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Docusign Financials

DOCU
Source SEC Filings (10-K/10-Q) Updated Mar 18, 2026 Currency USD FYE March

This page shows Docusign (DOCU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 53 / 100
Financial Profile 53/100

Based on FY2026 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
43

Docusign has an operating margin of 9.5%, meaning the company retains $9 of operating profit per $100 of revenue. This results in a moderate score of 43/100, indicating healthy but not exceptional operating efficiency. This is up from 6.7% the prior year.

Growth
43

Docusign's revenue grew 5.8% year-over-year to $3.2B, a solid pace of expansion. This earns a growth score of 43/100.

Leverage
77

Docusign carries a low D/E ratio of 1.21, meaning only $1.21 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
9

Docusign's current ratio of 0.73 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 9/100, which could limit financial flexibility.

Cash Flow
100

Docusign converts 33.6% of revenue into free cash flow ($1.1B). This strong cash generation earns a score of 100/100.

Returns
47

Docusign's ROE of 16.1% shows moderate profitability relative to equity, earning a score of 47/100. This is down from 53.0% the prior year.

Altman Z-Score Grey Zone
2.65

Docusign scores 2.65, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($9.4B) relative to total liabilities ($2.3B). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral
5/9

Docusign passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
3.77x

For every $1 of reported earnings, Docusign generates $3.77 in operating cash flow ($1.2B OCF vs $309.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
64.6x

Docusign earns $64.6 in operating income for every $1 of interest expense ($298.6M vs $4.6M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$3.2B
YoY+5.8%
5Y CAGR+16.7%

Docusign generated $3.2B in revenue in fiscal year 2026. This represents an increase of 5.8% from the prior year.

EBITDA
$414.7M
YoY+34.7%

Docusign's EBITDA was $414.7M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 34.7% from the prior year.

Net Income
$309.1M
YoY-71.1%

Docusign reported $309.1M in net income in fiscal year 2026. This represents a decrease of 71.1% from the prior year.

EPS (Diluted)
$1.48
YoY-70.9%

Docusign earned $1.48 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 70.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.1B
YoY+15.0%
5Y CAGR+37.6%

Docusign generated $1.1B in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 15.0% from the prior year.

Cash & Debt
$602.4M
YoY-8.4%
5Y CAGR+3.0%

Docusign held $602.4M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share
N/A
Shares Outstanding
194M
YoY-4.0%
5Y CAGR+0.1%

Docusign had 194M shares outstanding in fiscal year 2026. This represents a decrease of 4.0% from the prior year.

Margins & Returns

Gross Margin
81.1%
YoY+2.0pp
5Y CAGR+6.2pp

Docusign's gross margin was 81.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 2.0 percentage points from the prior year.

Operating Margin
9.5%
YoY+2.8pp
5Y CAGR+21.4pp

Docusign's operating margin was 9.5% in fiscal year 2026, reflecting core business profitability. This is up 2.8 percentage points from the prior year.

Net Margin
9.8%
YoY-26.1pp
5Y CAGR+26.6pp

Docusign's net profit margin was 9.8% in fiscal year 2026, showing the share of revenue converted to profit. This is down 26.1 percentage points from the prior year.

Return on Equity
16.1%
YoY-36.9pp
5Y CAGR+116.1pp

Docusign's ROE was 16.1% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 36.9 percentage points from the prior year.

Capital Allocation

R&D Spending
$665.0M
YoY+13.0%
5Y CAGR+19.6%

Docusign invested $665.0M in research and development in fiscal year 2026. This represents an increase of 13.0% from the prior year.

Share Buybacks
$869.1M
YoY+27.1%

Docusign spent $869.1M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 27.1% from the prior year.

Capital Expenditures
$106.4M
YoY+9.8%
5Y CAGR+5.3%

Docusign invested $106.4M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 9.8% from the prior year.

