Dynatrace首季收入增16%至5.545億美元 惟淨利潤跌24%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 

FORM 10-Q   

(Mark One) 

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026 
OR 

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO                      

Commission File Number: 001-39010

Dynatrace, Inc. 
(Exact name of Registrant as specified in its charter)  

Delaware47-2386428
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer 
Identification No.)

280 Congress Street, 11th Floor

Boston, Massachusetts
02210
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (781) 530-1000

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: 

Title of each classTrading
Symbol(s)Name of each exchange on which registered
Common stock, par value $0.001 per shareDTNew York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒   No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes  ☒    No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐ 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No  ☒

The Registrant had 289,002,128 shares of common stock outstanding as of August 3, 2026. 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Quarterly Report”) includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding:
•our future financial performance, including our expectations regarding key factors driving future performance, our revenue, annual recurring revenue, gross profit or gross margin, operating expenses, ability to generate cash flow, and billing/revenue mix;
•our ability to navigate the current macroeconomic environment; 
•anticipated trends in our business and in the markets in which we operate;
•our ability to anticipate market needs and successfully develop new and enhanced solutions to meet those needs;
•the evolution of technology affecting our offerings, platform and markets, including our plans to continue evolving our technology capabilities, including, but not limited to, artificial intelligence (“AI”);
•our plans to continue investing in research and development and driving innovation to meet customers’ needs and grow our customer base, including our ability to effectively develop our platform and offerings to incorporate AI;
•our ability to maintain and expand our customer base and our partner ecosystem;
•our expectations regarding the evolving competitive environment; 
•our plans to invest in future growth opportunities that we expect will drive long-term value;
•our ability to sell our offerings and expand internationally;
•our ability to hire and retain necessary qualified employees to grow our business and expand our operations; and
•our ability to adequately protect our intellectual property (“IP”).
These forward-looking statements include, but are not limited to, plans, objectives, expectations, and intentions and other statements contained in this Quarterly Report that are not historical facts and statements identified by words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies, and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies, and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, the risks set forth in the summary below, in Part II, Item 1A. entitled “Risk Factors” in this Quarterly Report, and in our other U.S. Securities and Exchange Commission (“SEC”) filings. We assume no obligation to update any forward-looking statements contained in this Quarterly Report as a result of new information, future events, or otherwise.

SUMMARY OF THE MATERIAL RISKS ASSOCIATED WITH OUR BUSINESS

Our business is subject to numerous risks and uncertainties that you should be aware of in evaluating our business. Please see Part II, Item 1A. entitled “Risk Factors” in this Quarterly Report for a discussion of risks that we believe are material. These risks and uncertainties include, but are not limited to, the following:
•We have experienced rapid revenue growth in recent periods, which may not be indicative of our future growth.
•Overall demand and market adoption of the solutions that we offer may not grow as we expect, which may harm our business and prospects.
•The markets in which we operate are highly competitive, which may adversely affect our ability to add new customers, retain existing customers, and grow our business.
•If we fail to innovate and do not continue to develop and effectively market solutions that anticipate and respond to the needs of our customers, our business, operating results, and financial condition may suffer.
•If we are unable to acquire new customers or retain and expand our relationships with existing customers, our future revenues and operating results will be harmed.
•Failure to effectively expand our sales and marketing capabilities could harm our ability to execute on our business plan, increase our customer base, and achieve broader market acceptance of our applications.
•If we are unable to maintain successful relationships with our partners, or if our partners fail to perform, our ability to market, sell, and distribute our applications and services will be limited, and our business, operating results, and financial condition could be harmed.
•If our platform and solutions do not effectively interoperate with our customers’ existing or future information technology (“IT”) infrastructures, installations of our solutions could be delayed or canceled, which would harm our business.
•Our quarterly and annual operating results may be adversely affected due to a variety of factors, which could make our future results difficult to predict.
•Our use of new and evolving technologies, including AI in our offerings and business, may present risks and challenges that can impact our business, including by posing cybersecurity, operational, and other risks to our confidential and/or proprietary information, including personal information, and as a result we may be exposed to reputational harm and liability.
•Security breaches, computer malware, computer hacking attacks, and other security incidents or compromises could harm our business, reputation, brand and operating results. 
•Real or perceived errors, failures, defects, or vulnerabilities in our solutions could adversely affect our financial results and growth prospects.
•Failure to protect and enforce our proprietary technology and IP rights could substantially harm our business, operating results, and financial condition.

