Snowflake Faces Market Test as Q1 FY27 Results Loom

Investors will watch management’s read on enterprise AI adoption to judge whether Snowflake’s AI products are lifting revenue and customer consumption.

Overview

Snowflake is scheduled to report Q1 FY27 results after the market close on Wednesday, May 27.
Options traders are pricing an unusually large post-earnings swing of about 13.52% in either direction compared with Snowflake’s four-quarter average of 11.85%.
The Street consensus calls for EPS of $0.32 and revenue near $1.32 billion, which would reflect roughly 33% and 27% year‑over‑year gains respectively.
Wall Street is broadly bullish with 28 Buy ratings, 2 Holds and an average price target around $224 while TD Cowen and Benchmark recently raised targets to $255 and $200; some analysts warn about persistent GAAP losses, negative P/E metrics and leverage risk.
Analysts and investors are focused on management commentary about adoption and monetization of Cortex Code, Snowflake Intelligence and Observe and on a recent GSA agreement that gives federal agencies access to Snowflake’s AI Data Cloud as a sign of commercial traction.