As the Q2 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the data storage industry, including Snowflake (NYSE:SNOW) and its peers.
Data is the lifeblood of the internet and software in general, and the amount of data created is accelerating. As a result, the importance of storing the data in scalable and efficient formats continues to rise, especially as its diversity and associated use cases expand from analyzing simple, structured datasets to high-scale processing of unstructured data such as images, audio, and video.
The 4 data storage stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 2.8% while next quarter’s revenue guidance was 3.3% below.
Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 5.1% since the latest earnings results.
Snowflake (NYSE:SNOW)
Named after the unique architecture of its data warehouse which resembles a snowflake pattern, Snowflake (NYSE:SNOW) provides a cloud-based data platform that enables organizations to consolidate, analyze, and share data across multiple cloud providers.
Snowflake reported revenues of $1.55 billion, up 35.1% year on year. This print exceeded analysts’ expectations by 4.3%. Overall, it was a satisfactory quarter for the company with a solid beat of analysts’ adjusted operating income estimates but a significant miss of analysts’ billings estimates.
Snowflake scored the fastest revenue growth of the whole group. The company added 49 enterprise customers paying more than $1 million annually to reach a total of 828. Unsurprisingly, the stock is up 15.6% since reporting and currently trades at $355.50.
Is now the time to buy Snowflake? Access our full analysis of the earnings results here, it’s free.
Best Q2: MongoDB (NASDAQ:MDB)
Named after "humongous database," reflecting its ability to handle massive data loads, MongoDB (NASDAQ:MDB) provides a flexible document-based database platform that helps developers build, deploy, and maintain modern applications more efficiently.
MongoDB reported revenues of $771.8 million, up 30.5% year on year, outperforming analysts’ expectations by 5%. The business had an exceptional quarter with a solid beat of analysts’ annual recurring revenue estimates and an impressive beat of analysts’ billings estimates.
MongoDB delivered the biggest analyst estimate beat and highest full-year guidance raise among its peers. The company added 104 enterprise customers paying more than $100,000 annually to reach a total of 2,999. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 12.5% since reporting. It currently trades at $383.92.
Is now the time to buy MongoDB? Access our full analysis of the earnings results here, it’s free.
Weakest Q2: Commvault (NASDAQ:CVLT)
Born from the need to create ironclad protection in an increasingly dangerous digital world, Commvault (NASDAQ:CVLT) provides data protection and cyber resilience software that helps organizations secure, back up, and recover their data across on-premises, hybrid, and multi-cloud environments.
Commvault reported revenues of $314.1 million, up 11.4% year on year, exceeding analysts’ expectations by 1.2%. Still, it was a slower quarter as it posted revenue guidance for next quarter missing analysts’ expectations and a significant miss of analysts’ billings estimates.
Commvault delivered the weakest guidance update and slowest revenue growth in the group. As expected, the stock is down 8.2% since the results and currently trades at $137.16.
Read our full analysis of Commvault’s results here.
DigitalOcean (NYSE:DOCN)
Built for simplicity in a world of complex cloud solutions, DigitalOcean (NYSE:DOCN) provides a simplified cloud computing platform that enables developers and small businesses to quickly deploy and scale applications.
DigitalOcean reported revenues of $281.2 million, up 28.6% year on year. This print surpassed analysts’ expectations by 0.9%. It was a very strong quarter as it also logged a solid beat of analysts’ billings estimates and full-year EPS guidance exceeding analysts’ expectations.
DigitalOcean delivered the highest guidance raise but had the weakest performance against analyst estimates and weakest full-year guidance update of the whole group. The stock is down 15.2% since reporting and currently trades at $107.89.
Read our full, actionable report on DigitalOcean here, it’s free.
Market Update
Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.
Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.
By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.
Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.