Snowflake heads into Q2 results after volatile post-earnings moves

Snowflake Inc (NYSE: SNOW ) stock is up 90% over the last six months and could be headed on a path to new all-time highs. One catalyst that could help boost the stock is second-quarter financial results, set for Wednesday after market close. Here are the earnings estimates, what experts are saying and key items to watch. Snowflake stock is trending lower.

Why is SNOW stock retreating? Snowflake Q2 earnings estimates show analysts looking for revenue of $1.48 billion, up from $1.14 billion in last year’s second quarter, according to data Pro. The company has beaten analyst revenue estimates in more than 10 straight quarters. The current estimate calls for record quarterly revenue, above the $1.39 billion reported in the first quarter.

Analysts expect second-quarter earnings of 45 cents per share, compared with 35 cents per share in last year’s second quarter. What experts are saying: Snowflake stock has been highly volatile after recent earnings reports, something highlighted by Freedom Capital Markets Chief. Market strategist Jay Woods said in a weekly newsletter that Snowflake has traded higher after six of its last seven reports, including a 36% jump last quarter, and that its average post-earnings move is +/- 12.8%.

Woods said Snowflake has shown investors it is not being as disrupted by AI as feared and could instead be a beneficiary of artificial intelligence software, but he added that a follow-up strong report is likely needed. He said investors this quarter want proof that results were not just a flurry but a lasting and beautiful snowfall, and that simply beating expectations may not be enough. Woods added that another guidance raise may be the key to keeping momentum going, and said the company needs to show products such as Cortex AI and Snowflake Intelligence are carrying AI growth forward.

Rosenblatt analyst Blair Abernethy said in a new investor note that he expects Snowflake to show healthy consumption growth. He maintained a Buy rating and raised his price target from $285 to $345. Abernethy cited cloud migration efforts and tailwinds from adoption of Snowflake products such as CoCo and AI enhancements. He said Snowflake has a significant medium-term growth opportunity in data warehouse migration and new AI capabilities.

The analyst expects revenue and earnings per share to be in line with or better than estimates. He added that the recent launch of Cortex AI Gateway in July should help boost the company’s AI opportunities with customers. Recent analyst ratings on Snowflake stock include Cantor Fitzgerald maintaining an Overweight rating and raising its price target from $282 to $405, Barclays maintaining an Equal-Weight rating and lifting its target from $285 to $332, Citigroup maintaining a Buy rating and raising its target from $320 to $395, and Benchmark maintaining a Buy rating and increasing its target from $290 to $360.

Analysts and investors will be watching customer product adoption and growing AI opportunities in the quarter, with the market also looking for a beat and raise. Snowflake stock is down 2.88% on Tuesday, with the share price sitting within a 52-week range of $118.30 to $341.95. The company’s first-quarter revenue rose 33% year over year. Snowflake’s remaining performance obligations were $9.21 billion in the first quarter, up 38% year over year.

The stock is up 90% over the last six months and 49.4% year to date in 2026. It is trading near a five-year high, with the all-time high of $401.89 set in November 2021.