Snowflake (SNOW) Operating Margin (2019 - 2026)
Snowflake's (SNOW) quarterly Operating Margin came in at 17.0% in Q3 2026, up 1272.0% year-over-year from 1.24% in Q3 2025, and up 27.5% quarter-over-quarter from 23.45% in Q2 2026.
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Analysis
Snowflake (SNOW) Operating Margin (2019 - 2026) Analysis & Trends
Snowflake has disclosed Operating Margin across 8 years of filings, most recently posting 17.0% for Q3 2026.
- In Q3 2026, Operating Margin rose 1272.0% year-over-year to 17.0%; the TTM figure through Jul 2026 stood at 22.76% (up 1465.0% YoY), while the FY2026 annual figure was 30.64%, up 951.0% from the prior year.
- Operating Margin came in at 17.0% for Q3 2026 at Snowflake, up from 23.45% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 17.0% in Q3 2026 to a low of 44.69% in Q2 2022.
- Average Operating Margin over 5 years is 36.16%, with a median of 39.19% recorded in 2025.
- Year-over-year, Operating Margin jumped 6560 bps in 2022 and sank 362 bps in 2025.
- Over 5 years, Operating Margin stood at 36.99% in 2022, then gained by 4 bps to 35.5% in 2023, then decreased by 9 bps to 38.79% in 2024, then increased by 30 bps to 27.16% in 2025, then surged by 37 bps to 17.0% in 2026.
- Per Business Quant data, the three most recent Operating Margin figures were 17.0% in Q3 2026, 23.45% in Q2 2026, and 24.78% in Q1 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 320.54 Bn | 317.47 Bn | 2.30 Bn | 5.04% |
| 2 | CrowdStrike Holdings | 268.77 Bn | 263.80 Bn | 1.10 Bn | -2.26% |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn | 33.66% |
| 4 | Snowflake | 118.02 Bn | 115.67 Bn | 1.04 Bn | -17.00% |
| 5 | Datadog | 90.27 Bn | 85.29 Bn | 881.34 Mn | 0.49% |
| 6 | Axon Enterprise | 36.61 Bn | 35.93 Bn | 546.45 Mn | 5.17% |
| 7 | Zscaler | 34.97 Bn | 31.49 Bn | - | - |
| 8 | MongoDB | 34.51 Bn | 32.10 Bn | 569.77 Mn | 3.68% |
| 9 | Okta | 34.32 Bn | 32.02 Bn | 641.00 Mn | 13.29% |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn | 9.66% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | -17.00% |
| Apr 30, 2026 | -23.45% |
| Jan 31, 2026 | -24.78% |
| Oct 31, 2025 | -27.16% |
| Jul 31, 2025 | -29.72% |
| Apr 30, 2025 | -42.92% |
| Jan 31, 2025 | -39.19% |
| Oct 31, 2024 | -38.79% |
| Jul 31, 2024 | -40.89% |
| Apr 30, 2024 | -42.06% |
| Jan 31, 2024 | -35.56% |
| Oct 31, 2023 | -35.50% |
| Jul 31, 2023 | -42.34% |
| Apr 30, 2023 | -43.82% |
| Jan 31, 2023 | -40.70% |
| Oct 31, 2022 | -36.99% |
| Jul 31, 2022 | -41.78% |
| Apr 30, 2022 | -44.69% |
| Jan 31, 2022 | -39.61% |
| Oct 31, 2021 | -47.03% |
API Access
Snowflake Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=SNOW&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "SNOW", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=SNOW&period=max&api_key=YOUR_API_KEY");
const data = await res.json();