> **来源：[研报客](https://pc.yanbaoke.cn)** # Datadog (DDOG US) 1Q26 Results and Outlook Summary ## Core Content Datadog (DDOG US) reported strong financial results for the first quarter of 2026, with total revenue reaching US$1.0 billion, a 32% year-over-year (YoY) increase, exceeding both the analyst forecast and Bloomberg consensus estimates by 5%. This growth was driven by stronger-than-expected performance from non-AI customers, with revenue growth accelerating from 20%–23% in 3Q25/4Q25 to the mid-20% range in 1Q26, alongside continued robust demand from AI-native customers. The non-GAAP net profit after tax adjustment reached US$218.2 million, a 30% YoY increase, surpassing the forecast and consensus by 18% and 16%, respectively. This was supported by the revenue beat and improved operating leverage. Management highlighted that ARR growth accelerated for each month of 1Q26 and continued into April, indicating a sustained positive trend. For 2Q26E, management guided for 29–31% YoY revenue growth, with a mid-point of US$1.075 billion, which is 8% ahead of the consensus. Non-GAAP net income per share is expected to be between US$0.57 and US$0.59, above the consensus of US$0.52. The FY26 revenue guidance was raised by 6% to US$4.30 billion–4.34 billion, implying a 25–27% YoY growth. The target price was raised to US$203.10, up from US$196.90, based on an unchanged 16.3x 2026E EV/Sales multiple, which aligns with the three-year average plus one standard deviation. The recommendation remains **BUY**. ## Key Financial Highlights - **Total Revenue (1Q26):** US$1.0 billion, up 32% YoY - **Non-GAAP Net Profit (1Q26):** US$218.2 million, up 30% YoY - **Non-GAAP Operating Margin (1Q26):** 22.2%, up 0.9ppt from the forecast and consensus - **ARR Growth:** Accelerated sequentially, with a healthy trend continuing into April - **Customer Growth:** - Total customers: Exceeded 33,200, up 9% YoY - Customers with ARR > US$100k: 4,550, up 21% YoY - Customers using >2 products: 85%, up 2ppts YoY - Customers using >4 products: 56%, up 5ppts YoY - Customers using >6 products: 35%, up 7ppts YoY - Customers using >8 products: 20%, up 7ppts YoY - Customers using >10 products: 11%, up 5ppts YoY - **RPO (1Q26):** US$3.48 billion, up 51% YoY - **TTM Net Revenue Retention (1Q26):** Low-120% range, improving from around 120% in 4Q25 and the high-110% range in 1Q25 ## Revenue and Profit Growth Forecasts | Year | Revenue (US$ million) | YoY Growth (%) | Adjusted Net Profit (US$ million) | YoY Growth (%) | |------|----------------------|----------------|----------------------------------|----------------| | FY24A | 2,684 | 27.7 | 747 | 14.2 | | FY25A | 3,427 | 27.7 | 747 | 14.2 | | FY26E | 4,340 | 26.6 | 894 | 19.8 | | FY27E | 5,168 | 19.1 | 1,098 | 22.8 | | FY28E | 6,142 | 18.8 | 1,353 | 23.2 | ## Target Valuation | Metric | 2026E | |--------|-------| | Revenue | US$4,340 million | | Target EV/Sales | 16.3x | | Target EV | US$70,735 million | | Net Cash | US$4,555 million | | Target Equity Valuation | US$75,290 million | | Valuation per Share | US$203.10 | ## Shareholding Structure | Holder | Percentage | |--------|------------| | Vanguard Group Inc | 12.9% | | Blackrock Inc. | 8.2% | ## Stock Performance | Period | Absolute Return (%) | Relative Return (%) | |--------|--------------------|--------------------| | 1-mth | 62.0 | 42.1 | | 3-mth | 69.0 | 50.8 | | 6-mth | -1.3 | -12.0 | ## Market and Financial Context - **Mkt Cap:** US$69,958.5 million - **Avg 3 mths t/o:** US$407.8 million - **52w High/Low:** US$199.72 / US$102.62 - **Total Issued Shares:** 370.7 million ## Analyst Recommendations - **CMBIG Ratings:** - **BUY:** Stock with potential return of over 15% over next 12 months - **Analyst Certification:** All views expressed accurately reflect personal views, and no compensation is tied to specific views in the report. ## Disclaimer This report is not tailored to individual investors and should not be construed as an offer or solicitation to buy or sell securities. It is intended for distribution solely to "major US institutional investors" and may not be shared with others without prior consent. CMBIGM is not a registered broker-dealer in the U.S. and does not provide investment advice. The information is based on public data and is provided on an "AS IS" basis. Investors are encouraged to consult professional financial advisors before making decisions.