SNOW

SNOW 2Q25:Continuing to Accelerate

FUNDA·2025年8月28日

10% New Product Revenue by the End-2025

Since turning bullish on SNOW in 3Q24, we've consistently monitored SNOW's consumption trends and have become increasingly optimistic about the company's prospects.

In our quarterly preview, we highlighted that SNOW was poised to accelerate through year-end with strong feedback on new AI products.

Earnings Highlights

  • Revenue grew 32% YoY, ahead of the 28-29% bogey, beating guidance by 5%; the 5% beat included a one-time data migration impact, similar to what SNOW experienced last year.

  • Full-year revenue guidance raised by $70mn, exceeding this quarter's $53mn beat

  • Non-GAAP OPM at 11%, well above the 3% guide

  • NRR increased for the first time in several quarters

  • AI-native customer revenue represents 1% of total revenue, with OpenAI being the largest AI-native customer

  • Record sales hiring quarter while remaining "highly focused on sales efficiency"

  • Seeing customers accelerate external data migration into SNOW, likely still in early stages

Our Preview Insights

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