Datadog, Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
DDOG$179.04+2.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001561550-25-000220
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001561550-25-000313
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 97 previous paragraphs and 98 current paragraphs.
70 unchanged; 25 reworded; 3 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
In accordance with ASC 740, Accounting for Income Taxes, the impacts of the OBBBA are reflected in the Company’s results for the quarter ended September 30, 2025. The enactment of the OBBBA reduced the Company’s forecasted U.S. income tax expense for 2025. These changes did not affect the Company’s U.S. net deferred tax assets or liabilities, as the Company continues to maintain a full valuation allowance against those balances.
Current report
General and administrative expense increased by $21.9 million, or 42%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This increase was primarily due to an increase of $16.6 million in personnel costs including allocated overhead costs as a result of increased headcount, and an increase of $3.9 million in legal and other professional services expenses.
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Removed paragraphs (2)
Previous report
General and administrative expense increased by $22.2 million, or 47%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was primarily due to an increase of $18.9 million in personnel costs including allocated overhead costs as a result of increased headcount.
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Reworded paragraphs (25)
Previous wording
As of June 30, 2025, we had $489.0 million in cash and cash equivalents and $3.4 billion in marketable securities. We generated revenue of $826.8 million and $645.3 million in the three months ended June 30, 2025 and 2024, respectively, representing year-over-year growth of 28%. For the six months ended June 30, 2025 and 2024, our revenue was $1,588.3 million and $1,256.5 million, respectively, representing year-over-year growth of 26%. Substantially all of our revenue is from subscription software sales. While we have continued to make significant expenditures and investments, including in personnel-related costs, sales and marketing, infrastructure and operations, we had incurred net income of $2.6 million and $43.8 million for the three months ended June 30, 2025 and 2024, respectively, and $27.3 million and $86.5 million for the six months ended June 30, 2025 and 2024, respectively. Our operating cash flow was $471.6 million and $376.7 million for the six months ended June 30, 2025 and 2024, respectively. Our free cash flow was $409.7 million and $330.5 million for the six months ended June 30, 2025 and 2024, respectively. See the section titled “—Liquidity and Capital Resources—Non-GAAP Free Cash Flow” below.
Current wording
As of September 30, 2025, we had $540.6 million in cash and cash equivalents and $3.6 billion in marketable securities. We generated revenue of $885.7 million and $690.0 million in the three months ended September 30, 2025 and 2024, respectively, representing year-over-year growth of 28%. For the nine months ended September 30, 2025 and 2024, our revenue was $2,474.0 million and $1,946.5 million, respectively, representing year-over-year growth of 27%. Substantially all of our revenue is from subscription software sales. While we have continued to make significant expenditures and investments, including in personnel-related costs, sales and marketing, infrastructure and operations, we generated net income of $33.9 million and $51.7 million for the three months ended September 30, 2025 and 2024, respectively, and $61.2 million and $138.2 million for the nine months ended September 30, 2025 and 2024, respectively. Our operating cash flow was $723.1 million and $605.4 million for the nine months ended September 30, 2025 and 2024, respectively. Our free cash flow was $623.7 million and $534.1 million for the nine months ended September 30, 2025 and 2024, respectively. See the section titled “—Liquidity and Capital Resources—Non-GAAP Free Cash Flow” below.
Previous wording
We believe there is substantial opportunity to continue to grow our customer base. We intend to drive new customer acquisition by continuing to invest significantly in sales and marketing to engage our prospective customers, increase brand awareness and drive adoption of our platform and products. We also plan to continue to invest in building brand awareness within the development and operations communities. As of June 30, 2025, we had approximately 31,400 customers spanning organizations of a broad range of sizes and industries, compared to approximately 28,700 as of June 30, 2024. Our ability to attract new customers will depend on a number of factors, including the effectiveness and pricing of our products, offerings of our competitors and the effectiveness of our marketing efforts.
Current wording
We believe there is substantial opportunity to continue to grow our customer base. We intend to drive new customer acquisition by continuing to invest significantly in sales and marketing to engage our prospective customers, increase brand awareness and drive adoption of our platform and products. We also plan to continue to invest in building brand awareness within the development and operations communities. As of September 30, 2025, we had approximately 32,000 customers spanning organizations of a broad range of sizes and industries, compared to approximately 29,200 as of September 30, 2024. Our ability to attract new customers will depend on a number of factors, including the effectiveness and pricing of our products, offerings of our competitors and the effectiveness of our marketing efforts.
