Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Current Ratio since 2019
- Price to Book Value (P/BV) since 2019
- Analysis of Revenues
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Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The common-size income statement reveals significant fluctuations in profitability and expense management over the observed period. Revenue is consistently represented as 100% by definition. A notable trend is the decreasing cost of revenue as a percentage of revenue, improving from 24.45% in June 2021 to 19.61% in December 2025. This suggests increasing efficiency in production or procurement. Consequently, gross profit as a percentage of revenue demonstrates a corresponding increase, moving from 75.55% to 80.39% over the same timeframe.
However, operating expenses exhibit a more complex pattern. While initially relatively stable, research and development expenses increased substantially, peaking at 47.05% in September 2022 before declining to 43.84% in December 2023 and then increasing again to 46.87% in June 2025. Sales and marketing expenses also show variability, with a general downward trend from 32.41% to 27.74% before increasing to 28.91% in June 2025. General and administrative expenses remained relatively consistent, fluctuating between approximately 7.27% and 9.38%.
- Operating Income (Loss)
- Operating income demonstrates a volatile trajectory. Initially negative, it turned positive in December 2021, peaking at 9.71% in September 2023, before declining to 0.98% in December 2023 and then increasing to 5.61% in December 2025. This suggests periods of successful operational performance interspersed with challenges.
- Interest Expense and Income
- Interest expense consistently decreased as a percentage of revenue, from 2.76% to 0.27% over the period. Interest income and other income, net, showed an increasing trend, rising from 2.91% to 4.90% in December 2025. Other income, net, also increased, from 0.15% to 4.63% over the same period. These trends indicate improved financial leverage and potentially successful investment activities.
- Net Income (Loss)
- Net income mirrored the trends observed in operating income, initially negative and becoming positive in December 2021. It peaked at 9.16% in September 2023, then decreased to 0.32% in June 2025, and finally increased to 4.89% in December 2025. The fluctuations in net income are influenced by the combined effects of operating performance, interest expenses, and income tax provisions.
The provision for income taxes as a percentage of revenue varied, impacting net income. Overall, the company experienced a period of improving gross profitability, offset by increasing research and development expenses, and fluctuating sales and marketing costs. The net effect resulted in a volatile operating income, which ultimately influenced net income performance.