DOCU

MKT CAP:$9B

DocuSign, Inc.

Market Cap

$9B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$47.60-$17.25 (-26.60%)

Apr 21, 2026

Company Details

DocuSign, Inc. provides electronic signature software in the United States and internationally. The company provides e-signature solution that enables businesses to digitally prepare, sign, act on, and manage agreements. It also offers CLM,...

CEO

Allan C. Thygesen

IPO Date

Apr 27, 2018

Website

www.DocuSign.com

Key Metrics TTM

Revenue

$3.2B

+8.2% YoY

Net Income

$309M

EPS (Diluted)

$1.48

Free Cash Flow

$1.1B

Revenue / Share

$15.73

Gross Margin

79.4%

Operating Margin

9.3%

Net Margin

9.6%

FCF Margin

32.9%

P/S

2.8x

P/E

29.0x

Earnings Reports

FY 2026

Mar 18, 2026

$3.2B+8.2%EPS $1.48

Q4 2026

Mar 18, 2026

$837M+7.8%EPS $0.44

Q3 2026

Dec 5, 2025

$818M+8.4%EPS $0.40

Q2 2026

Sep 5, 2025

$801M+8.8%EPS $0.30

Q1 2026

Jun 6, 2025

$764M+7.6%EPS $0.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 23	$589M	$456M	-$19M
Q2 23	$622M	$485M	-$41M
Q3 23	$645M	$516M	-$27M
Q4 23	$660M	$522M	-$284.0K
Q1 24	$661M	$525M	-$5M
Q2 24	$688M	$542M	$7M
Q3 24	$700M	$558M	$20M
Q4 24	$712M	$564M	$10M
Q1 25	$710M	$560M	$23M
Q2 25	$736M	$581M	$58M
Q3 25	$755M	$598M	$59M
Q4 25	$776M	$616M	$60M
Q1 26	$764M	$606M	$60M
Q2 26	$801M	$635M	$65M
Q3 26	$818M	$648M	$85M
Q4 26	$837M	$667M	$88M

Valuation

Quarter	P/S	P/E
Q1 23	7.7x	—
Q2 23	5.6x	—
Q3 23	4.0x	—
Q4 23	4.7x	—
Q1 24	3.9x	—
Q2 24	4.1x	—
Q3 24	2.9x	153.6x
Q4 24	4.7x	176.0x
Q1 25	4.2x	109.7x
Q2 25	4.0x	11.5x
Q3 25	4.9x	14.0x
Q4 25	6.6x	18.4x
Q1 26	5.5x	15.1x
Q2 26	5.3x	58.2x
Q3 26	4.7x	49.0x
Q4 26	3.3x	34.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$196M	$175M
Q2 23	$121M	$105M
Q3 23	$53M	$36M
Q4 23	$137M	$113M
Q1 24	$234M	$215M
Q2 24	$211M	$184M
Q3 24	$264M	$240M
Q4 24	$271M	$249M
Q1 25	$255M	$232M
Q2 25	$220M	$198M
Q3 25	$234M	$211M
Q4 25	$308M	$280M
Q1 26	$251M	$228M
Q2 26	$246M	$218M
Q3 26	$290M	$263M
Q4 26	$377M	$350M

Capital Expenditures

Quarter	CapEx
Q1 23	$22M
Q2 23	$15M
Q3 23	$16M
Q4 23	$24M
Q1 24	$19M
Q2 24	$27M
Q3 24	$24M
Q4 24	$22M
Q1 25	$23M
Q2 25	$22M
Q3 25	$24M
Q4 25	$28M
Q1 26	$24M
Q2 26	$28M
Q3 26	$27M
Q4 26	$27M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+25.5%	+26.7%
Q2 23	+21.6%	+24.1%
Q3 23	+18.3%	+22.6%
Q4 23	+13.6%	+8.9%
Q1 24	+12.3%	+9.6%
Q2 24	+10.5%	+2.7%
Q3 24	+8.5%	+1.2%
Q4 24	+8.0%	+6.5%
Q1 25	+7.3%	+3.1%
Q2 25	+7.0%	-0.4%
Q3 25	+7.8%	+2.2%
Q4 25	+9.0%	+1.9%
Q1 26	+7.6%	+2.4%
Q2 26	+8.8%	+8.4%
Q3 26	+8.4%	+5.3%
Q4 26	+7.8%	+4.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$111M	18.8%
Q2 23	$141M	22.7%
Q3 23	$141M	21.8%
Q4 23	$146M	22.1%
Q1 24	$145M	21.9%
Q2 24	$152M	22.1%
Q3 24	$159M	22.8%
Q4 24	$161M	22.6%
Q1 25	$143M	20.1%
Q2 25	$165M	22.4%
Q3 25	$153M	20.3%
Q4 25	$150M	19.3%
Q1 26	$146M	19.1%
Q2 26	$161M	20.1%
Q3 26	$161M	19.6%
Q4 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$112M	$63M	$301M
Q2 23	$127M	$76M	$324M
Q3 23	$116M	$86M	$314M
Q4 23	$126M	$92M	$305M
Q1 24	$115M	$105M	$281M
Q2 24	$136M	$155M	$243M
Q3 24	$137M	$108M	$292M
Q4 24	$152M	$103M	$300M
Q1 25	$134M	$92M	$282M
Q2 25	$148M	$87M	$287M
Q3 25	$151M	$98M	$291M
Q4 25	$155M	$99M	$301M
Q1 26	$159M	$90M	$296M
Q2 26	$170M	$95M	$305M
Q3 26	$168M	$98M	$297M
Q4 26	$168M	$106M	$306M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 23	25.5%	0.4%	25.9
Q2 23	21.6%	-3.0%	18.5
Q3 23	18.3%	-0.8%	17.5
Q4 23	13.6%	4.0%	17.6
Q1 24	12.3%	4.6%	17.0
Q2 24	10.5%	7.2%	17.7
Q3 24	8.5%	8.7%	17.2
Q4 24	8.0%	7.7%	15.7
Q1 25	7.3%	8.6%	15.9
Q2 25	7.0%	13.5%	20.5
Q3 25	7.8%	13.2%	21.0
Q4 25	9.0%	12.5%	21.5
Q1 26	7.6%	13.7%	21.3
Q2 26	8.8%	21.8%	30.6
Q3 26	8.4%	23.8%	32.2
Q4 26	7.8%	10.5%	18.3

