Published: December 3, 2025 – pre‑earnings
Snowflake Inc. (NYSE: SNOW) is one of the most closely watched U.S. tech stocks today as investors brace for its fiscal Q3 2026 earnings report after the closing bell on December 3, 2025. The data‑cloud and AI infrastructure specialist has surged around 60–70% in 2025, depending on the source and measurement date, significantly outperforming the broader market. [1]
At the same time, Snowflake trades on a premium valuation, with a price‑to‑sales (P/S) ratio just above 21x and a market cap near $88–90 billion, putting pressure on management to keep delivering rapid growth and clear AI monetization. [2]
Below is a detailed, SEO‑friendly breakdown of where Snowflake stock stands today, December 3, 2025, what Wall Street expects from tonight’s earnings, and how analysts are thinking about SNOW’s upside and downside into 2026.
Key Takeaways for Snowflake (SNOW) on December 3, 2025
- Share price today: Around $265–266 per share, up roughly 2–3% on the day as of early afternoon U.S. trading.
- 52‑week range & size: 52‑week range of $120.10 to $280.67 with a market cap around $88–90 billion and trailing‑12‑month revenue just above $4.1 billion. [3]
- Earnings tonight: Street expects Q3 revenue around $1.18 billion and adjusted EPS of ~$0.31, both well above the prior‑year quarter. [4]
- Guidance bar: Management previously guided Q3 product revenue to $1.125–1.130 billion (25–26% YoY) and full‑year fiscal 2026 product revenue to $4.395 billion (+27% YoY). [5]
- Options market: Short‑dated options are pricing in roughly a ±12% move on earnings, with a call‑to‑put ratio around 2.7:1 in some weekly contracts – a sign of bullish speculation and expected volatility. [6]
- Analyst sentiment: Most major brokers rate SNOW a Buy/Outperform, with an average 12‑month price target in the high‑$260s to low‑$270s, implying low‑single‑digit to mid‑single‑digit upside from today’s price. [7]
- Valuation debate: Several in‑depth analyses argue Snowflake is overvalued by ~35–50% based on discounted cash flow and “fair” P/S estimates, highlighting significant downside risk if growth slows. [8]
Snowflake Stock Today: Price, Momentum and Sentiment
As of the latest trade on December 3, 2025, Snowflake stock is changing hands around $265.6, up roughly 2–3% intraday. The shares sit not far below their recent 52‑week high near $280.67, after a powerful 2025 run that saw the stock gain roughly 60–70% year‑to‑date. [9]
Several recent catalysts are driving sentiment:
- MongoDB sympathy move: Yesterday, Snowflake jumped about 3.1% intraday after peer MongoDB reported better‑than‑expected Q3 results and raised its full‑year outlook, reinforcing investor confidence in data‑infrastructure and usage‑based SaaS names. [10]
- IBD technical upgrade: Investor’s Business Daily upgraded Snowflake’s Composite Rating to 96 out of 99, citing three straight quarters of rising EPS, Q2 EPS growth of about 94%, and revenue growth accelerating from 26% to 32%. [11]
- Options market leaning bullish: StreetInsider notes weekly options around the $260–$265 strikes pricing in about a 12% post‑earnings move, with call‑to‑put ratios as high as 2.7 calls for every put, a sign many traders are positioning for upside but also bracing for volatility. [12]
- Social buzz: Alternative data tracker QuiverQuant reports a surge in Snowflake mentions on X ahead of the earnings release, much of it focused on analyst upgrades and expectations of strong AI‑driven demand. [13]
In short, expectations are high: the stock is priced like an AI winner, and positioning going into the print is leaning optimistic.
Recent Fundamentals: A Look Back at Snowflake’s Q2 FY2026
Going into Q3, investors are still anchored on Snowflake’s Q2 fiscal 2026 results (quarter ended July 31, 2025), which were strong across most key metrics: [14]
- Revenue: $1.1 billion total revenue, up 32% year‑on‑year.
- Product revenue: $1.09 billion, also 32% YoY growth.
- Net revenue retention (NRR): A robust 125%, indicating existing customers are meaningfully expanding their usage.
- Large customers:
- 654 customers generated more than $1 million in trailing‑12‑month product revenue (up ~30% YoY).
- 751 Forbes Global 2000 customers, up ~5% YoY.
