Snowflake (SNOW) reports Q2 earnings: What key metrics have to say

Snowflake Inc. (SNOW) reported $1.55 billion in revenue for the quarter ended July 2026, representing a year-over-year increase of 35.1%. EPS of $0.62 for the same period compares to $0.35 a year ago.

The reported revenue represents a surprise of +4.91% over the Zacks Consensus Estimate of $1.47 billion. With the consensus EPS estimate being $0.45, the EPS surprise was +37.78%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Snowflake performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Remaining performance obligations: $9 billion versus $9.48 billion estimated by five analysts on average.
• Customers with trailing 12-month product revenue greater than $1 million: 828 compared to the 818 average estimate based on two analysts.
• Revenue- Product revenue: $1.49 billion versus the nine-analyst average estimate of $1.42 billion. The reported number represents a year-over-year change of +36.8%.
• Revenue- Professional services and other revenue: $54.93 million versus $60.04 million estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a +0.8% change.
• Non-GAAP product gross profit: $1.11 billion compared to the $1.06 billion average estimate based on seven analysts.
• Non-GAAP professional services and other revenue gross profit (loss): $-4.24 million versus $1.1 million estimated by five analysts on average.
• GAAP product gross profit: $1.06 billion versus the two-analyst average estimate of $1.01 billion.
• GAAP professional services and other revenue gross loss: $-20.73 million versus the two-analyst average estimate of $-14.57 million.