Previous wording
Our base of customers represents a significant opportunity for further sales expansion. As of June 30, 2025, we had approximately 3,850 customers with annual run-rate revenue, or ARR, of $100,000 or more, representing 89% of our ARR, up from 3,390 customers as of June 30, 2024, representing 87% of our ARR. We monitor our number of customers with ARR of $100,000 or more, and believe it is useful to investors, as an indicator of our ability to grow the number of customers that are exceeding this ARR threshold. We define ARR as the annual run-rate revenue of subscription agreements from all customers at a point in time. We calculate ARR by taking the monthly run-rate revenue, or MRR, and multiplying it by 12. MRR for each month is calculated by aggregating, for all customers during that month, monthly revenue from committed contractual amounts, additional usage, usage from subscriptions for a committed contractual amount of usage that is delivered as used and monthly subscriptions. 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 dates and renewal rates. ARR and MRR are not intended to be replacements or forecasts of revenue.
Current wording
Our base of customers represents a significant opportunity for further sales expansion. As of September 30, 2025, we had approximately 4,060 customers with annual run-rate revenue, or ARR, of $100,000 or more, representing 89% of our ARR, up from 3,490 customers as of September 30, 2024, representing 88% of our ARR. We monitor our number of customers with ARR of $100,000 or more, and believe it is useful to investors, as an indicator of our ability to grow the number of customers that are exceeding this ARR threshold. We define ARR as the annual run-rate revenue of subscription agreements from all customers at a point in time. We calculate ARR by taking the monthly run-rate revenue, or MRR, and multiplying it by 12. MRR for each month is calculated by aggregating, for all customers during that month, monthly revenue from committed contractual amounts, additional usage, usage from subscriptions for a committed contractual amount of usage that is delivered as used and monthly subscriptions. 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 dates and renewal rates. ARR and MRR are not intended to be replacements or forecasts of revenue.
Previous wording
Our success is dependent on our ability to sustain innovation and technology leadership in order to maintain our competitive advantage. We believe that we have built a highly differentiated platform that will position us to further extend the adoption of our platform and products. Datadog is frequently deployed across a customer’s entire infrastructure, making it ubiquitous. Datadog is a daily part of the lives of developers, operations engineers and business leaders. We employ a land-and-expand business model centered around offering products that are easy to adopt and have a very short time to value. Our efficient go-to-market model enables us to prioritize significant investment in innovation. We have demonstrated the success of our platform approach, through expansion beyond our initial infrastructure monitoring solution to include over 20 products. Approximately 83% of our customers were using more than one product as of June 30, 2025, consistent with approximately 83% a year earlier. Additionally, as of June 30, 2025, approximately 52% of our customers were using more than four products, up from approximately 49% a year earlier, approximately 29% of our customers were using more than six products, up from 25% a year earlier, and approximately 14% of our customers were using more than eight products, up from 11% a year earlier. We believe these metrics indicate strong expansion of product adoption across our platform.
Current wording
Our success is dependent on our ability to sustain innovation and technology leadership in order to maintain our competitive advantage. We believe that we have built a highly differentiated platform that will position us to further extend the adoption of our platform and products. Datadog is frequently deployed across a customer’s entire infrastructure, making it ubiquitous. Datadog is a daily part of the lives of developers, operations engineers and business leaders. We employ a land-and-expand business model centered around offering products that are easy to adopt and have a very short time to value. Our efficient go-to-market model enables us to prioritize significant investment in innovation. We have demonstrated the success of our platform approach, through expansion beyond our initial infrastructure monitoring solution to include over 20 products. Approximately 84% of our customers were using two or more products as of September 30, 2025, consistent with approximately 83% a year earlier. Additionally, as of September 30, 2025, approximately 54% of our customers were using four or more products, up from approximately 49% a year earlier, approximately 31% of our customers were using six or more products, up from 26% a year earlier, and approximately 16% of our customers were using eight or more products, up from 12% a year earlier. We believe these metrics indicate strong expansion of product adoption across our platform.
Previous wording
We believe there is a significant opportunity to expand usage of our platform outside of North America. Revenue, as determined based on the billing address of our customers, from regions outside of North America was approximately 29% and 30% of our total revenue for the six months ended June 30, 2025 and 2024, respectively. In addition, we have made and plan to continue to make significant investments to expand geographically, particularly in EMEA and APAC. Although these investments may adversely affect our operating results in the near term, we believe that they will contribute to our long-term growth. Beyond North America, we now have sales presence internationally, primarily in Amsterdam, Dublin, London, Paris, Seoul, Singapore, Sydney, and Tokyo.
