DOCN

MKT CAP:$10B

DigitalOcean Holdings, Inc.

Market Cap

$10B

Technology·Software - Infrastructure·🇺🇸 United States·NYSE

Technology·Software Infra·🇺🇸·NYSE

Stock Price

$85.65+$36.68 (+74.90%)

Apr 17, 2026

Company Details

DigitalOcean Holdings, Inc., through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and...

CEO

Padmanabhan T. Srinivasan

IPO Date

Mar 24, 2021

Website

www.digitalocean.com

Key Metrics TTM

Revenue

$901M

+15.5% YoY

Net Income

$259M

EPS (Diluted)

$2.52

Free Cash Flow

$37M

Revenue / Share

$8.56

Gross Margin

59.9%

Operating Margin

17.4%

Net Margin

28.8%

FCF Margin

4.1%

P/S

10.8x

P/E

37.7x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 24, 2026

$901M+15.5%EPS $2.52

Q4 2025

Feb 24, 2026

$242M+18.3%EPS $0.25

Q3 2025

Nov 5, 2025

$230M+15.7%EPS $1.51

Q2 2025

Aug 5, 2025

$219M+13.6%EPS $0.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$111M	$68M	-$2M
Q4 21	$120M	$75M	-$10M
Q1 22	$127M	$80M	-$14M
Q2 22	$134M	$86M	-$8M
Q1 23	$165M	$93M	-$33M
Q2 23	$170M	$102M	-$2M
Q3 23	$177M	$107M	$35M
Q4 23	$181M	$106M	$11M
Q1 24	$185M	$109M	$12M
Q2 24	$192M	$114M	$22M
Q3 24	$198M	$119M	$25M
Q4 24	$205M	$117M	$33M
Q1 25	$211M	$129M	$38M
Q2 25	$219M	$131M	$36M
Q3 25	$230M	$137M	$45M
Q4 25	$242M	$142M	$39M

Valuation

Quarter	P/S	P/E
Q3 21	22.3x	—
Q4 21	18.8x	—
Q1 22	13.4x	—
Q2 22	9.7x	—
Q1 23	6.3x	—
Q2 23	5.8x	—
Q3 23	3.3x	—
Q4 23	4.8x	172.1x
Q1 24	4.9x	69.8x
Q2 24	4.3x	46.7x
Q3 24	4.9x	45.3x
Q4 24	4.0x	37.3x
Q1 25	3.8x	28.4x
Q2 25	3.2x	20.8x
Q3 25	3.7x	12.8x
Q4 25	5.0x	17.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$40M	$14M
Q4 21	$33M	$52.0K
Q1 22	$30M	$5M
Q2 22	$46M	$13M
Q1 23	$36M	$11M
Q2 23	$64M	$40M
Q3 23	$54M	$33M
Q4 23	$81M	$27M
Q1 24	$67M	$21M
Q2 24	$71M	$37M
Q3 24	$73M	$14M
Q4 24	$71M	$24M
Q1 25	$64M	-$885.0K
Q2 25	$92M	$57M
Q3 25	$100M	$89M
Q4 25	$57M	-$108M

