The Q2 2025 earnings cycle brought several unexpected developments. Despite widespread discussions of a “SaaS recovery,” the situation proves to be more complex: of the four expected “re-acceleration champions,” only three actually experienced re-acceleration, while the fourth faced a unique challenge.
Here’s the authentic picture, backed by concrete numbers.
### The Authentic Re-Acceleration Stories
#### Palantir: A Breakthrough $1B Quarter
**Growth trajectory:** 13% (Q2 2023) → 27% (Q2 2024) → 48% (Q2 2025)
Palantir exemplifies true re-acceleration, surpassing expectations by achieving a $1 billion quarterly revenue milestone for the first time, with a 48% year-over-year growth, prompting analysts to revise their models. Morgan Stanley expressed its admiration: “Palantir has a winning formula for deploying AI. We were astonished by the Q2 results, as nearly every key metric accelerated compared to Q1, which was already a robust quarter.”
Revenue reached $1.004 billion, exceeding the anticipated $940 million, with U.S. commercial revenue almost doubling year-over-year to $306 million, indicating significant commercial market penetration beyond government contracts at scale.
The guidance increase reveals the true narrative: Palantir raised its full-year revenue guidance from $3.89-3.90 billion to $4.142-4.150 billion. This $250+ million midpoint increase reflects basic business acceleration, not merely quarterly successes.
#### Shopify: The E-Commerce Comeback
**Growth trajectory:** 25% (Q2 2023) → 20% (Q2 2024) → 31% (Q2 2025)
Shopify’s path is multifaceted but equally intriguing. After a downturn to 20% growth in Q2 2024, the company surged to 31% growth in Q2 2025, delivering $2.68 billion in revenue, exceeding the expected $2.55 billion.
The genuine focus is the profit surge. Earnings per share skyrocketed 438% to $0.70, far surpassing the $0.20 estimate, and net income surged 429% to $906 million compared to $171 million the previous year. This exemplifies operational leverage at work.
Europe was a standout, with GMV growing 42% on a constant currency basis. Importantly, Shopify saw no tariff impact. CFO Jeff Hoffmeister stated the company witnessed no “drops in U.S. demand, whether inbound, outbound or local” and instead saw market growth in Q2.
The stock reaction confirmed the results: shares rose 20% on the news, pushing year-to-date gains beyond 40%.
#### Datadog: The Consistent Enterprise Expander
**Growth trajectory:** 20% (Q2 2023) → 26% (Q2 2024) → 28% (Q2 2025)
Datadog’s growth is less dramatic but potentially more sustainable. Revenue increased 28% year-over-year to $827 million, exceeding the $791 million estimate, with EPS of $0.46 compared to the expected $0.41.
The enterprise expansion story is compelling: Datadog now serves 3,850 customers with over $100K in annual recurring revenue, up from 3,390 a year ago. That’s 89% of total ARR coming from six-figure accounts—the kind of strong, high-value relationships that endure economic challenges.
At their DASH 2025 conference, Datadog launched over 125 new products and features, demonstrating the innovation speed keeping them ahead of competitors. The market appreciated this: shares rose 8% in pre-market trading, further contributing to a 54% rally since early April.
### The Different Story: HubSpot’s Stability & Revenue Increase
**Growth trajectory:** 25% (Q2 2023) → 20% (Q2 2024) → 19% (Q2 2025)
HubSpot exemplifies a different narrative entirely. This is not about re-acceleration, but a company addressing growth moderation while showing signs of stabilization. Notably, it increased its estimates for the next quarter.
Revenue was $760.9 million, up 19% year-over-year, surpassing estimates but continuing the slowdown from 25% growth in Q2 2023. However, management raised full-year guidance by approximately $44 million to $3.08-3.088 billion, indicating confidence in operational improvements despite top-line challenges.
The AI story is still evolving. Customer Agent and Prospecting Agent are gaining momentum, but monetization is still nascent compared to Palantir’s commercial triumphs or Shopify’s merchant tools. HubSpot added 9,700 net new customers and maintained a 17% operating margin, but the