Datadog (DDOG) 10-K risk factor changes: FY2025 vs FY2024

Unfavorable conditions in the economy both in the United States and abroad, including conditions resulting from changes in gross domestic product growth in the United States or abroad, [added: changes in trade policies, such as trade wars, tariffs or other trade restrictions or the threat of such actions,] financial and credit market fluctuations, fluctuating inflation and interest rates, international trade relations, political turmoil, natural catastrophes, outbreaks of contagious diseases, warfare and terrorist attacks on the United States, Europe, the Asia Pacific region or elsewhere, such as the [removed: war] [added: conflicts] in Ukraine and [removed: conflicts in] the Middle East, could cause a decrease in business investments, including spending on information technology, disrupt the timing and cadence of key industry events, and negatively affect the growth of our business and our results of operations.

Our revenue was [removed: $2,684.3] [added: $3,427.2] million, [removed: $2,128.4] [added: $2,684.3] million and [removed: $1,675.1] [added: $2,128.4] million for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively.

For example, in prior periods customers in our cloud-native cohort, and more recently larger customers in our AI-native cohort, which cohort [added: includes our largest customer and] represented approximately [removed: five] [added: seven] percentage points of our year-over-year revenue growth for the quarter ended December 31, [removed: 2024,] [added: 2025,] have rapidly increased their usage of our product and then optimized or may in the future optimize their [removed: usage.][added: usage or fail to renew their subscriptions.]

If our customers do not purchase additional subscriptions and products from us, [added: reduce their usage,] fail to renew their subscriptions or renew on different terms, our revenue [added: and dollar-based net retention] may decline and our business, financial condition and results of operations may be harmed.

Similarly, our subscription sales could be adversely affected if customers or users within these organizations perceive that features incorporated into competitive products reduce the need for our products or if they prefer to purchase other products that are bundled with solutions offered by other companies that operate in adjacent markets and compete with our [added: products.]

Among other things, our applications, systems, networks, software, other computer assets and physical facilities [added: have been and in the future] could be breached or could otherwise malfunction or fail, or the sensitive information that we store could be otherwise compromised due to employee error or malfeasance, if, for example, third parties fraudulently induce our employees or our members to disclose information or user names and/or passwords, or otherwise compromise the security of our networks, systems and/or physical facilities.

[added: We] could be required to fundamentally change our business activities and practices in response to a security breach or related regulatory actions or litigation, which could have an adverse effect on our business.

- general economic conditions, both domestically and internationally, as well as economic conditions specifically affecting [added: regions and] industries in which our customers participate, including those impacted by the war in Ukraine and conflicts in the Middle East;

The global economy, including credit and financial markets, has experienced [removed: extreme] [added: periods of] volatility and disruptions, including [removed: severely] [added: periods of] diminished liquidity and credit availability, [removed: declines] [added: changes] in consumer confidence, [removed: declines] [added: fluctuations] in economic growth, [removed: increases] [added: volatility] in unemployment rates, fluctuating inflation and interest rates, and uncertainty about economic stability.

If our quarterly results of operations fall below the expectations of investors and securities [added: analysts who follow our stock, the price of our Class A common stock could decline substantially, and we could face costly lawsuits, including securities class action suits.]

If we hire employees from competitors or other companies, their former employers may attempt to assert that these employees or we have breached their legal obligations, resulting in a diversion of our time and [added: resources.]

In particular, we may encounter difficulties assimilating or integrating the businesses, technologies, products and platform capabilities, [removed: personnel] [added: personnel,] internal controls or operations of any acquired companies, particularly if the key personnel of an acquired company choose not to work for us, their software is not easily adapted to work with our platform, or we have difficulty retaining the customers of any acquired business due to changes in ownership, management or otherwise.

We currently offer more than [removed: 850] [added: 1,000] out-of-the-box integrations to assist customers in deploying Datadog, and we need to continuously modify and enhance our products to adapt to changes and innovation in existing and new technologies to maintain and grow our integrations.

Actual or perceived failure by us or the third-parties with whom we work [removed: providers] to comply with such laws, regulations, standards, or contractual obligations could harm our business.

The regulatory framework for and users' expectations around privacy and security issues worldwide is rapidly evolving and as a result, implementation standards and enforcement practices [added: are likely to remain uncertain for the foreseeable future resulting in possible significant operational costs for compliance and risk to our business.]

In addition, Europe and other jurisdictions have enacted [removed: data localization] laws [removed: and] [added: related to data storage location,] cross-border personal data [removed: transfer laws.][added: transfers, and data portability.]

For example, Brazil enacted the General Data Protection Law, New Zealand enacted the New Zealand Privacy Act, [added: Australia enacted the Australia Privacy Act,] China enacted its Personal Information Protection Law, Canada [removed: introduced] [added: has enacted] the [removed: Digital Charter Implementation Act] [added: Personal Information Protection] and [added: Electronic Documents Act, and various related provincial laws and] India enacted the Information Technology Act.

While we utilize a data center in the EEA to maintain certain customer data (which may include personal information) [added: originating from the EEA, we may find it necessary to establish additional systems and processes to maintain such data in the EEA, which may involve substantial expense and distraction from other aspects of our business.]

Laws in all 50 states require businesses to provide notice to customers whose personal information has been disclosed as a result of [removed: a] [added: certain] data [removed: breach.][added: breaches.]

The CCPA provides a private right of action and statutory damages for [added: certain] data breaches and may increase our compliance costs and potential liability with respect to other personal information we collect about California residents.

The CPRA [removed: amends] [added: amended] the CCPA to give California residents the ability to limit the use of their sensitive personal information, provide additional penalties for CPRA violations concerning California residents under the age of 16, and [removed: establish] [added: established] a new California Privacy Protection Agency to implement and enforce the law.

There [removed: is an increasing] [added: continues to be a] focus from [removed: regulators,] certain [added: regulators,] investors and other stakeholders concerning environmental, social, and governance, or ESG, matters, both in the United States and internationally.

As of December 31, [removed: 2024,] [added: 2025,] we have approximately [removed: $263.0] [added: $340.2] million [added: and $474.2 million] of net operating loss carryforwards, or NOLs, for [added: federal and] state income tax purposes, [added: respectively,] which begin to expire in 2028 [added: for state purposes] if not utilized.

[removed: We have fully utilized all] [added: Certain] of [removed: our existing NOLs for federal income tax purposes, other than certain] [added: these] NOLs [removed: of] [added: are attributable to] entities that we have [removed: acquired,] [added: acquired] which are subject to annual limitation under Section 382 of the Internal Revenue Code of 1986, as amended, or the Code, as discussed below.

We are evaluating the impact of any Section 382 limitation on our utilization of [removed: these acquired] [added: our] NOLs.

- changes in tax laws, tax treaties, and regulations or the interpretation of them, including changes [removed: to IRC Section 174] under the U.S. Tax [removed: Cuts and] [added: Cuts,] Jobs [removed: Act and] [added: Act,] the Inflation Reduction [removed: Act;][added: Act, and the One Big Beautiful Bill Act OBBBA;]

- our ability to substantiate and utilize research and development tax credits to offset our future tax liabilities, taking into account any limitations under Section [removed: 382;][added: 382 of the Code;]

These model rules have been adopted by various governments around the world, some of which are effective for tax periods beginning on or after December 31, [removed: 2023.][added: 2024.]

There is no material impact on our financial statements for the tax period ending December 31, [removed: 2024.][added: 2025.]

[added: A change in these principles or interpretations could have] a significant effect on our reported results of operations and could affect the reporting of transactions already completed before the announcement of a change.

Financial Statements and Supplementary Data” of [removed: this] [added: our] Annual Report on Form 10-K.

If we fail to protect our intellectual property rights adequately, our competitors may [removed: gain access to our proprietary technology and] develop and commercialize substantially identical products, services or technologies, our business, financial condition, results of operations or prospects may be harmed.

Further, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims, and countersuits [added: attacking the validity and enforceability of our intellectual property rights, and if such defenses, counterclaims or countersuits are successful, we could lose valuable intellectual property rights.]

[added: If we] fail to comply with these licenses, we may be subject to certain requirements, including requirements that we offer our solutions that incorporate the open source software for no cost, that we make available source code for modifications or derivative works we create based upon, incorporating or using the open source software and that we license such modifications or derivative works under the terms of applicable open source licenses.

Revenue, as determined based on the billing address of our customers, from regions outside of North America was [removed: 30%] [added: 29%] for the year ended December 31, [removed: 2024.][added: 2025.]

As of December 31, [removed: 2024,] [added: 2025,] approximately [removed: 41%] [added: 44%] of our full-time employees were located outside of the United States, [removed: 35%] [added: 34%] of whom were located in France.

- potential changes in trade relations, sanctions, regulations, or [removed: laws;][added: laws including changes in trade policies, such as trade wars, tariffs or other trade restrictions or the threat of such actions;]

- variance in our financial performance from expectations of securities [removed: analysts;][added: analysts or the financial guidance we provide to the public;]

As of December 31, [removed: 2024,] [added: 2025,] our outstanding shares of Class B common stock represented approximately [removed: 44%] [added: 43%] of the voting power of our outstanding capital stock.

For example, if we elect to settle our conversion obligation under our [removed: 0.125% Convertible Senior Notes due 2025, or our 2025 Notes, or our] 0.00% Convertible Senior Notes due 2029, or the 2029 [removed: Notes and together with the 2025] Notes, [removed: the Notes,] in [removed: each case, in] shares of our Class A common stock or a combination of cash and shares of our Class A common stock, the issuance of such Class A common stock may dilute the ownership interests of our stockholders and sales in the public market could adversely affect prevailing market prices.

For instance, there is currently significant uncertainty about trade policies, treaties, tariffs and taxes.

Even in the absence of tariffs or other trade restrictions, the related uncertainty with respect to international trade may lead to continuing volatility in U.S. and global financial and economic conditions and commodity markets, declining consumer confidence, significant inflation and diminished expectations for the economy, and ultimately reduced usage and demand for our products.

Some of our customers may be subject to the EU’s Digital Operational Resilience Act (DORA) and similar regulatory requirements in the United Kingdom related to operational resilience, which has led and will lead certain of our customers to negotiate additional specific provisions with us, including certain mandatory risk management, transparency and continuity provisions.

If we fail to materially comply with these contractual requirements, we may be subject to investigations, audits or other adverse consequences.

For example, in April 2025, we notified customers of access by an unauthorized third party to a number of Datadog source code repositories arising from compromised employee account credentials.

After discovering the access, we revoked the credentials and terminated the unauthorized access.

However, such unauthorized access may increase our vulnerability to certain attacks at a later date through exploitation of our source code, including the exploitation of potential vulnerabilities in the Datadog platform or products, or information stored within the source code.

- the effects of trade policies, such as trade wars, tariffs or other trade restrictions or the threat of such actions;

These difficulties may be amplified by evolving restrictions on immigration, travel, or availability of visas for skilled technology workers.

Current and future restrictions on the availability of visas, increased costs of visas, or delays in the issuance of visas could impair our ability to employ skilled professionals.

Further, countries and states are applying their data and consumer protection laws to AI technologies, and particularly generative AI and interactive chatbots.

Certain jurisdictions impose regulatory obligations focused on cybersecurity resilience, system availability, and incident response.

