Dear Snowflake Stock Fans, Mark Your Calendars for Sept. 2

Snowflake (SNOW), the cloud data company that helps businesses bring scattered data together through its Data Cloud platform, has given investors plenty to cheer about lately.

SNOW stock has enjoyed a strong run since late May, helped by growing enterprise demand for AI tools, an expanded $6 billion multiyear partnership with Amazon.com (AMZN) Amazon Web Services, and quarterly results that came in ahead of Wall Street’s expectations. But after that rally, some would be wondering whether Snowflake can keep the momentum going.

If Snowflake has been on your watchlist, there is one date you will want to circle – Sept. 2, 2026. That's when the company is scheduled to report its fiscal second-quarter 2027 results after the market closes. Wall Street is already looking for double-digit growth in both revenue and earnings, while management remains upbeat about the business.

And this is where earnings reports get interesting. A quarterly report is not just about looking at how the company performed. It can give investors a glimpse of what is coming next. For Snowflake stock, the Sept. 2 report could provide exactly that – making it a date investors may not want to miss.

About Snowflake Stock

Founded in 2012, Snowflake has become one of the biggest names in modern data infrastructure. Headquartered in Montana, the company operates its Data Cloud, a unified platform that helps businesses store, manage, analyze, and securely share massive amounts of data. With a market capitalization of $115.8 billion, Snowflake has become a major player in an increasingly data-driven economy.

What makes the company particularly interesting is how broadly its platform is used. Snowflake serves customers across financial services, media, retail, healthcare, manufacturing, technology, telecommunications, travel, and the public sector. In other words, wherever businesses rely heavily on data to make decisions, Snowflake has an opportunity to play a role. The company is also pushing aggressively into artificial intelligence (AI), making AI a bigger part of its growth story.

Snowflake stock has gone from being a laggard to one of the more interesting cloud names on the market this year. The first few months of 2026 were fairly quiet for SNOW, but the stock price performance has improved significantly. Shares have jumped 123% over the past three months and gained 96% over the past six months.

The turnaround becomes even clearer when we look at the lows. SNOW touched a 52-week low of $118.30 in April and has since surged 181.6% from that level. That rally has pushed the stock 72.72% higher over the past 52 weeks, while shares recently touched a three-year high of $341.95. And year-to-date (YTD), SNOW is up 52%.

Technically, the chart suggests investors may want to expect some cooling after such a powerful run. The 14-day RSI is 80.38, putting the stock in overbought territory. The MACD oscillator signals bullishness, with the MACD line above the signal line and the histogram in positive territory. So, momentum is clearly strong, but the stock may be due for a breather.

At first glance, Snowflake’s valuation looks expensive, with shares trading at 172.63 times forward adjusted earnings and 19.04 times sales. However, both multiples remain below the company’s five-year averages. With strong revenue growth expected this year and next, along with new enterprise deals potentially adding momentum, growth-focused investors may still find the premium valuation reasonable.

A Snapshot of Snowflake’s Q1 Results

Snowflake’s first-quarter numbers for fiscal 2027, released in May, were nothing short of impressive. The company’s non-GAAP EPS grew 62.5% year-over-year (YOY) to $0.39 on revenue of $1.39 billion, which rose 33.5% YOY. Both figures came in ahead of Wall Street’s expectations. More importantly, the growth was still being driven by strong consumption across Snowflake’s core platform.

Product revenue remained the star of the show, reaching $1.33 billion, or about 96% of total revenue. Professional services and other revenue contributed another $56.6 million, up 25.1% annually. Management also described the quarter as an important step forward for its AI strategy, pointing to faster adoption of first-party AI products alongside continued demand for its core platform. Products such as Cortex Code and Snowflake Intelligence are helping the company expand usage among its existing customer base.

Furthermore, Snowflake is working to make its ecosystem harder for enterprises to ignore. The company expanded its relationship with AWS through a new $6 billion multi-year agreement and signed a definitive agreement in May 2026 to acquire Natoma, aimed at strengthening secure connections for AI agents across enterprise tools and workflows.

The customer numbers tell another encouraging part of the story. Snowflake ended the quarter with 13,912 customers, adding 616 net new customers, including 13 Forbes Global 2000 companies. Meanwhile, its net revenue retention rate stood at 126%, showing that existing customers continued to expand their spending. Remaining performance obligations rose 37.7% to $9.2 billion, providing further visibility into future revenue.

The balance sheet remains another strength. As of April 30, Snowflake had $2.08 billion in cash and cash equivalents and $870.3 million in short-term investments. It generated $243.2 million in operating cash flow during the quarter, while adjusted free cash flow came in at $265.5 million.

For fiscal 2027, management raised its product revenue outlook to $5.84 billion, representing 31% YOY growth, and lifted its full-year non-GAAP operating margin target to 13.5%. It also maintained expectations for a 75% non-GAAP product gross margin and a 23% adjusted FCF margin. With AI adoption accelerating, the next test is whether Snowflake can turn that enthusiasm into sustained consumption growth.

For Q2, Snowflake expects product revenue between $1.415 billion and $1.42 billion, implying roughly 30% annual growth, with a non-GAAP operating margin of 12.5%.

Analysts tracking Snowflake predict its Q2 revenue to be around $1.48 billion, while loss for the quarter is expected to narrow 36.3% YOY to $0.51 per share. For fiscal 2027, per-share loss is anticipated to be $1.84, shrinking by 44.9% YOY and then narrowing by another 8.2% annually to $1.69 in fiscal 2028.

What Do Analysts Expect for Snowflake Stock?

Evercore ISI is feeling more upbeat about Snowflake, recently raising its price target to $360 while keeping an “Outperform” rating. The brokerage firm expects Snowflake to beat its second-quarter fiscal revenue guidance by about 300 to 400 basis points, with Wall Street likely looking for the high end. 

Evercore says early CoCo momentum is now better reflected in guidance, pointing to a more normal beat this quarter. Its partner survey also signals another solid beat-and-raise quarter. The brokerage firm expects Snowflake to modestly lift second-half guidance and deliver further margin expansion. Investors will also watch how CoCo and Cortex demand affects consumption and gross margins.

Snowflake has a consensus “Strong Buy” rating overall. Of the 45 analysts covering the stock, 36 advise a “Strong Buy,” three recommend a “Moderate Buy,” five suggest a “Hold,” and the remaining one gives a “Strong Sell” rating.

The stock currently trades above the mean price target of $303.95. The Street-high target price of $500 for Snowflake implies the stock could rally as much as 49.9%.