What did Snowflake report for Q2 2026?

Snowflake reported adjusted EPS of $0.62 versus a $0.45 estimate, and revenue of $1.55B versus $1.48B consensus. Product revenue grew 37% year-over-year, accelerating roughly 300 basis points quarter-over-quarter from 33% growth last quarter. Current remaining performance obligations (cRPO) reached $4.91B versus a $4.75B estimate, implying growth of about 42% versus 38% the prior quarter.

Why did SNOW stock rally on the results?

Snowflake beat across every key metric — EPS, revenue, product revenue growth rate, and cRPO — and raised full-year guidance well in excess of the Q2 beat. This is the second consecutive quarter of acceleration rather than deceleration, which is rare for a company at Snowflake's scale and reassured investors that the AI-data-platform growth story is durable, not decelerating.

What is cRPO and why does it matter?

Current remaining performance obligations (cRPO) represents contracted revenue expected to be recognized within the next 12 months — a forward-looking demand indicator. Snowflake's cRPO of $4.91B, up ~42% y/y and ahead of the $4.75B estimate, signals strong forward bookings momentum that should support continued revenue growth acceleration into the next few quarters.

How did SNOW fit into the broader software sector rally?

Snowflake's beat helped boost software peers broadly Thursday after a strong earnings season, with TEAM, NOW, DDOG, MNDY and HUBS all trading higher in sympathy. The results reinforce that enterprise data/AI infrastructure spend remains robust even as investors worry about broader tech valuations heading into September.

Snowflake Q2 2026 Earnings Recap

AMC September 2, 2026, reaction Thursday September 3 | by Ray

The Numbers

Metric	Estimate	Reported	Result
Adjusted EPS	$0.45	$0.62	✅ Beat
Revenue	$1.48B	$1.55B	✅ Beat
Product Revenue Growth (y/y)	~33% (prior qtr)	37%	✅ Accelerated
cRPO	$4.75B	$4.91B	✅ Beat (~42% y/y growth)

Guidance Update

Snowflake raised full-year guidance well in excess of the Q2 beat, marking the second straight quarter of accelerating growth rather than the deceleration typically expected at this revenue scale.

What Happened

✅ Positives:

EPS beat by ~38% versus estimate
Revenue beat, with product revenue growth accelerating ~300bps q/q to 37% y/y
cRPO of $4.91B beat estimate and implies forward bookings growth of ~42%
Full-year guide raised well beyond the Q2 beat — second consecutive acceleration quarter

⚠️ Concerns:

None flagged in today’s tape — a clean sweep across all metrics

Market Reaction

SNOW shares were among the day’s standout gainers, rising for a second consecutive quarter on strong results. The print helped lift software peers broadly — TEAM, NOW, DDOG, MNDY, and HUBS all traded higher in sympathy, extending a strong software earnings season into September.

Bottom Line

Snowflake just delivered back-to-back quarters of accelerating growth at scale — a rare signal that reinforces the durability of enterprise AI-data spend and gives the broader software sector a tailwind heading into a historically shaky September for equities.