Snowflake heads into Q2 results after volatile post-earnings moves
Snowflake is set to report second-quarter results Wednesday after the close, with analysts expecting $1.48 billion in revenue and 45 cents a share in earnings.
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 Analysts expect Snowflake to report second-quarter 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 estimates for revenue in more than 10 straight quarters.
The current estimate calls for record quarterly revenue, which would surpass the $1.39 billion reported in the first quarter.
Analysts expect Snowflake to report second-quarter earnings of 45 cents per share, up from 35 cents per share in last year’s second quarter.
Read Also: Earnings Volatility Watch: Broadcom Sets the AI Week, But the Biggest Implied Mover Is a Whiskey Maker 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 in a weekly newsletter. "Snowflake has traded higher after six of its last seven reports, including a 36% jump last quarter.
It has an average post-earnings move of +/- 12.8%, so buckle up!" Woods said Woods said Snowflake was able to show investors that it’s not being as disrupted by AI as feared and instead could be a software beneficiary from artificial intelligence.
The market expert said a follow-up strong report is likely needed. "This quarter investors want proof that results weren’t just a flurry but a lasting and beautiful snowfall." Woods said investors could be looking for another beat and likely, raised guidance. "Simply beating expectations may not be enough.
Another guidance raise may be the key to keeping the momentum going." The market expert said the company needs to show that products such as Cortex AI and Snowflake Intelligence are carrying AI growth forward.
Rosenblatt analyst Blair Abernethy is expecting Snowflake to show "healthy consumption growth," according to a new investor note.
The analyst maintained a Buy rating and raised the price target from $285 to $345. "We expect another solid quarter, with ongoing healthy enterprise cloud migration efforts, tailwinds from the adoption of new Snowflake products such as CoCo and AI enhancements," Abernethy said.
Abernethy said Snowflake has a "significant medium-term growth opportunity" with data warehouse migration and new AI capabilities." The analyst expects revenue and earnings per share to be in line or better with estimates.
The recent launch of Cortex AI Gateway in July is expected to help boost the company’s AI opportunities with customers, the analyst added.
Here are other recent analyst ratings on Snowflake stock and their price targets: Cantor Fitzgerald: Maintained Overweight rating, raised price target from $282 to $405 Barclays: Maintained Equal-Weight rating, raised price target from $285 to $332 Citigroup: Maintained Buy rating, raised price target from $320 to $395 Benchmark: Maintained Buy rating, raised price target from $290 to $360 Key Items to Watch As mentioned by analysts above, the company’s product adoption with customers and growing AI opportunities could be front and center and one of the things to watch in the quarter.
Investors and analysts will also be watching for a beat and raise in the quarter, something that could see the stock react positively and get closer to 52-week and all-time highs.
First-quarter revenue was up 33% year-over-year.
This will be another key figure to watch to see if growth is slowing down or not.
Snowflake’s remaining performance obligations were $9.21 billion in the first quarter, up 38% year-over-year.
This remains another key figure to show healthy future growth.
SNOW Stock Price Action Snowflake stock is down 2.88% on Tuesday versus a 52-week trading range of $118.30 to $341.95.
Snowflake stock is up 90% over the last six months, but up only 49.4% year-to-date in 2026.
The stock is currently trading near a five-year high, with the all-time high of $401.89 set back in November 2021.
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