โ
๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Revenue: $1.55B (Est. $1.48B) โ , +35% YoY.
โข Product Revenue: $1.49B, +37% YoY.
โข Remaining Performance Obligations: $9.00B, +30% YoY.
โข Net Revenue Retention Rate: 126%.
โข $1M+ Product Revenue Customers: 828, +27% YoY.
โข Net New Customers: 692, +32% YoY.
โ
๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข Q3 FY2027 Product Revenue: $1.588Bโ$1.593B, +37% to +38% YoY.
โข Q3 FY2027 Adj. Operating Margin: 15.5%.
โข FY2027 Product Revenue: $6.07B, +36% YoY, raised from $5.84B.
โข FY2027 Adj. Operating Margin: 14.5%, raised from 13.5%.
โข FY2027 Adj. Free Cash Flow Margin: 23.0%.
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๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Total revenue grew 35% YoY and beat consensus, while product revenue accelerated to 37% growth.
โข Product revenue growth accelerated for the third consecutive quarter, driven by strength in the core data platform and a meaningful increase in AI revenue.
โข Snowflake raised FY2027 product revenue guidance by $230M to $6.07B, lifting expected growth from 31% to 36%.
โข AI adoption continued to expand rapidly, with CoCo surpassing 9,100 accounts and CoWork reaching 5,800 accounts.
โข RPO grew 30% to $9.0B, while the number of customers generating more than $1M in trailing product revenue increased 27%.
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โQ2 marks our third consecutive quarter of product revenue growth acceleration, driven by strength in both our core data platform and a meaningful step-up in AI revenue.โ