Slide 1: Snowflake Investor Presentation: Second Quarter Fiscal 2027
SNOWFLAKE INVESTOR PRESENTATION Second Quarter Fiscal 2027 © 2026 2025 Snowflake Inc. All Rights Reserved
Slide 2: Statement Regarding Use of Non-GAAP Financial Measures
Statement Regarding Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are in addition to, and not a
Slide 3: Safe Harbor
Safe Harbor Other than statements of historical fact, all statements contained in this presentation and accompanying oral commentary enhance existing products and services; the extent to which customer adoption of new product capabilities results in (collectively, the Materials) are forward-looking
Slide 4: The Era of the Agentic Enterprise
THE ERA OF THE AGENTIC ENTERPRISE © 2026 Snowflake Inc. All Rights Reserved
Slide 5: Fragmented Enterprise Architecture
ETL PIPELINE DISCONNECTED LLM FINE-TUNING SETS OLD TEMP TABLES TRANSFORM CRM SECURITY CONTROL ERP DATA QUALITY CHECKS STALE CACHE LEGACY DATA MARTS FAILURE MODES IDENTITY MODELS FRAGMENTED STAGING DB LLM INFERENCE MULTIPLE SHADOW KAFKA ENTERPRISE DATA LAKES ARCHITECTURE LIMITS AI DATA MANUAL SHADOW
Slide 6: Snowflake Turns Your Agentic Enterprise into Reality
Snowflake Turns Your Agentic Enterprise into Reality Full enterprise Choice of any AI Integration with Agentic data and context, model or cloud all major systems Control Plane governed, infrastructure of record for everyone ready for AI © 2026 Snowflake Inc. All Rights Reserved
Slide 7: Pillars of a Successful Agentic Enterprise
Pillars of a Successful AGENTIC AI MODEL CHOICE ENTERPRISE AGENTIC CONTROL PLANE ENTERPRISE DATA AND AI DATA SOFTWARE CLOUD AND APPS CONTEXT © 2026 Snowflake Inc. All Rights Reserved
Slide 8: © 2026 Snowflake Inc. All Rights Reserved
© 2026 Snowflake Inc. All Rights Reserved
Slide 9: Easy, Connected, Trusted
Easy Connected Trusted Eliminate complexity Connect all data, De-risk enterprise AI with to deploy enterprise apps, and models built-in governance and cost agents at scale without data controls movement © 2026 Snowflake Inc. All Rights Reserved
Slide 10: An Ever Expanding Partner Ecosystem
An Ever Expanding Partner Ecosystem © 2026 Snowflake Inc. All Rights Reserved
Slide 11: Proven By Thousands Of Customers
Proven By Thousands Of Customers © 2026 Snowflake Inc. All Rights Reserved
Slide 12: AI Data Cloud Growth
AI Data Cloud Growth April 2020 July 2026 * Visualization based on actual AI Data Cloud sharing activity as of April 30, 2020 and July 31, 2026 respectively. © 2026 Snowflake Inc. All Rights Reserved 12
Slide 13: Financial Overview
FINANCIAL OVERVIEW © 2026 2025 Snowflake Inc. All Rights Reserved
Slide 14: Large and Growing Market
Large and Growing Market Snowflake TAM ($ Billions) $225 2x $460 FY26 FY31 © 2026 Snowflake Inc. All Rights Reserved Note: Fiscal year ends January 31. Based on Snowflake estimates.
Slide 15: Q2 Financial Highlights
Q2 Financial Highlights GROWTH AT SCALE EXPANSION WITH LARGE CUSTOMER PRODUCT GROSS EXISTING CUSTOMERS MOMENTUM MARGIN 37% 126% 828 75% Y/Y Product Net Revenue $1M+ Product Non-GAAP Product Revenue Growth1 Retention Rate1 Revenue Customers1 Gross Margin2 Note: Fiscal year ends January 31. All figure
Slide 16: We Focus on Product Revenue and RPO
We Focus on Product Revenue and RPO 1 2 Product Revenue1 Customers typically pay Product Revenue is the leading annually in advance indicator of growth Book Bill Remaining Performance Customers draw Consumption Obligations (RPO)1 3 down from bookings 4 patterns dictate RPO represents contracted futu
Slide 17: Our Consumption Model
Our Consumption Model Revenue Recognition Pricing Model Billings Terms Consumption Consumption Typically Upfront Snowflake recognizes the substantial The platform is priced based on Snowflake typically bills customers annually majority of its revenue as customers consumption of compute, storage, and
Slide 18: Strong Combination of Scale & Growth
Strong Combination of Scale & Growth Annual Product Revenue1 (Millions) Quarterly Product Revenue1 (Millions) 29% 37% Y/Y Growth Y/Y Growth $4,472 $1,492 $3,462 $1,334 $1,227 $2,667 $1,158 $1,090 FY24 FY25 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Note: Fiscal year ends January 31. Numbers are ro
Slide 19: Significant Customer Commitments
Significant Customer Commitments Remaining Performance Obligations1 (Millions) $9,772 $9,205 $9,004 $7,881 $6,932 46% 50% 54% 50% 48% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Expect to Recognize as Revenue in the Next Twelve Months RPO Note: Fiscal year ends January 31. Numbers are rounded for presen
Slide 20: Landing Strategic Organizations
Landing Strategic Organizations Total Customers1 Forbes Global 2000 Customers1 14,554 829 815 13,862 804 13,245 791 786 12,503 11,893 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Note: Fiscal year ends January 31. 1. See definitions provided in the Appendix. © 2026
Slide 21: Adding Quality Customers
