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Dynatrace (DT) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 3, 2026 · Dynatrace (DT) Q2 FY27 earnings results →

Q2 FY27 Revenue up 17% year over year to $580M · 12¢ of every $1 of revenue kept as net profit · operating margin 16.5%

Dynatrace made $580M in Q2 FY27 (+17% Y/Y): Subscription $553M, Service $26.8M. Operating margin 16.5%, net earnings $67.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$580M
Year over year+17%
Operating margin16.5%
Net earnings$67.8M
Operating cash flow$41.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $579.9M in Q2 FY27, up 17% year over year and up 5% from the previous quarter. Subscription was the largest line at 95% of revenue. Subscription added $80.0M year over year (up 17%), 93% of the total change.

Gross margin was 80.6%, down 1.3 points from Q2 FY26. Operating profit was $95.6M, a 16.5% margin (up 1.7 points year over year). Of the extra revenue versus Q2 FY26, 26% reached operating profit, above the 15% margin then. Operating expenses grew 12% against revenue growth of 17%. The fastest-growing cost line was General & admin (+21%). Net earnings were $67.8M, up 18% year over year. The effective tax rate was 36.7%.

Operating cash flow was $41.1M (up 28% year over year), 61% of net earnings. Non-cash charges added back $7.9M of depreciation and amortization and $78.2M of share-based compensation. Working capital and other items used $112.7M. Capital expenditures of $5.1M left free cash flow of $36.0M.

Quarterly history

Dynatrace revenue by quarterDynatrace revenue by quarter$445MQ4 FY25$477MQ1 FY26$494MQ2 FY26$515MQ3 FY26$532MQ4 FY26$555MQ1 FY27$580MQ2 FY27
Dynatrace net earnings by quarterDynatrace net earnings by quarter$39.3MQ4 FY25$48.0MQ1 FY26$57.2MQ2 FY26$40.1MQ3 FY26$17.4MQ4 FY26$36.7MQ1 FY27$67.8MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 3, 2026$580M+17%16.5%$67.8M$41.1M
Q1 FY2710-QAug 5, 2026$555M+16%12.9%$36.7M$306M
Q4 FY2610-KMay 20, 2026$532M+19%7.0%$17.4M$226M
Q3 FY2610-QFeb 9, 2026$515M+18%14.1%$40.1M$33.8M
Q2 FY2610-QNov 5, 2025$494M+18%14.8%$57.2M$32.0M
Q1 FY2610-QAug 6, 2025$477M+20%13.1%$48.0M$270M
Q4 FY2510-KMay 22, 2025$445M+17%9.6%$39.3M$163M

Charts

Dynatrace: revenue growth, year over year and quarter over quarterDynatrace: revenue growth, year over year and quarter over quarterY/YQ/Q+17%Q4 FY25+20%+7%Q1 FY26+18%+3%Q2 FY26+18%+4%Q3 FY26+19%+3%Q4 FY26+16%+4%Q1 FY27+17%+5%Q2 FY27
Latest (Q2 FY27): Y/Y +17%, Q/Q +5%.
Dynatrace: where the cash came from (+) and went (−), TTM to Q2 FY27Dynatrace: where the cash came from (+) and went (−), TTM to Q2 FY27Other financing$1.3BBuybacks−$907MCash drawn (+) / kept (−)−$855MOperating cash flow$607MAcquisitions−$105MOther investing$39.4MCapital spending−$28.7MTaxes on employees’ shares−$17.3MShares issued$7.9MExchange rates−$6.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Dynatrace: profit against cash, quarter by quarterDynatrace: profit against cash, quarter by quarterNet incomeOperating cash flow$362M$42.2MQ3 FY25$39.3M$163MQ4 FY25$48.0M$270MQ1 FY26$57.2M$32.0MQ2 FY26$40.1M$33.8MQ3 FY26$17.4M$226MQ4 FY26$36.7M$306MQ1 FY27$67.8M$41.1MQ2 FY27
Latest (Q2 FY27): Net income $67.8M, Operating cash flow $41.1M.
Dynatrace: diluted shares by fiscal yearDynatrace: diluted shares by fiscal year287MFY21291MFY22292MFY23299MFY24304MFY25304MFY26
+6.0% since FY21: more shares outstanding (issuance, stock pay).
Dynatrace in its industry: growth against margin (192 companies, SIC 7372)Dynatrace in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYDT (+17%, 16%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Dynatrace

Dynatrace combines broad and deep observability, continuous runtime application security, and advanced agentic AI operations to deliver answers and intelligent automation across IT operations, development, security, business, and executive teams. This unified approach enables organizations to optimize their rapidly evolving AI, cloud, and IT operations, accelerate secure software delivery, and improve digital performance. Our vision is a world where software works perfectly. The Dynatrace platform is built to scale, partnering and integrating seamlessly into hybrid, multicloud ecosystems, including major hyperscalers such as Amazon Web Services (“AWS”), Microsoft Azure (“Azure”), and Google Cloud Platform (“GCP”), as well as traditional on-premises and mainframe solutions.

In its own words, from its 10-K, filed May 20, 2026.

Dynatrace against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +17% against the peers' median +17%. Operating margin: 16.5% against the peers' median 16.5%.

CompanyQuarterRevenueY/YOp. margin
DT DynatraceQ2 FY27$580M+17%16.5%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: Dynatrace 10-Q on SEC EDGAR · CIK 1773383 · Services-Prepackaged Software

Guidance and outlook

Dynatrace Revenue: guidance against what was reportedDynatrace Revenue: guidance against what was reportedguided rangereported (above / within / below)Q4 FY25$445MQ2 FY26$494MQ3 FY26$515MFY26$2.0BQ4 FY26$532MFY27Q2 FY27$580MQ3 FY27
Met or beat 7 of 7 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Dynatrace GAAP operating margin: guidance against what was reportedDynatrace GAAP operating margin: guidance against what was reportedguided rangereported (above / within / below)Q2 FY25Q3 FY25FY2612.2%
Met or beat 0 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Dynatrace: what its forward-looking statements are about (10-Q filed 2026-11-03)Dynatrace: what its forward-looking statements are about (10-Q filed 2026-11-03)Demand10Other4Margins3Capital spending3Deals2Costs2The economy1AI1Tax1
27 statements; tone +0.56 (−1 all cautious, +1 all confident); 4 hedged.
Dynatrace: outlook statements against the filing beforeDynatrace: outlook statements against the filing beforeConfident15

13F: who owns DT and who is buying

Largest holders of DT (13F)Largest holders of DT (13F)BlackRock$1.5BVanguard Group$1.4BVanguard Portfolio Management LLC$694MVanguard Capital Management LLC$580MPictet Asset Management Holding SA$560MWellington Management Group LLP$506MUBS Group AG$494MState Street$410MStarboard Value LP$389MAQR Capital Management LLC$365M
Funds' net buying of DT by quarter (13F)Funds' net buying of DT by quarter (13F)−$346M2024-09$53.4M2024-12$321M2025-03$50.2M2025-06$32.3M2025-09−$21.3M2025-12$366M2026-03$497M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on DT

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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