Snowflake (SNOW)

Hold Recap: Q1 FY26

Snowflake Delivered the Back-Half Acceleration in Q1 and 442bp of Operating Margin With It, But the Raise Was Only the Beat

Hold Recap: Q4 FY25

Snowflake Beat the Plan, Not the Prior Year: A 500bp Margin Beat on a Guide Set Low, and an FY26 That Only Gets Back to FY24 Margins