- Profitability mix:
- GAAP operating loss of about $340 million (‑30% margin).
- Non‑GAAP operating income of around $128 million (~11% margin).
- Free cash flow of about $58 million, or ~5% of revenue.
This combination – rapid top‑line growth, world‑class net retention and improving non‑GAAP profitability – is a big part of why Snowflake commands a premium multiple versus traditional software peers. [15]
Earnings Preview: What Wall Street Expects on December 3, 2025
Consensus forecasts
Multiple data providers are broadly aligned on expectations for fiscal Q3 2026 (reported today after the close): [16]
- Total revenue: about $1.18 billion, versus roughly $942 million in the same quarter a year ago – mid‑20s percent year‑on‑year growth.
- Adjusted EPS: around $0.31, up from $0.20 a year ago, implying roughly 50–55% EPS growth.
- Earnings date & timing: Earnings call expected after the U.S. market close on Wednesday, December 3, 2025, around 5:00 p.m. ET. [17]
Snowflake’s own guidance, issued with Q2 results, set Q3 product revenue expectations in a range of $1.125–$1.130 billion, implying 25–26% growth. [18] That means consensus sits slightly above the high end of guidance, effectively baking in a modest beat.
What the Street is watching tonight
Across previews from Reuters, Barron’s, Trefis, Zacks, and other outlets, several key themes show up repeatedly: [19]
- Consumption trends in the Data Cloud
- Snowflake sells on a consumption‑based model, so investors will be laser‑focused on whether customers are ramping up usage again or remaining cautious.
- After some macro‑driven optimizations in prior years, software names with usage models have benefited from a pickup in demand; Snowflake is expected to show similar momentum.
- AI workloads and new product adoption
- Management has rebranded Snowflake as an “AI Data Cloud” company and launched products like Snowflake Intelligence, new NVIDIA CUDA‑X integrations for machine learning, and deep AI partnerships with SAP and Palantir. [20]
- Analysts want concrete evidence that these AI features are translating into material revenue uplift, not just marketing hype.
- Guidance for Q4 and full‑year FY2026
- Margin trajectory
- With non‑GAAP operating margins turning positive and free cash flow positive, investors will be watching whether Snowflake can sustain double‑digit non‑GAAP margins while still growing revenue above 25% – a key ingredient for justifying its valuation. [23]
Analyst Ratings and Price Targets: Bullish but Not Cheap
Street consensus
According to MarketBeat and other aggregators, around 40–45 analysts follow Snowflake, and the average 12‑month price target sits near $270–273 per share, with a range roughly from $210 on the low end to $325 on the high end. [24]
With the stock trading around $265–266 today, that implies only about 2–6% upside based on the mean target – not much of a cushion if anything goes wrong in tonight’s report. [25]
Recent price‑target moves
Over the past few weeks, multiple brokers have raised their Snowflake targets ahead of earnings:
- BTIG: Target lifted from $276 to $312, rating Buy. [26]
- Bank of America Securities: Target increased from $280 to $310, rating Buy. [27]
- Citigroup: Target raised from $275 to $310, rating Buy. [28]
- Mizuho: Target moved from $260 to $285, rating Outperform. [29]
- Rosenblatt: Target up from $250 to $275, rating Buy. [30]
- DA Davidson: Target boosted to $300 ahead of Q3 results. [31]
- Oppenheimer: Target raised to $295 from $275, rating Outperform/Buy. [32]
Notably, Zacks maintains a more cautious stance, rating Snowflake as a Rank #3 (Hold) even while acknowledging roughly 70% year‑to‑date gains and a long streak of earnings beats with an average surprise of about 38% over the last four quarters. [33]
This pattern – mostly Buy ratings, but only modest upside to targets – reflects a familiar message: Snowflake is widely considered a high‑quality, strategic asset in AI infrastructure, but already priced for excellence.
The Valuation Debate: Premium AI Winner or Overhyped?
Snowflake’s valuation is front‑and‑center in nearly every piece of recent analysis:
Premium multiples
- Several data providers peg Snowflake’s P/S ratio around 20–21x, based on a market cap near $88 billion and trailing revenue around $4.1–4.12 billion. [34]
- Snowflake also trades at a rich enterprise value‑to‑revenue multiple versus most software peers, a premium that analysts often justify by pointing to its high net‑revenue‑retention and long runway in data + AI workloads. [35]
Bullish takes
Bullish research – including pieces from Barron’s, Seeking Alpha and Nasdaq – emphasizes a few core points: [36]
- Snowflake is a critical layer in the AI stack, organizing and securing data for machine‑learning workloads across clouds.