For example, in the European Union, the Network and Information Security Directive (EU) 2022/2555 (“NIS2”), and in the United Kingdom, the Network and Information Systems Regulations 2018, establish requirements related to risk management, security incident reporting, and business continuity for certain entities.

Failure to comply with these frameworks may result in significant administrative fines, enforcement actions, and operational restrictions.

Additionally, the EU Data Act introduces new obligations related to data portability and services switching, which introduces operational complexities and infrastructure, and may increase our compliance and operational costs.

On January 5, 2026, the OECD released new administrative guidance outlining a “side-by-side” arrangement following agreement on key elements by the OECD/G20 Inclusive Framework on Pillar Two.

We will continue to monitor these developments and pending legislation and evaluate any potential impact on our results of operations.

Any of these developments could adversely affect our results of operations.

products.

We

analysts who follow our stock, the price of our Class A common stock could decline substantially, and we could face costly lawsuits, including securities class action suits.

resources.

are likely to remain uncertain for the foreseeable future resulting in possible significant operational costs for compliance and risk to our business.

originating from the EEA, we may find it necessary to establish additional systems and processes to maintain such data in the EEA, which may involve substantial expense and distraction from other aspects of our business.

A change in these principles or interpretations could have

attacking the validity and enforceability of our intellectual property rights, and if such defenses, counterclaims or countersuits are successful, we could lose valuable intellectual property rights.

If we

- potential changes in laws, regulations and costs affecting our U.K. operations and local employees due to Brexit;

We have hired, and need to continue to hire, additional accounting and financial staff with appropriate public company experience and technical accounting knowledge to comply with Section 404.

Delaware corporation from engaging in any of a broad range of business combinations with any “interested” stockholder for a period of three years following the date on which the stockholder became an “interested” stockholder.

Based on the last reported sale prices of our Class A common stock during the quarter ended December 31, 2024, holders of the 2025 Notes are entitled to convert the 2025 Notes during the first quarter of 2025.

which could adversely affect our liquidity.

*This section of our Annual Report on Form 10-K discusses our financial condition and results of operations for the fiscal years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and year-to-year comparisons between fiscal [removed: 2024] [added: 2025] and fiscal [removed: 2023.][added: 2024.]

A discussion of our financial condition and results of operations for the fiscal year ended December 31, [removed: 2022] [added: 2023] and year-to-year comparisons between fiscal [removed: 2023] [added: 2024] and fiscal [removed: 2022] [added: 2023] that are not included in this Annual Report on Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2023,] [added: 2024,] filed on February [removed: 24, 2023.*][added: 20, 2025.*]

Datadog is the [added: AI-powered] observability and security platform for cloud applications.

Our SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, user experience monitoring, cloud security, [added: service management,] and many other capabilities to provide unified, real-time observability [added: and security for our customers’ entire technology stack.]

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: $1,247.0] [added: $401.3] million in cash and cash equivalents and [removed: $2,942.1] [added: $4,073.5] million in marketable securities.

We have grown rapidly in recent periods, with revenues for the fiscal years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] of [removed: $2,684.3] [added: $3,427.2] million, [removed: $2,128.4] [added: $2,684.3] million, and [removed: $1,675.1] [added: $2,128.4] million, respectively, representing year-over-year growth of [removed: 26%] [added: 28%] from the fiscal year ended December 31, [removed: 2023] [added: 2024] to the fiscal year ended December 31, [removed: 2024] [added: 2025] and [removed: 27%] [added: 26%] from the fiscal year ended December 31, [removed: 2022] [added: 2023] to the fiscal year ended December 31, [removed: 2023.][added: 2024.]

We have continued to make significant expenditures and investments, including in personnel-related costs, sales and marketing, infrastructure and operations, and have [removed: incurred] [added: generated] net income [removed: (losses)] of [removed: $183.7] [added: $107.7] million, [removed: $48.6] [added: $183.7] million and [removed: $(50.2)] [added: $48.6] million for the fiscal years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively.

Our operating cash flow was [removed: $870.6] [added: $1,050.1] million, [removed: $660.0] [added: $870.6] million and [removed: $418.4] [added: $660.0] million for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively.

Our free cash flow was [removed: $775.1] [added: $914.7] million, [removed: $597.5] [added: $775.1] million and [removed: $353.5] [added: $597.5] million for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively.

For example, macroeconomic events including [added: changes in trade policies, such as trade wars, tariffs or other trade restrictions or the threat of such actions,] fluctuating inflation and interest rates, [removed: the Russian invasion of Ukraine,] and the conflicts in [added: Ukraine and] the Middle East have led to economic uncertainty.

In December 2024, we [removed: completed a private offering of] [added: issued] $1.0 billion aggregate principal amount of the 2029 [removed: Notes.][added: Notes in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act.]

The total [added: net] proceeds from the [added: sale of the] 2029 [removed: Notes offering] [added: Notes, after deducting the initial purchasers’ discounts and debt issuance costs,] were approximately $979.1 [removed: million, net of $20.9 million of debt issuance costs.][added: million.]

We also plan to continue to invest in building brand [added: awareness within the development and operations communities.]

As of December 31, [removed: 2024,] [added: 2025,] we had approximately [removed: 30,000] [added: 32,700] customers spanning organizations of a broad range of sizes and industries, compared to approximately [removed: 27,300] [added: 30,000] as of December 31, [removed: 2023.][added: 2024.]

As of December 31, [removed: 2024,] [added: 2025,] we had approximately [removed: 3,610] [added: 4,310] customers with annual run-rate revenue, or ARR, of $100,000 or more, representing [removed: 88%] [added: 90%] of our ARR, up from [removed: 3,190] [added: 3,610] as of December 31, [removed: 2023,] [added: 2024,] representing [removed: 86%] [added: 88%] of our ARR.

As of December 31, [removed: 2024,] [added: 2025,] we had approximately [removed: 462] [added: 603] customers with annual run-rate revenue, or ARR, of $1.0 million or more, up from [removed: 396] [added: 462] as of December 31, [removed: 2023.][added: 2024.]

ARR and MRR should be viewed independently of revenue, and do not represent our revenue under GAAP on a monthly or annualized basis, as they are operating metrics that can be impacted by contract start and end [removed: dates] [added: dates,] and renewal rates.

As of December 31, [removed: 2023,] [added: 2025,] our trailing 12-month dollar-based net retention rate was [removed: mid-110%'s.][added: about 120%.]

Additionally, as of December 31, [removed: 2024,] [added: 2025,] approximately [removed: 50%] [added: 55%] of our customers were using [removed: more than] four [added: or more] products, up from approximately [removed: 47%] [added: 50%] a year [removed: earlier, and] [added: earlier;] approximately [added: 33% of our customers were using six or more products, up from approximately] 26% [added: a year earlier; approximately 18%] of our customers were using [added: eight or] more [removed: than six] products, up from approximately [removed: 22%] [added: 13%] a year [added: earlier; and approximately 9% of our customers were using ten or more products, up from 5% a year] earlier.

Revenue, as determined based on the billing address of our customers, from regions outside of North America was approximately [removed: 30%] [added: 29%] of our total revenue for each of the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

We intend to continue to invest additional resources in our platform infrastructure and our customer support and success organizations to expand the capability of our platform and ensure that our customers are realizing the full benefit of our [added: platform and products.]

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Revenue | | | $ | [removed: 2,684,275] [added: 3,427,158] | | | | | $ | [removed: 2,128,359] [added: 2,684,275] | | | | | $ | [removed: 1,675,100] [added: 2,128,359] | |

| Cost of revenue (1)(2)(3) | | | [removed: 515,531] [added: 686,957] | | | | | | [removed: 409,908] [added: 515,531] | | | | | | [removed: 346,743] [added: 409,908] | | |

| Gross profit | | | [removed: 2,168,744] [added: 2,740,201] | | | | | | [removed: 1,718,451] [added: 2,168,744] | | | | | | [removed: 1,328,357] [added: 1,718,451] | | |

| Research and development (1)(3) | | | [removed: 1,152,703] [added: 1,548,451] | | | | | | [removed: 962,447] [added: 1,152,703] | | | | | | [removed: 752,351] [added: 962,447] | | |

| Sales and marketing (1)(2)(3) | | | [removed: 756,605] [added: 956,423] | | | | | | [removed: 609,276] [added: 756,605] | | | | | | [removed: 495,288] [added: 609,276] | | |

| General and administrative [removed: (1)(3)] [added: (1)(3)(4)] | | | [removed: 205,152] [added: 279,700] | | | | | | [removed: 180,192] [added: 205,152] | | | | | | [removed: 139,413] [added: 180,192] | | |

| Total operating expenses | | | [removed: 2,114,460] [added: 2,784,574] | | | | | | [removed: 1,751,915] [added: 2,114,460] | | | | | | [removed: 1,387,052] [added: 1,751,915] | | |

| Operating [removed: income] (loss) [added: income] | | | [removed: 54,284] [added: (44,373)] | | | | | | [removed: (33,464)] [added: 54,284] | | | | | | [removed: (58,695)] [added: (33,464)] | | |

| Interest expense [removed: (4)] [added: (5)] | | | [removed: (7,068)] [added: (11,059)] | | | | | | [removed: (6,302)] [added: (7,068)] | | | | | | [removed: (16,535)] [added: (6,302)] | | |

| Interest income and other income, net | | | [removed: 156,724] [added: 182,453] | | | | | | [removed: 100,001] [added: 156,724] | | | | | | [removed: 37,160] [added: 100,001] | | |

| Other income, net | | | [removed: 149,656] [added: 171,394] | | | | | | [removed: 93,699] [added: 149,656] | | | | | | [removed: 20,625] [added: 93,699] | | |

| Income [removed: (loss)] before provision for income taxes | | | [removed: 203,940] [added: 127,021] | | | | | | [removed: 60,235] [added: 203,940] | | | | | | [removed: (38,070)] [added: 60,235] | | |

| Provision for income taxes | | | [removed: 20,194] [added: 19,280] | | | | | | [removed: 11,667] [added: 20,194] | | | | | | [removed: 12,090] [added: 11,667] | | |

| Net income [removed: (loss)] | | | $ | [removed: 183,746] [added: 107,741] | | | | | $ | [removed: 48,568] [added: 183,746] | | | | | $ | [removed: (50,160)] [added: 48,568] | |

| Cost of revenue | | | $ | [removed: 26,221] [added: 29,729] | | | | | $ | [removed: 17,578] [added: 26,221] | | | | | $ | [removed: 10,827] [added: 17,578] | |

| Research and development | | | [removed: 363,301] [added: 469,526] | | | | | | [removed: 313,096] [added: 363,301] | | | | | | [removed: 237,120] [added: 313,096] | | |

| Sales and marketing | | | [removed: 122,079] [added: 156,472] | | | | | | [removed: 101,937] [added: 122,079] | | | | | | [removed: 76,735] [added: 101,937] | | |

| General and administrative | | | [removed: 58,735] [added: 94,944] | | | | | | [removed: 49,689] [added: 58,735] | | | | | | [removed: 38,472] [added: 49,689] | | |

Approximately 84% of our customers were using two or more products as of December 31, 2025, consistent with approximately 83% a year earlier.

