Snowflake Stock Pops Then Drops Following Q4 Earnings: What You Need To Know

by | Feb 25, 2026 | General

Snowflake Inc (NYSE:SNOW) posted financial results for the fourth quarter of fiscal 2026 after the close on Wednesday. Here’s a rundown of the AI data cloud company’s report.

Snowflake Tops Estimates For Revenue, EPS

Snowflake reported fourth-quarter revenue of $1.28 billion, beating analyst estimates of $1.26 billion, according to Benzinga Pro. The company reported adjusted earnings of 34 cents per share for the quarter, beating analyst estimates of 27 cents per share.

Total revenue was up 30% year-over-year with a net revenue retention rate of 125%. Product revenue came in at $1.23 billion, also up 30% on a year-over-year basis.

Remaining performance obligations totaled $9.77 billion, up 42% year-over-year. Snowflake said it ended the quarter with 733 customers with trailing 12-month product revenue greater than $1 million after adding 740 new customers in the quarter, up 40% year-over-year.

The company had approximately $2.83 billion in cash and cash equivalents at quarter’s end.

“This past year has been transformative for every business, as the promise of AI became real, and Snowflake sits at the center of the enterprise AI revolution,” said Sridhar Ramaswamy, CEO of Snowflake.

“For over a decade, we’ve built the foundation that makes AI safe and scalable — a single source of truth, cross-cloud interoperability, and enterprise-grade governance. Now, we’re activating world-class agentic capabilities on top of that platform.”

Snowflake expects first-quarter product revenue in the range of $1.26 billion to $1.27 billion, up approximately 27% year-over-year. The company noted that it expects adjusted operating margin of 9% in the first quarter and 12.5% for the full year.

Snowflake executives will further discuss the quarter on an earnings call with investors and analysts at 5 p.m. ET.

Snowflake Stock Bounces Around After Hours

SNOW Price Action: Snowflake shares initially traded higher to around $180 on the report before pulling back and turning negative. The stock was down 3.73% in after-hours on Wednesday, trading at $163 at publication time, according to Benzinga Pro.

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