Snowflake (NYSE: SNOW) shares are trading at $155.47 as of February 23, 2026, reflecting a modest intraday decline of approximately 0.1% from the previous close. The stock’s intraday range spans from $155.47 to $175.55, with a trading volume of over 7.2 million shares.citeturn0finance0
What’s Driving Today’s Movement
Snowflake is in the spotlight ahead of its upcoming earnings report, scheduled for February 25, 2026. Investors are closely watching for commentary on demand for Snowflake’s AI offerings—particularly its Cortex AI platform and Snowflake Intelligence—and guidance for fiscal 2027 product revenue. Analysts expect product revenue growth of nearly 25%, though a new CFO may temper expectations.
Why It Matters Now
This earnings release arrives amid heightened volatility in AI-focused stocks. A broader market rotation into traditional sectors like energy and healthcare has weighed on software and AI equities. Snowflake’s results could influence sentiment across the AI and cloud data sectors.
Recent Financial Performance and AI Momentum
Q4 Fiscal 2025 Highlights
- Revenue: $986.8 million, up 27–28% year-over-year.
- Product Revenue: $943.3 million, a 28% increase.
- Net Revenue Retention: 126%, signaling strong customer loyalty and expansion.
- Remaining Performance Obligations: $6.9 billion, up 33% year-over-year.
- Margins: Non-GAAP operating margin reached 9%; free cash flow margin hit 43%.
- Guidance: Q1 product revenue expected between $955 million and $960 million (21–22% growth); full-year FY26 product revenue forecast at ~$4.28 billion (24% growth).
Snowflake’s AI strategy has gained traction. The company expanded its partnership with Microsoft to integrate OpenAI models into its Cortex AI platform. It also reported over 4,000 customers using AI and ML capabilities weekly.
Q3 Fiscal 2026 Guidance (from TipRanks)
- Q4 Product Revenue Guidance: $1.195–$1.200 billion, implying ~27% year-over-year growth.
- Full-Year FY26 Product Revenue Guidance: ~$4.446 billion, a 28% increase.
- Margins: Non-GAAP product gross margin at 75%, operating margin at 9%, free cash flow margin at 25%.
- Other Highlights: Net revenue retention at 125%, addition of 615 new customers, and reaching a $100 million AI revenue run rate.
Analyst Sentiment and Market Reaction
Following the Q4 FY25 earnings, Snowflake stock rallied between 9% and 13% in after-hours trading, driven by strong results and optimistic guidance. Analysts, including those at Citi, cited improved visibility into AI product rollouts as a key growth driver.
Despite this, the stock remains down roughly 28–30% over the past year, reflecting broader investor caution in the AI and software space.
What to Watch Next
- Earnings Report : Investors will focus on management’s tone around AI demand, product revenue guidance, and any commentary on macroeconomic headwinds.
- AI Product Adoption: Continued traction of Cortex AI and Snowflake Intelligence will be key to sustaining growth.
- Margin Trends: Any shifts in operating or free cash flow margins could signal changes in cost structure or efficiency.
- CFO Transition: A new CFO may influence financial conservatism in guidance.
In summary, Snowflake is trading at $155.47 as of February 23, 2026, with investors bracing for its earnings report on February 25. The company has delivered strong growth in product revenue and AI adoption, though its stock remains under pressure amid broader AI sector volatility. The upcoming earnings release will be pivotal in shaping expectations for Snowflake’s growth trajectory and its role in the evolving AI-data platform landscape.