Usage is measured on a per-unit basis, with the unit of measure differing for each product, based on the unit that, in working with customers and design partners, best indicates the value we deliver,

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

___________________

(4)Includes M&A transaction costs as follows:

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| General and administrative | | | $ | 1,574 | | | | | $ | — | | | | | $ | — | |

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | 2025 | | | | | | 2024 | | | | | | Change | | | | | | % Change | | |

| Revenue | | | $ | 3,427,158 | | | | | $ | 2,684,275 | | | | | $ | 742,883 | | | | | 28 | | % |

| | | | 2025 | | | | | | 2024 | | | | | | Change | | | | | | % Change | | |

| Cost of revenue | | | $ | 686,957 | | | | | $ | 515,531 | | | | | $ | 171,426 | | | | | 33 | | % |

| | | | 2025 | | | | | | 2024 | | | | | | Change | | | | | | % Change | | |

| Research and development | | | $ | 1,548,451 | | | | | $ | 1,152,703 | | | | | $ | 395,748 | | | | | 34 | | % |

| | | | 2025 | | | | | | 2024 | | | | | | Change | | | | | | % Change | | |

| Sales and marketing | | | $ | 956,423 | | | | | $ | 756,605 | | | | | $ | 199,818 | | | | | 26 | | % |

| | | | 2025 | | | | | | 2024 | | | | | | Change | | | | | | % Change | | |

| | | | 2025 | | | | | | 2024 | | | | | | Change | | | | | | % Change | | |

| | | | 2025 | | | | | | 2024 | | | | | | | | |

These increases were partially offset by an increase in proceeds from maturities of marketable securities of $468.8 million and an increase in proceeds from the sale of marketable securities of $30.9 million.

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Year Ended December 31, | | | | | | | | | | | | | | |

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | (in thousands) | | | | | | | | | | | | | | |

In January 2025, the Company completed an assessment of the useful life of its capitalized software development costs, resulting in an increase in the estimated useful life of capitalized software development costs from two to three years.

This change in accounting estimate was effective beginning fiscal year 2025.

and security for our customers’ entire technology stack.

Convertible Senior Notes

We used a portion of the net proceeds from the offering (i) to pay the $100.9 million cost of the privately negotiated capped call transactions relating to the 2029 Notes, or the Capped Calls and (ii) to repurchase for $196.8 million in privately negotiated transactions approximately $112.0 million in aggregate principal amount of the 2025 Notes, including accrued and unpaid interest.

Refer to Note 8, *Convertible Senior Notes*, to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K for further details.

awareness within the development and operations communities.

As of each of the years ended December 31, 2024 and 2023, approximately 83% of our customers were using more than one product.

Usage is measured primarily by the number of hosts or by the volume of data indexed.

A host is generally defined as a server, either in the cloud or on-premise.

Our infrastructure monitoring, APM and network performance monitoring products are priced per host, our logs product is priced primarily per log events indexed and secondarily by events ingested.

Customers also have the option to purchase additional products, such as additional container or serverless monitoring, custom metrics packages, anomaly detection, synthetic monitoring and app analytics.

platform and products.

| Revenue | | | $ | 2,684,275 | | | | | $ | 2,128,359 | | | | | $ | 555,916 | | | | | 26 | | % |

| Cost of revenue | | | $ | 515,531 | | | | | $ | 409,908 | | | | | $ | 105,623 | | | | | 26 | | % |

| Research and development | | | $ | 1,152,703 | | | | | $ | 962,447 | | | | | $ | 190,256 | | | | | 20 | | % |

| Sales and marketing | | | $ | 756,605 | | | | | $ | 609,276 | | | | | $ | 147,329 | | | | | 24 | | % |

In June 2020 and December 2024, we issued $747.5 million aggregate principal amount of the 2025 Notes and $1.0 billion aggregate principal amount of the 2029 Notes, respectively, in private placements to qualified institutional buyers pursuant to Rule 144A under the Securities Act.

The total net proceeds from the sale of the 2025 Notes and the 2029 Notes, after deducting the initial purchasers’ discounts and debt issuance costs, were approximately $730.2 million and $979.1 million, respectively.

We used $196.8 million of the net proceeds from the offering of the 2029 Notes to repurchase approximately $112.0 million in aggregate principal amount of the 2025 Notes, including accrued and unpaid interest, in privately negotiated transactions.

In connection with the partial retirement of the 2025 Notes, we entered into a termination agreement relating to a number of options corresponding to the number of 2025 Notes retired.

We received approximately $54.7 million in connection with such termination agreements.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: $1.2] [added: $0.3] billion in cash equivalents, and [removed: $2.9] [added: $4.1] billion in marketable securities, which consisted of corporate debt securities, commercial paper, certificates of deposit, U.S. government treasury securities, and U.S. government agency securities.

As of December 31, [removed: 2024,] [added: 2025,] a hypothetical 10% relative change in interest rates would not have a material impact on our consolidated financial statements.

In [removed: June 2020 and] December 2024, we issued [removed: $747.5 million and] $1.0 billion aggregate principal amount of the [removed: 2025 Notes and] 2029 [removed: Notes, respectively.][added: Notes.]

The fair value of the [added: 2029] Notes [removed: are] [added: is] subject to interest rate risk, market risk and other factors due to the conversion feature.

The fair value of the [added: 2029] Notes will generally increase as our Class A common stock price increases and will generally decrease as our Class A common stock price declines.

The interest and market value changes affect the fair value of the [added: 2029] Notes but do not impact our [removed: financial position, cash flows, or results of operations due to the fixed nature of the debt obligation.]

Additionally, we carry the [added: 2029] Notes at face value less unamortized issuance costs on our balance sheet, and we present the fair value for required disclosure purposes only.

Our operating expenses are denominated in the currencies of the countries in which our operations are located, which are primarily in the United States, France, [removed: Ireland,] and [removed: the United Kingdom.][added: Ireland.]

[removed: To date,] [added: For the fiscal year 2025,] we have not entered into any hedging arrangements with respect to foreign currency risk or other derivative financial instruments, although we may choose to do so in the future.

financial position, cash flows, or results of operations due to the fixed nature of the debt obligation.

Datadog is the [added: AI-powered] observability and security platform for cloud applications.

Our SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, user experience monitoring, cloud security, [added: service management,] and many other capabilities to provide unified, real-time observability and security for our customers’ entire technology stack.

Historically, engineering teams [added: and data] have been siloed, making the development of next generation applications in dynamic cloud environments challenging.

And while we continue to broaden our capabilities in observability, we have expanded our platform into use cases beyond observability, including cloud security, software delivery, and [removed: cloud] service management.

With our founding goal of breaking down silos between Dev and Ops, we set out in 2010 to build a real-time data integration platform to turn [added: the] chaos of [removed: having] uncorrelated data from disparate sources into digestible and actionable insights.

Our proprietary platform combines the power of metrics, traces, logs, user sessions, security signals, and other data from a single agent and over [removed: 850] [added: 1,000] integrations to provide a unified view of infrastructure, application performance and the real-time events impacting performance.

Customers can deploy our platform across their entire infrastructure, making it ubiquitous and a daily part of the lives of developers, operations engineers, security professionals, [added: product designers,] and business leaders.

[removed: We believe that our] [added: Our] platform currently addresses [removed: a significant portion of] the IT Operations Management market.

According to Gartner, the IT Operations Management market represents a [removed: $81] [added: $82] billion opportunity in [removed: 2028.][added: 2029.]

Today, our platform combines infrastructure monitoring, application performance monitoring, log management, user experience monitoring, security monitoring, [removed: cloud] service management, and developer-focused monitoring in one integrated data platform.

We have over [removed: 850] [added: 1,000] out-of-the-box integrations with technologies to provide significant value to our customers without the need for professional services.

- Powered by robust [removed: machine-learning and] artificial [removed: intelligence.][added: intelligence and machine learning capabilities.]

Our [removed: platform's Watchdog capabilities feature] [added: platform features an increasingly broad and deep set of] artificial intelligence and machine learning [added: capabilities] that can cross-correlate metrics, traces, logs, sessions, security signals, and other data to identify outliers and notify users of potential anomalies; discover and help resolve issues quickly with automated root cause analysis; augment the troubleshooting workflow with contextual insights; and [removed: minimize impact on customers.][added: recommend and implement incident resolution actions; all with the goal of improving business outcomes.]

As of December 31, [removed: 2024,] [added: 2025,] we had approximately [removed: 30,000] [added: 32,700] customers in over [removed: 150] [added: 160] countries.

Our base of approximately [removed: 30,000] [added: 32,700] customers as of December 31, [removed: 2024] [added: 2025] represents a significant opportunity for further sales expansion.

For example, in 2017 we launched APM; in 2018 we launched Log Management; in 2019 we launched Digital Experience Monitoring and Network Performance Monitoring; in 2020 we launched Cloud SIEM, Continuous Profiler and Incident Management; in 2021 we launched Cloud Security Posture Management, Cloud Workload Security, Database Monitoring, and Sensitive Data Scanner; in 2022 we launched Application Security Management, Cloud Security Management, Audit Trail, Observability Pipelines, Cloud Cost Management, and Universal Service Monitoring; in 2023 we launched Application Vulnerability Management, Data Streams Monitoring, and Workflow Automation; [removed: and] in 2024 we launched Event Management and LLM [removed: Observability.][added: Observability; and in 2025 we launched OnCall, Product Analytics, and Bits AI SRE.]

Our platform is modular and includes infrastructure monitoring, application performance monitoring, log management, user experience monitoring, network performance monitoring, cloud and application security, developer-focused observability, [removed: and cloud] service management, [added: and product analytics,] as well as a range of shared features such as sophisticated dashboards, advanced analytics, collaboration tools, workflow automation, and alerting capabilities.

Our platform is supported by more than [removed: 850] [added: 1,000] integrations to seamlessly aggregate metrics and events across all of the systems and services that power digital businesses.

- [removed: 850+] [added: 1,000+] Fully Supported Integrations. We offer more than [removed: 850] [added: 1,000] out-of-the-box integrations including public cloud, private cloud, on-premise hardware, databases and third-party software.

[added: - Synthetics.] Synthetics provides user-experience monitoring of applications and API endpoints via simulated AI-powered user requests to proactively track application performance and ensure uptime.

[added: - Real User Monitoring (RUM).] RUM provides analysis and visualization of the performance of web browser and mobile applications as experienced by [removed: all] actual users.

DJM helps data platform teams and data engineers detect, remediate, and optimize problematic Spark and Databricks [removed: jobs,][added: jobs.]

- Workflow [removed: Automation.] [added: Automation and App Builder.] Workflow Automation enables customers to easily automate and orchestrate processes across their tech stacks, with hundreds of out-of-the-box actions and dozens of customizable blueprints.

- Cloud SIEM. Cloud SIEM (Security Information and Event Management) allows customers to detect [removed: threats in real time] and investigate [removed: security signals] [added: threats] across [removed: metrics, traces, logs,] [added: dynamic, cloud-scale environments,] and [removed: other data.][added: cost-effectively store and analyze operational and security logs in real-time, while using out-of-the-box integrations and detection rules to automatically surface threats and visually investigate them.]

