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

![Snowflake's backlog fell for a second straight quarter, $9.77bn → $9.00bn — quarterly operating cash flow $91m against $424m of stock-based compensation](https://aiswingx.com/static/covers/snow-fy27q2_cover.jpg?v=1790013884)

**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.

- 종목: SNOW (Snowflake)
- 분기: FY27Q2 · 10-Q
- 작성: 2026-09-21 18:07 UTC
- 원문: https://aiswingx.com/p/snow-fy27q2

## 숫자 하나
RPO: 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.

## 비유 하나
(구독자 전용)

## 출처 하나
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)

## 다음 분기에 볼 것
(구독자 전용)

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## 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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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

## 관련 뉴스
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## FAQ

**Q. 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.

**Q. 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.

**Q. 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.

**Q. 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.