Snowflake Inc - Ordinary Shares - Class A
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+ FollowMarket Cap$107.99B
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Earnings Call Q2 2027
September 2, 2026 - AI Summary
Strong acceleration + margin expansion (core signal): Q2 product revenue $1.49B, +37% YoY, accelerating again (third straight quarter of acceleration; they highlight sequential growth reaching record levels). Non-GAAP operating margin expanded 400+ bps YoY to 15%, driven by revenue strength and disciplined headcount growth.
AI flywheel driving durable growth (what’s surprising/good): Management argues AI is a structural multiplier: new AI workloads bring net-new users and increase platform consumption. They attribute roughly ~half the Q2 acceleration to AI products (incl. Cortex Code + CoWork, plus other AI capabilities like AI Functions / AI Gateway), and emphasize broad-based adoption (not concentrated only in AI-native companies). Also claims improved “time to 80% of purchased consumption” for newest cohorts.
Customer momentum metrics (growth quality): Added 692 net new customers in Q2, including 14 Global 2,000; total now 14.6k customers. They report net revenue retention (NRR) at 126%, and 65 customers with $10M+ trailing-12-month product revenue. Data sharing / stable edge reported at 43% of customers. Cortex Code accounts: 5.8k (+~11% QoQ); CoWork accounts: 9.1k (surpassing +2k net new accounts in the quarter).
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$93.25
67.9% downside
Current Fair Value
67.9% downsideOvervalued by 67.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $107.99 Billion |
|---|---|
| Enterprise Value | $111.61 Billion |
| Earnings per Share | $-3.95 |
| Beta | 1.35 |
| Outstanding Shares | 349,257,000 |
Return
| Return on Equity | -50.74% |
|---|---|
| Return on Assets | -12.55% |
| Return on Invested Capital | -24.02% |
Valuation & Multiples
| P/E Ratio | -96.25 |
|---|---|
| PEG | 269.85 |
| Price to Sales | 19.37 |
| Price to Book Ratio | 48.44 |
| Enterprise Value to Revenue | 20.54 |
| Enterprise Value to EBIT | -93.51 |
| Enterprise Value to Net Income | -103 |
| Total Debt to Enterprise | 0.05 |
| Debt to Equity | 2.48 |
Revenue Sources
No data
Last Earnings Call
Report Date
September 2, 2026
EPS Estimate
$0.45
Consensus analyst estimateRevenue Estimate
$1.48 B
Consensus analyst estimateNext Earnings Call
Expected Date
December 2, 2026
EPS Estimate
$0.60
Consensus analyst estimateRevenue Estimate
$1.65 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 2.44, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 2.4424▲ 170.38% |
|---|---|
| Total Calls | 23,051▼ 99.91% |
| Total Puts | 56,300▼ 99.72% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.11%▼ 77.93% |
|---|---|
| Total Invested | $3.67B▼ 94.81% |
| Investors Holding | 584▼ 1009.00% |
About Snowflake Inc
CEO: Frank Slootman
