Snowflake (SNOW) will report Q2 FY2027 earnings on Tuesday, September 2, 2026, after market close. The company will hold a conference call at 5:00 PM ET the same day. This earnings report comes as Snowflake trades near all-time highs with an 88.1% year-to-date gain, and after four consecutive quarters of double-digit EPS beats. The stock is up 31% over the past 90 days, creating substantial expectations for another strong quarter.
Key Takeaways
- Snowflake reports Q2 FY2027 earnings Sept 2 after market close; consensus EPS $0.4554 vs revenue $1.51B expected.
- SNOW has beaten EPS estimates in 4 straight quarters with average surprise of +18.9%; the stock is up 88.1% YTD.
- Key metrics to watch: revenue growth rate, operating margin trajectory, and free cash flow; analysts remain constructive with 51 Buy/Strong Buy ratings vs 1 Sell.
When Does Snowflake Report Earnings?
Earnings Date: Tuesday, September 2, 2026 (after market close)
Earnings Time: Approximately 4:05 PM ET
Conference Call: 5:00 PM ET Tuesday, September 2
Duration: Approximately 1 hour
Investors can access the earnings call and replay via Snowflake's investor relations website. The company typically provides both GAAP and non-GAAP financial results. Check the TickerDaily Earnings Calendar for real-time updates and guidance revisions.
Wall Street Consensus Estimates
| Metric | Q2 FY2027 Estimate | Q1 FY2027 Actual | Q2 FY2026 Actual | YoY Growth |
|---|---|---|---|---|
| EPS (non-GAAP) | $0.4554 | $0.39 | $0.31 | +47.0% |
| Revenue | $1.51B | $1.39B | $1.24B | +21.8% |
Wall Street consensus points to strong sequential growth: EPS is expected to jump 16.7% from Q1 actuals of $0.39, while revenue should climb 8.6% from the prior quarter's $1.39B. Year-over-year, analysts model 21.8% revenue growth, consistent with Snowflake's enterprise data cloud expansion. Estimate revisions over the past 90 days have tilted modestly upward, reflecting confidence in the company's AI-driven workload adoption and expansion of customer wallet share.
Key Metrics to Watch
1. Revenue Growth Rate and Dollar-Based Net Retention Rate (NRR)
The headline metric: does Snowflake sustain 20%+ YoY revenue growth? More management will detail NRR — the percentage of revenue retained from existing customers, adjusted for expansion and churn. A NRR above 125% indicates strong land-and-expand dynamics. In recent quarters, Snowflake has guided to NRR in the 122-128% range. Investors will scrutinize whether AI workloads (Cortex, universal search) are accelerating customer migration and increasing compute consumption.
2. Operating Margin Trajectory
Snowflake is transitioning from heavy investment mode toward profitability. Q1 FY2027 operating margin came in better than expected, signaling improved operating leverage. The consensus expects operating margin to expand toward 8-12% in Q2. Management guidance on margin expansion through FY2027 is critical — if they signal accelerating path to 15-20% margins, the stock could re-rate higher on free cash flow visibility.
3. Free Cash Flow and Cash Generation Capacity
SNOW generated negative EPS of -$0.86 on a GAAP basis in the most recent reported period, but non-GAAP EPS came in positive at $0.39. The divergence matters: Wall Street wants to see free cash flow turn decisively positive and expand as a percentage of revenue. If Q2 generates $200M+ in FCF, it validates the software-as-a-service model's cash generation and supports higher multiples.
What Management Said Last Quarter
In Q1 FY2027, Snowflake guided Q2 revenue in the range of $1.48B to $1.50B, representing the midpoint of $1.49B. The company emphasized AI infrastructure adoption as a key driver, with Cortex (generative AI features) contributing meaningfully to consumption-based workloads. CEO commentary underscored expansion among Fortune 500 customers, particularly in financial services and healthcare verticals.
Management historically guides conservatively — the company beat its own Q1 revenue guidance and has delivered positive EPS surprises for four consecutive quarters. If SNOW reports Q2 revenue at or above the $1.49B midpoint, it will mark another quarter of execution. Critically, forward guidance for Q3 and FY2027 will set the tone for the stock: any upward revision to full-year growth targets or margin expansion timelines could justify the 88% YTD run-up.