- Its 125% net revenue retention and strong large‑customer growth suggest customers keep spending more over time. [37]
- New AI capabilities, like Snowflake Intelligence, plus deep partnerships with SAP, Palantir and NVIDIA, could expand its total addressable market. [38]
- For aggressive growth investors, some analysts argue the stock remains a buy, even at elevated multiples, as long as growth stays above the mid‑20s and margins continue to trend up. [39]
Bearish and valuation‑focused critiques
On the other side, several in‑depth valuation pieces wave red flags:
- A Trefis article titled “The Case For A 50% Downside In Snowflake Stock” argues that Snowflake’s share price has run far ahead of fundamentals after a ~130% 12‑month surge and models roughly 50% downside in a more conservative DCF. [40]
- Simply Wall St’s analysis suggests Snowflake’s actual P/S around 21x significantly exceeds its estimated “fair” P/S near 12.9x, indicating the shares may be overvalued by roughly 35–40%. [41]
- Related commentary notes that Snowflake’s recent AI partnership‑driven rally may have pushed its valuation too far relative to underlying cash flows. [42]
In short, Snowflake is one of the clearest examples of the market paying a premium for an AI narrative – and tonight’s results will either reinforce that narrative or test it.
AI Story and Strategic Partnerships
Snowflake has spent 2025 aggressively reinforcing its identity as an AI Data Cloud platform, not just a data warehouse:
- Snowflake Intelligence: Announced as generally available in November 2025, this initiative aims to bring “agentic AI” to enterprise data, making it easier to build AI agents and applications directly on Snowflake. [43]
- NVIDIA integration: A new integration with NVIDIA’s CUDA‑X libraries is designed to accelerate machine‑learning workflows natively on Snowflake’s platform, making it more appealing for heavy AI workloads. [44]
- SAP collaboration: A high‑profile partnership with SAP enables bi‑directional, zero‑copy integration between SAP’s Business Data Cloud and Snowflake’s AI Data Cloud, aiming to “erase the boundary” between SAP business data and Snowflake’s analytics environment. [45]
- Palantir partnership: Snowflake and Palantir are working together on enterprise‑ready AI analytics, blending Palantir’s application layer with Snowflake’s data cloud. [46]
- M&A for AI cataloging: Snowflake recently announced its intent to acquire Select Star, a data‑discovery and catalog startup, to enhance its Horizon catalog and AI data‑governance capabilities. [47]
These moves all support the bull thesis that Snowflake is building the default substrate for enterprise AI – but they also underpin the bear argument that investors might be over‑paying for future optionality that still needs to show up in revenue and profit.
Trading Setup: How the Market Is Positioned into Earnings
Short‑term traders and options desks are positioning aggressively around tonight’s print:
- Implied move: Near‑dated straddles around the $252.50–$260 strikes are pricing in about a 12% post‑earnings move – a big swing for a ~$265 stock. [48]
- Call‑heavy skew: One fresh note from StreetInsider highlights a call‑to‑put ratio of roughly 2.7:1 in some contracts, suggesting more traders are betting on upside than hedging downside. [49]
- Historical pattern: Trefis points out that Snowflake has seen large moves around prior earnings and remains operationally loss‑making on a GAAP basis (approx. $1.5B in operating losses and $1.4B net loss over the last 12 months), which magnifies how sensitive the stock can be to changes in sentiment. [50]
For traders, that means risk is two‑sided: a clean beat‑and‑raise could send SNOW sharply higher, but any disappointment on growth, AI commentary or guidance could trigger an equally sharp correction.
Snowflake Stock Forecast for 2026: Scenarios to Consider
1. Bullish scenario
If Snowflake:
- Delivers mid‑ to high‑20s revenue growth or better,
- Shows clear AI‑driven workload expansion,
- Raises Q4 and full‑year FY2026 guidance, and
- Demonstrates continued margin improvement,
then the Street’s more optimistic targets in the $295–$312+ range from brokers like Oppenheimer, BTIG and Bank of America could come into play over the next 12–18 months. [51]
In this case, bulls argue Snowflake could grow into its multiple as a core AI infrastructure winner.