PART I

Item 1.
Condensed Consolidated Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets as of June 30, 2026 and March 31, 2026
2

Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2026 and 2025
3

Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended June 30, 2026 and 2025
4

Condensed Consolidated Statements of Shareholders’ Equity for the Three Months Ended June 30, 2026 and 2025
5

Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2026 and 2025
6

Notes to Condensed Consolidated Financial Statements
7

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
18

Item 3. 
Quantitative and Qualitative Disclosures About Market Risk
28

Item 4.
Controls and Procedures
29

PART II

Item 1.
Legal Proceedings
30

Item 1A.
Risk Factors
30

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
56

Item 3.
Default Upon Senior Securities
56

Item 4.
Mine Safety Disclosures
56

Item 5.
Other Information
56

Item 6.
Exhibits
57

Signatures
58

1

Table of Contents

PART I

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

DYNATRACE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)

June 30, 2026March 31, 2026
(unaudited)
Assets
Current assets:
Cash and cash equivalents$1,057,780 $1,097,220 
Short-term marketable securities51,084 74,881 
Accounts receivable, net379,975 710,200 
Deferred contract costs, current130,287 127,495 
Prepaid expenses and other current assets104,575 113,651 
Total current assets1,723,701 2,123,447 
Long-term marketable securities47,079 51,908 
Property and equipment, net71,631 72,993 
Operating lease right-of-use assets, net134,360 139,285 
Goodwill1,413,246 1,350,256 
Intangible assets, net65,264 22,850 
Deferred tax assets, net498,149 508,742 
Deferred contract costs, non-current113,692 113,111 
Other assets42,372 33,133 
Total assets$4,109,494 $4,415,725 

Liabilities and shareholders' equity
Current liabilities:
Accounts payable$7,919 $2,728 
Accrued expenses, current287,489 302,260 

Deferred revenue, current1,108,856 1,241,488 
Operating lease liabilities, current23,057 22,588 
Total current liabilities1,427,321 1,569,064 
Deferred revenue, non-current49,791 53,387 
Accrued expenses, non-current43,331 38,205 
Operating lease liabilities, non-current136,216 141,736 
Deferred tax liabilities2,082 1,943 

Total liabilities1,658,741 1,804,335 
Commitments and contingencies (Note 10)
Shareholders' equity:
Common shares, $0.001 par value, 600,000,000 shares authorized, 290,346,577 and 294,652,951 shares issued and outstanding at June 30, 2026 and March 31, 2026, respectively
290 295 
Additional paid-in capital2,001,910 2,199,494 
Retained earnings484,247 447,596 
Accumulated other comprehensive loss(35,694)(35,995)
Total shareholders' equity2,450,753 2,611,390 
Total liabilities and shareholders' equity$4,109,494 $4,415,725 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

Table of Contents

DYNATRACE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited – In thousands, except per share data)

Three Months Ended June 30,
20262025
Revenue:
Subscription$530,255 $457,507 
Service24,293 19,842 
Total revenue554,548 477,349 
Cost of revenue:
Cost of subscription80,260 65,018 
Cost of service21,058 19,355 
Amortization of acquired technology2,135 836 
Total cost of revenue103,453 85,209 
Gross profit451,095 392,140 

Operating expenses:
Research and development135,990 108,172 
Sales and marketing181,631 165,314 
General and administrative61,736 56,304 
Amortization of other intangibles262 12 
Total operating expenses379,619 329,802 
Income from operations71,476 62,338 
Interest income, net8,893 12,295 
Other income, net432 6,757 
Income before income taxes80,801 81,390 
Income tax expense(44,150)(33,435)
Net income$36,651 $47,955 
Net income per share:
Basic
$0.13 $0.16 
Diluted
$0.12 $0.16 
Weighted average shares outstanding:
Basic
292,202 300,153 
Diluted
293,744 304,160 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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DYNATRACE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited - In thousands)

Three Months Ended June 30,
20262025
Net income$36,651 $47,955 
Other comprehensive income
Foreign currency translation adjustment441 185 
Unrealized losses on available-for-sale securities, net of taxes(140)(45)
Total other comprehensive income301 140 
Comprehensive income$36,952 $48,095 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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DYNATRACE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited - In thousands)

Three Months Ended June 30, 2026
Common SharesAdditional 
Paid-In CapitalRetained EarningsAccumulated
Other
Comprehensive
LossTotal Shareholders' Equity
SharesAmount
Balance, March 31, 2026294,653 $295 $2,199,494 $447,596 $(35,995)$2,611,390 
Other comprehensive income— — — — 301 301 
Restricted stock units vested2,541 2 (2)— — — 

