Infra Software 2Q26 Calendar EPS Preview: AI Acceleration & Vendor Consolidation In Focus

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Infra Software 2Q26 Calendar EPS Preview: AI Acceleration & Vendor Consolidation In Focus

Truist Securities

Equity Research Report July 15, 2026

TMT: Infrastructure Software

Infra Software 2Q26 Calendar EPS

Preview: AI Acceleration & Vendor Miller Jump

212-401-4427 Consolidation In Focus Miller.Jump@truist.com

Infra software earnings begin next week with NOW reporting post-close on Wednesday.

Feedback that we have received from buyers and sellers in the ecosystem indicates

Junaid Siddiqui that vendor consolidation initiatives are seeing a tailwind as enterprises look to embrace

212-326-6141 AI. While we expect strong results across the coverage, we view AI-driven acceleration Junaid.Siddiqui@truist.com

as a more durable growth driver (beyond T+1) for the winners than for the "better-

than-feared" cohort. For our calendar names, we see DDOG and FROG as the two

Jonathan Ngo companies poised to deliver on both results and AI acceleration narrative strength.

212-419-4482

Jonathan.Ngo@truist.com

While sentiment remains bifurcated between perceived AI winners and laggards, our

21 Page Document recent conversations with software buyers, practitioners, and channel partners suggest

demand across infrastructure software remains healthy. We see potential for further

acceleration among the sector's top performers and better-than-feared growth among

Reasons for this report those at the lower end. As a result, we expect a strong earnings season for the calendar-

quarter group, with beat-and-raise potential across multiple names.

✓ Earnings Preview

✓ Updating DDOG Estimate The key question, however, remains: who has credible AI acceleration? We expect

companies with a credible AI-driven growth narrative to continue to outperform the

broader group.