight into migration activity is improving, with multiple types of workloads expected to go live.
Q14 — Joe Vandrick
Topic: Global 2,000 customer opportunity and spending potential
Key points:
There are 654 customers spending over $1 million annually; roughly 50% of those are Global 2,000 customers.
The average Global 2,000 customer could spend $10 million per year on Snowflake, potentially higher.
Mgmt stance: Bullish — large untapped spending potential in Global 2,000 accounts, with half of million-dollar customers already in that cohort.
Q15 — Mike Scarpelli
Topic: Sales value proposition for large customers
Key points:
Sales enablement focuses on articulating business value rather than just the cost of Snowflake.
Some sales reps and teams are very good at this; others are still developing the skill.
Mgmt stance: Neutral — go-to-market strategy is value-based, but execution varies across the sales organization.