Management Commentary

Q4 FY2026 Earnings Scorecard

With Q4 results confirmed and the stock up after-hours, here is how Snowflake graded across every key dimension.

Overall Grade: A- — A clean beat across revenue, EPS, RPO, and guidance, with accelerating AI monetization and expanding margins. The only deduction: the company remains in operating loss territory and cash declined year-over-year.

Analyst consensus sits at 84.3% buy ratings with a $266 price target, well above today’s close of $169.75.

• RPO growth reaccelerated sharply

• AI usage adoption scaled materially

• Operating leverage improving

• FY27 visibility strengthened

Q1 FY27

• Product revenue: $1.262B–$1.267B (+27% Y/Y)

• Operating margin: 9%

FY27

• Product revenue: $5.66B (+27% Y/Y)

• Operating margin: 12.5%

• Adjusted FCF margin: 23%

Guidance confirms sustained high-20s growth with expanding margins.

After ending the day up 5%, the stock is up another 6% after-hours.

This is a clean acceleration print. Snowflake delivered 30% product revenue growth, 42% RPO growth, and strong FY27 guidance at 27% growth — exactly what a skeptical market needed to see.

This is what durable momentum looks like, growth holding at 30% while forward visibility strengthens.

Polymarket is pricing in a 93% probability that Snowflake beats the $0.27 non-GAAP EPS consensus estimate for today’s earnings release. That confidence has been building steadily, with the “Yes” contract gaining 6% over the past week and 4.5% in the last 24 hours.

The crowd is clearly leaning bullish on the beat itself. But history offers a cautionary note: last quarter, Snowflake beat the $0.31 estimate, yet the stock still fell 14.24% the following day. The prediction market for that post-earnings move resolved entirely to “Down.”

With SNOW already down 22.6% year-to-date, investors will be watching whether a beat this time translates to an actual rally, or whether the “sell the news” pattern repeats.