Snowflake reports Q2 fiscal 2027 results after the close on September 2, with analysts expecting roughly $1.48 billion in revenue and $0.45 non-GAAP EPS, both reflecting about 30% year-over-year growth. Recent momentum stems from Q1 product revenue accelerating to 34% growth, fueled by rapid adoption of AI capabilities including Cortex Code (now in over 7,100 accounts) and Snowflake Intelligence. The company raised full-year product revenue guidance to 31% growth and highlighted strong remaining performance obligations alongside expanding large-customer spending. Traders will focus on whether management signals sustained AI demand, provides updated guidance, or notes any shifts in consumption patterns or competitive positioning against other data platforms.