Current wording
We believe there is a significant opportunity to expand usage of our platform outside of North America. Revenue, as determined based on the billing address of our customers, from regions outside of North America was approximately 29% and 30% of our total revenue for the nine months ended September 30, 2025 and 2024, respectively. In addition, we have made and plan to continue to make significant investments to expand geographically, particularly in EMEA and APAC. Although these investments may adversely affect our operating results in the near term, we believe that they will contribute to our long-term growth. Beyond North America, we now have sales presence internationally, primarily in Amsterdam, Dublin, London, Paris, Seoul, Singapore, Sydney, and Tokyo.
Previous wording
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes permanent extensions of certain expiring provisions of the Tax Cuts and Jobs Act, including 100% bonus depreciation for certain qualified property, and reverses the requirement under the Tax Cuts and Jobs Act to capitalize and amortize domestic research and experimentation expenses, allowing taxpayers to deduct such expenses in the year incurred for tax years beginning after December 31, 2024. The OBBBA also includes modifications to the international tax framework. We are currently evaluating the impact of the OBBBA on our consolidated financial statements.
Current wording
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA makes permanent several provisions of the Tax Cuts and Jobs Act, including 100% bonus depreciation for certain qualified property, and reverses the requirement under the Tax Cuts and Jobs Act to capitalize and amortize domestic research and experimentation (“R&E”) expenses. Beginning with tax years after December 31, 2024, taxpayers may again deduct such expenses in the year incurred. The OBBBA also introduced an election to accelerate any unamortized domestic R&E expenditures over a one- or two-year period beginning with the 2025 tax year and includes modifications to the international tax framework.
Previous wording
Revenue increased by $181.5 million, or 28%, for thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024. Approximately 80% of the increase in revenue was attributable to growth from existing customers, and the remaining 20% was attributable to growth from new customers.
Current wording
Revenue increased by $195.6 million, or 28%, for thethree months ended September 30, 2025 compared to thethree months ended September 30, 2024. Approximately 75% of the increase in revenue was attributable to growth from existing customers, and the remaining 25% was attributable to growth from new customers.
Previous wording
Cost of revenue increased by $42.5 million, or 34%, for thethree months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was primarily due to an increase of $38.3 million in third-party cloud infrastructure hosting and software costs.
Current wording
Cost of revenue increased by $38.7 million, or 28%, for thethree months ended September 30, 2025 compared to the three months ended September 30, 2024. This increase was primarily due to an increase of $31.6 million in third-party cloud infrastructure hosting and software costs and an increase of $5.6 million in personnel costs including allocated overhead costs as a result of increased headcount.
Previous wording
Our gross margin decreased for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily as a result of increased spend with our third-party cloud infrastructure providers.
Current wording
Our gross margin remained flat for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily as a result of revenue growing in proportion to the growth of our third-party cloud infrastructure provider costs.
Previous wording
Research and development expense increased by $112.9 million, or 41%, for thethree months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was primarily due to an increase of $90.6 million in personnel costs including allocated overhead costs for our engineering, product and design teams as a result of increased headcount and an increase of $19.0 million in cloud infrastructure-related investments.
Current wording
Research and development expense increased by $110.2 million, or 38%, for thethree months ended September 30, 2025 compared to the three months ended September 30, 2024. This increase was primarily due to an increase of $95.1 million in personnel costs including allocated overhead costs for our engineering, product and design teams as a result of increased headcount and an increase of $11.4 million in cloud infrastructure-related investments.
Previous wording
Sales and marketing expense increased by $52.0 million, or 28%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was primarily due to an increase of $42.3 million in personnel costs including allocated overhead costs for our sales and marketing organization as a result of increased headcount and increased variable compensation for our sales personnel and an increase of $8.2 million in advertising, sales, marketing and promotional activities.
Current wording
Sales and marketing expense increased by $51.0 million, or 27%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This increase was primarily due to an increase of $43.2 million in personnel costs including allocated overhead costs for our sales and marketing organization as a result of increased headcount and increased variable compensation for our sales personnel and an increase of $4.3 million in advertising, sales, marketing and promotional activities.