Rule of 40

Revenue Segments

Quarter	Professional Services And Other	Subscription and Circulation
Q1 23	$19M	$569M
Q2 23	$17M	$605M
Q3 23	$21M	$624M
Q4 23	$16M	$644M
Q1 24	$22M	$639M
Q2 24	$18M	$669M
Q3 24	$18M	$682M
Q4 24	$17M	$696M
Q1 25	$18M	$691M
Q2 25	$19M	$717M
Q3 25	$20M	$735M
Q4 25	$18M	$758M
Q1 26	$17M	$746M
Q2 26	$16M	$784M
Q3 26	$17M	$801M
Q4 26	$18M	$819M

Revenue by Geography

Quarter	Non-US	United States
Q1 23	$144M	$444M
Q2 23	$154M	$469M
Q3 23	$157M	$488M
Q4 23	$165M	$495M
Q1 24	$168M	$493M
Q2 24	$180M	$508M
Q3 24	$185M	$515M
Q4 24	$196M	$517M
Q1 25	$197M	$513M
Q2 25	$207M	$529M
Q3 25	$212M	$543M
Q4 25	$219M	$557M
Q1 26	$217M	$546M
Q2 26	$233M	$568M
Q3 26	$242M	$576M
Q4 26	$253M	$584M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$638M	$329M	$968M
Q2 23	$637M	$358M	$995M
Q3 23	$633M	$343M	$975M
Q4 23	$722M	$310M	$1.0B
Q1 24	$940M	$351M	$1.3B
Q2 24	$1.0B	$426M	$1.4B
Q3 24	$1.2B	$402M	$1.6B
Q4 24	$797M	$248M	$1.0B
Q1 25	$817M	$269M	$1.1B
Q2 25	$619M	$319M	$938M
Q3 25	$611M	$332M	$942M
Q4 25	$649M	$315M	$964M
Q1 26	$657M	$291M	$949M
Q2 26	$600M	$244M	$844M
Q3 26	$600M	$257M	$857M
Q4 26	$602M	$264M	$867M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 23	200M	+0.5%	+2.7%
Q2 23	201M	+0.5%	+2.4%
Q3 23	201M	+0.4%	+1.9%
Q4 23	202M	+0.2%	+1.6%
Q1 24	208M	+3.1%	+4.2%
Q2 24	208M	+0.1%	+3.8%
Q3 24	208M	-0.1%	+3.3%
Q4 24	210M	+0.7%	+3.8%
Q1 25	210M	+0.2%	+0.9%
Q2 25	208M	-0.8%	+0.0%
Q3 25	209M	+0.2%	+0.3%
Q4 25	210M	+0.8%	+0.4%
Q1 26	213M	+1.2%	+1.4%
Q2 26	212M	-0.4%	+1.7%
Q3 26	211M	-0.6%	+0.9%
Q4 26	205M	-2.8%	-2.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 23	$78.9K	7K
Q2 23	$83.4K	7K
Q3 23	$86.5K	7K
Q4 23	$89.9K	7K
Q1 24	$90.2K	7K
Q2 24	$93.7K	7K
Q3 24	$95.5K	7K
Q4 24	$104.2K	7K
Q1 25	$103.7K	7K
Q2 25	$107.6K	7K
Q3 25	$110.4K	7K
Q4 25	$113.5K	7K
Q1 26	$111.7K	7K
Q2 26	$117.1K	7K
Q3 26	$119.7K	7K
Q4 26	$118.8K	7K

Revenue / Employee