How Much Should This Move Change Your View Of Snowflake Stock

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Snowflake (SNOW) stock gained 56.8% between February 9 and November 6, 2026, while the S&P 500 returned 6.8% over the same dates. The rise was not steady. The stock recorded its two largest one-day gains of that stretch in the sessions immediately following the company's quarterly reports on May 27 and September 2. Those two days alone added more than the whole rise, and the shares have since fallen from a high close of $368.89 on October 9 to $275.88 on November 6. Your view of this move turns on how fast sales are growing and how much more buyers now pay for those sales while Snowflake still loses money. What did Snowflake report just before those two days?

What Snowflake Reported In May And September

On May 27, Snowflake reported product revenue of $1.33 billion for fiscal Q1 2027, up 34% from a year earlier. The shares rose 36.5% the next day, marking the largest one-session gain of the whole rise.

On September 2, the company reported fiscal Q2 2027 product revenue of $1.49 billion, up 37% from a year earlier. Management called it the third straight quarter in which product revenue growth sped up, and the stock added 16.6% the following session.

How Much Of Snowflake's Business Is Growing Faster?

Nearly all of it: product revenue made up 95.5% of Snowflake's sales in fiscal 2026, so faster product growth is, in effect, faster growth for the whole company. Total revenue growth rose in each quarter from 28.7% in fiscal Q3 2026 to 35.1% in fiscal Q2 2027.

Management said on the September 2 call that newer AI products contributed about half of the speed-up in product growth. Management also raised its fiscal 2027 forecast for product revenue to $6.07 billion, which would be 36% growth.

Losses narrowed as well. Snowflake's operating loss equaled 17.0% of revenue in fiscal Q2 2027, compared with 29.7% in fiscal Q2 2026.

Snowflake Still Reports A Net Loss

Snowflake had a net loss of $1.09 billion over the twelve months to July 31, 2026, compared with $1.38 billion a year earlier. It reported a net loss in fiscal Q4 2026, which ended on January 31, 2026, before the rise began, and in both quarters since.

With no profit, Snowflake's price-to-earnings ratio is not meaningful. The stock trades at 17.7 times its sales, compared with 3.1 times for the S&P 500. At the end of March 2026, Snowflake's multiple was 10.4 times sales, so buyers now pay far more for each dollar of sales while the company still reports a loss.

Management said on the September 2 call that Snowflake remains on track for a profit under standard accounting rules, known as GAAP, in fiscal Q4 2028. Snowflake's quarterly net loss, which was $192 million in fiscal Q2 2027, is the figure to follow when the company reports fiscal Q3 2027 in December 2026.

Does This Mean You Should Act On SNOW?

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