What happened
Snowflake (SNOW) is a cloud data platform sold on a consumption basis — customers pay for what they use.
SNOWSnowflake·FY27Q2 10-QPaidFiling score 55 · Moderate
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Snowflake's backlog fell for a second straight quarter, $9.77bn to $9.00bn
Fiscal Q2 2027 (May–July) 10-Q: revenue $1,547m (+35%), net loss $192m. Remaining performance obligations went from $9,772m at January 31 to $9,205m in April and $9,004m in July. Operating cash flow fell from $243m in Q1 to $91m; stock-based compensation was 27% of revenue. Minimum purchase commitment to an AI service provider raised to $390m; $6.0bn cloud-infrastructure commitment
Snowflake (SNOW) reported revenue of $1,546.8m for its fiscal second quarter (May–July 2026), up 35% from a year earlier, and a net loss of $191.7m. The key-metrics table of the 10-Q filed on September 4 contains one figure that has fallen for two consecutive quarters: remaining performance obligations, the contracted revenue not yet recognized.
In plain terms
The value of work Snowflake has contracted with customers but not yet recorded as revenue fell for two quarters running. That is the amount still to come, getting smaller. The filing does not say why.
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55 Filing score · Moderate
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FAQ
Is falling RPO a bad sign?
RPO rises with new contracts and falls as consumption is recognized as revenue. Two consecutive declines mean new bookings lagged recognition over that period; the company says RPO fluctuates with the timing of large renewals. This article reports the quarterly figures; the criteria for judging them are in the subscriber section.
Why is cash flow positive despite a net loss?
The $192m net loss includes $424m of non-cash stock-based compensation.
What are the terms of the convertible notes?
$2.3bn of 0% convertible notes issued in September 2024: $1.15bn due October 2027 and $1.15bn due October 2029.
Where can I verify these numbers?
On SEC EDGAR: Snowflake's fiscal Q2 2027 Form 10-Q (accession 0001640147-26-000037), the key business metrics table in MD&A, the commitments and contingencies note, the convertible notes note and the cash-flow statement.
How aiSwingX™ wrote this
- We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
- Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
- An editor reviews before publication; any later change is recorded in the revision history.
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Snowflake Form 10-Q for fiscal Q2 2027 (as of July 31, 2026): statement of operations, cash-flow statement, statement of stockholders' equity (stock-based compensation), MD&A 'Key Business Metrics' (RPO, operating cash flow, free cash flow, net revenue retention), commitments note (AI service agreement, cloud infrastructure agreement), convertible notes note, equity note (repurchases) · SEC EDGAR · This article is not investment advice. Disclaimer