Companies /Technology

Snowflake Inc - Class A

NYSE: SNOW Software - Application
$337.18
▼ $19.29 (−5.41%) today
Markets closed · 11:34am ET

Q3 2026 Earnings

Reported Dec 3, 2025, 4:06pm ET · SEC source
$0.35
Beat +12.47%
EPS · est. $0.31
$1.2B
Beat +2.44%
Revenue · est. $1.2B
−1.3%
Trailing market
SNOW vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0+4%Dec 3Dec 4report 4:06pm ETearnings+0.1%−8.5%
−8%−4%0+4%Dec 3Dec 4earnings+0.1%−8.5%
SNOW −8.5%S&P 500 +0.1%
−8%−4%0+4%Dec 3Dec 4report 4:06pm ETearnings+0.0%−8.5%
−8%−4%0+4%Dec 3Dec 4earnings+0.0%−8.5%
SNOW −8.5%NASDAQ +0.0%
−7%0+7%Dec 2Dec 11report 4:06pm ETearnings+0.8%−9.3%
−7%0+7%Dec 2Dec 11earnings+0.8%−9.3%
SNOW −9.3%S&P 500 +0.8%
−7%0+7%Dec 2Dec 11report 4:06pm ETearnings+0.3%−9.3%
−7%0+7%Dec 2Dec 11earnings+0.3%−9.3%
SNOW −9.3%NASDAQ +0.3%
−11.41%
Day of report
−2.55%
Next session
−6.07%
One week
−0.54%
30 days

S&P 500 over the same 30 days: +0.76%.

Did SNOW Beat Earnings? Q3 2026 Results

Snowflake delivered a convincing third quarter of fiscal 2026, posting earnings per share of $0.35 against a consensus estimate of $0.31, a 12.47% beat, while revenue of $1.21 billion topped expectations by 2.44% and grew 28.8% year-over-year. The strong top-line result was anchored by product revenue of $1.16 billion, itself up 29%, as Snowflake's consumption-based model showed genuine momentum — net revenue retention held at 125% and the number of million-dollar customers grew 29% to 688. Perhaps the most striking signal of future revenue durability is the company's <a href="https://247wallst.com/investing/2026/02/26/snowflakes-7-88-billion-revenue-backlog-is-impressive-the-april-27-lawsuit-deadline-is-not/">$7.88 billion remaining performance obligations</a>, up 37%, reflecting deepening enterprise commitment to the platform. Non-GAAP operating margin expanded meaningfully to 11% from 6% a year ago, underscoring improving profitability alongside growth. CEO Sridhar Ramaswamy cited Snowflake Intelligence, the company's enterprise AI agent, as seeing the fastest adoption ramp in company history. Looking ahead, Snowflake raised its full-year fiscal 2026 product revenue guidance to $4.45 billion, representing 28% growth, with a 25% adjusted free cash flow margin.

Key Takeaways
  • 29% year-over-year product revenue growth driven by consumption-based model
  • Net revenue retention rate of 125%
  • 688 customers with trailing 12-month product revenue greater than $1 million, up 29% YoY
  • Remaining performance obligations of $7.88 billion, up 37% YoY
  • Non-GAAP operating margin expansion to 11% from 6% in year-ago quarter

“Snowflake delivered another strong quarter, with product revenue of $1.16 billion, up 29% year-over-year, and remaining performance obligations totaling $7.88 billion, up 37% year-over-year.”

Snowflake CEO, on the earnings call

Forward Guidance & Outlook

For Q4 fiscal 2026, Snowflake guides product revenue of $1,195-$1,200 million (27% YoY growth), non-GAAP operating margin of 7%, and non-GAAP diluted weighted-average shares of approximately 377 million. For full-year fiscal 2026, the company expects product revenue of $4,446 million (28% YoY growth), non-GAAP product gross margin of 75%, non-GAAP operating margin of 9%, adjusted free cash flow margin of 25%, and non-GAAP diluted weighted-average shares of approximately 373 million.

SNOW YoY Financials

Q3 2026 vs Q3 2025 · SEC filings Q3 2025 Q3 2026
$0$500.0M$1.0B$942.1M$1.2BRevenue$621.2M$822.0MGross Profit$-299,929,904$-329,473,000Operating Income$-264,900,981$-291,603,000Net Income
$0$500.0M$1.0BRevenueGross ProfitOperating IncomeNet Income

SNOW Revenue by Segment

Product Revenue$1.2B+29.0%
Professional Services and Other$54.5M

Figures from SEC filings and company reports. Not investment advice.