Earnings call transcript: Snowflake beats Q2 2026 estimates, shares jump 22%

Snowflake's fiscal second-quarter results surpassed Wall Street expectations, with adjusted earnings per share (EPS) of $0.62 on revenue of $1.55 billion. Analysts had forecast $0.45 EPS and $1.48 billion in revenue. The company also increased its full-year product revenue outlook, projecting $6.07 billion in revenue for the year, representing a 36% growth.

The stock surged 22.37% in after-hours trading, jumping from $306.19 to $374.25, despite a 4.26% decline during regular hours. The jump was driven by stronger demand for Snowflake's core data platform and accelerated growth in AI-related products. Product revenue grew by 37% year-over-year to $1.49 billion. Net revenue retention stood at 126%, remaining performance obligations rose 30% to $9 billion, and the company added 692 net new customers, bringing its total to 14,554.

The AI segment contributed about half of the acceleration, led by CoCo and CoWork. Management guided the full-year product revenue to $6.07 billion, implying 36% growth.