MENLO PARK, California, September 2, 2026, 19:27 (EDT)
- At 19:27 EDT, Snowflake was trading at $374.21, marking a 22.4% rise from its closing price of $305.84.
- Product revenue for the quarter climbed 37% to $1.49 billion, marking a third consecutive quarter of growth acceleration.
- The company lifted its annual product-revenue forecast by $230 million and raised its operating-margin projection by one percentage point.
Shares of Snowflake Inc. NYSE:SNOW surged 22.4% following Wednesday’s close after the data platform provider exceeded expectations and lifted its full-year forecast. The stock traded at $374.21 as of 19:27 EDT Yahoo Finance.
The change suggests an additional equity value of roughly $23.9 billion, based on Snowflake’s 349.3 million weighted-average basic shares. This figure far surpasses the $230 million rise in yearly product-revenue guidance.
As a result, investors factored in multiple forecast adjustments, responding positively to stronger projected growth and expanded adjusted margins.
Snowflake’s earnings repricing
Extended-hours price in U.S. dollars; regular close at 16:00 EDT.
As of . Source: Yahoo Finance. Prices are not live.
Revenue rose 35% year-on-year to $1.55 billion, surpassing analysts’ forecasts of $1.48 billion, FactSet data showed MarketScreener. Adjusted earnings came in at 62 cents, ahead of the 45-cent projection.
Product revenue increased by 37% to $1.492 billion. The growth rate was 29% in the third quarter of fiscal 2026, rising to 30%, 34%, and then 37% in the following quarters Snowflake quarterly results.
Product-revenue growth accelerates
Year-over-year growth by reported fiscal quarter.
Source: Snowflake quarterly results, through July 31, 2026.
Chief Financial Officer Brian Robins described it as the third consecutive acceleration, highlighting robust growth in the core platform and AI revenue. Snowflake also grew its adjusted operating margin company release.
The company projects third-quarter product revenue between $1.588 billion and $1.593 billion, indicating growth of 37% to 38%. The adjusted operating-margin goal is set at 15.5%.
The company lifted its full-year product-revenue forecast to $6.07 billion, up from the previous $5.84 billion. The projected growth rate was raised to 36%, compared with the earlier 31%. Adjusted operating-margin guidance was also increased, now set at 14.5% versus the prior 13.5%.
The guidance change versus the market reaction
Snowflake raised both growth and margin expectations.
The equity-value figure is an arithmetic estimate, not a valuation multiple. Sources: Snowflake and Yahoo Finance; price as of September 2, 2026, 19:27 EDT.
The revenue signal was backed by adoption data. CoCo added over 2,000 accounts, bringing its total to more than 9,100. CoWork finished the quarter with 5,800 accounts.
Snowflake maintained its momentum in attracting large clients, reporting 828 customers each generating over $1 million in annual revenue. This figure marked a 27% increase compared with the same period last year.
Contracted backlog indicated a more guarded outlook. Remaining performance obligations reached $9.00 billion, representing a 30% increase year-over-year. This marked a decrease from $9.21 billion at the end of the April quarter.
Profit quality remains a concern. Snowflake posted a GAAP operating loss of $263 million. The company reported $456 million in stock-based compensation, representing 29% of revenue. Adjusted operating income reached $237 million, giving a margin of 15.3%.
Risks: Snowflake logs revenue based on customer usage patterns, which may vary from one period to another. Backlog does not guarantee when that usage will occur. A lofty valuation following earnings gives limited cushion if growth decelerates again.
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