Capital Expenditures

Quarter	CapEx
Q3 21	$27M
Q4 21	$33M
Q1 22	$25M
Q2 22	$33M
Q1 23	$25M
Q2 23	$25M
Q3 23	$21M
Q4 23	$54M
Q1 24	$45M
Q2 24	$34M
Q3 24	$60M
Q4 24	$47M
Q1 25	$65M
Q2 25	$35M
Q3 25	$11M
Q4 25	$165M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+37.3%	+28.7%
Q4 21	+36.7%	+51.1%
Q1 22	+35.9%	+55.9%
Q2 22	+29.0%	+33.2%
Q1 23	+48.2%	+75.2%
Q2 23	+41.9%	+32.0%
Q3 23	+39.1%	+0.5%
Q4 23	+35.1%	+19.8%
Q1 24	+11.9%	-12.6%
Q2 24	+13.3%	-0.7%
Q3 24	+12.1%	+22.8%
Q4 24	+13.3%	+1.5%
Q1 25	+14.1%	-0.1%
Q2 25	+13.6%	+7.6%
Q3 25	+15.7%	+6.2%
Q4 25	+18.3%	+18.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$19M	16.7%
Q4 21	$24M	20.2%
Q1 22	$26M	20.4%
Q2 22	$28M	21.1%
Q1 23	$32M	19.1%
Q2 23	$36M	21.5%
Q3 23	-$2M	-1.3%
Q4 23	$23M	12.6%
Q1 24	$23M	12.4%
Q2 24	$22M	11.3%
Q3 24	$23M	11.6%
Q4 24	$23M	11.2%
Q1 25	$19M	9.2%
Q2 25	$21M	9.6%
Q3 25	$0	0.0%
Q4 25	$20M	8.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 21	$30M	$26M	$13M
Q4 21	$36M	$34M	$15M
Q1 22	$37M	$37M	$19M
Q2 22	$37M	$39M	$18M
Q1 23	$38M	$49M	$18M
Q2 23	$39M	$49M	$16M
Q3 23	$33M	$20M	$19M
Q4 23	$31M	$45M	$20M
Q1 24	$33M	$46M	$19M
Q2 24	$33M	$41M	$18M
Q3 24	$37M	$40M	$17M
Q4 24	$37M	$34M	$14M
Q1 25	$40M	$33M	$19M
Q2 25	$40M	$36M	$19M
Q3 25	$38M	$33M	$21M
Q4 25	$44M	$37M	$23M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 21	37.3%	18.5%	55.8
Q4 21	36.7%	11.1%	47.9
Q1 22	35.9%	8.5%	44.4
Q2 22	29.0%	13.8%	42.8
Q1 23	48.2%	2.0%	50.2
Q2 23	41.9%	19.9%	61.8
Q3 23	39.1%	39.5%	78.6
Q4 23	35.1%	25.8%	60.9
Q1 24	11.9%	26.2%	38.1
Q2 24	13.3%	31.3%	44.7
Q3 24	12.1%	34.1%	46.2
Q4 24	13.3%	29.5%	42.8
Q1 25	14.1%	34.6%	48.6
Q2 25	13.6%	35.4%	49.0
Q3 25	15.7%	56.8%	72.5
Q4 25	18.3%	53.0%	71.3

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$465M	$1.1B	$1.6B
Q2 22	$72M	$1.1B	$1.2B
Q3 22	$24M	$801M	$825M
Q4 22	$141M	$723M	$864M
Q1 23	$21M	$592M	$613M
Q2 23	$120M	$430M	$551M
Q3 23	$79M	$305M	$384M
Q4 23	$317M	$95M	$412M
Q1 24	$419M	$0	$419M
Q2 24	$443M	$0	$443M
Q3 24	$440M	$0	$440M
Q4 24	$428M	$0	$428M
Q1 25	$360M	$0	$360M
Q2 25	$388M	$0	$388M
Q3 25	$237M	$0	$237M
Q4 25	$254M	$0	$254M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	108M	+1.1%	+23.9%
Q4 21	108M	-0.0%	+23.9%
Q1 22	107M	-0.9%	+116.4%
Q2 22	103M	-4.2%	-4.0%
Q1 23	96M	-6.8%	-11.5%
Q2 23	96M	+0.7%	-10.8%
Q3 23	103M	+6.7%	-4.0%
Q4 23	92M	-10.4%	-10.2%
Q1 24	94M	+1.9%	-1.9%
Q2 24	94M	+0.0%	-2.5%
Q3 24	103M	+9.3%	-0.1%
Q4 24	94M	-8.0%	+2.6%
Q1 25	102M	+8.4%	+9.1%
Q2 25	101M	-1.7%	+7.2%
Q3 25	103M	+2.4%	+0.4%
Q4 25	105M	+2.2%	+11.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	$152.2K	786
Q1 22	$162.0K	786
Q2 22	$170.3K	786
Q1 23	$137.2K	1K
Q2 23	$141.0K	1K
Q3 23	$147.1K	1K
Q4 23	$156.5K	1K
Q1 24	$159.8K	1K
Q2 24	$166.5K	1K
Q3 24	$171.7K	1K
Q4 24	$169.4K	1K
Q1 25	$174.1K	1K
Q2 25	$180.7K	1K
Q3 25	$189.8K	1K
Q4 25	$165.8K	1K

Revenue / Employee