Issuance of common stock related to employee stock purchase plan352 — 12,636 — — 12,636 
Exercise of stock options80 — 1,591 — — 1,591 
Shares withheld for employee taxes(197)— (8,326)— — (8,326)
Repurchases of common stock(7,082)(7)(277,059)— — (277,066)
Share-based compensation— — 73,576 — — 73,576 
Net income— — — 36,651 — 36,651 
Balance, June 30, 2026290,347 $290 $2,001,910 $484,247 $(35,694)$2,450,753 

Three Months Ended June 30, 2025
Common SharesAdditional 
Paid-In CapitalRetained EarningsAccumulated
Other
Comprehensive
LossTotal Shareholders' Equity
SharesAmount
Balance, March 31, 2025299,813 $300 $2,370,563 $284,927 $(34,642)$2,621,148 
Other comprehensive income— — — — 140 140 
Restricted stock units vested2,622 3 (3)— — — 

Restricted stock awards granted41 — — — — — 
Issuance of common stock related to employee stock purchase plan254 — 11,871 — — 11,871 
Exercise of stock options112 — 2,415 — — 2,415 
Shares withheld for employee taxes(221)— (12,107)— — (12,107)
Repurchases of common stock(905)(1)(45,030)— — (45,031)
Share-based compensation— — 71,895 — — 71,895 

Net income— — — 47,955 — 47,955 
Balance, June 30, 2025301,716 $302 $2,399,604 $332,882 $(34,502)$2,698,286 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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DYNATRACE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited – In thousands)

Three Months Ended June 30,
20262025
Cash flows from operating activities:
Net income$36,651 $47,955 
Adjustments to reconcile net income to cash provided by operations:

Depreciation
4,740 5,095 
Amortization
2,914 1,366 
Share-based compensation
73,576 71,895 
Deferred income taxes
2,604 3,750 

Other
(281)(7,051)
Net change in operating assets and liabilities:

Accounts receivable
335,226 343,732 
Deferred contract costs(3,505)2,727 
Prepaid expenses and other assets
135 (8,840)
Accounts payable and accrued expenses
(9,024)(73,110)
Operating leases, net
(49)605 
Deferred revenue
(136,747)(118,432)
Net cash provided by operating activities
306,240 269,692 

Cash flows from investing activities:
Purchase of property and equipment
(3,151)(7,482)
Capitalized software additions
— (194)
Acquisition of a business, net of cash acquired(99,481)— 
Purchases of marketable securities(3,713)(28,824)
Proceeds from sales and maturities of marketable securities33,436 28,052 
Net cash used in investing activities
(72,909)(8,448)

Cash flows from financing activities:

Proceeds from employee stock purchase plan
12,636 11,871 
Proceeds from exercise of stock options1,591 2,415 
Repurchases of common stock
(275,478)(45,031)
Taxes paid related to net share settlement of equity awards(7,627)(10,347)
Other(1,104)(2,762)
Net cash used in financing activities(269,982)(43,854)

Effect of exchange rates on cash and cash equivalents(2,789)12,952 

Net (decrease) increase in cash and cash equivalents(39,440)230,342 

Cash and cash equivalents, beginning of period1,097,220 1,017,039 
Cash and cash equivalents, end of period$1,057,780 $1,247,381 

Supplemental cash flow data:
Cash paid for interest$180 $181 
Cash paid for tax, net$14,230 $30,548 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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DYNATRACE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.    Description of the Business 
Business
Dynatrace, Inc. (“Dynatrace” or the “Company”) combines broad and deep observability, continuous runtime application security, and advanced agentic artificial intelligence (“AI”) operations to deliver answers and intelligent automation across information technology (“IT”) operations, development, security, business, and executive teams, enabling organizations to optimize cloud and IT operations, accelerate secure software delivery, and improve digital performance.
Fiscal year
The Company’s fiscal year ends on March 31. References to fiscal 2027, for example, refer to the fiscal year ending March 31, 2027.

