Datadog (DDOG.O): C2Q26 Quick Take: Momentum Trots Along

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06 Aug 2026 08:37:45 ET │ 11 pages

Datadog (DDOG.O)

C2Q26 Quick Take: Momentum Trots Along

CITI'S TAKE

Revenue growth accelerated for the 5th-straight-Q, +3pts to ~36% YoY,

albeit the ~4% beat magnitude is slimmer than 1Q26’s ’s ~5% (and closer

to 1-year-average). This came with profitability upside (~1pt OPM beat but

GMs a touch light), even as DDOG clearly reinvests into the growth engine

(nominal opinc beat ~50% of revs upside), while FCF-production was

much stronger (~4pt beat). CY26E guidance raised >3x the 2Q upside,

with 3Q midpoint landing ~3% above expectations, implies a decel to

high-20s% C2H growth (29%/25% 3Q/4Q), a conservative setup we’d

anticipated, leaving room for further estimate upside and illuminating a

clear path to >30% CY26E revenue growth. 200 net-new logos (lowest in

public company history) may be nitpicked, but we’re keen to evaluate

other key business health indicators (RPO, usage growth trends, insights

into larger customers and AI-native vs ‘traditional’ bifurcation), to

underwrite the strong, broad-based momentum we believe DDOG is

seeing.

Buy

Short-Term View: Upside, expires 27-AUG-26

Price (05 Aug 26 16:00)

US$283.17

Target price

US$300.00

Expected share price return

5.9%

Expected dividend yield

0.0%

Expected total return

5.9%

Market Cap

US$100,797M

Fatima BoolaniAC

Joel Omino

Mark Zhang