2. Base‑case consensus scenario
In a more neutral outcome where Snowflake:
- Meets or slightly beats consensus,
- Keeps guidance roughly in line with prior expectations, and
- Signals steady (but not accelerating) AI adoption,
the stock could trade roughly around current levels, anchored by consensus price targets near $270. That would translate into single‑digit percentage upside from today’s price while investors wait for more evidence of durable AI monetization. [52]
3. Bearish / de‑rating scenario
If Snowflake:
- Misses on revenue or EPS,
- Guides product revenue growth below the mid‑20s%, or
- Delivers underwhelming commentary on AI traction,
valuation‑focused bears have plenty of ammunition. Trefis’ 50% downside model and Simply Wall St’s estimated ~35–40% overvaluation highlight how far SNOW could fall if the market decides to re‑rate it closer to a “normal” high‑growth SaaS name rather than a must‑own AI asset. [53]
FAQs: Snowflake Stock on December 3, 2025
When does Snowflake report earnings?
Snowflake is scheduled to report fiscal Q3 2026 earnings after the close on Wednesday, December 3, 2025, with the earnings call expected around 5:00 p.m. ET, according to company and analyst calendars. [54]
Is Snowflake stock a buy right now?
As of today:
- Many major brokers rate SNOW Buy/Outperform and have raised price targets into the $275–$310+ range. [55]
- Aggregated analyst targets imply limited near‑term upside from current levels. [56]
- Several valuation‑focused models suggest material downside risk if growth slows or sentiment toward AI‑related names cools. [57]
Whether Snowflake is a “buy” depends heavily on your time horizon, risk tolerance and view on AI‑driven data demand. For long‑term, high‑risk‑tolerant investors who believe Snowflake will remain a core AI data platform, the stock may still be attractive despite its rich multiple. More value‑oriented or conservative investors may prefer to wait for a better entry point or clearer evidence of sustainable AI monetization.
Important: This article is for information and news purposes only and is not financial advice. Always do your own research and consider speaking with a qualified financial advisor before making investment decisions.Snowflake Inc. (NYSE: SNOW) is one of the most closely watched U.S. tech stocks today as investors brace for its fiscal Q3 2026 earnings report after the closing bell on December 3, 2025. The data‑cloud and AI infrastructure specialist has surged around 60–70% in 2025, depending on the source and measurement date, significantly outperforming the broader market. [58]
At the same time, Snowflake trades on a premium valuation, with a price‑to‑sales (P/S) ratio just above 21x and a market cap near $88–90 billion, putting pressure on management to keep delivering rapid growth and clear AI monetization. [59]
Below is a detailed, SEO‑friendly breakdown of where Snowflake stock stands today, December 3, 2025, what Wall Street expects from tonight’s earnings, and how analysts are thinking about SNOW’s upside and downside into 2026.
Key Takeaways for Snowflake (SNOW) on December 3, 2025
- Share price today: Around $265–266 per share, up roughly 2–3% on the day as of early afternoon U.S. trading.