 2.    Significant Accounting Policies
Basis of presentation and consolidation 
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. All intercompany balances and transactions have been eliminated in the accompanying condensed consolidated financial statements. 
Unaudited interim consolidated financial information
The accompanying interim condensed consolidated balance sheet as of June 30, 2026 and the interim condensed consolidated statements of operations, statements of comprehensive income, statements of shareholders’ equity, and statement of cash flows for the three months ended June 30, 2026 and 2025 and the related disclosures are unaudited. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all normal and recurring adjustments necessary for the fair presentation of the Company’s financial position as of June 30, 2026, and its results of operations and cash flows for the three months ended June 30, 2026 and 2025, are in accordance with GAAP. The results for the three months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full fiscal year or any other interim period. 
These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2026 (the “Annual Report”).
Use of estimates
The preparation of unaudited condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Management evaluates such estimates and assumptions for continued reasonableness. In particular, the Company makes estimates with respect to revenue recognition, the fair value of assets acquired and liabilities assumed in business combinations, the valuation of long-lived assets, the period of benefit for deferred contract costs, income taxes, share-based compensation expense, and the determination of the incremental borrowing rate used for operating lease liabilities, among other things. Management bases these estimates on historical experiences and on various other assumptions that the Company believes are reasonable. Actual results could differ from those estimates.
Significant accounting policies
The Company’s significant accounting policies are discussed in Note 2, Significant Accounting Policies, to the audited consolidated financial statements in the Annual Report. There have been no changes to the Company’s significant accounting policies described in the Annual Report that have had a material impact on its condensed consolidated financial statements and related notes.

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Recently adopted accounting pronouncements
In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient for estimating the expected credit losses on current accounts receivables and contract assets. The Company adopted ASU 2025-05 on a prospective basis on April 1, 2026 and the adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. 
Recently issued accounting pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires the disclosure of more detailed information on commonly presented expenses. ASU 2024-03 will be effective for the Company’s annual periods beginning fiscal 2028 and interim periods beginning the first quarter of fiscal 2029. The Company is currently evaluating the impact ASU 2024-03 will have on its financial statement disclosures.
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, which removes the software development stages in the capitalization guidance and introduces a more judgment-based capitalization approach. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods, which is the Company’s fiscal 2029. The Company is currently evaluating the impact ASU 2025-06 will have on its consolidated financial statements and disclosures.

3.    Revenue Recognition
Disaggregation of revenue
The following table is a summary of the Company’s total revenue by geographic region based on customer location (in thousands, except percentages):

Three Months Ended June 30,
20262025
Amount%Amount%
North America$279,512 50%$244,064 51%
Europe, Middle East and Africa177,385 32%152,034 32%
Asia Pacific52,730 10%44,883 9%
Latin America44,921 8%36,368 8%
Total revenue$554,548 $477,349 

For the three months ended June 30, 2026 and 2025, the United States was the only country that represented more than 10% of the Company’s revenue, constituting $255.6 million and 46% and $222.5 million and 47% of total revenue, respectively.
Revenue recognized during the three months ended June 30, 2026 and 2025, which was included in the deferred revenue balance at the beginning of each respective period, was $461.0 million and $409.7 million, respectively. 
Remaining performance obligations
As of June 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,441.5 million, which consists of both billed consideration in the amount of $1,158.6 million and unbilled consideration in the amount of $2,282.9 million that the Company expects to recognize as subscription and service revenue. The Company expects to recognize 53% of the total remaining performance obligations as revenue over the next 12 months and the remainder thereafter. 
Contract assets
As of June 30, 2026 and March 31, 2026, contract assets of $21.7 million and $19.8 million, respectively, are included in accounts receivable, net, on the Company’s condensed consolidated balance sheets. 

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4.    Business Combinations
Bindplane
On April 14, 2026, the Company acquired all of the outstanding equity of observIQ, Inc. d/b/a Bindplane (“Bindplane”), a provider of an open-standards-based telemetry pipeline that helps organizations capture and manage data at scale, for an aggregate purchase price of $99.7 million. The acquisition provides Dynatrace’s customers greater access, flexibility, and control of their logs, metrics, and application data. The preliminary purchase consideration consisted of $100.2 million of cash paid at closing and a $0.4 million receivable for purchase price adjustments. 
In connection with the acquisition, the Company issued $3.3 million of restricted stock units (“RSUs”) to former Bindplane employees, subject to continuing employment with the Company. During the three months ended June 30, 2026, $0.3 million was recognized as share-based compensation expense.
The acquisition was accounted for as a business combination. The purchase price was allocated to the preliminary fair value of identifiable assets acquired and liabilities assumed as of the acquisition date, with the excess recorded to goodwill as shown below (in thousands). 

