Overview

• Q2 FY26 revenue reached $1.145 billion, up 32% year over year, with product revenue of $1.09 billion also growing 32%.
• Shares jumped about 20% to roughly $240 after the report, and Bank of America called the quarter a turning point while lifting its price target to $280 with a buy rating.
• Snowflake reports more than 6,100 accounts using its AI weekly, with AI driving half of new customer wins and powering a quarter of deployed use cases.
• Enterprise traction strengthened with 654 customers generating over $1 million in annual sales, $6.9 billion in outstanding performance commitments up 33%, and net revenue retention ticking up to 125%.
• Profitability remains mixed with a GAAP operating loss of about $340 million, non‑GAAP net income near $128 million, and roughly $58 million in free cash flow, as product growth is guided to slow to 25%–26% in Q3.