SNOW F1Q27 Preview: Stable Environment, Difficult FY27 Setup

Research evidence excerpt

SNOW F1Q27 Preview: Stable Environment, Difficult FY27 Setup

May 20, 2026

John DiFucci john.difucci@guggenheimpartners.com SNOW F1Q27 Preview: Stable Environment, Difficult

212 518 9670 FY27 Setup

Richard Magnus

richard.magnus@guggenheimpartners.com

212 518 9308 Key Message: Our F1Q27 field checks were solid as conversations across 4 partners

described a stable environment in which data technologies remain a priority for IT Jacob Smith

jacob.smith@guggenheimpartners.com buyers, and legacy migrations and data platform consolidation trends continue to benefit

212 518 9286 SNOW. AI remains a small % of overall consumption, though partners believe SNOW's

AI offerings are starting to gain traction. Pipelines are trending positively, indicating

durable demand throughout FY27. The model setup for F1Q looks achievable, and our

plausible model yields about a 3% beat vs. consensus which is what the company

SNOW NEUTRAL describesIt appearsasSNOWa "goodcontinuesbeat". Weto seecapturea moresharechallengingacross itsF2QcoreanddataFY27warehousingsetup, however.and

Snowflake Inc. analytics market, and while AI remains a small percentage of the business, the company

Sector: Software appears to be delivering solid AI products to its customers. We remain Neutral-rated on

Earnings Preview SNOW. Shares are currently trading at 9.6x EV/NTM Product revenue (on our plausible estimates) and 40.4x NTM FCF. SNOW is scheduled to report earnings 05/27 after the

Share Price $166.97 close.

Price Target NA

"We came in line with the high end of expectations this quarter, and our

pipeline is trending positively. We're seeing some good proliferation Revenue ($M)

(FY JAN) 1Q 2Q 3Q 4Q FY of existing workloads that are benefiting the broader SNOW portfolio.