- [removed: Sensitive] [added: Sensitive] Data Scanner. Sensitive Data Scanner helps businesses meet compliance goals by discovering, classifying, and redacting sensitive data, in real-time and at scale.

- Event Management. Event Management uses [removed: AIOps] [added: AI and machine learning technologies] to intelligently aggregate and consolidate alerts into one consistent view to help centralized operations teams discover and resolve issues faster.

As of December 31, [removed: 2024,] [added: 2025,] we had approximately [removed: 3,000] [added: 3,600] employees in our sales and marketing organization, including sales development, field sales, sales engineering, technical solutions, business development, sales operations, sales strategy, customer success and marketing personnel.

As of December 31, [removed: 2024,] [added: 2025,] we had approximately [removed: 3,100] [added: 3,900] employees in our research and development organization.

As of December 31, [removed: 2024,] [added: 2025,] we had approximately [removed: 6,500] [added: 8,100] employees operating across [removed: 33] [added: 35] countries.

Approximately [removed: 41%] [added: 44%] of our full-time employees as of that date were located outside of the United States, [removed: 35%] [added: 34%] of whom were located in France.

As of December 31, [removed: 2024,] [added: 2025,] we own [removed: forty-two] [added: 43] patents globally, [removed: nine] [added: 18] patent applications pending for examination in the United States, [removed: three] [added: 3] pending PCT applications, and [removed: four] [added: 3] pending foreign patent applications.

The pending U.S. patent applications, if issued, would be scheduled to expire between [removed: 2039] [added: 2043] and [removed: 2043.][added: 2045.]

As of December 31, [removed: 2024,] [added: 2025,] we own [removed: nine] [added: 11] registered trademarks in the United States and [removed: one hundred twenty-four] [added: 127] registered trademarks in various non-U.S. jurisdictions.

And they are increasingly adopting AI capabilities as part of this transformation.

In 2025, we launched OnCall to create on-call schedules and integrate real-time observability data into customers' incident response plans, Product Analytics to improve business outcomes and product development decisions with quantitative insights into user experiences and behavior, and Bits AI SRE Agent to autonomously investigate alerts, surface root causes, and draft summaries about incidents.

Within the IT Operations Management market, the Gartner Health and Performance Analytics (Observability) market represents a $39 billion opportunity in 2029.

Beyond Gartner’s IT Operations Management market, we have also been expanding our platform and product suite into certain segments of Gartner’s Security Software, Application Development, and Analytic Platforms markets.

We believe the markets we participate in across Gartner’s IT Operations Management, Security Software, Application Development, and Analytic Platforms market in total represent a $187 billion market opportunity in 2029.

In recent years, as the platform has expanded to more use cases, Datadog has additionally enabled security teams, data engineers, product designers, developers, and business users to collaborate and improve outcomes.

Our platform ingests massive amounts of data, which we correlate and analyze for actionable insights.

- Product Analytics. Product Analytics provides engineering leaders, product owners, and product managers a complete picture of product, user, and performance data across applications, helping users to take action to improve business outcomes related to higher monthly active users, conversions, or average order value.

- Incident Response. Incident Response unifies monitoring, paging, and incident management into one seamless workflow.

By integrating real-time observability data into the incident response plan, it enables smarter, faster decision making and saves critical remediation time.

App Builder provides a low-code solution to rapidly develop and integrate secure customized applications to accelerate remediation at scale.

- Bits AI SRE. Bits AI SRE is an always-on, AI-enabled SRE agent built to handle complex troubleshooting.

Powered by Datadog's vast dataset and developed against thousands of real-world incidents, Bits AI SRE pinpoints root causes quickly, helping teams confidently restore services faster.

- Cloud Security. Cloud Security uses agentless technology to scan customers' infrastructure to identify vulnerabilities, misconfigurations, identity risks, and compliance violations.

Tightly integrated in the Datadog unified platform, Cloud Security allows users to detect, prioritize, and fix security issues faster and more effectively improve their organization's security posture.

- Code Security. Code Security delivers runtime-based prioritization of vulnerabilities with a platform approach to remediation, and clear visibility into remediation progress across the software development life cycle.

Code Security capabilities include securing code in development, including first-party code as well as third-party, open-source code and securing code at runtime.

- Threat Management. Threat Management includes detecting threats in infrastructure with Workload Protection, and detecting threats in applications with App & API Protection.

Workload Protection performs deep, in-kernel analysis of workload activity across hosts and containers to uncover threats.

App & API Protection helps teams secure APIs with unified visibility, posture management, and runtime protection.

This includes our focus on AI-driven innovation: we have created an AI Research Lab to develop novel solutions, and engineers across our research and development organization are tasked with using AI and developing AI capabilities within their platform and product areas.

In 2024, we launched Event Management to aggregate and consolidate alerts to accelerate remediation, and LLM Observability to help customers investigate how they can safely deploy and manage their models in production.

We believe a large portion of this spend is for legacy on-premise and private cloud environments but does not fully include the opportunity in modern multi-cloud and hybrid cloud environments.

Our platform is designed to address both legacy and modern environments.

Our platform ingests massive amounts of data into our unified data warehouse.

We develop actionable insights using our advanced analytics capabilities.

Our market penetration is low.

- Digital Experience Monitoring. Digital Experience Monitoring brings visibility up the stack to monitor the digital experience of the user and consists of Synthetics, Real User Monitoring (RUM), and Session Replay.

Session Replay captures and visually replays users' web browser and mobile application experiences to help identify errors, application usage patterns, and design issues.

- Universal Service Monitoring. Universal Service Monitoring automatically detects all microservices across an organization's environment and provides instant visibility into their health and dependencies—all without any code changes.

- Incident Management. Incident Management allows users to declare incidents, investigate root cause and dependencies, collaborate around a shared view of the incident, follow to resolution, and auto-generate post-mortem documentations, all within the Datadog platform.

Workflow Automation enables automated actions based on observability insights for faster incident remediation, proactive prevention, and improved security.

- Cloud Security Management. Cloud Security Management delivers vulnerability management, automated compliance checks, continuous posture management, real-time threat detection, identity risk assessments, and a comprehensive resource inventory across the entire cloud infrastructure, all in a unified platform for seamless collaboration and faster remediation.

With a unified platform and real-time observability context, DevOps and security teams can quickly remediate issues and continuously improve their organization's security posture.

- Application Security Management. Application Security Management (ASM) delivers continuous, real-time visibility into attacks that target customers' web applications, serverless applications, and APIs.

ASM is automatically integrated with APM distributed traces and code-level context, empowering Dev, Ops, and security teams to build and run secure applications in production.

Application Vulnerability Management continuously monitors customers' production environments for both code-level and open-source vulnerabilities.

It provides the engineering organization, including Dev, Ops, and security teams, visibility into common data sources, in order to better operationalize IT security.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

| 620 8th [removed: Avenue,] [added: Avenue , 45th Floor] | | | [removed: 45th Floor] | | | | | | | | |

| New [removed: York,] [added: York, New York 10018] | | | [removed: NY] | | | | | | [removed: 10018] | | |

| (Address of principal executive [removed: offices)] [added: offices, including zip code)] | | | | | | | | | [removed: (Zip Code)] | | |

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based on the closing price of the registrant’s shares of Class A common stock as reported by The Nasdaq Global Select Market on June 30, [removed: 2024] [added: 2025] was approximately [removed: $39.2] [added: $43.0] billion.

As of February [removed: 6, 2025,] [added: 5, 2026,] there were [removed: 317,257,399] [added: 328,274,648] shares of the registrant’s Class A common stock and [removed: 25,506,617] [added: 24,301,433] shares of the registrant’s Class B common stock, each with a par value of $0.00001 per share, outstanding.

Portions of the registrant’s Proxy Statement for its [removed: 2025] [added: 2026] Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.

Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, [removed: 2024.][added: 2025.]

[removed: 2024] [added: 2025] ANNUAL REPORT ON FORM 10-K

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| [PART [removed: II.](#ibf53bde5732d4193a1a58f76e69d8d61_43)] [added: II.](#ibc9291ded86b4d5887357cb94c3fafb6_43)] | | | | | | | | |

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| [Item [removed: 9B.](#ibf53bde5732d4193a1a58f76e69d8d61_172)] [added: 9B.](#ibc9291ded86b4d5887357cb94c3fafb6_169)] | | | [Other [removed: Information](#ibf53bde5732d4193a1a58f76e69d8d61_172)] [added: Information](#ibc9291ded86b4d5887357cb94c3fafb6_169)] | | | [removed: [91](#ibf53bde5732d4193a1a58f76e69d8d61_172)] [added: [95](#ibc9291ded86b4d5887357cb94c3fafb6_169)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ibf53bde5732d4193a1a58f76e69d8d61_178).] [added: Inspections](#ibc9291ded86b4d5887357cb94c3fafb6_175).] | | | [removed: [92](#ibf53bde5732d4193a1a58f76e69d8d61_178)] [added: [96](#ibc9291ded86b4d5887357cb94c3fafb6_175)] | | |

| [Item [removed: 10.](#ibf53bde5732d4193a1a58f76e69d8d61_184)] [added: 10.](#ibc9291ded86b4d5887357cb94c3fafb6_181)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#ibf53bde5732d4193a1a58f76e69d8d61_184)] [added: Governance](#ibc9291ded86b4d5887357cb94c3fafb6_181)] | | | [removed: [93](#ibf53bde5732d4193a1a58f76e69d8d61_184)] [added: [97](#ibc9291ded86b4d5887357cb94c3fafb6_181)] | | |

| [Item [removed: 11.](#ibf53bde5732d4193a1a58f76e69d8d61_187)] [added: 11.](#ibc9291ded86b4d5887357cb94c3fafb6_184)] | | | [Executive [removed: Compensation](#ibf53bde5732d4193a1a58f76e69d8d61_187)] [added: Compensation](#ibc9291ded86b4d5887357cb94c3fafb6_184)] | | | [removed: [93](#ibf53bde5732d4193a1a58f76e69d8d61_187)] [added: [97](#ibc9291ded86b4d5887357cb94c3fafb6_184)] | | |

| [Item [removed: 12.](#ibf53bde5732d4193a1a58f76e69d8d61_190)] [added: 12.](#ibc9291ded86b4d5887357cb94c3fafb6_187)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ibf53bde5732d4193a1a58f76e69d8d61_190)] [added: Matters](#ibc9291ded86b4d5887357cb94c3fafb6_187)] | | | [removed: [93](#ibf53bde5732d4193a1a58f76e69d8d61_190)] [added: [97](#ibc9291ded86b4d5887357cb94c3fafb6_187)] | | |

| [Item [removed: 13.](#ibf53bde5732d4193a1a58f76e69d8d61_193)] [added: 13.](#ibc9291ded86b4d5887357cb94c3fafb6_190)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ibf53bde5732d4193a1a58f76e69d8d61_193)] [added: Independence](#ibc9291ded86b4d5887357cb94c3fafb6_190)] | | | [removed: [93](#ibf53bde5732d4193a1a58f76e69d8d61_193)] [added: [97](#ibc9291ded86b4d5887357cb94c3fafb6_190)] | | |

| [Item [removed: 14.](#ibf53bde5732d4193a1a58f76e69d8d61_196)] [added: 14.](#ibc9291ded86b4d5887357cb94c3fafb6_193)] | | | [Principal Accounting Fees and [removed: Services](#ibf53bde5732d4193a1a58f76e69d8d61_196)] [added: Services](#ibc9291ded86b4d5887357cb94c3fafb6_193)] | | | [removed: [93](#ibf53bde5732d4193a1a58f76e69d8d61_196)] [added: [97](#ibc9291ded86b4d5887357cb94c3fafb6_193)] | | |

| [Item [removed: 15.](#ibf53bde5732d4193a1a58f76e69d8d61_202)] [added: 15.](#ibc9291ded86b4d5887357cb94c3fafb6_199)] | | | [Exhibits, Financial Statement [removed: Schedules](#ibf53bde5732d4193a1a58f76e69d8d61_202)] [added: Schedules](#ibc9291ded86b4d5887357cb94c3fafb6_199)] | | | [removed: [94](#ibf53bde5732d4193a1a58f76e69d8d61_202)] [added: [98](#ibc9291ded86b4d5887357cb94c3fafb6_199)] | | |

| [Item [removed: 16.](#ibf53bde5732d4193a1a58f76e69d8d61_205)] [added: 16.](#ibc9291ded86b4d5887357cb94c3fafb6_202)] | | | [Form 10-K [removed: Summary](#ibf53bde5732d4193a1a58f76e69d8d61_205)] [added: Summary](#ibc9291ded86b4d5887357cb94c3fafb6_202)] | | | [removed: [96](#ibf53bde5732d4193a1a58f76e69d8d61_205)] [added: [100](#ibc9291ded86b4d5887357cb94c3fafb6_202)] | | |

- We have a history of operating losses and may not [removed: achieve or] sustain profitability in the future.

