DDOG.US: Q2'26 $1.12B (+36%) — AI observability & FY raise

Snapshot

Price (approx.)

USD 135

Mkt cap (approx.)

USD 46.0B

Revenue (approx.)

USD 4.5B

Q2 revenue

USD 1.1B

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Datadog Q2 revenue $1.12B (+36%), 23% non-GAAP OM, $279M FCF, $5.0B cash. FY26 $4.45–4.47B. ~33.4k customers; 4,720 $100k+. Quality cloud-observability growth; multiple needs NRR/growth to hold.

Business

Model: usage-based cloud observability/security. Flagships: infra, APM, logs, AI/LLM observability. Edge: unified platform land-and-expand. Strategy: AI-workload attach. Entity: Datadog, Inc.

Value chain

Mid-stack cloud ops software. Upstream: public cloud and open source; downstream: digital enterprises (~91% ARR from $100k+). Risks: cloud-spend cycle, CSP native.

Valuation

Price context ~$135 / mkt ~$46B. Market prices a 30%+ growth platform; Q3 guide ~+28–29% is the near-term anchor.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 135	DDOG · 以包内 kpi_snapshot 时点为准

~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:

Valuation & return · ~3y

Interactive chart available in the reader.

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Net cash $5.0B; FCF $279M. Strong health. Audit expected unqualified.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

GAAP OM ~0%; non-GAAP EPS $0.65. Q3 revenue $1.135–1.145B.

Key financial points

Key financial points

Item	Value	YoY	Note
Q2 营收	$1.12B	+36%	超指引上限
non-GAAP OM	23%	+3ppt	vs 上年
FCF	$279M	25% 利润率	OCF $316M
$100k+ 客户	4,720	+23%	占 ARR ~91%
FY26 指引	$4.45–4.47B	~+30%	上修
现金	$5.0B	净现金	无股息

Competition

Peer strengths/weaknesses; share charts only when a named source exists.

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
Datadog (self)	Cloud observability	~80%	Product breadth	Cloud spend beta
Dynatrace	APM peer	High	Enterprise	Growth vs DDOG
Cisco/Splunk	Security+obs	Mid-high	Installed base	Integration

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
CEO	Olivier Pomel	co-founder	No change
CFO	David Obstler	2018	No change
CTO / co-founder	Alexis Lê-Quôc	co-founder	No change

Stability: Olivier Pomel founder-CEO stable; no material 24m disclosed change.

Outlook

Track Q3 deceleration, AI attach, NRR, competition.

Scenarios

Risks

Tracking list

Verify on next earnings:

1. Q3 $1.135–1.145B and FY26 $4.45–4.47B guide
2. NRR (low-120%s TTM) and 4,720 $100k+ customers
3. AI/LLM observability attach vs usage
4. 23% non-GAAP OM and $279M FCF durability
5. Cloud-spend beta vs Dynatrace / Grafana / CSP native

References

1. Datadog Q2 2026 results — https://www.globenewswire.com/news-release/2026/08/06/3340086/0/en/datadog-announces-second-quarter-2026-financial-results.html
2. Datadog IR — https://investors.datadoghq.com/
3. Cross — ServiceNow observability/IT workflow

Not investment advice; defer to latest company filings.