DOCU Income Statement

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Revenue $818.4M+2.2% $800.6M+4.8% $763.7M-1.6% $776.3M+2.8% $754.8M+2.6% $736.0M+3.7% $709.6M-0.4% $712.4M
Cost of Revenue $170.5M+3.1% $165.5M+5.2% $157.3M-1.8% $160.2M+2.3% $156.5M+0.7% $155.5M+4.0% $149.4M+1.0% $147.9M
Gross Profit $647.8M+2.0% $635.2M+4.7% $606.4M-1.6% $616.0M+3.0% $598.3M+3.1% $580.6M+3.6% $560.2M-0.8% $564.5M
R&D Expenses $167.6M-1.2% $169.6M+6.4% $159.4M+2.6% $155.5M+2.9% $151.1M+2.4% $147.6M+9.9% $134.3M-11.4% $151.5M
SG&A Expenses $98.3M+3.6% $94.9M+5.1% $90.3M-8.7% $98.8M+1.3% $97.6M+12.0% $87.1M-5.8% $92.5M-10.0% $102.7M
Operating Income $85.4M+30.9% $65.2M+8.3% $60.3M-0.4% $60.5M+2.4% $59.0M+2.1% $57.8M+155.4% $22.6M+127.8% $9.9M
Interest Expense $654K-21.0% $828K+73.2% $478K+19.5% $400K-13.4% $462K-15.1% $544K+277.8% $144K-91.6% $1.7M
Income Tax $11.8M-12.5% $13.5M+692.1% $1.7M+110.9% -$15.6M-270.5% $9.2M+101.1% -$816.3M-28914.8% $2.8M+13.3% $2.5M
Net Income $83.7M+33.0% $63.0M-12.6% $72.1M-13.7% $83.5M+33.8% $62.4M-93.0% $888.2M+2531.0% $33.8M+23.9% $27.2M
EPS (Diluted) $0.40+33.3% $0.30-11.8% $0.34 N/A $0.30-93.0% $4.26+2562.5% $0.16 N/A

DOCU Balance Sheet

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Total Assets $4.0B+0.8% $3.9B+0.1% $3.9B-1.6% $4.0B+6.4% $3.8B+0.4% $3.8B+28.3% $2.9B-1.5% $3.0B
Current Assets $1.3B-0.9% $1.3B-4.2% $1.4B-7.5% $1.5B+11.8% $1.3B-0.9% $1.3B-9.8% $1.5B-5.0% $1.6B
Cash & Equivalents $583.3M-2.8% $600.0M-8.7% $657.4M+1.4% $648.6M+6.2% $610.9M-1.3% $619.1M-24.3% $817.4M+2.6% $797.1M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $355.0M-0.6% $356.9M+16.0% $307.6M-28.4% $429.6M+43.0% $300.4M-3.0% $309.9M+1.2% $306.2M-30.3% $439.3M
Goodwill $457.2M+0.2% $456.4M+0.2% $455.3M+0.2% $454.5M-0.3% $455.7M0.0% $455.5M+29.2% $352.4M-0.2% $353.1M
Total Liabilities $2.0B+2.0% $2.0B+1.5% $1.9B-3.9% $2.0B+12.9% $1.8B-0.7% $1.8B+0.2% $1.8B-2.8% $1.8B
Current Liabilities $1.8B+0.4% $1.8B+2.0% $1.7B-4.9% $1.8B+14.6% $1.6B-0.5% $1.6B+0.1% $1.6B-3.4% $1.7B
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $2.0B-0.3% $2.0B-1.3% $2.0B+0.6% $2.0B+0.7% $2.0B+1.4% $2.0B+72.5% $1.1B+0.6% $1.1B
Retained Earnings -$1.7B-8.6% -$1.5B-9.9% -$1.4B-8.7% -$1.3B-6.4% -$1.2B-10.1% -$1.1B+38.4% -$1.8B-6.9% -$1.7B

DOCU Cash Flow Statement

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Operating Cash Flow $290.3M+18.0% $246.1M-2.1% $251.4M-18.3% $307.9M+31.4% $234.3M+6.4% $220.2M-13.6% $254.8M-5.9% $270.7M
Capital Expenditures $27.4M-3.7% $28.4M+20.3% $23.6M-16.6% $28.3M+20.0% $23.6M+6.0% $22.3M-2.1% $22.8M+2.9% $22.1M
Free Cash Flow $262.9M+20.8% $217.6M-4.5% $227.8M-18.5% $279.6M+32.7% $210.7M+6.5% $197.9M-14.7% $232.1M-6.6% $248.6M
Investing Cash Flow -$37.7M-24.0% -$30.5M-22.2% -$24.9M+22.8% -$32.3M+26.1% -$43.7M+75.2% -$176.1M-189.8% -$60.8M-190.4% $67.2M
Financing Cash Flow -$270.5M+1.1% -$273.3M-22.3% -$223.5M+3.5% -$231.5M-16.7% -$198.3M+17.0% -$239.1M-40.7% -$169.9M+76.9% -$735.0M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $215.1M+6.7% $201.5M+9.9% $183.4M+13.4% $161.7M-6.3% $172.7M-13.7% $200.1M+34.2% $149.1M $0