The Gartner Content speaks as of its original publication date in December [removed: 2024] [added: 2025] (and not as of the date of this Annual Report on Form 10-K) and the opinions expressed in the Gartner Content are subject to change without notice.

| [PART I.](#ibc9291ded86b4d5887357cb94c3fafb6_19) | | | | | | | | |

| [PART III.](#ibc9291ded86b4d5887357cb94c3fafb6_178) | | | | | | | | |

| [PART IV.](#ibc9291ded86b4d5887357cb94c3fafb6_196) | | | | | | | | |

| [Signatures](#ibc9291ded86b4d5887357cb94c3fafb6_205) | | | | | | [101](#ibc9291ded86b4d5887357cb94c3fafb6_205) | | |

| [PART I.](#ibf53bde5732d4193a1a58f76e69d8d61_19) | | | | | | | | |

| [PART III.](#ibf53bde5732d4193a1a58f76e69d8d61_181) | | | | | | | | |

| [PART IV.](#ibf53bde5732d4193a1a58f76e69d8d61_199) | | | | | | | | |

| [Signatures](#ibf53bde5732d4193a1a58f76e69d8d61_208) | | | | | | [97](#ibf53bde5732d4193a1a58f76e69d8d61_208) | | |

We have established an incident response plan that addresses our response to cybersecurity incidents, and we require periodic training for [added: our employees on cybersecurity threats.]

In addition, certain Datadog products are subject to specific compliance requirements and standards, including, as applicable, ISO 27001, SOC 2, PCI, and FedRAMP [removed: (Low and Moderate),] [added: (Moderate),] and are tested and evaluated by third-party auditors against those applicable compliance requirements and standards.

Emilio Escobar has served as our Chief Information Security [added: Officer since September 2020.]

our employees on cybersecurity threats.

Officer since September 2020.

Our current principal executive office is located in New York, New York and, as of December 31, [removed: 2024,] [added: 2025,] it consists of approximately [removed: 301,000] [added: 395,000] square feet of space under leases that expire in June 2033.

We lease other offices around the world for our employees, including in Boston, Denver, San Francisco, Paris, Dublin, Amsterdam, Sydney, Tokyo, [added: Singapore] and [removed: Singapore.][added: Seoul.]

As of February [removed: 6, 2025,] [added: 5, 2026,] there were [removed: 41] [added: 54] holders of record of our Class A common stock and [removed: 24] [added: 30] holders of record of our Class B common stock.

During the year ended December 31, [removed: 2024,] [added: 2025,] we issued [removed: 40,577] [added: 771,355] shares of Class A common stock as consideration in acquisitions.

The graph below shows a comparison, from September 19, 2019 [removed: (the date our Class A common stock commenced trading on Nasdaq)] through December 31, [removed: 2024,] [added: 2025,] of the cumulative total return to stockholders of our Class A common stock relative to the [removed: Nasdaq-100 Index, or the Nasdaq 100,] [added: Standard & Poor's 500 Stock Index (S&P 500),] and the Nasdaq Computer Index, or the Nasdaq Computer.

The graph assumes that $100 was invested in each of our Class A common stock, the [removed: Nasdaq 100] [added: S&P 500] and the Nasdaq Computer at their respective closing prices on September 19, 2019 and assumes reinvestment of gross dividends.

[removed: ][added: ]

| [Report of Independent Registered Public Accounting [removed: Firm](#ibf53bde5732d4193a1a58f76e69d8d61_88)] [added: Firm](#ibc9291ded86b4d5887357cb94c3fafb6_88)] (PCAOB ID No. 34) | | | [removed: [58](#ibf53bde5732d4193a1a58f76e69d8d61_88)] [added: [60](#ibc9291ded86b4d5887357cb94c3fafb6_88)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023](#ibf53bde5732d4193a1a58f76e69d8d61_91)] [added: 2024](#ibc9291ded86b4d5887357cb94c3fafb6_91)] | | | [removed: [60](#ibf53bde5732d4193a1a58f76e69d8d61_91)] [added: [62](#ibc9291ded86b4d5887357cb94c3fafb6_91)] | | |

| [Consolidated Statements of Operations for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#ibf53bde5732d4193a1a58f76e69d8d61_94)] [added: 2023](#ibc9291ded86b4d5887357cb94c3fafb6_94)] | | | [removed: [61](#ibf53bde5732d4193a1a58f76e69d8d61_94)] [added: [63](#ibc9291ded86b4d5887357cb94c3fafb6_94)] | | |

| [Consolidated Statements of Comprehensive [removed: Income (Loss) for] [added: Income](#ibc9291ded86b4d5887357cb94c3fafb6_97) [for] the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#ibf53bde5732d4193a1a58f76e69d8d61_97)] [added: 2023](#ibc9291ded86b4d5887357cb94c3fafb6_97)] | | | [removed: [62](#ibf53bde5732d4193a1a58f76e69d8d61_97)] [added: [64](#ibc9291ded86b4d5887357cb94c3fafb6_97)] | | |

| [Consolidated Statements of Stockholders’ [removed: Equity](#ibf53bde5732d4193a1a58f76e69d8d61_100) [for] [added: Equity for] the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#ibf53bde5732d4193a1a58f76e69d8d61_100)] [added: 2023](#ibc9291ded86b4d5887357cb94c3fafb6_100)] | | | [removed: [63](#ibf53bde5732d4193a1a58f76e69d8d61_100)] [added: [65](#ibc9291ded86b4d5887357cb94c3fafb6_100)] | | |

| [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#ibf53bde5732d4193a1a58f76e69d8d61_103)] [added: 2023](#ibc9291ded86b4d5887357cb94c3fafb6_103)] | | | [removed: [64](#ibf53bde5732d4193a1a58f76e69d8d61_103)] [added: [66](#ibc9291ded86b4d5887357cb94c3fafb6_103)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ibf53bde5732d4193a1a58f76e69d8d61_106)] [added: Statements](#ibc9291ded86b4d5887357cb94c3fafb6_106)] | | | [removed: [65](#ibf53bde5732d4193a1a58f76e69d8d61_106)] [added: [67](#ibc9291ded86b4d5887357cb94c3fafb6_106)] | | |

We have audited the accompanying consolidated balance sheets of Datadog, Inc. and its subsidiaries (the “Company”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated balance sheets, statements of operations, comprehensive [removed: income (loss),] [added: income,] stockholders' equity, and cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 20, 2025,] [added: 18, 2026,] expressed an unqualified opinion on the Company's internal control over financial reporting.

Critical Audit [removed: Matters][added: Matter]

The critical audit [removed: matters] [added: matter] communicated below [removed: are matters] [added: is a matter] arising from the current-period audit of the financial statements that [removed: were] [added: was] communicated or required to be communicated to the audit committee and that (1) [removed: relate] [added: relates] to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matters] [added: matter] below, providing separate opinions on the critical audit [removed: matters] [added: matter] or on the accounts or disclosures to which they relate.

| | | | [removed: December 31, 2024] | | | [added: 2024] | | | [removed: December 31, 2023] | | | [added: 2023 | | |]

| [removed: Cash and cash equivalents |] [added: CASH AND CASH EQUIVALENTS—Beginning of period] | | [removed: $] | 1,246,983 | | | | | [removed: $] | 330,339 | | [added: | | | | 342,288 | | |]

| Marketable securities | | | [removed: 2,942,076] [added: 4,073,531] | | | | | | [removed: 2,252,559] [added: 2,942,076] | | |

| Accounts receivable, net of allowance for credit losses of [removed: $16,302] [added: $19,292] and [removed: $12,096] [added: $16,302] as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively | | | [removed: 598,919] [added: 741,262] | | | | | | [removed: 509,279] [added: 598,919] | | |

| Deferred contract costs, current | | | [removed: 56,095] [added: 76,022] | | | | | | [removed: 44,938] [added: 56,095] | | |

| Prepaid expenses and other current assets | | | [removed: 67,042] [added: 90,160] | | | | | | [removed: 41,022] [added: 67,042] | | |

| Total current assets | | | [removed: 4,911,115] [added: 5,382,280] | | | | | | [removed: 3,178,137] [added: 4,911,115] | | |

| Property and equipment, net | | | [removed: 226,970] [added: 338,093] | | | | | | [removed: 171,872] [added: 226,970] | | |

| Operating lease assets | | | [removed: 172,512] [added: 214,674] | | | | | | [removed: 126,562] [added: 172,512] | | |

| Goodwill | | | [removed: 360,381] [added: 530,568] | | | | | | [removed: 352,694] [added: 360,381] | | |

| Intangible assets, net | | | [removed: 3,711] [added: 14,968] | | | | | | [removed: 9,617] [added: 3,711] | | |

| Deferred contract costs, non-current | | | [removed: 86,573] [added: 126,708] | | | | | | [removed: 73,728] [added: 86,573] | | |

| Other assets | | | [removed: 24,077] [added: 36,553] | | | | | | [removed: 23,462] [added: 24,077] | | |

| TOTAL ASSETS | | | $ | [removed: 5,785,339] [added: 6,643,844] | | | | | $ | [removed: 3,936,072] [added: 5,785,339] | |

| Accounts payable | | | $ | [removed: 107,731] [added: 148,791] | | | | | $ | [removed: 87,712] [added: 107,731] | |

| Accrued expenses and other current liabilities | | | [removed: 127,136] [added: 209,595] | | | | | | [removed: 127,631] [added: 127,136] | | |

| Operating lease liabilities, current | | | [removed: 31,970] [added: 39,369] | | | | | | [removed: 21,974] [added: 31,970] | | |