Assets acquired:
Cash and cash equivalents678 
Accounts receivable, net1,733 
Prepaid expenses and other assets1,077 
Property and equipment74 
Intangible assets44,950 
Total assets acquired$48,512 

Liabilities assumed: 
Accounts payable, accrued expenses, and other liabilities818 
Deferred revenue1,089 
Deferred tax liabilities8,239 
Total liabilities assumed$10,146 

Net assets acquired38,366 
Aggregate purchase price99,749 
Goodwill$61,383 

The fair value of assets acquired and liabilities assumed may change as additional information is obtained related to working capital and deferred income taxes during the measurement period. The Company expects to finalize the valuation as soon as practicable, but no later than one year from the acquisition date.
Goodwill is primarily attributable to expected synergies and acquired skilled workforce. The goodwill was allocated to the Company’s single reporting unit. The Company identified developed technology, customer relationships, and trademarks and tradenames as acquired intangible assets. The estimated fair value of these intangible assets was based on valuations using the income approach. The acquired goodwill and intangible assets are not deductible for tax purposes. 
The fair value and estimated useful life for these intangible assets were as follows (in thousands, except years):

Fair ValueEstimated Useful Life
Developed technology$38,700 7 years

Customer relationships3,400 4 years

Trademarks and tradenames2,850 10 years

Total intangible assets$44,950 

The operating results of Bindplane from the date of acquisition have been included in the Company’s condensed consolidated statements of operations. The revenue and net income attributable to Bindplane for the three months ended June 30, 2026 were not material. 

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5.     Investments and Fair Value Measurements
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of the Company’s available-for-sale securities, including those securities classified within “Cash and cash equivalents” in the condensed consolidated balance sheets (in thousands):

June 30, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. treasury securities$70,968 $19 $(223)$70,764 
Corporate debt securities23,800 18 (47)23,771 

U.S. government agency securities1,251 — (2)1,249 
Total$96,019 $37 $(272)$95,784 

March 31, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. treasury securities$92,611 $74 $(105)$92,580 
Corporate debt securities25,491 23 (44)25,470 
U.S. government agency securities3,987 — (1)3,986 
Commercial paper2,588 — — 2,588 
Total$124,677 $97 $(150)$124,624 

Unrealized gains and losses on available-for-sale securities, net of tax, are included within accumulated other comprehensive loss in the condensed consolidated balance sheets. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as credit ratings, issuer-specific factors, current economic conditions, and reasonable and supportable forecasts. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities before recovery of their amortized cost basis. Based on the evaluation of available evidence, the Company does not believe any unrealized losses on its marketable securities as of June 30, 2026 represent credit losses.
As of June 30, 2026, the fair values of available-for-sale securities, excluding those securities classified within “Cash and cash equivalents” in the condensed consolidated balance sheets, by remaining contractual maturity were as follows (in thousands):

June 30, 2026
Due within one year$51,084 
Due in one year through five years43,701 
   Total$94,785 

The Company offers a non-qualified deferred compensation plan to eligible U.S. employees and directors. The Company held $3.4 million and $2.2 million of mutual funds that are associated with this plan and were classified as restricted trading securities as of June 30, 2026 and March 31, 2026, respectively. These securities are not included in the tables above but are included as marketable securities in the condensed consolidated balance sheets. 

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The following tables present the Company’s financial assets that have been measured at fair value on a recurring basis as of June 30, 2026 and March 31, 2026 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

June 30, 2026
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$287,898 $— $— $287,898 
U.S. treasury securities— 999 — 999 

Marketable securities:
Mutual funds3,378 — — 3,378 
U.S. treasury securities— 69,765 — 69,765 
Corporate debt securities— 23,771 — 23,771 

U.S. government agency securities— 1,249 — 1,249 
Total financial assets$291,276 $95,784 $— $387,060 

March 31, 2026
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$528,169 $— $— $528,169 

Marketable securities:
Mutual funds2,165 — — 2,165 
U.S. treasury securities— 92,580 — 92,580 
Corporate debt securities— 25,470 — 25,470 
U.S. government agency securities— 3,986 — 3,986 
Commercial paper— 2,588 — 2,588 
Total financial assets$530,334 $124,624 $— $654,958 

The Company recorded interest income from its cash, cash equivalents, and marketable securities of $9.1 million and $12.5 million for the three months ended June 30, 2026 and 2025, respectively.

