Snowflake's Q2 Report Could Be a Wild Ride: What to Watch

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Snowflake Inc. (SNOW) has been on a tear, with shares up 90% over the last six months. The next big test comes Wednesday after the market closes, when the company reports its second-quarter results. If history is any guide, buckle up.

Here's what to expect, what experts are saying, and the key numbers to watch.

The Numbers on the Board

Analysts are looking for Snowflake to post second-quarter revenue of $1.48 billion, up from $1.14 billion in the same period last year. That would mark a new record, topping the $1.39 billion the company reported in Q1. Snowflake has beaten revenue estimates for more than 10 straight quarters, so another beat seems likely.

On the earnings front, the consensus is for 45 cents per share, up from 35 cents a year ago.

What the Experts Are Saying

Jay Woods, chief market strategist at Freedom Capital Markets, points out that Snowflake has traded higher after six of its last seven earnings reports, including a 36% jump last quarter. But the stock's average post-earnings move is a hefty 12.8% in either direction. "So buckle up!" he wrote in a recent note.

Woods believes Snowflake has convinced investors it's not being disrupted by AI, but rather could be a beneficiary. However, he says the company needs to prove last quarter's strength wasn't a one-off. "This quarter investors want proof that results weren't just a flurry but a lasting and beautiful snowfall."

He also thinks a simple beat might not cut it. "Simply beating expectations may not be enough. Another guidance raise may be the key to keeping the momentum going." Woods wants to see products like Cortex AI and Snowflake Intelligence driving AI-related growth.

Rosenblatt analyst Blair Abernethy is also optimistic, maintaining a Buy rating and raising his price target from $285 to $345. He expects "healthy consumption growth" and "another solid quarter," citing ongoing enterprise cloud migration and adoption of new products like CoCo and AI enhancements. Abernethy sees a "significant medium-term growth opportunity" from data warehouse migration and new AI capabilities. He also notes that the July launch of Cortex AI Gateway should boost AI opportunities with customers.

Here's a rundown of other recent analyst actions on Snowflake:

Cantor Fitzgerald: Maintained Overweight, raised price target from $282 to $405
Barclays: Maintained Equal-Weight, raised price target from $285 to $332
Citigroup: Maintained Buy, raised price target from $320 to $395
Benchmark: Maintained Buy, raised price target from $290 to $360

Key Things to Watch

Beyond the headline numbers, investors will be focused on product adoption and AI momentum. A beat-and-raise quarter could send the stock toward new highs, but a miss could trigger a sharp selloff given the stock's recent run.

Growth rates matter too. Q1 revenue was up 33% year-over-year, so watch to see if that pace holds or slows. Another key metric is remaining performance obligations (RPO), which came in at $9.21 billion in Q1, up 38% year-over-year. That's a good indicator of future revenue.

Stock Price Action

Snowflake shares were down 2.88% on Tuesday, trading within a 52-week range of $118.30 to $341.95. The stock is up 90% over the last six months and 49.4% year-to-date in 2026. It's currently near a five-year high, but still well below its all-time high of $401.89 set in November 2021.

With the stock trading at such elevated levels, the stakes for Wednesday's report are high. Whether it's a beautiful snowfall or a flurry, investors should be ready for some movement.