Snowflake Q2 Revenue of $1.55B Beats Expectations, Product Revenue Up 37% YoY
nashnova research
Snowflake posted $1.55 billion in Q2 revenue, up 36% year-over-year and roughly $70 million above consensus; product revenue grew 37%, signaling that enterprise cloud-data spending is still accelerating.
How big was the beat?
Revenue came in at $1.55 billion, roughly $70 million above consensus; Non-GAAP EPS hit $0.62, beating estimates by $0.17.
This means → both headline metrics cleared the bar by a wide margin — not a marginal beat, but a clear upside surprise.
The 36% year-over-year growth rate is notable for a company already running above $6 billion in annualized revenue.
Why is product revenue the number to watch?
Product revenue — the fees generated when customers actually use the Snowflake platform — reached $1.49 billion, up 37% year-over-year.
In plain terms = Snowflake runs a consumption model: customers pay for what they use. Product revenue tracks real usage, making it a sharper health indicator than total revenue.
Product revenue accounted for over 96% of total revenue. This means → nearly all income flows from the core platform, a sign of high revenue quality.
Are existing customers spending more?
Net Revenue Retention Rate — a measure of whether existing customers increase their spending over time — came in at 126%.
In plain terms = the average existing customer spent 26% more this quarter than in the same period last year.
This reflects a deepening, not a plateauing, of enterprise demand for cloud data analytics — customers are expanding usage, not pulling back after an initial trial.
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