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Sentiment · FY2027 Q1
Reporting soon: earnings call Wednesday, Sep 2
A pre-earnings brief is ready for SNOW: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
Snowflake capped fiscal 2026 with Q4 product revenue of $1.23 billion, up 30% year-over-year, and remaining performance obligations accelerating to $9.77 billion, up 42%. Bookings were a standout: the company signed the largest deal in its history at more than $400 million total contract value and seven nine-figure contracts, versus two a year earlier, while adding 740 net new customers and growing $10 million-plus customers 56% to 56 accounts. Profitability improved alongside growth, with FY26 non-GAAP operating margin reaching 10.5% (up more than 400 basis points) and SBC guided down toward 27% of revenue in FY27. Management introduced FY27 product revenue guidance of approximately $5.66 billion (27% growth), and framed Cortex Code and Snowflake Intelligence, now spanning over 9,100 AI accounts, as positioning Snowflake as the control plane for the agentic era.
Cloud & AI | Revenue Growth | Competitive Dynamics | Guidance Reliability | Demand | Product Launch | M&A | Labor Market | |
|---|---|---|---|---|---|---|---|---|
| 2025Q3 | 6 | 3 | 3 | 1 | ||||
| 2025Q4 | 3 | 2 | 4 | 1 | 1 | 1 | 1 | 1 |
| 2026Q1 | 7 | 3 | 1 | 2 | 2 | 1 | ||
| 2026Q2 | 6 | 6 | 4 | 2 | 3 | 2 | 1 | 1 |
| 2026Q3 | 5 | 6 | 1 | 3 | 1 | 1 | ||
| 2026Q4 | 4 | 5 | 2 | 2 | 1 | 1 | 1 | 1 |
| '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 6 | 3 | 7 | 6 | 5 | 4 |
| Revenue Growth | 3 | 2 | 3 | 6 | 6 | 5 |
| Competitive Dynamics | 3 | 4 | 1 | 4 | 1 | 2 |
| Guidance Reliability | 1 | 2 | 3 | 2 | ||
| Demand | 1 | 2 | 3 | 1 | 1 | |
| Product Launch | 1 | 2 | 2 | 1 | 1 | |
| M&A | 1 | 1 | 1 | 1 | ||
| Labor Market | 1 | 1 | 1 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Kirk Materne | Evercore ISI | 7 (0%) |
| Alex Zukin | Wolfe Research | 7 (0%) |
| Sanjit Singh | Morgan Stanley | 6 (0%) |
| Raimo Lenschow | Barclays | 6 (0%) |
| Brent Thill | Jefferies | 5 (0%) |
| Brad Zelnick | Deutsche Bank | 5 (0%) |
| Mark Murphy | JPMorgan | 5 (0%) |
| Matt Hedberg | RBC Capital Markets | 4 (0%) |
| Brad Reback | Stifel | 4 (0%) |
| Mike Cikos | Needham | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 2 | 7 (0%) |
| Morgan Stanley | 2 | 7 (0%) |
| Wolfe Research | 1 | 7 (0%) |
| Evercore ISI | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q2 | $869M | +28.9% | $-0.95 | -37.7% | 66.8% | -40.9% | -36.5% | $65M |
| FY2025 Q3 | $942M | +28.3% | $-0.98 | -50.8% | 65.9% | -38.8% | -34.4% | $88M |
| FY2025 Q4 | $987M | +27.4% | $-0.99 |
| 7 (0%) |
| Jefferies | 2 | 6 (0%) |
| JPMorgan | 2 | 6 (0%) |
| Goldman Sachs | 3 | 5 (40%) |
| Deutsche Bank | 1 | 5 (0%) |
| -94.1% |
| 66.2% |
| -39.2% |
| -33.2% |
| $421M |
| FY2026 Q1 | $1.04B | +25.7% | $-1.29 | -35.8% | 66.5% | -42.9% | -41.3% | $183M |
| FY2026 Q2 | $1.14B | +31.8% | $-0.89 | +6.3% | 67.5% | -29.7% | -26.0% | $58M |
| FY2026 Q3 | $1.21B | +28.7% | $-0.87 | +11.2% | 67.8% | -27.2% | -24.2% | $114M |
| FY2026 Q4 | $1.28B | +30.1% | $-0.90 | +9.1% | 66.8% | -24.8% | -24.1% | $765M |
| FY2027 Q1 | $1.39B | +33.5% | $-0.86 | +33.3% | 66.6% | -23.4% | -21.2% | $233M |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 | $3.63B | — | $-3.87 | — | 66.5% | -40.2% | -35.5% | $913M |
| FY2026 | $4.68B | +29.2% | $-3.95 | -2.1% | 67.2% | -30.6% | -28.4% | $1.12B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What SNOW and other companies said about each other on FY2026 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“partnerships with Snowflake and Databricks enable clients to seamlessly combine FactSet Research Systems Inc. data with their own sources and operate AI-driven workflows in the secure cloud environments they already use.”
