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Call sheet · Q4'25

Datadog (DDOG)

Q4'25 earnings call · held February 10, 2026 · compared with the Q3'25 call · management-credibility review
7/12
Disclosure score
3 medium, 3 low flags
Financial quality
Bottom line
The sleeper story is the non-AI business quietly accelerating to 23% growth while everyone fixates on AI customer drama. APM just became the fastest-growing pillar at mid-30s% growth with massive runway in a $10B TAM. But here's the binding constraint: management is aggressively guiding 2026 to just 18-20% growth despite clear momentum, suggesting either major investments planned or economic headwinds they're not discussing. Most revealing quote: 'We essentially don't control' consumption from large customers. My view changes if they quantify what's driving the 2026 deceleration or if APM growth sustains above 30%.

The 30-second version

  • Non-AI customers are quietly accelerating to 23% growth while everyone obsesses over the AI cohort
  • Core APM just hit mid-30s growth, now the fastest-growing pillar
  • They're guiding 2026 to just 18-20% growth despite clear momentum

What changed this quarter

MetricQ3'25Q4'25Change
Revenue$886M (+28% YoY)$953M (+29% YoY)+100bps growth acceleration
Operating Income$207M (23% margin)$230M (24% margin)+100bps margin expansion
Free Cash Flow$214M (24% margin)$291M (31% margin)+700bps FCF margin explosion
BookingsNot disclosed Q3$1.63B (+37% YoY)Record quarterly bookings
Non-AI Revenue Growth20% YoY23% YoY+300bps acceleration
AI Cohort Revenue %12% of totalNot disclosedStopped breaking this out
Net Revenue Retention~120%~120%Stable despite growth acceleration
Total Customers~32,000~32,700Modest 2% QoQ growth
$100K+ ARR Customers~4,060~4,310+250 customers added
Infrastructure Monitoring ARRNot disclosed>$1.6BFirst disclosure of this scale

Accountability tracked

8 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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