DocuSign, Inc. (DOCU) financials

NASDAQ · Technology · Software - Application · 7,044 employees · CEO Allan C. Thygesen

Price: $82.17 +0.77%
Market cap: $15.4B
Enterprise value: $15B
Last report: Q2 '27 filed 2026-09-04
Next report: 2026-12-03 EPS est. $1.17

Revenue (TTM)$3.36B+8.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)12.0%+4.0 pp vs a year agoOperating income $402M

Net income (TTM)$330M+17.4% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$1.2B+28.1% vs a year agoCapex $125M

Diluted EPS (TTM)$1.64+23.3% vs a year agoSum of the last 4 quarters

Net cash$595M-17.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $15.4B
Revenue: $3.36B
Revenue growth: +9%
Profit margin: 9.8%
P/E: 49.2×
P/S: 4.6×
EV / EBITDA: 26.6×
Free cash flow: $1.2B
Net income: $330M
Revenue estimate: $3.5B
Earnings: 2026-12-03
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-09-03): revenue beat by 1.0%, EPS beat by 6.4%Revenue $876M vs $867M expected (+1.0%); EPS $1.16 vs $1.09 (+6.4%).
Revenue growth steady: 9.4% year on yearQ2 '27 revenue $876M, against an average of 8.4% over the four quarters before.
Operating margin 12.0% (TTM), +4.0 pp on a year agoOperating income grew 64.1% while revenue grew 8.6%.
Capex 3.7% of revenue (a year ago 3.4%)$125M invested in the last 4 quarters (+20.6% on a year earlier). Free cash flow $1.2B = 363.2% of net income.
Returned $1.11B to shareholders = 92.5% of free cash flowBuybacks $1.11B (a year earlier $719M), dividends $0, stock-based pay $606M (TTM).
Diluted share count down 8.9% in a year193M diluted shares in Q2 '27, 212M a year earlier.
Net cash $595MCash + short-term investments $778M, debt incl. leases $183M; a year ago net cash $718M.

Last quarter: Q2 '27

Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '27	Year ago	Change
Revenue	$876M	$801M	+9.4%
Gross margin	79.7%	79.3%	+0.4 pp
Operating income	$118M	$65.2M	+80.3%
Operating margin	13.4%	8.1%	+5.3 pp
Net income	$77.7M	$63M	+23.4%
Diluted EPS	$0.40	$0.30	+33.3%
Operating cash flow	$335M	$246M	+36.0%
Capex	$38.8M	$28.4M	+36.5%
Free cash flow	$296M	$218M	+35.9%
R&D	$164M	$170M	-3.6%
Stock-based compensation	$149M	$161M	-7.4%

Reported vs consensus

2026-09-03

	Actual	Consensus	vs consensus
Revenue	$876M	$867M	+1.0%
EPS (as estimated)	$1.16	$1.09	+6.4%

From the report of 2026-09-03 for Q2 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '27	y/y	Share	TTM	TTM y/y	12 quarters
Subscription and Circulation	$854M	+8.9%	97.5%	$3.29B	+8.7%
Professional Services And Other	$21.8M	+34.1%	2.5%	$76.1M	+5.2%

Revenue by region

share of total

Segment	Q2 '27	y/y	Share	TTM	TTM y/y	12 quarters
United States	$604M	+6.3%	68.9%	$2.34B	+5.7%
Non-US	$272M	+16.8%	31.1%	$1.02B	+15.9%

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.32B
Capex: -$125M
Buybacks: -$1.11B
Dividends: $0
Acquisitions: $0
Net debt issued: -$15.4M
Stock-based compensation: $606M
Free cash flow: $1.2B
Returned to shareholders / FCF: 92.5%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	49.2×	74.1× 3 of 5 years	18.5× – 169.2×
EV / EBITDA	26.6×	1,155.4×	22.4× – 4,469.5×
EV / Sales	4.5×	6.1×	3.1× – 11.9×
Price / FCF	12.8×	25.9×	10.0× – 55.6×
Price / Book	9.1×	27.2×	5.5× – 89.8×
FCF yield	7.8%	5.4%	1.8% – 10.0%
Return on invested capital	15.1%	2.4%	-5.7% – 12.0%
Return on equity	17.7%	7.0%	-25.4% – 53.3%

Analysts

Consensus target $68.75 (-16.3%)
range $58.00 – $75.00 · rating Hold

Strong buy0

Buy8

Hold18

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$3.5B	+8.8%	$4.62	+212.3%	17.8×	12
FY2028	$3.78B	+8.0%	$5.21	+12.8%	15.8×	12
FY2029	$4.07B	+7.5%	$5.73	+9.8%	14.3×	5

