Q3 26 EPS
$0.35
BEAT +12.47%
Est. $0.31
Q3 26 Revenue
$1.21B
BEAT +2.44%
Est. $1.18B
vs S&P Since Q3 26
-47.5%
TRAILING MARKET
SNOW -42.2% vs S&P +5.3%
Market Reaction
Did SNOW Beat Earnings? Q3 2026 Results
Snowflake delivered a convincing third quarter of fiscal 2026, posting earnings per share of $0.35 against a consensus estimate of $0.31, a 12.47% beat, while revenue of $1.21 billion topped expectations by 2.44% and grew 28.8% year-over-year. The st… Read more Snowflake delivered a convincing third quarter of fiscal 2026, posting earnings per share of $0.35 against a consensus estimate of $0.31, a 12.47% beat, while revenue of $1.21 billion topped expectations by 2.44% and grew 28.8% year-over-year. The strong top-line result was anchored by product revenue of $1.16 billion, itself up 29%, as Snowflake's consumption-based model showed genuine momentum, net revenue retention held at 125% and the number of million-dollar customers grew 29% to 688. Perhaps the most striking signal of future revenue durability is the company's $7.88 billion remaining performance obligations, up 37%, reflecting deepening enterprise commitment to the platform. Non-GAAP operating margin expanded meaningfully to 11% from 6% a year ago, underscoring improving profitability alongside growth. CEO Sridhar Ramaswamy cited Snowflake Intelligence, the company's enterprise AI agent, as seeing the fastest adoption ramp in company history. Looking ahead, Snowflake raised its full-year fiscal 2026 product revenue guidance to $4.45 billion, representing 28% growth, with a 25% adjusted free cash flow margin.
Key Takeaways
- • 29% year-over-year product revenue growth driven by consumption-based model
- • Net revenue retention rate of 125%
- • 688 customers with trailing 12-month product revenue greater than $1 million, up 29% YoY
- • Remaining performance obligations of $7.88 billion, up 37% YoY
- • Non-GAAP operating margin expansion to 11% from 6% in year-ago quarter
SNOW YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
SNOW Revenue by Segment
With YoY comparisons, source: SEC Filings
“Snowflake delivered another strong quarter, with product revenue of $1.16 billion, up 29% year-over-year, and remaining performance obligations totaling $7.88 billion, up 37% year-over-year.”
— Sridhar Ramaswamy, Q3 2026 Earnings Press Release
SNOW Earnings Trends
SNOW vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SNOW EPS Trend
Earnings per share: estimate vs actual
SNOW Revenue Trend
Quarterly revenue: estimate vs actual
SNOW Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $0.27 | $0.32 | +18.52% | $1.28B | — |
| FY Full Year | $1.20 | $1.25 | +3.84% | $4.68B | +0.62% |
| Q3 26 BEAT | $0.31 | $0.35 | +12.47% | $1.21B | +2.44% |
| Q2 26 BEAT | $0.27 | $0.35 | +31.33% | $1.14B | +5.29% |
| Q1 26 BEAT | $0.21 | $0.24 | +13.15% | $1.04B | +3.62% |
| Q4 22 MISS FY | $0.03 | $-0.43 | -1,533.33% | $383.8M | +3.00% |
| FY Full Year | — | $-2.26 | — | $1.22B | — |