FactSet partners with Snowflake so clients can combine FactSet data with their own in the cloud, extending FactSet distribution into Snowflake's environment.
“data bricks, perplexity, Decagon, [indiscernible], [ CRAI ], Snowflake to name a few, with Decongon and Snowflake being new tenants in the BXP roster.”
Snowflake is a new tenant added to BXP's roster, part of the wave of tech and AI companies expanding into its office space.
“United Rentals, the global leader in equipment rentals, is using Snowflake Intelligence to power a new business intelligence agent that helps teams across more than 1,600 branches”
United Rentals is using Snowflake Intelligence for a BI agent across 1,600-plus branches, a read-through on its operational-analytics adoption.
“As Capital One scales its AI initiatives, they are leveraging Snowflake to unify proprietary data, optimize engineering workloads and deliver AI-driven analytics across the enterprise.”
Capital One is scaling AI initiatives on Snowflake, indicating a deepening data/AI investment at the bank.
“Seagate, for example, is modernizing its data foundation to better support its mission of powering data-driven innovation at global scale.”
Seagate is modernizing its data foundation on Snowflake, a read-through on its move off legacy infrastructure.
“our recent acquisition of Observe, a market-leading observability platform, extends the value that Snowflake can deliver.”
Snowflake acquired observability platform Observe (approximately $600 million), expanding into the IT operations market.
“Our landmark partnership with SAP is delivering incredible value, helping customers like Expand Energy”
Snowflake said its SAP partnership is delivering value for joint customers, indicating traction in the SAP-Snowflake data alliance.
“through our partnership with Google Cloud, customers now have access to the latest Gemini models natively within Snowflake, further expanding model choice and availability.”
Snowflake partnered with Google Cloud to bring Gemini models natively into the platform, a read-through on Google's enterprise AI model distribution.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
SNOW Snowflake Inc. | 9 | +30.1% | |
| ADSK Autodesk | 10 | +19.8% | |
| AI C3.ai, Inc. | 1 | -46.1% | |
| APP Applovin Corp | 9 | +59.0% | |
| CDNS Cadence Design Systems | 9 | +18.7% | |
| CHYM Chime Financial, Inc. Class A Common Stock | 10 | +24.8% | |
| CRM Salesforce, Inc. | 9 | +12.1% | |
| DDOG Datadog | 10 | +32.1% | |
| FICO Fair Isaac | 9 | +38.7% | |
| FIG Figma, Inc. | 9 | +46.1% | |
| INTU Intuit | 9 | +17.4% | |
| MSTR MicroStrategy Inc. | 7 | +11.9% | |
| NOW ServiceNow | 7 | +22.1% | |
| PTC PTC Inc. | 9 | +21.7% | |
| SHOP Shopify | 8 | +34.3% | |
| SOUN SoundHound AI, Inc. | 8 | +51.7% | |
| TEAM Atlassian | 7 | +31.7% | |
| TTD The Trade Desk, Inc. | 8 | +11.8% | |
| TYL Tyler Technologies | 8 | +8.6% | |
| U Unity Software Inc. | 9 | +16.8% | |
| UBER Uber | 8 | +14.5% | |
| WDAY Workday, Inc. | 7 | +14.5% |