- 52‑week range & size: 52‑week range of $120.10 to $280.67 with a market cap around $88–90 billion and trailing‑12‑month revenue just above $4.1 billion. [60]
- Earnings tonight: Street expects Q3 revenue around $1.18 billion and adjusted EPS of ~$0.31, both well above the prior‑year quarter. [61]
- Guidance bar: Management previously guided Q3 product revenue to $1.125–1.130 billion (25–26% YoY) and full‑year fiscal 2026 product revenue to $4.395 billion (+27% YoY). [62]
- Options market: Short‑dated options are pricing in roughly a ±12% move on earnings, with a call‑to‑put ratio around 2.7:1 in some weekly contracts – a sign of bullish speculation and expected volatility. [63]
- Analyst sentiment: Most major brokers rate SNOW a Buy/Outperform, with an average 12‑month price target in the high‑$260s to low‑$270s, implying low‑single‑digit to mid‑single‑digit upside from today’s price. [64]
- Valuation debate: Several in‑depth analyses argue Snowflake is overvalued by ~35–50% based on discounted cash flow and “fair” P/S estimates, highlighting significant downside risk if growth slows. [65]
Snowflake Stock Today: Price, Momentum and Sentiment
As of the latest trade on December 3, 2025, Snowflake stock is changing hands around $265.6, up roughly 2–3% intraday. The shares sit not far below their recent 52‑week high near $280.67, after a powerful 2025 run that saw the stock gain roughly 60–70% year‑to‑date. [66]
Several recent catalysts are driving sentiment:
- MongoDB sympathy move: Yesterday, Snowflake jumped about 3.1% intraday after peer MongoDB reported better‑than‑expected Q3 results and raised its full‑year outlook, reinforcing investor confidence in data‑infrastructure and usage‑based SaaS names. [67]
- IBD technical upgrade: Investor’s Business Daily upgraded Snowflake’s Composite Rating to 96 out of 99, citing three straight quarters of rising EPS, Q2 EPS growth of about 94%, and revenue growth accelerating from 26% to 32%. [68]
- Options market leaning bullish: StreetInsider notes weekly options around the $260–$265 strikes pricing in about a 12% post‑earnings move, with call‑to‑put ratios as high as 2.7 calls for every put, a sign many traders are positioning for upside but also bracing for volatility. [69]
- Social buzz: Alternative data tracker QuiverQuant reports a surge in Snowflake mentions on X ahead of the earnings release, much of it focused on analyst upgrades and expectations of strong AI‑driven demand. [70]
In short, expectations are high: the stock is priced like an AI winner, and positioning going into the print is leaning optimistic.
Recent Fundamentals: A Look Back at Snowflake’s Q2 FY2026
Going into Q3, investors are still anchored on Snowflake’s Q2 fiscal 2026 results (quarter ended July 31, 2025), which were strong across most key metrics: [71]
- Revenue: $1.1 billion total revenue, up 32% year‑on‑year.
- Product revenue: $1.09 billion, also 32% YoY growth.
- Net revenue retention (NRR): A robust 125%, indicating existing customers are meaningfully expanding their usage.
- Large customers:
- 654 customers generated more than $1 million in trailing‑12‑month product revenue (up ~30% YoY).
- 751 Forbes Global 2000 customers, up ~5% YoY.
- Profitability mix:
- GAAP operating loss of about $340 million (‑30% margin).
- Non‑GAAP operating income of around $128 million (~11% margin).
- Free cash flow of about $58 million, or ~5% of revenue.
This combination – rapid top‑line growth, world‑class net retention and improving non‑GAAP profitability – is a big part of why Snowflake commands a premium multiple versus traditional software peers. [72]
Earnings Preview: What Wall Street Expects on December 3, 2025
Consensus forecasts
Multiple data providers are broadly aligned on expectations for fiscal Q3 2026 (reported today after the close): [73]
- Total revenue: about $1.18 billion, versus roughly $942 million in the same quarter a year ago – mid‑20s percent year‑on‑year growth.
- Adjusted EPS: around $0.31, up from $0.20 a year ago, implying roughly 50–55% EPS growth.
- Earnings date & timing: Earnings call expected after the U.S. market close on Wednesday, December 3, 2025, around 5:00 p.m. ET. [74]
Snowflake’s own guidance, issued with Q2 results, set Q3 product revenue expectations in a range of $1.125–$1.130 billion, implying 25–26% growth. [75] That means consensus sits slightly above the high end of guidance, effectively baking in a modest beat.
What the Street is watching tonight
Across previews from Reuters, Barron’s, Trefis, Zacks, and other outlets, several key themes show up repeatedly: [76]
- Consumption trends in the Data Cloud
- Snowflake sells on a consumption‑based model, so investors will be laser‑focused on whether customers are ramping up usage again or remaining cautious.
- After some macro‑driven optimizations in prior years, software names with usage models have benefited from a pickup in demand; Snowflake is expected to show similar momentum.
- AI workloads and new product adoption
- Management has rebranded Snowflake as an “AI Data Cloud” company and launched products like Snowflake Intelligence, new NVIDIA CUDA‑X integrations for machine learning, and deep AI partnerships with SAP and Palantir. [77]
- Analysts want concrete evidence that these AI features are translating into material revenue uplift, not just marketing hype.