Adding Quality Customers Customers Over $1M Product Revenue1 27% Y/Y Growth 828 780 733 688 654 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Note: Fiscal year ends January 31. 1. See definitions provided in the Appendix. © 2026 Snowflake Inc. All Rights Reserved 21
Slide 22: World-Class Retention Rate
World-Class Retention Rate Net Revenue Retention Rate1 125% 125% 125% 126% 126% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes 1. See definitions provided in the Appendix. © 2026 Snowflake Inc. All Rights Reserved 22
Slide 23: Focused on Efficient Investment
Focused on Efficient Investment Non-GAAP Adjusted Free Non-GAAP Product Gross Margin1 Non-GAAP Operating Margin1 Cash Flow Margin1 76% 75% 15% 6% 6% 11% Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes 1. Please see the
Slide 24: Disciplined Hiring to Address our Opportunity
Disciplined Hiring to Address our Opportunity Employee Headcount by Function 9,250 9,394 8,769 9,023 9,060 1,273 1,227 1,189 1,258 1,288 1,174 1,169 1,200 1,221 1,189 2,499 2,571 2,333 2,403 2,424 4,047 4,141 4,159 4,304 4,427 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 S&M R&D G&A Cost of Revenue Note:
Slide 25: Global Revenue Opportunity
Global Revenue Opportunity Revenue Mix by Geography 6% 6% 6% 6% 6% 16% 16% 16% 16% 17% 78% 78% 78% 78% 77% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Americas EMEA APJ Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. We attribute revenue to the Americas, EMEA, and APJ r
Slide 26: AI Data Cloud Metrics
AI Data Cloud Metrics DATA SHARING1 MARKETPLACE LISTINGS1 43% 4,105 of Customers1 have at ≥1 stable edge1 21% Y/Y Growth Note: All figures are as of July 31, 2026. 1. See definitions provided in the Appendix. © 2026 Snowflake Inc. All Rights Reserved 26
Slide 27: Fiscal 2027 Guidance
Fiscal 2027 Guidance FY24 FY25 FY26 FY27 Guidance Product Revenue1 ($M) $2,667 $3,462 $4,472 $6,070 Y/Y Product Revenue Growth 38% 30% 29% 36% Non-GAAP Product Gross Margin2 78% 76% 76% 74.0% Non-GAAP Operating Margin2 8% 6% 10% 14.5% Non-GAAP Adjusted Free Cash Flow Margin2 29% 26% 25% 23.0% Note:
Slide 28: Appendix
APPENDIX © 2026 Snowflake Inc. All Rights Reserved
Slide 29: Definitions
Definitions Customers Over $1M Product Revenue or $1M+ Product Revenue Customers: To calculate the number of customers with trailing 12-month product revenue greater than $1 million, we count the number of customers under capacity arrangements that contributed more than $1 million in product revenue
Slide 30: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Product Gross Profit, Sales & Marketing, Research & Development Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 FY24 FY25 FY26 Product revenue $ 1,090,496 $ 1,158,377 $ 1,226,631 $ 1,334,329 $ 1,491,861 $ 2,666,849 $ 3,462,422 $ 4,472,317 Professional services and other reve
Slide 31: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations General & Administrative Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 FY24 FY25 FY26 Product revenue $ 1,090,496 $ 1,158,377 $ 1,226,631 $ 1,334,329 $ 1,491,861 $ 2,666,849 $ 3,462,422 $ 4,472,317 Professional services and other revenue 54,473 54,532 57,363 56,622 54,932
Slide 32: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Total Operating Expenses and Operating Income (Loss) Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 FY24 FY25 FY26 Product revenue $ 1,090,496 $ 1,158,377 $ 1,226,631 $ 1,334,329 $ 1,491,861 $ 2,666,849 $ 3,462,422 $ 4,472,317 Professional services and other revenue 54,473
Slide 33: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Net Income (Loss) and Net Income (Loss) Attributable to Snowflake Inc. Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 FY24 FY25 FY26 Product revenue $ 1,090,496 $ 1,158,377 $ 1,226,631 $ 1,334,329 $ 1,491,861 $ 2,666,849 $ 3,462,422 $ 4,472,317 Professional services and oth
Slide 34: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Net Income (Loss) Per Share Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 FY24 FY25 FY26 Product revenue $ 1,090,496 $ 1,158,377 $ 1,226,631 $ 1,334,329 $ 1,491,861 $ 2,666,849 $ 3,462,422 $ 4,472,317 Professional services and other revenue 54,473 54,532 57,363 56,622 54,9
Slide 35: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Free Cash Flow and Adjusted Free Cash Flow Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 FY24 FY25 FY26 Product revenue $ 1,090,496 $ 1,158,377 $ 1,226,631 $ 1,334,329 $ 1,491,861 $ 2,666,849 $ 3,462,422 $ 4,472,317 Professional services and other revenue 54,473 54,532 57,
Slide 36: Product Revenue, Net Revenue Retention, Total and $1M+ Customers
PRODUCT REVENUE NET REVENUE TOTAL $IM+ RETENTION RATE CUSTOMERS CUSTOMERS $1.49B + 32% YoY Growth + 27% YoY Growth in net new additions Customers with trailing 12-month product revenue greater than $1M PRODUCT COWORK ADOPTION COCO ADOPTION SNOWFLAKE Al DATA CLOUD CAPABILITIES Da ‘Applications & engi
Slide 37: Thank You
THANK YOU © 2026 2025 Snowflake Inc. All Rights Reserved