Earnings Surprise History
| Quarter | EPS Estimate | EPS Actual | Surprise % | Next-Day Stock Move |
|---|---|---|---|---|
| Q2 FY2027 (June 30, 2026) | $0.3246 | $0.39 | +20.1% | +4.2% |
| Q1 FY2027 (March 31, 2026) | $0.2768 | $0.32 | +15.6% | +3.8% |
| Q4 FY2026 (Dec 31, 2025) | $0.3164 | $0.35 | +10.6% | +2.9% |
| Q3 FY2026 (Sept 30, 2025) | $0.2709 | $0.35 | +29.2% | +6.1% |
Average EPS Surprise (4 quarters): +18.9%
Snowflake has exceeded EPS estimates in four consecutive quarters, with an average beat of 18.9 percentage points. The pattern is consistent: bears come in expecting conservative profitability, and management delivers. The most recent beat (Q1 FY2027) came in at +20.1%, suggesting the bar for Q2 is now elevated. If SNOW reports $0.4554 exactly on consensus, it could disappoint relative to the four-quarter track record. For the stock to gain materially on earnings, the company needs to beat by 15%+ or raise guidance aggressively.
Analyst Sentiment and Price Targets
Consensus Ratings Breakdown (58 analysts):
- Strong Buy: 16
- Buy: 35
- Hold: 6
- Sell: 1
- Strong Sell: 0
Bullish conviction is overwhelming: 51 of 58 analysts (88%) rate SNOW as Buy or Strong Buy. Only one analyst carries a Sell rating, reflecting consensus confidence in the cloud data platform's competitive moat and AI-driven growth tailwinds. The average price target sits at approximately $385, implying 15.7% upside from the current $332.78 level. However, this represents compressed upside from typical analyst estimates — a reflection of the 88% YTD rally already pricing in strong execution.
Recent analyst actions have remained constructive. Barclays and Goldman Sachs maintained Buy ratings in August, citing accelerating Cortex adoption and NRR resilience. Morgan Stanley raised its price target to $410 in July, modeling 25%+ revenue growth through FY2028. The consensus underscores that the bar for Q2 earnings is set high — even in-line beats may struggle to move the stock materially.
What This Means for SNOW Stock
Current Valuation: SNOW trades at approximately 52.3x forward P/E (based on consensus EPS of $0.4554 across four quarters = ~$1.82 annualized). The stock's five-year historical average P/E is roughly 35-40x, suggesting current valuation reflects peak growth expectations and strong profitability momentum. For context, the S&P 500 trades at 20.4x forward earnings — SNOW commands a 25.6x premium, justified only if revenue and margin growth accelerate from here.
Technical Levels: SNOW's 90-day support sits at $253.59, while resistance is $341.95. The stock broke above resistance in August on positive sentiment around AI adoption. Post-earnings, volatility could spike the stock toward $350-360 on a beat-and-raise scenario, or pull it back toward $310-315 on in-line or cautious guidance. Watch the options market: implied volatility for September calls is priced for a 6.8% move on earnings, a modest expectation given the 88% YTD run.
Key Risk: After such a large YTD advance, any guidance miss or slowdown in NRR could trigger a sharp pullback. The market is pricing in Cortex becoming a material revenue driver in FY2027 — if adoption lags, the narrative reverses quickly. if Snowflake signals any slowdown in enterprise deal velocity or mentions macro headwinds affecting customer spending, expect a 5-8% decline the next trading day.
Frequently Asked Questions
When does Snowflake report Q2 FY2027 earnings?
Snowflake reports earnings on Tuesday, September 2, 2026, after market close (approximately 4:05 PM ET). The conference call begins at 5:00 PM ET. Investors can access details via the company's investor relations website.
What is the Wall Street consensus EPS estimate for Snowflake Q2 FY2027?
The consensus non-GAAP EPS estimate is $0.4554. Revenue consensus is $1.51B, representing 21.8% YoY growth from the $1.24B reported in Q2 FY2026.
Has Snowflake beaten earnings estimates historically?
Yes. Snowflake has beaten EPS estimates in four consecutive quarters with an average surprise of +18.9%. The most recent beat (Q1 FY2027) came in at +20.1%, suggesting the bar for Q2 is elevated.
What metrics should I watch in the Q2 earnings report?
Focus on three metrics: (1) Dollar-based NRR to gauge customer expansion and AI workload adoption, (2) Operating margin trajectory toward profitability, and (3) Free cash flow generation. management guidance for Q3 and full-year FY2027 will be critical to validate the 88% YTD rally.
What is the analyst consensus on Snowflake stock?
Of 58 analysts, 51 (88%) rate SNOW as Buy or Strong Buy. The average price target is approximately $385, implying 15.7% upside. Only one analyst carries a Sell rating.