6.    Goodwill and Other Intangible Assets, Net
Changes in the carrying amount of goodwill for the three months ended June 30, 2026 consist of the following (in thousands):

June 30, 2026
Balance, beginning of period$1,350,256 
Goodwill from acquisition61,383 
Foreign currency impact1,607 
Balance, end of period$1,413,246 

Intangible assets, net, excluding goodwill, consist of the following (in thousands):

June 30, 2026
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Capitalized software$74,993 $(15,913)$59,080 
Customer relationships3,710 (315)3,395 
Trademarks and tradenames2,850 (61)2,789 
Total intangible assets$81,553 $(16,289)$65,264 

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March 31, 2026
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Capitalized software$35,710 $(13,057)$22,653 
Customer relationships312 (115)197 

Total intangible assets$36,022 $(13,172)$22,850 

Amortization of intangible assets totaled $2.9 million and $1.4 million for the three months ended June 30, 2026 and 2025, respectively.
As of June 30, 2026, the estimated future amortization expense of the Company’s intangible assets was as follows (in thousands):

Fiscal Years Ending March 31,Amount
2027 (remaining nine months)$9,437 
202812,578 
202911,669 
203010,403 
20317,837 
Thereafter13,340 
Total$65,264 

7.    Income Taxes 
The Company computes its interim provision for income taxes by applying the estimated annual effective tax rate to income from operations and adjusts the provision for discrete tax items occurring in the period. The Company’s effective tax rate for the three months ended June 30, 2026 was 54.6% compared to 41.1% for the three months ended June 30, 2025. The increase in the effective tax rate for the three months ended June 30, 2026 was primarily due to the tax impact of share-based compensation shortfalls recognized in the current fiscal year as compared to share-based compensation windfalls recognized in the prior fiscal year.

8.    Long-term Debt
In December 2022, the Company entered into a Credit Agreement for a senior secured revolving credit facility (as amended to date, the “Credit Facility”) in an aggregate amount of $400.0 million. The Credit Facility has sublimits for swing line loans up to $30.0 million and for the issuance of standby letters of credit in a face amount up to $45.0 million. The Credit Facility will mature on December 2, 2027. As of June 30, 2026 and March 31, 2026, there were no amounts outstanding under the Credit Facility. There were $1.1 million and $1.0 million of letters of credit issued as of June 30, 2026 and March 31, 2026, respectively. The Company had $398.9 million and $399.0 million of availability under the Credit Facility as of June 30, 2026 and March 31, 2026, respectively.
Borrowings under the Credit Facility are available in U.S. dollars, Euros, Pounds Sterling, and Canadian Dollars, with a sublimit of $100.0 million for non-U.S. dollar-denominated borrowings. Borrowings under the Credit Facility currently bear interest at (i) the Term Secured Overnight Financing Rate plus 0.10%, (ii) the Adjusted Euro Interbank Offer Rate, (iii) the Canadian Overnight Repo Rate Average, (iv) the Base Rate, as defined per the Credit Facility, or (v) the Sterling Overnight Index Average, in each case plus an applicable margin as defined per the Credit Facility. Interest payments are due quarterly, or more frequently, based on the terms of the Credit Facility. 
The Company incurs fees with respect to the Credit Facility, including (i) a commitment fee ranging from 0.175% to 0.35% per annum, dependent on the Company’s leverage ratio, as defined per the Credit Facility, of the unused commitment under the Credit Facility; (ii) a fronting fee of 0.125% per annum of the face amount of each letter of credit; (iii) a participation fee equal to the applicable margin, as defined per the Credit Facility, applied to the daily average face amount of letters of credit; and (iv) customary administrative fees. 
Debt issuance costs of $1.9 million were incurred in connection with the Credit Facility. The debt issuance costs are included within “Other assets” in the condensed consolidated balance sheets and are being amortized into interest expense over the contractual term of the Credit Facility. There were $0.6 million of unamortized debt issuance costs as of June 30, 2026 and March 31, 2026.

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Pursuant to the Credit Facility, obligations owed under the Credit Facility are secured by a first priority security interest on substantially all assets of Dynatrace LLC and other wholly owned subsidiaries of the Company, including a pledge of the capital stock and other equity interests of certain subsidiaries. Under certain circumstances, the guarantees may be released without action by, or consent of, the administrative agent of the Credit Facility. The Credit Facility contains customary affirmative and negative covenants, including financial covenants that require the Company to maintain specified financial ratios. At June 30, 2026, the Company was in compliance with all applicable covenants.
Interest expense