Snowflake (SNOW) Operating Margin (2019 - 2026)
Snowflake (SNOW) recorded Operating Margin of -17.00% in fiscal Q2 2027 (quarter ended Jul 31, 2026), up 12.72 percentage points from -29.72% a year earlier and up 6.45 percentage points from the prior quarter.
Snowflake (SNOW) Operating Margin (2019 - 2026) Analysis & Trends
On a TTM basis, Snowflake's Operating Margin came in at -22.76% as of Jul 31, 2026, up 14.65 percentage points year-over-year; for FY2026 (ended Jan 31, 2026), it came in at -30.64%, up 9.51 percentage points from FY2025.
- Annual Operating Margin has a five-year change of +61.23 percentage points (FY2021 to FY2026).
- Across earlier fiscal years, Operating Margin came in at -40.15% in FY2025 (-1.14 pp), -39.01% in FY2024 (+1.77 pp), -40.77% in FY2023 (+17.87 pp) and -58.64% in FY2022 (+33.23 pp).
- The fiscal Q2 2027 figure is the highest quarterly Operating Margin in data going back to fiscal Q3 2020.
- On a year-over-year basis, Operating Margin has increased for five consecutive quarters, with an average year-over-year change of +7.70 percentage points over the last eight quarters.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 65.60 percentage points in fiscal Q4 2022, against a drop of 3.62 percentage points in fiscal Q4 2025 at the low end.
- Per Business Quant, the preceding three fiscal quarters came in at -23.45% (Q1 2027), -24.78% (Q4 2026) and -27.16% (Q3 2026).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 257.36 Bn | 242.43 Bn | 2.30 Bn | 5.04% |
| 2 | CrowdStrike Holdings | 229.48 Bn | 209.88 Bn | 1.10 Bn | -2.26% |
| 3 | Fortinet | 124.01 Bn | 109.94 Bn | 1.64 Bn | 33.66% |
| 4 | Snowflake | 108.65 Bn | 95.97 Bn | 1.04 Bn | -17.00% |
| 5 | Datadog | 88.56 Bn | 70.20 Bn | 881.34 Mn | 0.49% |
| 6 | Okta | 33.14 Bn | 23.23 Bn | 641.00 Mn | 13.29% |
| 7 | Zscaler | 32.93 Bn | 19.05 Bn | - | - |
| 8 | Axon Enterprise | 32.23 Bn | 26.75 Bn | 546.45 Mn | 5.17% |
| 9 | MongoDB | 27.15 Bn | 17.62 Bn | 569.77 Mn | 3.68% |
| 10 | F5 | 25.14 Bn | 19.55 Bn | 711.51 Mn | 24.65% |
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% |
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();