- Guidance for Q4 and full‑year FY2026
- Margin trajectory
- With non‑GAAP operating margins turning positive and free cash flow positive, investors will be watching whether Snowflake can sustain double‑digit non‑GAAP margins while still growing revenue above 25% – a key ingredient for justifying its valuation. [80]
Analyst Ratings and Price Targets: Bullish but Not Cheap
Street consensus
According to MarketBeat and other aggregators, around 40–45 analysts follow Snowflake, and the average 12‑month price target sits near $270–273 per share, with a range roughly from $210 on the low end to $325 on the high end. [81]
With the stock trading around $265–266 today, that implies only about 2–6% upside based on the mean target – not much of a cushion if anything goes wrong in tonight’s report. [82]
Recent price‑target moves
Over the past few weeks, multiple brokers have raised their Snowflake targets ahead of earnings:
- BTIG: Target lifted from $276 to $312, rating Buy. [83]
- Bank of America Securities: Target increased from $280 to $310, rating Buy. [84]
- Citigroup: Target raised from $275 to $310, rating Buy. [85]
- Mizuho: Target moved from $260 to $285, rating Outperform. [86]
- Rosenblatt: Target up from $250 to $275, rating Buy. [87]
- DA Davidson: Target boosted to $300 ahead of Q3 results. [88]
- Oppenheimer: Target raised to $295 from $275, rating Outperform/Buy. [89]
Notably, Zacks maintains a more cautious stance, rating Snowflake as a Rank #3 (Hold) even while acknowledging roughly 70% year‑to‑date gains and a long streak of earnings beats with an average surprise of about 38% over the last four quarters. [90]
This pattern – mostly Buy ratings, but only modest upside to targets – reflects a familiar message: Snowflake is widely considered a high‑quality, strategic asset in AI infrastructure, but already priced for excellence.
The Valuation Debate: Premium AI Winner or Overhyped?
Snowflake’s valuation is front‑and‑center in nearly every piece of recent analysis:
Premium multiples
- Several data providers peg Snowflake’s P/S ratio around 20–21x, based on a market cap near $88 billion and trailing revenue around $4.1–4.12 billion. [91]
- Snowflake also trades at a rich enterprise value‑to‑revenue multiple versus most software peers, a premium that analysts often justify by pointing to its high net‑revenue‑retention and long runway in data + AI workloads. [92]
Bullish takes
Bullish research – including pieces from Barron’s, Seeking Alpha and Nasdaq – emphasizes a few core points: [93]
- Snowflake is a critical layer in the AI stack, organizing and securing data for machine‑learning workloads across clouds.
- Its 125% net revenue retention and strong large‑customer growth suggest customers keep spending more over time. [94]
- New AI capabilities, like Snowflake Intelligence, plus deep partnerships with SAP, Palantir and NVIDIA, could expand its total addressable market. [95]
- For aggressive growth investors, some analysts argue the stock remains a buy, even at elevated multiples, as long as growth stays above the mid‑20s and margins continue to trend up. [96]
Bearish and valuation‑focused critiques
On the other side, several in‑depth valuation pieces wave red flags:
- A Trefis article titled “The Case For A 50% Downside In Snowflake Stock” argues that Snowflake’s share price has run far ahead of fundamentals after a ~130% 12‑month surge and models roughly 50% downside in a more conservative DCF. [97]
- Simply Wall St’s analysis suggests Snowflake’s actual P/S around 21x significantly exceeds its estimated “fair” P/S near 12.9x, indicating the shares may be overvalued by roughly 35–40%. [98]
- Related commentary notes that Snowflake’s recent AI partnership‑driven rally may have pushed its valuation too far relative to underlying cash flows. [99]
In short, Snowflake is one of the clearest examples of the market paying a premium for an AI narrative – and tonight’s results will either reinforce that narrative or test it.
