$SNOW has missed EPS estimates for 8 straight quarters.

SNOW reports tomorrow (9/2) after close. Options are pricing a ±11% move (±$35.28). I went back through its last 8 reports plus the longer 18-report history to see whether that price is honest. https://preview.redd.it/hr5gbx6wmzmh1.png?width=844&format=png&auto=webp&s=9e5bb4f9fe9877a5cad779a9d9b772b107dde88d The EPS side is ugly and consistent. Every one of the last 8 quarters has come in below the estimate. https://preview.redd.it/vt2u4cgznzmh1.png?width=828&format=png&auto=webp&s=f52976a163bbc8ea63ec1a92ea929a1968427d8f 8 for 8 misses, and the stock still closed green on 5 of those 8. Something's off, and it's not Snowflake — it's the data. My best guess is the feed is comparing GAAP actuals against non-GAAP estimates. SNOW pays so much stock comp that GAAP EPS is basically negative by design, while the number the Street actually trades off is non-GAAP and usually a beat. I haven't pulled the raw filings to confirm, so treat the 0% beat rate as a broken column, not a signal. I'm flagging it myself because I'd rather you hear it from me than find it in the comments. # The vol side is the real finding anyway. Across those same 8 reports the stock's average realized move is ±17%. Average implied going in was ±10.6%. That's actual coming in at about 1.5x what the options priced. They've just been cheap. Zoom out to all 18 reports on record back to March 2022 and it holds. Options overpriced SNOW's move only 39% of the time — the market-wide average I've measured across other names is about 57%. Median actual was 1.48x implied. Mean implied ±9.7%, mean actual ±14%. So here's the weird part. On a name everyone swears always misses, the options market has spent three years underpricing how far it actually moves.