DT

MKT CAP:$11B

Dynatrace, Inc.

Market Cap

$11B

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

Technology·Software App·🇺🇸·NYSE

Stock Price

$35.44-$6.91 (-16.32%)

Apr 20, 2026

Company Details

Dynatrace, Inc. provides a software intelligence platform for dynamic multi-cloud environments. It operates Dynatrace, a software intelligence platform, which provides application and microservices monitoring, runtime application security, ...

CEO

Rick McConnell

IPO Date

Aug 1, 2019

Website

www.dynatrace.com

Key Metrics TTM

Revenue

$1.9B

+18.2% YoY

Net Income

$185M

EPS (Diluted)

$0.61

Free Cash Flow

$466M

Revenue / Share

$6.37

Gross Margin

81.6%

Operating Margin

13.0%

Net Margin

9.6%

FCF Margin

24.1%

P/S

5.5x

P/E

57.3x

Earnings Reports

Q4 2026

May 13, 2026

PENDING

Q3 2026

Feb 9, 2026

$515M+18.2%EPS $0.13

Q2 2026

Nov 5, 2025

$494M+18.1%EPS $0.19

Q1 2026

Aug 6, 2025

$477M+19.6%EPS $0.16

FY 2025

May 22, 2025

$1.7B+18.7%EPS $1.59

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$253M	$205M	$18M
Q1 23	$267M	$215M	$19M
Q2 23	$279M	$224M	$20M
Q3 23	$297M	$242M	$34M
Q4 23	$314M	$255M	$19M
Q1 24	$333M	$271M	$34M
Q2 24	$352M	$287M	$35M
Q3 24	$365M	$297M	$36M
Q4 24	$381M	$309M	$23M
Q1 25	$399M	$324M	$42M
Q2 25	$418M	$340M	$47M
Q3 25	$436M	$354M	$47M
Q4 25	$445M	$360M	$43M
Q1 26	$477M	$392M	$62M
Q2 26	$494M	$404M	$73M
Q3 26	$515M	$420M	$73M

Valuation

Quarter	P/S	P/E
Q4 22	11.4x	201.7x
Q1 23	10.7x	256.3x
Q2 23	10.2x	375.7x
Q3 23	9.6x	370.0x
Q4 23	9.1x	98.0x
Q1 24	8.6x	73.4x
Q2 24	8.2x	62.5x
Q3 24	7.8x	53.7x
Q4 24	7.4x	68.4x
Q1 25	7.1x	68.2x
Q2 25	6.8x	64.8x
Q3 25	6.5x	21.9x
Q4 25	6.2x	21.9x
Q1 26	6.0x	21.5x
Q2 26	5.7x	20.9x
Q3 26	5.5x	57.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$88M	$82M
Q1 23	$143M	$136M
Q2 23	$29M	$25M
Q3 23	$62M	$58M
Q4 23	$120M	$115M
Q1 24	$134M	$124M
Q2 24	$37M	$34M
Q3 24	$76M	$67M
Q4 24	$132M	$121M
Q1 25	$231M	$227M
Q2 25	$24M	$20M
Q3 25	$42M	$38M
Q4 25	$163M	$148M
Q1 26	$270M	$262M
Q2 26	$32M	$28M
Q3 26	$34M	$27M

Capital Expenditures

Quarter	CapEx
Q4 22	$6M
Q1 23	$7M
Q2 23	$4M
Q3 23	$4M
Q4 23	$6M
Q1 24	$10M
Q2 24	$3M
Q3 24	$8M
Q4 24	$10M
Q1 25	$3M
Q2 25	$4M
Q3 25	$5M
Q4 25	$15M
Q1 26	$7M
Q2 26	$4M
Q3 26	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+28.5%	+33.8%
Q1 23	+27.4%	+31.6%
Q2 23	+23.4%	+26.2%
Q3 23	+23.5%	+20.0%
Q4 23	+24.5%	+25.6%
Q1 24	+24.5%	+20.3%
Q2 24	+25.9%	+22.2%
Q3 24	+22.7%	+25.0%
Q4 24	+21.1%	+21.2%
Q1 25	+19.9%	+19.6%
Q2 25	+18.9%	+17.3%
Q3 25	+19.5%	+18.0%
Q4 25	+16.9%	+12.4%
Q1 26	+19.6%	+16.2%
Q2 26	+18.1%	+13.4%
Q3 26	+18.2%	+13.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$28M	10.9%
Q1 23	$29M	10.7%
Q2 23	$41M	14.6%
Q3 23	$36M	11.9%
Q4 23	$42M	13.4%
Q1 24	$41M	12.2%
Q2 24	$58M	16.5%
Q3 24	$55M	15.0%
Q4 24	$56M	14.6%
Q1 25	$58M	14.4%
Q2 25	$72M	17.1%
Q3 25	$72M	16.5%
Q4 25	$70M	15.8%
Q1 26	$72M	15.1%
Q2 26	$77M	15.6%
Q3 26	$78M	15.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 22	$43M	$35M	$101M
Q1 23	$48M	$36M	$105M
Q2 23	$52M	$40M	$105M
Q3 23	$55M	$34M	$112M
Q4 23	$62M	$43M	$125M
Q1 24	$66M	$39M	$125M
Q2 24	$74M	$45M	$128M
Q3 24	$80M	$43M	$133M
Q4 24	$84M	$47M	$149M
Q1 25	$88M	$45M	$145M
Q2 25	$95M	$49M	$144M
Q3 25	$98M	$49M	$154M
Q4 25	$103M	$52M	$162M
Q1 26	$108M	$56M	$165M
Q2 26	$115M	$48M	$168M
Q3 26	$121M	$52M	$174M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 22	28.5%	13.4%	42.0
Q1 23	27.4%	12.1%	39.6
Q2 23	23.4%	12.1%	35.5
Q3 23	23.5%	16.0%	39.6
Q4 23	24.5%	11.4%	35.9
Q1 24	24.5%	14.4%	38.9
Q2 24	25.9%	13.9%	39.8
Q3 24	22.7%	13.6%	36.3
Q4 24	21.1%	9.8%	30.9
Q1 25	19.9%	14.0%	34.0
Q2 25	18.9%	14.6%	33.5
Q3 25	19.5%	14.0%	33.4
Q4 25	16.9%	11.1%	28.0
Q1 26	19.6%	14.4%	34.0
Q2 26	18.1%	18.8%	36.9
Q3 26	18.2%	17.5%	35.7

