On February 2, 2026, Snowflake Inc. (NYSE: SNOW) announced the scheduling of its fiscal fourth quarter and full-year 2026 earnings release for after market close on February 25, 2026, followed by a conference call at 3:00 p.m. Mountain Time. This eagerly awaited event has sparked significant investor anticipation, as it will provide critical insights into Snowflake’s performance amid its aggressive AI pivot and market volatility. With the company navigating a recovering software sector, stakeholders are keen to see how AI-driven innovations are translating into financial metrics, especially after a year of strategic partnerships and acquisitions. As Snowflake approaches this milestone, its stock has shown resilience, trading around $176 as of mid-February 2026, reflecting optimism tempered by broader market dynamics.
Analyzing Prior Quarters: Key Metrics and AI Influence
Snowflake’s performance in prior quarters sets a strong foundation for Q4 expectations. In Q3 FY2026 (ended October 31, 2025), the company reported product revenue of $1.16 billion, marking a 29% year-over-year (YoY) increase. Total revenue reached $1.21 billion, up 28.7% YoY, surpassing analyst estimates by $30 million. Non-GAAP earnings per share (EPS) came in at $0.35, beating consensus by $0.04. For the first nine months of FY2026, EMEA revenue hit $553 million, highlighting robust international expansion amid a 65% overall YoY revenue growth trajectory mentioned in earlier contexts.
AI has been a major catalyst, influencing approximately 50% of Q3 bookings. Over 7,300 accounts now engage with Snowflake AI weekly, with the AI revenue run rate exceeding $100 million ahead of schedule. Net revenue retention (NRR) stood at 125%, indicating strong customer expansion, while remaining performance obligations (RPO) grew 37% YoY to $7.88 billion. These metrics underscore Snowflake’s ability to capitalize on enterprise AI demand.
To visualize this growth, imagine a line chart plotting quarterly revenue: Q1 FY2026 at around $900 million, Q2 at $1.05 billion, and Q3 at $1.21 billion, showing a steady upward trend with accelerating AI contributions represented by a shaded area overlay.
Comparisons to Competitors: Snowflake vs. Databricks
In the competitive data and AI landscape, Snowflake’s metrics stack up against rivals like Databricks. While Snowflake’s FY2026 product revenue guidance is $4.446 billion (implying 28% growth), Databricks recently surpassed a $5.4 billion revenue run rate in its FY2026 Q4, growing over 65% YoY. Databricks also achieved positive free cash flow and a >140% NRR, with AI products exceeding $1.4 billion in run rate.
However, Snowflake differentiates through its multi-cloud neutrality and AI Data Cloud focus, enabling seamless integrations with models from OpenAI and Anthropic. A bar chart comparison might show Snowflake’s 29% Q3 growth versus Databricks’ 55-65% acceleration, but Snowflake’s governed AI approach could provide a edge in enterprise adoption, where security and interoperability matter.
Analyst Ratings, Stock Performance, and Market Sentiment
Analysts remain bullish on Snowflake, with a consensus “Moderate Buy” rating from 45 firms. The average price target is $271.97, implying over 50% upside from the current $176 level. Recent adjustments include Citigroup lowering to $270 from $300 while maintaining “Buy,” and Goldman Sachs at $246 “Buy.” Zacks ranks SNOW #3 (Hold), but a positive Earnings ESP of +0.57% suggests a potential Q4 beat.
Stock performance in February 2026 has been mixed: Opening at $190.68 on February 2, it dipped to $171.01 by February 18 before recovering to $176.08. Year-to-date, shares are down from December 2025 highs near $265, reflecting sector pressures but buoyed by AI optimism. A candlestick chart would illustrate this volatility, with green bars in recovery days signaling buying interest ahead of earnings.
What to Watch in the Earnings Call
Investors should monitor several key areas on February 25. Consensus estimates project Q4 revenue at $1.25-1.26 billion (up 26.9% YoY) and EPS at $0.26-0.27 (down 10% YoY, but non-GAAP positive). Full-year FY2026 revenue is guided at $4.66 billion, with FY2027 projections at $5.78 billion. Focus on AI metrics: Updates on Cortex AI adoption, partnerships like the $200M OpenAI deal, and AI-influenced bookings growth.
Expert predictions are optimistic. Zacks notes Snowflake’s history of beats, and analysts like those at Oppenheimer (target $250) emphasize AI momentum. Watch for guidance on FY2027, potential margin improvements (Q3 non-GAAP operating margin at 5%), and commentary on competitive pressures.
A table summarizing estimates:
| Metric | Q4 FY2026 Est. | YoY Change |
|---|---|---|
| Revenue | $1.26B | +26.9% |
| EPS | $0.27 | -10% |
| RPO | ~$8.5B (est.) | +37% est. |
Conclusion: Snowflake’s Growth Trajectory
Snowflake’s FY2026 trajectory points to sustained growth, fueled by AI innovations and enterprise demand. Despite competitive challenges from Databricks, its neutral platform and metrics like 125% NRR position it for long-term success. With analyst targets suggesting upside and a potential earnings beat, the February 25 call could catalyze stock recovery. As AI adoption accelerates (projected 40% CAGR to 2030), Snowflake remains a compelling play in the data cloud space—investors should tune in for updates that could shape 2027 outlook.