U.S. Software: Takeaways From On-Cycle Pre-Quiet Period Calls; 2Q26 Edition

研报英文原文证据摘录

U.S. Software: Takeaways From On-Cycle Pre-Quiet Period Calls; 2Q26 Edition

Equity Research

18 June 2026

U.S. Software

Takeaways From On-Cycle Pre-

Quiet Period Calls; 2Q26 Edition

We present trends and key takeaways from our recent U.S. Software

management conversations as we head into the 2Q26 POSITIVE

earnings season. U.S. Software

Raimo Lenschow, CFA

+1 212 526 2712

Key themes across our management conversations consistently highlighted AI-driven demand raimo.lenschow@barclays.com

and experimentation (not shocking), a focus on platform expansion beyond historical core BCI, US

offerings, and evolving monetization models (with companies actively looking to adapt to future Eamon Coughlin

growth opportunities and changing customer behavior). TEAM continues to see resilient seat +1 212 526 6142

expansion driven by AI-related hiring and broad-based collaboration requirements, while DT eamon.coughlin@barclays.com

and DDOG emphasized healthy consumption trends and AI-led code growth as indicators of BCI, US

future ARR expansion and observability demand opportunities. Infrastructure players like CRWV Sheldon McMeans

and DOCN highlighted robust AI infrastructure demand, while MSFT and NOW framed AI as a +1 212 526 1544

long-term, multi-product driver with a focus on consumption-based monetization and cost sheldon.mcmeans@barclays.com

efficiency. FROG, KVYO, and GTM are leveraging AI to expand product capabilities (whether it is BCI, US

through security, agents, or data integrations), while navigating changing customer behavior Becky Sun

and usage dynamics. Overall, the environment reflects an overt focus on AI-driven innovation +1 212 526 0416

and demand, with companies balancing some complexities with short-term monetization yuyao.sun@barclays.com