Previous wording
Other income, net increased by $6.4 million, or 18%, for thethree months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was primarily driven by an increase of $13.5 million in interest income, mainly due to income earned from investments in marketable securities. This amount was partially offset by a decrease of $5.5 million in other income mainly due to fluctuations related to foreign currency exchange rates.
Current wording
Other income, net increased by $5.6 million, or 16%, for thethree months ended September 30, 2025 compared to the three months ended September 30, 2024. This increase was primarily driven by an increase of $5.5 million in interest income, mainly due to income earned from investments in marketable securities.
Previous wording
Revenue increased by $331.8 million, or 26%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Approximately 80% of the increase in revenue was attributable to growth from existing customers, and the remaining 20% was attributable to growth from new customers.
Current wording
Revenue increased by $527.4 million, or 27%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Approximately 80% of the increase in revenue was attributable to growth from existing customers, and the remaining 20% was attributable to growth from new customers.
Previous wording
Cost of revenue increased by $90.0 million, or 39%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This increase was primarily due to an increase of $81.1 million in third-party cloud infrastructure hosting and software costs.
Current wording
Cost of revenue increased by $128.7 million, or 35%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This increase was primarily due to an increase of $112.7 million in third-party cloud infrastructure hosting and software costs and an increase of $14.4 million in personnel costs including allocated overhead costs as a result of increased headcount.
Previous wording
Our gross margin decreased for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily as a result of increased spend with our third-party cloud infrastructure providers.
Current wording
Our gross margin decreased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily as a result of increased spend with our third-party cloud infrastructure providers.
Previous wording
Research and development expense increased by $184.0 million, or 34%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This increase was primarily due to an increase of $144.9 million in personnel costs including allocated overhead costs for our engineering, product and design teams as a result of increased headcount and an increase of $35.2 million in cloud infrastructure-related investments.
Current wording
Research and development expense increased by $294.1 million, or 35%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This increase was primarily due to an increase of $240.0 million in personnel costs including allocated overhead costs for our engineering, product and design teams as a result of increased headcount and an increase of $46.6 million in cloud infrastructure-related investments.
Previous wording
Sales and marketing expense increased by $92.4 million, or 26%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This increase was primarily due to an increase of $71.8 million in personnel costs including allocated overhead costs for our sales and marketing organization as a result of increased headcount and increased variable compensation for our sales personnel and an increase of $16.4 million in advertising, sales, marketing and promotional activities.
Current wording
Sales and marketing expense increased by $143.4 million, or 26%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This increase was primarily due to an increase of $115.0 million in personnel costs including allocated overhead costs for our sales and marketing organization as a result of increased headcount and increased variable compensation for our sales personnel and an increase of $20.7 million in advertising, sales, marketing and promotional activities.
Previous wording
General and administrative expense increased by $37.9 million, or 41%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This increase was primarily due to an increase of $28.0 million in personnel costs including allocated overhead costs as a result of increased headcount, and an increase of $6.5 million in legal and other professional services expenses.
Current wording
General and administrative expense increased by $59.8 million, or 41%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This increase was primarily due to an increase of $44.6 million in personnel costs including allocated overhead costs as a result of increased headcount, and an increase of $10.6 million in legal and other professional services expenses.
Previous wording
Other income, net increased by $16.4 million, or 24%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This increase was primarily driven by an increase of $28.8 million in interest income, mainly due to income earned from investments in marketable securities. This amount was partially offset by a decrease of $9.1 million in other income mainly due to fluctuations related to foreign currency exchange rates.
Current wording
Other income, net increased by $22.1 million, or 21%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This increase was primarily driven by an increase of $34.3 million in interest income, mainly due to income earned from investments in marketable securities. This amount was partially offset by a decrease of $8.2 million in other income mainly due to fluctuations related to foreign currency exchange rates.
Previous wording
Our largest source of operating cash is cash collection from sales of subscriptions to our customers. Our primary uses of cash from operating activities are for personnel expenses, hosting expenses, facility expenses, and marketing expenses. We generated positive cash flows from operations during the six months ended June 30, 2025 and 2024. When assessing sources of liquidity, we also include cash and cash equivalents of $489.0 million and marketable securities of $3.4 billion as of June 30, 2025. We believe that our existing cash and cash equivalents, marketable securities and cash flow from operations will be sufficient to support our cash requirements for the next 12 months and beyond.
