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Analyst
Todd Coupland
Period: Reporting periods mapped to calendar 2025 Q3 – 2026 Q2 (4 quarters; questions recorded in 3).
- Questions
- 3on tracked calls
- Challenge rate
- 0%none of 3 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 3with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 3 of 3 questions from 2 companies
SHOPShopify2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q2
Is roughly 20% the new normal? And how should we think about the levers around that?
Show response
CFO Jeff Hoffmeister declined to call ~20% a new normal, pointed to Q3 guidance, and reiterated that gross-margin pressure is offset by OpEx leverage (~150 bps FCF margin expansion in Q2).
Calendar 2025 Q3
I'm wondering if you can talk about your view of the state of the consumer by geography and post tariffs now that we've seen a little bit of data there
Show response
Harley noted consumer demand measured at checkout remains resilient across channels and categories. Jeff said merchant price increases ticked down slightly from prior quarter levels, with tariff impact remaining relatively constant.
DDOGDatadog1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q4
how the LLM rise is impacting share shifts
Show response
Pomel stated no change in competitive dynamics, with Datadog pulling away. Recent M&A deals involved non-winning companies with limited market impact. LLM observability market is early and still undifferentiated.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| SHOP Shopify | 2 | —Rate withheld: fewer than 3 questions |
| DDOG Datadog | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q3 | 1 | 0%none of 1 question | 1 |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | No questions recorded | — | — |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
- 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q1No questions recorded
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Margin1
- Capital Allocation1
- Competitive Dynamics1
- Cloud & AI1
- Macroeconomic1
- Trade Tariffs1