Snowflake (SNOW) Is About to Report Q1 Earnings Tomorrow. Here Is What to Expect

Cloud-based data warehousing and analytics company Snowflake (SNOW) is set to announce its Q1 FY26 results on Wednesday, May 21. The stock has gained over 18% so far in 2025, thanks to new product launches, solid financial performance, growing AI demand, and the relaxation in the trade tensions. According to Main Street Data, Snowflake’s product revenues rose 5% quarter-over-quarter to $943.3 million in Q4 FY25, driven by strong product innovation and expanded AI capabilities.

Wall Street analysts expect the company to report earnings of $0.21 per share for Q1, up 50% year-over-year. Also, revenues are expected to rise by 18% from the same quarter last year, reaching $1.01 billion. Interestingly, Snowflake has a solid earnings surprise history. The company exceeded earnings estimates in eight out of the previous nine quarters.

Analysts’ Views on SNOW Ahead of Q1 Results

Heading into Snowflake’s Q1 FY26 earnings, multiple analysts have reiterated Buy ratings along with bullish price targets, anticipating continued strong growth from the company. Among them is five-star analyst Brent Thill of Jefferies, who maintained a Buy rating and raised his price target to $220 from $190. Thill views Snowflake as his “top AI breakout play,” citing potential “more meaningful AI upside” in the second half of the year.

Looking at the numbers, Thill expects Q1 FY26 product revenue to come in between $955 million and $960 million, reflecting 21–22% year-over-year growth. For the full year, Snowflake is targeting $4.28 billion in product revenue, with higher net additions than in previous years. The stock currently trades at 12x estimated CY26 revenue, slightly below the large-cap average, and Thill believes it could move higher if the AI story gains traction later this year.

Meanwhile, analyst Brad Reback of Stifel also maintained a Buy rating and a $210 price target on Snowflake. The analyst expects a “typical upside quarter,” backed by “stable consumption” trends across peers and solid results from the major cloud providers. Looking ahead, Reback believes new products will contribute more meaningfully in the second half of FY26, potentially supporting stronger growth. Overall, he sees Snowflake continuing to grow product revenue and free cash flow in the mid-to-high 20% range, driven by a stable core business, new offerings, and improved efficiency.

Options Traders Anticipate a Large Move

Using TipRanks’ Options tool, we can see what options traders are expecting from the stock immediately after its earnings report. The expected earnings move is determined by calculating the at-the-money straddle of the options closest to expiration after the earnings announcement. If this sounds complicated, don’t worry, the Options tool does this for you.

Indeed, it currently says that options traders are expecting a 10.64% move in either direction.

Is Snowflake a Good Stock a Buy?

Turning to Wall Street, analysts have a Strong Buy consensus rating on SNOW stock based on 32 Buys and six Holds assigned in the past three months, as indicated by the graphic below. The analysts’ average price target on SNOW stock of $204.97 implies an upside potential of 12.59%.

See more SNOW analyst ratings

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