# SNOW earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/SNOW) · [Earnings tab](https://www.lopjlb.com/stock/SNOW?tab=earnings)

Updated: 2026-09-02T05:46:01

Quarters analyzed: 8

## Cross-quarter narrative

Across 8 calls for SNOW, management tone moved from +0.30 (2025 Q2) to +0.80 (2027 Q1). Latest guidance stance: raised. Latest desk line: Snowflake reports 34% YoY product revenue growth, raised FY27 outlook to 31%, highlights rapid AI product adoption and announces Natoma acquisition while emphasizing governance moat amid competitive AI pressure.

## Latest CallCard · Q1

Snowflake reports 34% YoY product revenue growth, raised FY27 outlook to 31%, highlights rapid AI product adoption and announces Natoma acquisition while emphasizing governance moat amid competitive AI pressure.

**Guidance:** raised — Management raised FY27 growth outlook to 31% YoY, up from prior 27%

**Tone:** mgmt 0.8 · Q&A pressure 0.4 · divergence 0.4

CEO highlighted accelerating AI-driven growth, raised FY27 outlook to 31% and strong product adoption

### Demand visibility

Strong demand driven by AI‑enabled workloads and new product adoption

AI is accelerating consumption across the core platform; Snowflake Intelligence accounts doubled QoQ and CoCo is used by >7,100 accounts

### Margins / costs

Margins improving, operating margin now 12%

Q1 non‑GAAP operating margin expanded over 300 basis points YoY to 12%; AI‑driven efficiencies cut case resolution time 25% and engineering effort 40%

### Capital allocation

Investing in AI product development, strategic acquisition and go‑to‑market expansion

Announced Natoma acquisition to extend control plane; $6B multiyear AWS partnership; $200M OpenAI partnership; new CRO Jonathan Boulier hired

### Milestones

- **Snowflake Intelligence adoption** [on_track]: Accounts using Snowflake Intelligence more than doubled quarter‑over‑quarter
- **Cortex Code (CoCo) usage** [on_track]: CoCo is in use with more than 7,100 accounts
- **Natoma acquisition** [new]: Intended acquisition announced to extend agentic control plane
- **AWS multiyear partnership** [delivered]: Expanded collaboration with AWS through a $6 billion agreement
- **OpenAI partnership** [delivered]: Announced a $200 million partnership with OpenAI
- **SAP joint capability GA** [delivered]: Joint capability with SAP now generally available
- **New CRO Jonathan Boulier** [on_track]: CRO onboarding to scale Snowflake in the AI era
- **Product capability delivery** [on_track]: Delivered over 20% more product capabilities YoY

### Fears / risks

- **Competitive pressure**: Analysts worry AI‑focused competitors may erode Snowflake's market share
- **Technology pace**: Rapid AI advancements could outpace Snowflake's product roadmap
- **Infrastructure development**: Deep infrastructure capabilities like role‑based access control take time to build
- **Governance/security**: Maintaining enterprise‑grade governance and security is critical to trust
- **Acquisition integration**: Integrating Natoma may pose execution risk
- **Market adoption**: Sustaining double‑digit adoption rates for Snowflake Intelligence and CoCo
- **Partner dependence**: Reliance on large cloud and AI lab partners could affect leverage
- **AI product execution**: Delivering new AI controls and policies at speed is essential

## Quarter one-liners

- **2027 Q1:** Snowflake reports 34% YoY product revenue growth, raised FY27 outlook to 31%, highlights rapid AI product adoption and announces Natoma acquisition while emphasizing governance moat amid competitive AI pressure.
- **2026 Q4:** Snowflake reports 30% Q4 product revenue growth, AI adoption accelerating, operating margin up to 10.5%, while highlighting AI‑centric product launches and a $600M Observe acquisition.
- **2026 Q3:** Snowflake reports strong Q3 FY26 with 29% product revenue growth, 37% RPO growth, $100M AI run rate achieved early, raises FY26 revenue guidance to $4.446B (28% YoY), reiterates margin targets.
- **2026 Q2:** Snowflake Q2 FY26: product revenue +32% YoY to $1.09B, raised FY26 guide to $4.395B (+27%), strong AI adoption (25% of use cases), new product launches, Azure growth 40%, hiring surge.
- **2026 Q1:** Snowflake posted 26% YoY product revenue growth in Q1 FY2026, raised FY revenue guidance to $4.325B, highlighted AI and product momentum, and noted macro resilience while expanding hiring and share buybacks.
- **2025 Q4:** Snowflake posted 30% FY25 product revenue growth, Q4 product revenue $943M up 28% YoY, net revenue retention 126%, and reaffirmed FY26 guidance of $4.28B revenue while highlighting AI partnership with Microsoft and operational efficiency gains.
- **2025 Q3:** Snowflake delivered strong Q3 FY25 with 29% product revenue growth, raised full-year guidance to ~$3.43B, accelerated AI adoption (1,000+ deployed use cases, 3,200+ accounts), and improved margins via operational rigor while advancing Iceberg/Polaris interoperability.
- **2025 Q2:** Snowflake Q2 FY25: product revenue $829M (+30% YoY), RPO $5.2B (+48% YoY), raised FY25 product revenue guidance to ~$3.356B (26% YoY). AI momentum with Cortex AI GA, Iceberg GA, 2,500+ accounts using Snowflake AI weekly.

## Theme arcs

- **Management tone** (improving): Δ mgmt=+0.50

## Fear persistence

- **cybersecurity reputational risk** [resolved]: 2025 Q2
- **iceberg storage revenue cannibalization** [resolved]: 2025 Q2
- **competitive landscape pressure** [resolved]: 2025 Q2
- **ai monetization uncertainty** [resolved]: 2025 Q2
- **gpu cost pressure on margins** [resolved]: 2025 Q2
- **federal business uncertainty** [resolved]: 2025 Q2
- **consumption growth normalization** [resolved]: 2025 Q2
- **performance improvement revenue headwinds** [resolved]: 2025 Q2
- **iceberg storage headwinds** [resolved]: 2025 Q3
- **competitive complexity** [resolved]: 2025 Q3

## Guidance path

2025 Q2:raised → 2025 Q3:raised → 2025 Q4:maintained → 2026 Q1:raised → 2026 Q2:raised → 2026 Q3:raised → 2026 Q4:maintained → 2027 Q1:raised

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Research context only. Not personalized investment advice.

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