Current wording
Our largest source of operating cash is cash collection from sales of subscriptions to our customers. Our primary uses of cash from operating activities are for personnel expenses, hosting expenses, facility expenses, and marketing expenses. We generated positive cash flows from operations during the nine months ended September 30, 2025 and 2024. When assessing sources of liquidity, we also include cash and cash equivalents of $540.6 million and marketable securities of $3.6 billion as of September 30, 2025. We believe that our existing cash and cash equivalents, marketable securities and cash flow from operations will be sufficient to support our cash requirements for the next 12 months and beyond.
Previous wording
The 2025 Notes matured on June 15, 2025. During the period from April 1, 2025 through the close of business on June 12, 2025, holders of the 2025 Notes elected to convert all outstanding aggregate principal amount of 2025 Notes in accordance with the terms of the indenture governing the 2025 Notes. We settled these conversions with aggregate cash payments totaling approximately $634.1 million and the issuance of approximately 1,354,569 shares of our Class A common stock. In June 2025, we received approximately 1,360,738 million shares of Class A common stock from the settlement of the capped call transactions we entered into in connection with the issuance of the 2025 Notes with the relevant option counterparties, which we retired.
Current wording
The 2025 Notes matured on June 15, 2025. During the period from April 1, 2025 through the close of business on June 12, 2025, holders of the 2025 Notes elected to convert all outstanding aggregate principal amount of 2025 Notes in accordance with the terms of the indenture governing the 2025 Notes. We settled these conversions with aggregate cash payments totaling approximately $634.1 million and the issuance of approximately 1,354,569 shares of our Class A common stock. In June 2025, we received approximately 1,360,738 shares of Class A common stock from the settlement of the capped call transactions we entered into in connection with the issuance of the 2025 Notes with the relevant option counterparties, which we retired.
Previous wording
During the six months ended June 30, 2025, there have been no material changes outside the ordinary course of business to our contractual obligations and commitments, as disclosed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Annual Report.
Current wording
During the nine months ended September 30, 2025, there have been no material changes outside the ordinary course of business to our contractual obligations and commitments, as disclosed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Annual Report.
Previous wording
Net cash provided by operating activities for the six months ended June 30, 2025 increased by $94.9 million compared to the six months ended June 30, 2024, primarily driven by anincrease in non-cash charges of $93.6 million and an increase in accounts payable of $54.1 million due to the timing of invoices received and paid. The increase in non-cash charges related primarily to an increase of $75.0 million in stock-based compensation as we continued to increase headcount to support the growth of the business. The increase in cash provided by operating activities was partially offset by a decrease in net income of $59.2 million.
Current wording
Net cash provided by operating activities for the nine months ended September 30, 2025 increased by $117.7 million compared to the nine months ended September 30, 2024, primarily driven by anincrease in non-cash charges of $162.9 million, an increase in accrued expenses and other liabilities of $38.1 million, and an increase in accounts receivable of $27.0 million. The increase in non-cash charges related primarily to an increase of $133.4 million in stock-based compensation as we continued to increase headcount to support the growth of the business. The increase in cash provided by operating activities was partially offset by a decrease in net income of $77.0 million and a decrease in deferred contract costs of $27.2 million.
Previous wording
Net cash used in investing activities for the six months ended June 30, 2025 increased by $313.6 million compared to the six months ended June 30, 2024, primarily driven by an increase of $481.5 million in the purchases of marketable securities and an increase of $116.6 million in cash paid for the acquisition of businesses net of cash acquired. The increase in cash used in investing activities was partially offset by an increase of $287.1 million in proceeds from maturities of marketable securities.
Current wording
Net cash used in investing activities for the nine months ended September 30, 2025 increased by $209.2 million compared to the nine months ended September 30, 2024, primarily driven by an increase of $371.4 million in the purchases of marketable securities and an increase of $116.6 million in cash paid for the acquisition of businesses net of cash acquired. The increase in cash used in investing activities was partially offset by an increase of $293.9 million in proceeds from maturities of marketable securities.
Previous wording
Net cash (used in) provided by financing activities for the six months ended June 30, 2025 decreased $630.2 million compared to the six months ended June 30, 2024, primarily due to the repayment of the 2025 Notes for $635.5 million.
Current wording
Net cash (used in) provided by financing activities for the nine months ended September 30, 2025 decreased $630.2 million compared to the nine months ended September 30, 2024, primarily due to the repayment of the 2025 Notes for $635.5 million.