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SNOWSnowflake·FY27Q2 10-QPaid

Snowflake's backlog fell for a second straight quarter, $9.77bn → $9.00bn — quarterly operating cash flow $91m against $424m of stock-based compensation

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

aiSwingX™ Editorial · Reviewed

Published 2026-09-21 18:07 UTC

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)

aiSwingX™ analyzes US filings and reports them as news investors can read.

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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.

At a glance

One numberRPO: 2026-01-31 $9,771.5m → 04-30 $9,205.2m → 07-31 $9,004.3m (−7.9% over two quarters). Quarterly operating cash flow $91.4m (prior quarter $243.2m, a year earlier $74.9m) vs stock-based compensation $424.1m (27.4% of revenue). AI-service minimum purchase commitment $390m ($270m remaining). Cloud-infrastructure commitment $6.0bn through March 2031.

One analogy For subscribers

One sourceSnowflake 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)

What to watch next quarter For subscribers

What happened

Snowflake (SNOW) is a cloud data platform sold on a consumption basis — customers pay for what they use.

Its quarterly report (10-Q) for fiscal Q2 2027 (May 1–July 31, 2026) shows revenue of $1,546.8m, up 35% from $1,145.0m a year earlier, with product revenue of $1,491.9m. The operating loss was $263.0m and the net loss $191.7m ($297.9m a year earlier). Net revenue retention was 126% and customers with more than $1m of trailing revenue numbered 828 (654 a year earlier).

Remaining performance obligations (RPO) in the key-metrics table moved as follows: October 31, 2025 $7,880.6m → January 31, 2026 $9,771.5m → April 30 $9,205.2m → July 31 $9,004.3m. From the January peak, two consecutive declines totalling 7.9%. The company expects about 54% of it to be recognized within 12 months.

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Arithmetic table · quarterly metricsSubscribers

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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. Adding it back turns the cash result positive. Even so, Q2 operating cash flow of $91.4m was 38% of Q1's.

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. A share-price condition has been met, so holders may convert during the quarters through October 2026; principal converted through July 31 was not material. The company may settle in cash, shares or a combination.

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.