DOCU Financial Ratios

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Gross Margin 79.2%-0.2pp 79.3%-0.1pp 79.4%+0.1pp 79.4%+0.1pp 79.3%+0.4pp 78.9%-0.1pp 78.9%-0.3pp 79.2%
Operating Margin 10.4%+2.3pp 8.2%+0.3pp 7.9%+0.1pp 7.8%-0.0pp 7.8%-0.0pp 7.8%+4.7pp 3.2%+1.8pp 1.4%
Net Margin 10.2%+2.4pp 7.9%-1.6pp 9.4%-1.3pp 10.8%+2.5pp 8.3%-112.4pp 120.7%+115.9pp 4.8%+0.9pp 3.8%
Return on Equity 4.2%+1.1pp 3.2%-0.4pp 3.6%-0.6pp 4.2%+1.0pp 3.1%-42.1pp 45.3%+42.3pp 3.0%+0.6pp 2.4%
Return on Assets 2.1%+0.5pp 1.6%-0.2pp 1.8%-0.2pp 2.1%+0.4pp 1.7%-22.0pp 23.7%+22.5pp 1.1%+0.2pp 0.9%
Current Ratio 0.730.0 0.74-0.0 0.79-0.0 0.81-0.0 0.830.0 0.84-0.1 0.93-0.0 0.94
Debt-to-Equity 1.01+0.0 0.99+0.0 0.96-0.0 1.00+0.1 0.90-0.0 0.91-0.7 1.57-0.1 1.63
FCF Margin 32.1%+4.9pp 27.2%-2.7pp 29.8%-6.2pp 36.0%+8.1pp 27.9%+1.0pp 26.9%-5.8pp 32.7%-2.2pp 34.9%

Note: The current ratio is below 1.0 (0.73), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Docusign (DOCU) reported $3.2B in total revenue for fiscal year 2026. This represents a 5.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Docusign (DOCU) revenue grew by 5.8% year-over-year, from $3.0B to $3.2B in fiscal year 2026.

Yes, Docusign (DOCU) reported a net income of $309.1M in fiscal year 2026, with a net profit margin of 9.8%.

Docusign (DOCU) reported diluted earnings per share of $1.48 for fiscal year 2026. This represents a -70.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Docusign (DOCU) had EBITDA of $414.7M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

Docusign (DOCU) had a gross margin of 81.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

Docusign (DOCU) had an operating margin of 9.5% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

Docusign (DOCU) had a net profit margin of 9.8% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Docusign (DOCU) has a return on equity of 16.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

Docusign (DOCU) generated $1.1B in free cash flow during fiscal year 2026. This represents a 15.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Docusign (DOCU) generated $1.2B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

Docusign (DOCU) had $4.2B in total assets as of fiscal year 2026, including both current and long-term assets.

Docusign (DOCU) invested $106.4M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Docusign (DOCU) invested $665.0M in research and development during fiscal year 2026.

Yes, Docusign (DOCU) spent $869.1M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Docusign (DOCU) had 194M shares outstanding as of fiscal year 2026.

Docusign (DOCU) had a current ratio of 0.73 as of fiscal year 2026, which is below 1.0, which may suggest potential liquidity concerns.

Docusign (DOCU) had a debt-to-equity ratio of 1.21 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

Docusign (DOCU) had a return on assets of 7.3% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

Docusign (DOCU) has an Altman Z-Score of 2.65, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Docusign (DOCU) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Docusign (DOCU) has an earnings quality ratio of 3.77x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Docusign (DOCU) has an interest coverage ratio of 64.6x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Docusign (DOCU) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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