| Convertible senior notes, net, current | | | [removed: 634,023] [added: —] | | | | | | [removed: —] [added: 634,023] | | |

| Deferred revenue, current | | | [removed: 961,853] [added: 1,193,646] | | | | | | [removed: 765,735] [added: 961,853] | | |

| Total current liabilities | | | [removed: 1,862,713] [added: 1,591,401] | | | | | | [removed: 1,003,052] [added: 1,862,713] | | |

| Operating lease liabilities, non-current | | | [removed: 196,905] [added: 256,187] | | | | | | [removed: 138,128] [added: 196,905] | | |

| Convertible senior notes, net, non-current | | | [removed: 979,282] [added: 983,449] | | | | | | [removed: 742,235] [added: 979,282] | | |

| Deferred revenue, non-current | | | [removed: 22,693] [added: 68,711] | | | | | | [removed: 21,210] [added: 22,693] | | |

| Other liabilities | | | [removed: 9,383] [added: 11,890] | | | | | | [removed: 6,093] [added: 9,383] | | |

| Total liabilities | | | [removed: 3,070,976] [added: 2,911,638] | | | | | | [removed: 1,910,718] [added: 3,070,976] | | |

| Class A common stock, $0.00001 par value per share; 2,000,000,000 shares authorized as of December 31, [removed: 2024] [added: 2025] and [removed: 2023; 316,787,538] [added: 2024; 328,117,781] and [removed: 305,395,175] [added: 316,787,538] shares issued and outstanding as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively | | | 3 | | | | | | 3 | | |

| Class B common stock, $0.00001 par value per share; 310,000,000 shares authorized as of December 31, [removed: 2024] [added: 2025] and [removed: 2023; 25,331,244] [added: 2024; 24,408,190] and [removed: 25,684,571] [added: 25,331,244] shares issued and outstanding as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively | | | — | | | | | | — | | |

February 18, 2026

| | | | December 31, 2025 | | | | | | December 31, 2024 | | |

| Retained earnings | | | 137,789 | | | | | | 30,048 | | |

| Net income | | | $ | 107,741 | | | | | $ | 183,746 | | | | | $ | 48,568 | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 107,741 | | | | | | 107,741 | | |

| BALANCE—December 31, 2025 | | | 352,525,971 | | | | | | $ | 3 | | | | | $ | 3,579,010 | | | | | $ | 15,404 | | | | | $ | 137,789 | | | | | $ | 3,732,206 | |

(in thousands)

| Net income | | | $ | 107,741 | | | | | $ | 183,746 | | | | | $ | 48,568 | |

In January 2025, the Company completed an assessment of the useful life of its capitalized software development costs, resulting in an increase in the estimated useful life of capitalized software development costs from two to three years.

This change in accounting estimate was effective beginning fiscal year 2025.

Under the new guidance, entities must categorize and provide greater disaggregation of information in the rate reconciliation.

They must also further disaggregate income taxes paid.

The Company adopted this standard on a prospective basis in its consolidated financial statements for the year ended December 31, 2025.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU No. 2025-05"), which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606.

The practical expedient permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset.

The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU No. 2025-06"), to modernize the accounting for software costs that are accounted for under Subtopic 350-40.

The ASU removes all references to software development stages and allows software development costs to be capitalized once management commits to funding the project and it is probable that the project will be completed and used as intended.

The ASU also introduces the concept of "significant development uncertainty," which, if present, prevents capitalization.

The guidance is effective for annual reporting periods, including interim reporting periods, beginning after December 15, 2027.

The guidance may be applied prospectively, retrospectively, or via a modified prospective transition method.

The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topics 270): Narrow-Scope Improvements ("ASU No. 2025-11"), which amends guidance related to interim financial reporting.

The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.

The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

| | | | December 31, 2025 | | | | | | | | | | | | | | | | | | | | |

| Corporate debt securities | | | $ | 2,577,421 | | | | | $ | 6,103 | | | | | $ | (131) | | | | | $ | 2,583,393 | |

| U.S. government treasury securities | | | 693,907 | | | | | | 1,993 | | | | | | (6) | | | | | | 695,894 | | |

| Commercial paper | | | 599,663 | | | | | | 304 | | | | | | — | | | | | | 599,967 | | |

| Certificates of deposit | | | 192,685 | | | | | | 99 | | | | | | — | | | | | | 192,784 | | |

| Marketable securities | | | $ | 4,065,166 | | | | | $ | 8,502 | | | | | $ | (137) | | | | | $ | 4,073,531 | |

| Total | | | $ | 4,073,531 | |

| Commercial paper | | | — | | | | | | 599,967 | | | | | | — | | | | | | 599,967 | | |

| Certificates of deposit | | | — | | | | | | 192,784 | | | | | | — | | | | | | 192,784 | | |

| Total financial assets | | | $ | 311,106 | | | | | $ | 4,104,934 | | | | | $ | — | | | | | $ | 4,416,040 | |

| | | | December 31, 2025 | | | | | | December 31, 2024 | | |

2025 Acquisitions

The total purchase price in aggregate of $178.4 million consisted of $109.3 million in cash payments, net of cash acquired, $16.1 million of deferred acquisition holdback payments and the issuance of 770,044 restricted shares of Class A common stock.

The purchase price allocations are preliminary.

The Company continues to collect information with regard to its estimates and assumptions, including potential liabilities and contingencies.

February 20, 2025

| Retained earnings (accumulated deficit) | | | 30,048 | | | | | | (153,698) | | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

(in thousands, except share data)

| BALANCE—December 31, 2021 | | | 313,365,437 | | | | | | $ | 3 | | | | | $ | 1,197,136 | | | | | $ | (3,830) | | | | | $ | (152,106) | | | | | $ | 1,041,203 | |

| Net loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (50,160) | | | | | | (50,160) | | |

| CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period | | | 330,339 | | | | | | 342,288 | | | | | | 274,463 | | |

| Vesting of early exercised options | | | $ | — | | | | | $ | — | | | | | $ | 33 | |

| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOW IN THE STATEMENTS OF CASH FLOWS ABOVE: | | | | | | | | | | | | | | | | | |

| Restricted cash | | | — | | | | | | — | | | | | | 3,303 | | |

| Total cash, cash equivalents and restricted cash | | | $ | 1,246,983 | | | | | $ | 330,339 | | | | | $ | 342,288 | |

Restricted Cash

Restricted cash primarily consists of collateralized letters of credit established in connection with lease agreements for the Company’s facilities.

Restricted cash is included in current assets for leases that expire within one year and is included in non-current assets for leases that expire in more than one year from the balance sheet date.

In November 2023, the FASB issued ASU No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (“ASU No. 2023-07”), which intends to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The Company adopted ASU No. 2023-07 on January 1, 2024 retrospectively and the adoption did not have a material effect on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-04, *Debt-Debt with Conversion and Other Options (Subtopic 470-20)* ("ASU No. 2024-04"), which intends to clarify the conditions in which induced conversion applies to convertible debt by outlining three criteria that must be met for an entity to apply the induced conversion model.

Early adoption is permitted as of the beginning of a reporting period if the entity has also adopted ASU 2020-06 for that period.

The Company early adopted ASU 2024-04 on January 1, 2024 on a prospective basis and applied the amendments in this ASU to the repurchase of the 2025 Notes.

Refer to Note 8*, Convertible Senior Notes*, to the consolidated financial statements for further details.

The Company has not early adopted ASU No. 2023-09 as of December 31, 2024 and is evaluating its impact.

| | | | December 31, 2023 | | | | | | | | | | | | | | | | | | | | |

| Corporate debt securities | | | $ | 776,323 | | | | | $ | 770 | | | | | $ | (1,140) | | | | | $ | 775,953 | |

| Commercial paper | | | 605,291 | | | | | | 570 | | | | | | (75) | | | | | | 605,786 | | |

| U.S. government treasury securities | | | 460,854 | | | | | | 390 | | | | | | (1,399) | | | | | | 459,845 | | |

| Certificates of deposit | | | 264,405 | | | | | | 335 | | | | | | (15) | | | | | | 264,725 | | |

| Marketable securities | | | $ | 2,253,484 | | | | | $ | 2,065 | | | | | $ | (2,990) | | | | | $ | 2,252,559 | |

| Total | | | $ | 2,942,076 | |

| Certificates of deposit | | | — | | | | | | 264,725 | | | | | | — | | | | | | 264,725 | | |

| U.S. government treasury securities | | | — | | | | | | 459,845 | | | | | | — | | | | | | 459,845 | | |

| Total financial assets | | | $ | 240,909 | | | | | $ | 2,307,015 | | | | | $ | — | | | | | $ | 2,547,924 | |

2022 Acquisitions

| Developed technology | | | $ | 24,995 | | | | | $ | (16,428) | | | | | $ | 8,567 | | | | | 3 years | | |

| Customer relationships | | | 3,300 | | | | | | (2,250) | | | | | | 1,050 | | | | | | 4 years | | |

| Total | | | $ | 28,295 | | | | | $ | (18,678) | | | | | $ | 9,617 | | | | | | | |

| 2025 | | | $ | 2,770 | |

| 2026 | | | 743 | | |

| 2027 | | | 198 | | |

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of December 31, [removed: 2024.][added: 2025.]

Based on the evaluation of our disclosure controls and procedures as of December 31, [removed: 2024,] [added: 2025,] our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] based on the criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on the results of its evaluation, management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and Rule 15d15(d) of the Exchange Act that occurred during the fiscal quarter ended December 31, [removed: 2024] [added: 2025] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

We have audited the internal control over financial reporting of Datadog, Inc. and its subsidiaries (the “Company”) as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 20, 2025,] [added: 18, 2026,] expressed an unqualified opinion on those financial statements.

