Datadog vs. Snowflake: how they make money

• Larger customers4,860 customers with $100,000 or more of annual recurring revenue (ARR, the company's measure) at Sep 30, 2026, up from 4,060 a year earlier. They made up about 91% of ARR; their share of GAAP revenue is not disclosed.
• All other paying customersDatadog had about 33,500 customers in all at Sep 30, 2026, up from 32,000 a year earlier. They range from small businesses to large enterprises.

• Forbes Global 2000 companies · 43.0% of revenue790 of the companies on the 2025 Forbes Global 2000 list were customers at Jan 31, 2026. They contributed about 43% of FY2026 revenue.
• All other customers · 57.0% of revenueThe rest of Snowflake's 13,328 customers at Jan 31, 2026, of all sizes and industries, plus on-demand users: about 57% of FY2026 revenue (Cityfort calculation from the FY2026 10-K).

Not on the Datadog page.

FY2026

Debt

$987M

Cash and investments

$5.2B

On Sep 30, 2026.

At Sep 30, 2026 Datadog held $5,233.6 million of cash and marketable securities against convertible notes carried at $986.6 million, so cash exceeded debt by $4,247.0 million.

Debt

$2.3B

Cash and investments

$4.3B

On Jul 31, 2026.

At Jul 31, 2026 Snowflake held $4,329.2 million of cash and investments against $2,284.0 million of convertible notes; on Oct 1, 2026 it issued $3.75 billion more notes, which this balance sheet does not include.

• 2 classes of shares (votes per share: Class A common stock 1, Class B common stock 10).
• Officers and directors as a group: 6.5% of shares, 35.5% of votes (as of Mar 31, 2026).
• Olivier Pomel (co-founder and CEO): 38.7% of its class, 17.3% of votes (as of Mar 31, 2026).
• Alexis Lê-Quôc (co-founder, President and CTO): 35.5% of its class, 15.5% of votes (as of Mar 31, 2026).
• Vanguard Capital Management: 7.5% (as of Mar 31, 2026).
• 2 more holders on the Datadog page.

• One class of shares.
• Officers and directors as a group: 4.8% of shares (as of Apr 30, 2026).
• BlackRock, Inc.: 6.4% (as of Jun 30, 2026).
• Vanguard Capital Management: 5.1% (as of Mar 31, 2026).

• Profit depends on interest income (other)Datadog had an operating loss of $44.4 million in FY2025; net income of $107.7 million came from $182.5 million of interest and other income on its cash and securities. The 10-K says changes in interest rates may affect that interest income.
• Stock-based pay and share count (other)Stock-based pay was $750.7 million in FY2025, 21.9% of revenue, and higher than net income in every year from FY2021 to FY2025. Diluted weighted shares rose from 309.0 million in FY2021 to 363.5 million in FY2025.
• Relies on outside hosting providers (technology)Datadog outsources substantially all of its infrastructure to third-party hosting services. A lasting outage or the end of those agreements could interrupt the service, its 10-K says.

• Revenue depends on how much customers use (demand)Snowflake books revenue as customers consume, not evenly over a contract, so it has less visibility than subscription companies. Customers can use less, and more efficient software or hardware can cut usage for the same work.
• Lawsuits over customer account incidents (legal cases)Class actions allege Snowflake failed to take reasonable measures to secure systems holding consumer data, letting threat actors access and take personal information. Snowflake says the May 2024 incidents came from customers not using multi-factor authentication and network policies, and that it did not identify any evidence of a breach of its platform. The court denied motions to dismiss in October 2025, and the cases are in discovery.
• Securities and copyright lawsuits (legal cases)Two stockholder class actions, filed in February 2024 and February 2026, allege violations of US securities law. In the first, the court granted Snowflake's motion to dismiss the second amended complaint in February 2026, with leave to amend, and a third amended complaint followed in April 2026. A class action filed in November 2025 alleges copyright infringement in training Snowflake's language model.