Snowflake delivered a robust QQ2 2026 with core analytics growth underpinning the quarterly results while AI-centric offerings accelerated the pace of value realization for customers. Product revenue reached $1.09 billion, up 32% year over year, signaling a continued rebound in demand for Snowflake’s data cloud platform as customers pursue modernization and AI-enabled workflows. Remaining performance obligations (RPO) remained strong at $6.9 billion, up 33% YoY, underscoring durable future revenue potential and healthy renewal activity (NRR of 125%). Management signaled an increase to full-year growth expectations and reinforced a multi-year AI adoption trajectory as a central driver of incremental spend. The company also highlighted meaningful platform innovations—Snowflake Intelligence, Cortex AI SQL, Gen 2 Warehouse, Snowflake Postgres, OpenFlow, and Spark integration via Snowpark Connect—alongside a broad ecosystem expansion (12,000+ partners; 40% data sharing; 1,200+ Iceberg accounts). On the financial front, non-GAAP operating margins improved to 11% despite continued investment, and management guided for Q3 product revenue of $1.125–$1.13 billion and FY2026 product revenue of $4.395 billion (27% YoY growth) with a 75% non-GAAP product gross margin, 9% non-GAAP operating margin, and 25% non-GAAP adjusted free cash flow margin. Snowflake also emphasized disciplined capital deployment, noting a CFO transition underway and no repurchases in Q2, with $1.5 billion remaining on the authorization. Taken together, Snowflake’s QQ2 performance reinforces a durable growth story supported by a large AI-inflection tailwind, expanding data-sharing network effects, and ongoing margin discipline as the company scales.