February 18, 2026

February 20, 2025

During the three months ended December 31, [removed: 2024,] [added: 2025,] the Company’s directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted written plans intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) for the sale of the Company’s securities as set forth in the table below.

| Name | | | | | | Position | | | | | | [removed: Adoption Date] [added: Action] | | | | | | [added: Date | | | | | |] Total Shares of Class A Common Stock to be Sold | | | | | | Expiration Date | | |

| David Obstler | | | | | | Chief Financial Officer | | | | | | [added: Adoption | | | | | |] December [removed: 12, 2024] [added: 14, 2025] | | | | | | [removed: 107,500] [added: 75,000] | | | | | | [removed: December] [added: March] 31, [removed: 2025] [added: 2027] | | |

| Kerry Acocella | | | | | | General Counsel and Secretary | | | | | | [added: Adoption | | | | | |] December [removed: 13, 2024] [added: 11, 2025] | | | | | | [removed: Up to 47,668 (1)] [added: 69,379 (2)] | | | | | | December 31, [removed: 2025] [added: 2026] | | |

| (1)The [added: shares will be sold under a Rule 10b5-1 trading plan by the Agarwal 2018 Family Trust. (2)The] actual number of shares that will be sold under the Rule 10b5-1 trading plan will be reduced by the number of shares sold pursuant to the Company’s election under its equity incentive plans to require the satisfaction of tax withholding obligations realized upon the vesting of RSUs and PSUs to be funded by a sell-to-cover transaction. The number of Company shares to be sold to satisfy the Company’s tax withholding obligation is not known at this time as it is dependent on future events, including the future trading price of the Company’s shares. [removed: (2)The shares will be sold] [added: (3)Represents a modification] under [added: Rule 10b5-1(c)(1)(iv) of] a Rule 10b5-1 trading plan [removed: by] [added: adopted on September 15, 2025, which did not result in any change to] the [removed: Callahan-Thernstrom Family Trust.] [added: total number of shares to be sold under the plan. (4)Approximately 509,000 shares will be sold in sell-to-cover transactions intended to satisfy tax withholding obligations and exercise costs realized upon the exercise of stock options.] | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | |]

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Julie Richardson | | | | | | Director | | | | | | Adoption | | | | | | November 7, 2025 | | | | | | 4,865 | | | | | | December 31, 2026 | | |

| Amit Agarwal (1) | | | | | | Director | | | | | | Adoption | | | | | | December 8, 2025 | | | | | | 200,000 | | | | | | March 19, 2027 | | |

| Sean Walters | | | | | | Chief Revenue Officer | | | | | | Adoption | | | | | | December 12, 2025 | | | | | | 183,046 (2) | | | | | | June 30, 2027 | | |

| Olivier Pomel | | | | | | Chief Executive Officer | | | | | | Modification (3) | | | | | | December 15, 2025 | | | | | | 1,525,692 (4) | | | | | | February 18, 2027 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Sean Walters | | | | | | Chief Revenue Officer | | | | | | December 10, 2024 | | | | | | Up to 122,068 (1) | | | | | | March 31, 2026 | | |

| Michael Callahan (2) | | | | | | Director | | | | | | December 12, 2024 | | | | | | 200,000 | | | | | | December 31, 2025 | | |

The information required by this Item (other than as set forth below) will be included in the proxy statement for our [removed: 2025] [added: 2026] annual meeting of stockholders to be filed with the SEC within 120 days after the end of our fiscal year ended December 31, [removed: 2024,] [added: 2025,] or the [removed: 2025] [added: 2026] Proxy Statement, and is incorporated herein by reference.

The information required by this Item will be included in the [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

The information required by this Item will be included in the [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

The information required by this Item will be included in the [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

The information required by this Item will be included in the [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

| [Report of Independent Registered Public Accounting [removed: Firm](#ibf53bde5732d4193a1a58f76e69d8d61_88)] [added: Firm](#ibc9291ded86b4d5887357cb94c3fafb6_88)] | | | | | | [removed: [58](#ibf53bde5732d4193a1a58f76e69d8d61_88)] [added: [60](#ibc9291ded86b4d5887357cb94c3fafb6_88)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2024 and 2023](#ibf53bde5732d4193a1a58f76e69d8d61_91)] [added: 202](#ibc9291ded86b4d5887357cb94c3fafb6_91)[5](#ibc9291ded86b4d5887357cb94c3fafb6_91) [and 202](#ibc9291ded86b4d5887357cb94c3fafb6_91)[4](#ibc9291ded86b4d5887357cb94c3fafb6_91)] | | | | | | [removed: [60](#ibf53bde5732d4193a1a58f76e69d8d61_91)] [added: [62](#ibc9291ded86b4d5887357cb94c3fafb6_91)] | | |

| [Consolidated Statements of Operations for the years ended December 31, [removed: 2024, 2023 and 2022](#ibf53bde5732d4193a1a58f76e69d8d61_94)] [added: 202](#ibc9291ded86b4d5887357cb94c3fafb6_94)[5](#ibc9291ded86b4d5887357cb94c3fafb6_94)[, 202](#ibc9291ded86b4d5887357cb94c3fafb6_94)[4](#ibc9291ded86b4d5887357cb94c3fafb6_94) [and 202](#ibc9291ded86b4d5887357cb94c3fafb6_94)[3](#ibc9291ded86b4d5887357cb94c3fafb6_94)] | | | | | | [removed: [61](#ibf53bde5732d4193a1a58f76e69d8d61_94)] [added: [63](#ibc9291ded86b4d5887357cb94c3fafb6_94)] | | |

| [Consolidated Statements of Comprehensive [removed: Income (Loss) for] [added: Income](#ibc9291ded86b4d5887357cb94c3fafb6_97) [for] the years ended December 31, [removed: 2024, 2023 and 2022](#ibf53bde5732d4193a1a58f76e69d8d61_97)] [added: 202](#ibc9291ded86b4d5887357cb94c3fafb6_97)[5](#ibc9291ded86b4d5887357cb94c3fafb6_97)[, 202](#ibc9291ded86b4d5887357cb94c3fafb6_97)[4](#ibc9291ded86b4d5887357cb94c3fafb6_97) [and 202](#ibc9291ded86b4d5887357cb94c3fafb6_97)[3](#ibc9291ded86b4d5887357cb94c3fafb6_97)] | | | | | | [removed: [62](#ibf53bde5732d4193a1a58f76e69d8d61_97)] [added: [64](#ibc9291ded86b4d5887357cb94c3fafb6_97)] | | |

| [Consolidated Statements of Stockholders’ [removed: Equity](#ibf53bde5732d4193a1a58f76e69d8d61_100) [for] [added: Equity for] the years ended December 31, [removed: 2024, 2023 and 2022](#ibf53bde5732d4193a1a58f76e69d8d61_100)] [added: 202](#ibc9291ded86b4d5887357cb94c3fafb6_100)[5](#ibc9291ded86b4d5887357cb94c3fafb6_100)[, 202](#ibc9291ded86b4d5887357cb94c3fafb6_100)[4](#ibc9291ded86b4d5887357cb94c3fafb6_100) [and 202](#ibc9291ded86b4d5887357cb94c3fafb6_100)[3](#ibc9291ded86b4d5887357cb94c3fafb6_100)] | | | | | | [removed: [63](#ibf53bde5732d4193a1a58f76e69d8d61_100)] [added: [65](#ibc9291ded86b4d5887357cb94c3fafb6_100)] | | |

| [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2024, 2023 and 2022](#ibf53bde5732d4193a1a58f76e69d8d61_103)] [added: 202](#ibc9291ded86b4d5887357cb94c3fafb6_103)[5](#ibc9291ded86b4d5887357cb94c3fafb6_103)[, 202](#ibc9291ded86b4d5887357cb94c3fafb6_103)[4](#ibc9291ded86b4d5887357cb94c3fafb6_103) [and 202](#ibc9291ded86b4d5887357cb94c3fafb6_103)[3](#ibc9291ded86b4d5887357cb94c3fafb6_103)] | | | | | | [removed: [64](#ibf53bde5732d4193a1a58f76e69d8d61_103)] [added: [66](#ibc9291ded86b4d5887357cb94c3fafb6_103)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ibf53bde5732d4193a1a58f76e69d8d61_106)] [added: Statements](#ibc9291ded86b4d5887357cb94c3fafb6_106)] | | | | | | [removed: [65](#ibf53bde5732d4193a1a58f76e69d8d61_106)] [added: [67](#ibc9291ded86b4d5887357cb94c3fafb6_106)] | | |

| | | | | | | | | | [added: | | |] Incorporated by Reference | | | | | | | | | | | | | | |

| Exhibit Number | | | | | | Description | | | [added: | | |] Form | | | File No. | | | Exhibit | | | Filing Date | | | Filed Herewith | | |

| 3.1 | | | | | | [Amended and Restated Certificate of Incorporation of Datadog, Inc.](https://www.sec.gov/Archives/edgar/data/1561550/000119312519252279/d803834dex31.htm) | | | [added: | | |] 8-K | | | 001-39051 | | | 3.1 | | | September 23, 2019 | | | | | |

| 3.2 | | | | | | [Amended and Restated Bylaws of Datadog, Inc.](https://www.sec.gov/Archives/edgar/data/1561550/000156155023000039/exhibit32-amendedandrestat.htm) | | | [added: | | |] 10-Q | | | 001-39051 | | | 3.2 | | | August 9, 2023 | | | | | |

| 4.1 | | | | | | [Form of Class A Common Stock Certificate.](https://www.sec.gov/Archives/edgar/data/1561550/000119312519240411/d745413dex41.htm) | | | [added: | | |] S-1/A | | | 333-233428 | | | 4.1 | | | September 9, 2019 | | | | | |

| 4.2 | | | | | | [Description of Securities.](https://www.sec.gov/Archives/edgar/data/1561550/000156459020006422/ddog-ex42_225.htm) | | | [added: | | |] 10-K | | | 001-39051 | | | 4.2 | | | February 25, 2020 | | | | | |

| 4.3 | | | | | | [Indenture, dated [removed: June 2, 2020,] [added: December 12, 2024,] between Datadog, Inc. and U.S. Bank National Association, as [removed: Trustee.](https://www.sec.gov/Archives/edgar/data/1561550/000119312520158639/d202955dex41.htm)] [added: Trustee](https://www.sec.gov/Archives/edgar/data/1561550/000119312524277122/d853741dex41.htm).] | | | [added: | | |] 8-K | | | 001-39051 | | | 4.1 | | | [removed: June 2, 2020] [added: December 12, 2024] | | | | | |

| 4.4 | | | | | | [Form of Global Note representing Datadog, Inc.’s [removed: 0.125%] [added: 0.00%] Convertible Senior Notes due [removed: 2025](https://www.sec.gov/Archives/edgar/data/1561550/000119312520158639/d202955dex41.htm)] [added: 2029](https://www.sec.gov/Archives/edgar/data/1561550/000119312524277122/d853741dex41.htm).] | | | [added: | | |] 8-K | | | 001-39051 | | | 4.1 | | | [removed: June 2, 2020] [added: December 12, 2024] | | | | | |

| 10.1# | | | | | | [Datadog, Inc. 2012 Equity Incentive Plan, and terms of agreements thereunder.](https://www.sec.gov/Archives/edgar/data/1561550/000119312519227783/d745413dex102.htm) | | | [added: | | |] S-1 | | | 333-233428 | | | 10.2 | | | August 23, 2019 | | | | | |

| 10.2# | | | | | | [Datadog, Inc. 2019 Equity Incentive Plan and terms of agreements thereunder.](https://www.sec.gov/Archives/edgar/data/1561550/000119312519240411/d745413dex103.htm) | | | [added: | | |] S-1/A | | | 333-233428 | | | 10.3 | | | September 9, 2019 | | | | | |

| 10.3# | | | | | | [Datadog, Inc. 2019 Employee Stock Purchase Plan.](https://www.sec.gov/Archives/edgar/data/1561550/000119312519240411/d745413dex104.htm) | | | [added: | | |] S-1/A | | | 333-233428 | | | 10.4 | | | September 9, 2019 | | | | | |

| 10.4# | | | | | | [Performance Stock Units (PSU) Grant Notice and Award [removed: Agreement](https://www.sec.gov/Archives/edgar/data/1561550/000156155022000038/datadog-performancestockun.htm)] [added: Agreement.](https://www.sec.gov/Archives/edgar/data/1561550/000156155022000038/datadog-performancestockun.htm)] | | | [added: | | |] 10-Q | | | 001-39051 | | | 10.1 | | | August 8, 2022 | | | | | |

| 10.5# | | | | | | [Form of Indemnity Agreement entered into by and between Datadog, Inc. and each director and executive officer.](https://www.sec.gov/Archives/edgar/data/1561550/000119312519240411/d745413dex105.htm) | | | [added: | | |] S-1/A | | | 333-233428 | | | 10.5 | | | September 9, 2019 | | | | | |

