Snowflake (SNOW)

Hold Recap: Q2 FY27

The Quarter Cleared Every Test We Set. The Price Cleared Our Fair Value Range.

Outperform Recap: Q1 FY27

Reacceleration to 34% and a Raise 2.6 Times the Beat Clear the Last Upgrade Condition

Hold Recap: Q1 FY26

Snowflake Delivered the Back-Half Acceleration in Q1 and 442bp of Operating Margin With It, But the Raise Was Only the Beat

Hold Recap: Q4 FY25

Snowflake Beat the Plan, Not the Prior Year: A 500bp Margin Beat on a Guide Set Low, and an FY26 That Only Gets Back to FY24 Margins