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Snowflake reported its fiscal Q2 2027 on September 2. Product revenue reached $1.49 billion, up 37% year over year. This marked the third consecutive quarter of accelerating growth according to [SaaStr](https://www.saastr.com/5-interesting-learnings-from-snowflake-at-6-billion-in-revenue-37-growth-and-accelerating-126-nrr-and-a-gross-margin-guided-down-to-pay-for-ai/).
Product revenue growth moved from 30% in fiscal 2026 to 34% then 37%.
Snowflake pitched its platform as a System of Intelligence at this week’s Snowflake Summit ’26. The company introduced tools that combine AI agents, governance, customer data and business operations in one environment.
Snowflake rebranded several AI offerings and launched CoWork and CoCo as building blocks for AI-powered workflows. It also released Cortex Sense, a context layer that supplies company-specific language, processes and business rules to AI systems.