Rule of 40

Revenue Segments

Quarter	License	Service	Subscription and Circulation
Q4 22	$2.0K	$18M	$235M
Q1 23	—	$18M	$250M
Q2 23	—	$18M	$261M
Q3 23	—	$18M	$279M
Q4 23	—	$21M	$293M
Q1 24	—	$16M	$316M
Q2 24	—	$17M	$334M
Q3 24	—	$17M	$348M
Q4 24	—	$21M	$360M
Q1 25	—	$18M	$382M
Q2 25	—	$18M	$400M
Q3 25	—	$19M	$417M
Q4 25	—	$22M	$424M
Q1 26	—	$20M	$458M
Q2 26	—	$21M	$473M
Q3 26	—	$22M	$493M

Revenue by Geography

Quarter	Asia Pacific	Emea	Latin America	North America
Q4 22	$25M	$71M	$13M	$143M
Q1 23	$26M	$70M	$14M	$157M
Q2 23	$27M	$70M	$15M	$168M
Q3 23	$28M	$73M	$17M	$179M
Q4 23	$29M	$79M	$19M	$187M
Q1 24	$30M	$83M	$21M	$199M
Q2 24	$31M	$88M	$24M	$209M
Q3 24	$34M	$90M	$24M	$218M
Q4 24	$36M	$94M	$24M	$227M
Q1 25	$36M	$98M	$25M	$240M
Q2 25	$38M	$102M	$25M	$253M
Q3 25	$38M	$107M	$26M	$266M
Q4 25	$39M	$100M	$28M	$277M
Q1 26	$45M	$152M	$36M	$244M
Q2 26	$46M	$159M	$38M	$251M
Q3 26	$50M	$166M	$41M	$258M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$463M	$0	$463M
Q1 23	$571M	$0	$571M
Q2 23	$563M	$0	$563M
Q3 23	$422M	$0	$422M
Q4 23	$555M	$0	$555M
Q1 24	$701M	$0	$701M
Q2 24	$702M	$0	$702M
Q3 24	$783M	$0	$783M
Q4 24	$779M	$58M	$837M
Q1 25	$930M	$82M	$1.0B
Q2 25	$907M	$98M	$1.0B
Q3 25	$907M	$100M	$1.0B
Q4 25	$1.0B	$96M	$1.1B
Q1 26	$1.2B	$99M	$1.3B
Q2 26	$1.2B	$90M	$1.3B
Q3 26	$1.1B	$97M	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	290M	-0.5%	+0.8%
Q1 23	290M	-0.1%	+0.4%
Q2 23	291M	+0.2%	-0.2%
Q3 23	291M	+0.2%	-0.2%
Q4 23	294M	+0.9%	+1.2%
Q1 24	296M	+0.8%	+2.2%
Q2 24	298M	+0.5%	+2.5%
Q3 24	299M	+0.5%	+2.8%
Q4 24	301M	+0.5%	+2.4%
Q1 25	301M	+0.0%	+1.5%
Q2 25	301M	+0.1%	+1.2%
Q3 25	303M	+0.7%	+1.4%
Q4 25	304M	+0.3%	+1.2%
Q1 26	304M	-0.1%	+1.1%
Q2 26	304M	+0.0%	+1.0%
Q3 26	303M	-0.3%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$70.2K	4K
Q1 23	$74.2K	4K
Q2 23	$77.6K	4K
Q3 23	$82.6K	4K
Q4 23	$75.2K	4K
Q1 24	$79.6K	4K
Q2 24	$84.1K	4K
Q3 24	$87.3K	4K
Q4 24	$81.0K	5K
Q1 25	$84.9K	5K
Q2 25	$89.0K	5K
Q3 25	$92.8K	5K
Q4 25	$85.6K	5K
Q1 26	$91.8K	5K
Q2 26	$95.0K	5K
Q3 26	$99.1K	5K

Revenue / Employee