Snowflake's product revenue grew 37% and it raised full-year guidance, citing a step-up in AI revenue

On 2 September 2026 Snowflake reported second-quarter product revenue of $1.49 billion, up 37% year over year, and total revenue of $1.55 billion. Chief financial officer Brian Robins said growth came from strength in the core data platform and 'a meaningful step-up in AI revenue'. The release says its CoCo product passed 9,100 accounts and CoWork reached 5,800. Remaining performance obligations were $9.00 billion, up 30%. Snowflake raised its full-year product revenue guidance to $6,070 million, 36% growth, from $5,840 million. The release also shows a GAAP operating loss of $263.0 million for the quarter, narrowed from $340.3 million a year earlier, with non-GAAP operating income of $237.0 million and free cash flow of $83.8 million. We file this because Snowflake ties its results to AI in the company's own words. How we read it: companies are using more of this data platform for AI work, and the company expects that to continue. What would change this: no dollar figure ever appearing for AI revenue, or slower account growth. Why it matters to you: it is one of the clearest company-reported reads on whether AI use is turning into paid software spending.