| 10.6# | | | | | | [Offer Letter, by and between Datadog, Inc. and Olivier Pomel, dated May 20, 2011.](https://www.sec.gov/Archives/edgar/data/1561550/000119312519240411/d745413dex106.htm) | | | [added: | | |] S-1/A | | | 333-233428 | | | 10.6 | | | September 9, 2019 | | | | | |

| 10.7# | | | | | | [Offer Letter, by and between Datadog, Inc. and David Obstler, dated August 28, 2018.](https://www.sec.gov/Archives/edgar/data/1561550/000119312519240411/d745413dex107.htm) | | | [added: | | |] S-1/A | | | 333-233428 | | | [removed: 10.1] [added: 10.7] | | | September 9, 2019 | | | | | |

| 10.8# | | | | | | [Offer Letter, by and between Datadog, Inc. and Alexis Lê-Quôc, dated May 20, 2011.](https://www.sec.gov/Archives/edgar/data/1561550/000156155021000007/ex-101x20210331x10q.htm) | | | [added: | | |] 10-Q | | | 001-39051 | | | 10.1 | | | May 7, 2021 | | | | | |

| 10.9# | | | | | | [Offer Letter, by and between Datadog, Inc. and [removed: Amit Agarwal,] [added: Adam Blitzer,] dated [removed: May 4, 2012.](https://www.sec.gov/Archives/edgar/data/1561550/000156155021000007/ex-102x20210331x10q.htm)] [added: April 23, 2021.](https://www.sec.gov/Archives/edgar/data/1561550/000156155022000026/ex-101x20220331x10q.htm)] | | | [added: | | |] 10-Q | | | 001-39051 | | | [removed: 10.2] [added: 10.1] | | | May [removed: 7, 2021] [added: 6, 2022] | | | | | |

| 10.10# | | | | | | [removed: [Offer] [added: [Amended Offer] Letter, by and between Datadog, Inc. and [removed: Adam Blitzer,] [added: Sean Walters,] dated [removed: April 23, 2021.](https://www.sec.gov/Archives/edgar/data/1561550/000156155022000026/ex-101x20220331x10q.htm)] [added: January 5, 2022](https://www.sec.gov/Archives/edgar/data/1561550/000156155023000006/ddog-20221231xex1012.htm).] | | | [removed: 10-Q] | | | [added: 10-K | | |] 001-39051 | | | [removed: 10.1] [added: 10.12] | | | [removed: May 6, 2022] [added: February 24, 2023] | | | | | |

| 10.11# | | | | | | [Amended Offer Letter, by and between Datadog, Inc. and [removed: Sean Walters,] [added: Yanbing Li,] dated [removed: January 5, 2022](https://www.sec.gov/Archives/edgar/data/1561550/000156155023000006/ddog-20221231xex1012.htm)] [added: June 27, 2024](https://www.sec.gov/Archives/edgar/data/1561550/000156155025000025/ddog-20241231xex1012.htm).] | | | [added: | | |] 10-K | | | 001-39051 | | | 10.12 | | | February [removed: 24, 2023] [added: 20, 2025] | | | | | |

| [removed: 10.13] [added: 10.12] | | | | | | [Agreement of Sub-Sub-Sublease, by and between Datadog, Inc. and Ideeli Inc., dated April 14, 2016.](https://www.sec.gov/Archives/edgar/data/0001561550/000119312519227783/d745413dex109.htm) | | | [added: | | |] S-1 | | | 333-233428 | | | 10.9 | | | August 23, 2019 | | | | | |

| [removed: 10.14] [added: 10.13] | | | | | | [Agreement of Sub-Sublease, by and between Datadog, Inc. and BT Americas Inc., dated September 18, 2017.](https://www.sec.gov/Archives/edgar/data/0001561550/000119312519227783/d745413dex1010.htm) | | | [added: | | |] S-1 | | | 333-233428 | | | 10.10 | | | August 23, 2019 | | | | | |

| [removed: 10.15#] [added: 10.14#] | | | | | | [Amended and Restated Non-Employee Director Compensation Policy.](https://www.sec.gov/Archives/edgar/data/1561550/000156155023000039/exhibit101-amendedandresta.htm) | | | [added: | | |] 10-Q | | | 001-39051 | | | 10.1 | | | August 9, 2023 | | | | | |

| [removed: 10.16#] [added: 10.15#] | | | | | | [Form of Change of Control and Severance Agreement.](https://www.sec.gov/Archives/edgar/data/0001561550/000119312519240411/d745413dex1013.htm) | | | [added: | | |] S-1/A | | | 333-233428 | | | 10.13 | | | September 9, 2019 | | | | | |

| [removed: 10.17] [added: 10.16] | | | | | | [Form of Confirmation for Capped Call [removed: Transaction.](https://www.sec.gov/Archives/edgar/data/1561550/000119312520158639/d202955dex101.htm)] [added: Transaction.](https://www.sec.gov/Archives/edgar/data/1561550/000119312524277122/d853741dex991.htm)] | | | [added: | | |] 8-K | | | 001-39051 | | | [removed: 10.1] [added: 99.1] | | | [removed: June 2, 2020] [added: December 12, 2024] | | | | | |

| [removed: 10.19] [added: 10.17] | | | | | | [Agreement of Sublease, by and between Datadog, Inc. and Clearbridge Investments, LLC, dated July 9, [removed: 2020](https://www.sec.gov/Archives/edgar/data/1561550/000156459021009770/ddog-ex1014_433.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1561550/000156459021009770/ddog-ex1014_433.htm)] | | | [added: | | |] 10-K | | | 001-39051 | | | 10.14 | | | March 1, 2021 | | | | | |

| [removed: 10.20] [added: 10.18] | | | | | | [Lease, by and between Datadog, Inc. and FC Eighth Ave., LLC, dated July 28,2022.](https://www.sec.gov/Archives/edgar/data/1561550/000156155022000038/datadog-leaseatnewyorktime.htm) | | | [added: | | |] 10-Q | | | 001-39051 | | | 10.2 | | | August 8, 2022 | | | | | |

| 19.1 | | | | | | [Insider Trading [removed: Policy](https://www.sec.gov/Archives/edgar/data/1561550/000156155025000025/ddog-20241231xex191.htm)] [added: Policy](https://www.sec.gov/Archives/edgar/data/1561550/000156155025000025/ddog-20241231xex191.htm).] | | | | | | [added: 10-K] | | | [added: 001-39051] | | | [added: 19.1] | | | [removed: X] [added: February 20, 2025] | | | [added: | | |]

| 21.1 | | | | | | [List of Subsidiaries of Datadog, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1561550/000156155025000025/ddog-20241231xex211.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1561550/000162828026008819/ddog-20251231xex211.htm)] | | | | | | | | | | | | | | | [added: | | |] X | | |

| 23.1 | | | | | | [Consent of Deloitte & Touche LLP, independent registered public accounting [removed: firm.](https://www.sec.gov/Archives/edgar/data/1561550/000156155025000025/ddog-20241231xex231.htm)] [added: firm.](https://www.sec.gov/Archives/edgar/data/1561550/000162828026008819/ddog-20251231xex231.htm)] | | | | | | | | | | | | | | | [added: | | |] X | | |

| 24.1 | | | | | | [Power of Attorney (incorporated by reference to the signature pages of this Annual Report on Form [removed: 10-K).](#ibf53bde5732d4193a1a58f76e69d8d61_208)] [added: 10-K).](#ibc9291ded86b4d5887357cb94c3fafb6_205)] | | | | | | | | | | | | | | | [added: | | |] X | | |

| 31.1 | | | | | | [Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1561550/000156155025000025/ddog-20241231xex311.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1561550/000162828026008819/ddog-20251231xex311.htm)] | | | | | | | | | | | | | | | [added: | | |] X | | |

| 31.2 | | | | | | [Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1561550/000156155025000025/ddog-20241231xex312.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1561550/000162828026008819/ddog-20251231xex312.htm)] | | | | | | | | | | | | | | | [added: | | |] X | | |

| 32.1* | | | | | | [Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1561550/000156155025000025/ddog-20241231xex321.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1561550/000162828026008819/ddog-20251231xex321.htm)] | | | | | | | | | | | | | | | [added: | | |] X | | |

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| 4.5 | | | | | | [Indenture, dated December 12, 2024, between Datadog, Inc. and U.S. Bank National Association, as Trustee](https://www.sec.gov/Archives/edgar/data/1561550/000119312524277122/d853741dex41.htm) | | | 8-K | | | 001-39051 | | | 4.1 | | | December 12, 2024 | | | | | |

| 4.6 | | | | | | [Form of Global Note representing Datadog, Inc.’s 0.00% Convertible Senior Notes due 2029](https://www.sec.gov/Archives/edgar/data/1561550/000119312524277122/d853741dex41.htm) | | | 8-K | | | 001-39051 | | | 4.1 | | | December 12, 2024 | | | | | |

| 10.12# | | | | | | [Amended Offer Letter, by and between Datadog, Inc. and Yanbin](https://www.sec.gov/Archives/edgar/data/1561550/000156155025000025/ddog-20241231xex1012.htm)[g Li](https://www.sec.gov/Archives/edgar/data/1561550/000156155025000025/ddog-20241231xex1012.htm)[, dated](https://www.sec.gov/Archives/edgar/data/1561550/000156155025000025/ddog-20241231xex1012.htm) [June 27, 2024](https://www.sec.gov/Archives/edgar/data/1561550/000156155025000025/ddog-20241231xex1012.htm) | | | 10-K | | | | | | | | | | | | X | | |

| 10.18 | | | | | | [Form of Confirmation for Capped Call Transaction.](https://www.sec.gov/Archives/edgar/data/1561550/000119312524277122/d853741dex991.htm) | | | 8-K | | | 001-39051 | | | 99.1 | | | December 12, 2024 | | | | | |

| Date: February [removed: 20, 2025] [added: 18, 2026] | | | By: | | | */s/ Olivier Pomel* | | |

| */s/ Olivier Pomel* | | | | | | Chief Executive Officer and Director *(Principal Executive Officer)* | | | | | | February [removed: 20, 2025] [added: 18, 2026] | | |

| */s/ David Obstler* | | | | | | Chief Financial Officer *(Principal Financial and Accounting Officer)* | | | | | | February [removed: 20, 2025] [added: 18, 2026] | | |

| */s/ Alexis Le-Qu*ô*c* | | | | | | Chief Technology Officer and Director | | | | | | February [removed: 20, 2025] [added: 18, 2026] | | |

| */s/ Amit Agarwal* | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 18, 2026] | | |

| */s/ Michael Callahan* | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 18, 2026] | | |

| */s/ Titi Cole* | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 18, 2026] | | |

| */s/ Dev Ittycheria* | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 18, 2026] | | |

| */s/ Matthew Jacobson* | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 18, 2026] | | |

| */s/ Julie Richardson* | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 18, 2026] | | |

| */s/ Shardul Shah* | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 18, 2026] | | |

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| */s/ Ami Vora* | | | | | | Director | | | | | | February 18, 2026 | | |

| Ami Vora | | | | | | | | | | | | | | |