AI Story and Strategic Partnerships
Snowflake has spent 2025 aggressively reinforcing its identity as an AI Data Cloud platform, not just a data warehouse:
- Snowflake Intelligence: Announced as generally available in November 2025, this initiative aims to bring “agentic AI” to enterprise data, making it easier to build AI agents and applications directly on Snowflake. [100]
- NVIDIA integration: A new integration with NVIDIA’s CUDA‑X libraries is designed to accelerate machine‑learning workflows natively on Snowflake’s platform, making it more appealing for heavy AI workloads. [101]
- SAP collaboration: A high‑profile partnership with SAP enables bi‑directional, zero‑copy integration between SAP’s Business Data Cloud and Snowflake’s AI Data Cloud, aiming to “erase the boundary” between SAP business data and Snowflake’s analytics environment. [102]
- Palantir partnership: Snowflake and Palantir are working together on enterprise‑ready AI analytics, blending Palantir’s application layer with Snowflake’s data cloud. [103]
- M&A for AI cataloging: Snowflake recently announced its intent to acquire Select Star, a data‑discovery and catalog startup, to enhance its Horizon catalog and AI data‑governance capabilities. [104]
These moves all support the bull thesis that Snowflake is building the default substrate for enterprise AI – but they also underpin the bear argument that investors might be over‑paying for future optionality that still needs to show up in revenue and profit.
Trading Setup: How the Market Is Positioned into Earnings
Short‑term traders and options desks are positioning aggressively around tonight’s print:
- Implied move: Near‑dated straddles around the $252.50–$260 strikes are pricing in about a 12% post‑earnings move – a big swing for a ~$265 stock. [105]
- Call‑heavy skew: One fresh note from StreetInsider highlights a call‑to‑put ratio of roughly 2.7:1 in some contracts, suggesting more traders are betting on upside than hedging downside. [106]
- Historical pattern: Trefis points out that Snowflake has seen large moves around prior earnings and remains operationally loss‑making on a GAAP basis (approx. $1.5B in operating losses and $1.4B net loss over the last 12 months), which magnifies how sensitive the stock can be to changes in sentiment. [107]
For traders, that means risk is two‑sided: a clean beat‑and‑raise could send SNOW sharply higher, but any disappointment on growth, AI commentary or guidance could trigger an equally sharp correction.
Snowflake Stock Forecast for 2026: Scenarios to Consider
1. Bullish scenario
If Snowflake:
- Delivers mid‑ to high‑20s revenue growth or better,
- Shows clear AI‑driven workload expansion,
- Raises Q4 and full‑year FY2026 guidance, and
- Demonstrates continued margin improvement,
then the Street’s more optimistic targets in the $295–$312+ range from brokers like Oppenheimer, BTIG and Bank of America could come into play over the next 12–18 months. [108]
In this case, bulls argue Snowflake could grow into its multiple as a core AI infrastructure winner.
2. Base‑case consensus scenario
In a more neutral outcome where Snowflake:
- Meets or slightly beats consensus,
- Keeps guidance roughly in line with prior expectations, and
- Signals steady (but not accelerating) AI adoption,
the stock could trade roughly around current levels, anchored by consensus price targets near $270. That would translate into single‑digit percentage upside from today’s price while investors wait for more evidence of durable AI monetization. [109]
3. Bearish / de‑rating scenario
If Snowflake:
- Misses on revenue or EPS,
- Guides product revenue growth below the mid‑20s%, or
- Delivers underwhelming commentary on AI traction,
valuation‑focused bears have plenty of ammunition. Trefis’ 50% downside model and Simply Wall St’s estimated ~35–40% overvaluation highlight how far SNOW could fall if the market decides to re‑rate it closer to a “normal” high‑growth SaaS name rather than a must‑own AI asset. [110]
FAQs: Snowflake Stock on December 3, 2025
When does Snowflake report earnings?
Snowflake is scheduled to report fiscal Q3 2026 earnings after the close on Wednesday, December 3, 2025, with the earnings call expected around 5:00 p.m. ET, according to company and analyst calendars. [111]
Is Snowflake stock a buy right now?
As of today:
- Many major brokers rate SNOW Buy/Outperform and have raised price targets into the $275–$310+ range. [112]
- Aggregated analyst targets imply limited near‑term upside from current levels. [113]
- Several valuation‑focused models suggest material downside risk if growth slows or sentiment toward AI‑related names cools. [114]
Whether Snowflake is a “buy” depends heavily on your time horizon, risk tolerance and view on AI‑driven data demand. For long‑term, high‑risk‑tolerant investors who believe Snowflake will remain a core AI data platform, the stock may still be attractive despite its rich multiple. More value‑oriented or conservative investors may prefer to wait for a better entry point or clearer evidence of sustainable AI monetization.
Important: This article is for information and news purposes only and is not financial advice. Always do your own research and consider speaking with a qualified financial advisor before making investment decisions.
References
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