SNOW: 1Q27 Snowflake Survey

Research evidence excerpt

SNOW: 1Q27 Snowflake Survey

Equity Research

Company Update — May 13, 2026

U.S. Software

Snowflake Inc.

1Q27 Snowflake Survey Overweight

Price Target: $210.00

Our Call Ticker SNOW

Upside/(Downside) to Target 38.2%

1Q survey indicates relatively consistent consumption trends among large customers vs

4Q and slightly softer future outlooks. Views around AI again skewed more positive, and Price (05/12/2026) $151.98

qualitative commentary was supportive of AI resulting in greater SNOW spend. 52 Week Range $118.30 - 280.67

Market Cap (MM) $52,022

Key takeaways. Survey of >$1 mil. SNOW customers highlights: 1) constructive last 90 Enterprise Value (MM) $48,435

days consumption growth, consistent with 4Q26 results, 2) slightly softer indications Average Daily Value (MM) $1,046

of consumption growth over the next year, and 3) an uptick in interest for SNOW's AI Dividend Yield 0.0%

products, with a majority of respondents having already adopted or evaluating Cortex

Code (link). Overall, we believe SNOW remains well positioned to capture greater $ (Jan) Q1 Q2 Q3 Q4 FY

consumption from new AI workloads and grow within its existing customer base. EPS

2027E 0.29 E 0.40 E 0.47 E 0.53 E 1.70 E

Constructive 1Q trends. Consumption trends for the last 90 days were relatively 2028E 0.47 E 0.53 E 0.59 E 0.64 E 2.23 E

consistent with recent quarters. Notably, no customers reported declines, while many

Source: Company Data, Wells Fargo Securities estimates, and Factset.

cited q/q increases of 0-10%. NA = Not Available, NC = No Change, NE = No Estimate

Figure 1 - All 1Q respondents noted at least flat consumption growth over the last 90 Ryan MacWilliams, CFA

days, with slight upticks in the "flat" and "10-25% increase" buckets vs. 4Q26 Equity Analyst | Wells Fargo Securities, LLC