TLDR
- Snowflake reports fiscal Q3 2026 earnings December 3 with analysts expecting $0.31 EPS (up 55%) and $1.18 billion revenue (up 25%)
- Stock has surged 61% in 2025 on AI-driven demand and consistent earnings beats
- Oppenheimer raised target to $295 citing strong Snowpark and Cortex adoption, sees potential 30% revenue growth
- Guggenheim stays neutral warning AI monetization is early-stage and valuation looks stretched
- Options traders expect 11% swing either way post-earnings
Snowflake drops its fiscal third-quarter 2026 results on December 3. Investors are watching closely after a monster year for the stock.
Shares have climbed 61% year-to-date. The AI data cloud platform has benefited from enterprise spending and machine learning workloads.
Wall Street forecasts earnings per share of $0.31. That’s a 55% increase compared to last year’s quarter.
Revenue estimates sit at $1.18 billion, representing 25% growth. The company has beaten expectations consistently throughout 2025.
Bull vs Bear: Analyst Views Diverge
Oppenheimer’s Ittai Kidron raised his price target to $295 from $275. The 5-star analyst maintains a Buy rating on SNOW stock.
Kidron sees broad customer demand accelerating. He’s particularly bullish on Snowpark and Cortex product uptake.
AI and machine learning workloads are expanding across the platform. Large enterprise deals are also increasing in frequency.
The analyst believes Snowflake could post revenue growth near 29-30%. That would crush the Street’s 25.6% consensus forecast.
Kidron called Snowflake a “top pick” and expects management to issue beatable guidance. Customer spending patterns remain healthy based on his checks.
Guggenheim’s John DiFucci takes a different stance. He maintains a Hold rating despite positive partner feedback.
DiFucci acknowledges Q3 targets look achievable with room for upside. Partnership expansion is helping the core data warehousing business grow.
But he’s concerned about timing and price. AI monetization remains in early innings, DiFucci argues.
Current valuation levels make him cautious. He prefers sitting out until the risk-reward improves.
What Options Traders See Coming
The options market is pricing in volatility. Traders expect an 11% move in either direction after earnings hit.
That kind of implied move reflects uncertainty about sustainability. A 61% gain sets high expectations for the next catalyst.
Some investors are betting on another beat-and-raise quarter. Others think profit-taking could pressure shares lower.
AI Demand Drives Growth
Snowflake has positioned itself at the center of enterprise AI adoption. Companies use its platform to manage data for artificial intelligence applications.
Customer spending trends continue looking solid according to analyst channel checks. Enterprise clients keep expanding their Snowflake deployments.
The partnership strategy is gaining momentum. This approach helps Snowflake scale without depending solely on direct sales teams.
Products like Snowpark and Cortex are seeing stronger adoption rates. These tools let customers build and run AI models natively on Snowflake’s infrastructure.
Large deal activity is trending upward based on analyst reports. This provides better visibility into future quarters.
Snowflake’s consistent track record of topping estimates has built investor confidence. The company has delivered surprises throughout fiscal 2026 so far.
Wall Street expects $0.31 earnings per share and $1.18 billion in revenue when results arrive December 3.
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