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 236 figures DocuSign, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$21.9M	$10.6M	+105.4%	$17.4M	$30.7M	-43.3%
Accounts Receivable, after Allowance for Credit Loss, Current	$371M	$357M	+3.8%	$516M	$430M	+20.2%
Accounts Receivable, Allowance for Credit Loss	$8.5M	$10.2M	-16.6%	$9.92M	$8.83M	+12.3%
Accrued Liabilities, Current	$121M	$101M	+20.3%	$113M	$99.6M	+13.8%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$7.84M	-$16.1M	+51.2%	-$3.71M	-$28.4M	+86.9%
Additional Paid in Capital	$4.05B	$3.54B	+14.3%	$3.78B	$3.32B	+13.8%
Advertising Expense	–	–	–	$74.5M	$79M	-5.7%
Amortization of Debt Issuance Costs and Discounts	$168K2026-01-31	$139K	+20.9%	$775K	$554K	+39.9%
Amortization of Intangible Assets	–	–	–	$16.1M	$24.7M	-34.7%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10.8M	4.51M	+139.1%	3.83M	1.05M	+265.6%
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition	$171M	$177M	-3.8%	$687M	$657M	+4.6%
Assets	$3.96B	$3.95B	+0.3%	$4.23B	$4.01B	+5.4%
Assets, Current	$1.27B	$1.32B	-3.8%	$1.49B	$1.49B	+0.1%
Capital Expenditures Incurred but Not yet Paid	$4.15M	-$63K	+6,679.4%	$3.3M	$5.69M	-41.9%
Capitalized Computer Software, Additions	$44.8M2026-04-30	$29.7M	+50.8%	$143M	$115M	+25.0%
Capitalized Computer Software, Amortization	$21M2026-04-30	$17.4M	+20.7%	$76.5M	$55.2M	+38.6%
Capitalized Contract Cost, Amortization	$69.7M	$68.7M	+1.5%	$271M	$237M	+14.3%
Capitalized Contract Cost, Net, Noncurrent	$469M	$463M	+1.3%	$475M	$467M	+1.6%
Cash	$239M	$320M	-25.4%	$354M	$465M	-23.8%
Cash and Cash Equivalents, at Carrying Value	$528M	$600M	-12.0%	$602M	$649M	-7.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$546M	$616M	-11.5%	$618M	$660M	-6.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$20.2M	-$56.2M	+64.1%	-$41.4M	-$142M	+70.8%
Common Stock, Capital Shares Reserved for Future Issuance	83.5M2026-01-31	78.6M	+6.3%	83.5M	78.6M	+6.3%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	500M	500M	0.0%	500M	500M	0.0%
Common Stock, Shares, Issued	188M	–	–	198M	203M	-2.3%
Common Stock, Shares, Outstanding	188M	201M	-6.4%	198M	202M	-2.3%
Common Stock, Value, Issued	$19K	$20K	-5.0%	$20K	$20K	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$73.8M	$65.1M	+13.5%	$334M	$1.06B	-68.5%
Contract with Customer, Asset, after Allowance for Credit Loss	$7.6M	$9.9M	-23.2%	$10.8M	$13.8M	-21.7%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$7.55M	$9.89M	-23.7%	$10.8M	$13.8M	-21.7%
Contract with Customer, Liability, Current	$1.58B	$1.44B	+9.7%	$1.63B	$1.46B	+12.1%
Contract with Customer, Liability, Noncurrent	$28.8M	$27.4M	+5.1%	$30M	$21.5M	+39.2%
Contract with Customer, Liability, Revenue Recognized	$529M	$490M	+8.1%	$1.4B	$1.3B	+7.7%
Cost of Goods and Services Sold	$178M	$165M	+7.5%	$663M	$622M	+6.7%
Current Federal Tax Expense (Benefit)	–	–	–	$786K	$4.76M	-83.5%
Current Foreign Tax Expense (Benefit)	–	–	–	$29.6M	$6.11M	+384.6%
Current Income Tax Expense (Benefit)	–	–	–	$33.7M	$18.8M	+79.5%
Current State and Local Tax Expense (Benefit)	–	–	–	$3.38M	$7.94M	-57.5%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$43K	$214K	-79.9%	$814K	$535K	+52.1%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$1.32M	$475K	+177.1%	$94K	$407K	-76.9%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$195M	–	–	$164M2019-01-31	–	–
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	$250M	–	–	$251M2019-01-31	–	–
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss	$723M2025-10-31	$578M	+25.1%	$633M2025-01-31	$723M	-12.5%
DebtSecuritiesAvailableForSaleExcludingAccruedInterest	$445M	$733M	-39.3%	$633M2025-01-31	$723M	-12.4%
DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent	$250M	$244M	+2.1%	$264M	$315M	-16.1%
DebtSecuritiesAvailableForSaleExcludingAccruedInterestNoncurrent	$195M	$209M	-6.4%	$208M	$134M	+55.4%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$5.82M	-$747M	+100.8%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$10.8M	$3.28M	-429.3%
Deferred Income Tax Assets, Net	$764M	$837M	-8.6%	$835M	$840M	-0.6%
Deferred Income Tax Expense (Benefit)	–	–	–	$4.5M	-$839M	+100.5%
Deferred Income Tax Liabilities, Net	$21M	$19.1M	+9.9%	$21.5M	$20.6M	+4.4%
Deferred Income Taxes and Tax Credits	$37.8M	$5M	+656.4%	$4.71M	-$840M	+100.6%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$9.5M	-$94.9M	+110.0%
Deferred Tax Assets, Gross	$1.13B2026-01-31	$1.13B	+0.4%	$1.13B	$1.13B	+0.4%
Deferred Tax Assets, in Process Research and Development	$232M2026-01-31	$179M	+29.3%	$232M	$179M	+29.3%
Deferred Tax Assets, Net	$814M2026-01-31	$820M	-0.7%	$814M	$820M	-0.7%
Deferred Tax Assets, Net of Valuation Allowance	$1.05B2026-01-31	$1.02B	+2.7%	$1.05B	$1.02B	+2.7%
Deferred Tax Assets, Operating Loss Carryforwards	$483M2026-01-31	$487M	-0.8%	$483M	$487M	-0.8%
Deferred Tax Assets, Other	$69.4M2026-01-31	$54.3M	+27.8%	$69.4M	$54.3M	+27.8%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-31, 10-Q 2026-04-30, 10-K 2026-01-31, 10-Q 2025-10-31, 10-Q 2025-07-31, 10-Q 2025-04-30, 10-K 2025-01-31, 10-Q 2024-10-31, 10-Q 2024-07-31

Data as of 2026-11-02