DSGX

MKT CAP:$6B

The Descartes Systems Group Inc.

Market Cap

$6B

Technology·Software - Application·🇨🇦 Canada·NASDAQ

Technology·Software App·🇨🇦·NASDAQ

Stock Price

$75.91-$9.22 (-10.83%)

Apr 21, 2026

Company Details

The Descartes Systems Group Inc. provides cloud-based logistics and supply chain management business process solutions that focuses on enhancing the productivity, performance, and security of logistics-intensive businesses worldwide. Its Lo...

CEO

Edward J. Ryan

IPO Date

Jan 27, 1999

Website

www.descartes.com

Key Metrics TTM

Revenue

$731M

+17.0% YoY

Net Income

$164M

EPS (Diluted)

$1.87

Free Cash Flow

$261M

Revenue / Share

$8.34

Gross Margin

71.4%

Operating Margin

30.4%

Net Margin

22.5%

FCF Margin

35.8%

P/S

8.5x

P/E

37.7x

Earnings Reports

FY 2025

Mar 11, 2026

$745M+14.4%EPS $1.91

Q4 2025

Mar 11, 2026

$196M+17.2%EPS $0.53

Q3 2025

Oct 30, 2025

$186M+10.1%EPS $0.50

Q2 2025

Sep 3, 2025

$180MEPS $0.43

Q1 2025

Apr 30, 2025

$169MEPS $0.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$105M	$79M	$26M
Q3 21	$109M	$83M	$28M
Q4 21	$112M	$85M	$26M
Q1 22	$116M	$89M	$31M
Q2 22	$123M	$94M	$32M
Q3 22	$121M	$94M	$35M
Q4 22	$125M	$96M	$34M
Q1 23	$137M	$104M	$37M
Q2 23	$143M	$108M	$37M
Q3 23	$145M	$110M	$32M
Q3 24	$169M	$126M	$46M
Q4 24	$167M	$128M	$47M
Q1 25	$169M	$129M	$46M
Q2 25	$180M	$138M	$48M
Q3 25	$186M	$123M	$62M
Q4 25	$196M	$131M	$66M

Valuation

Quarter	P/S	P/E
Q2 21	16.0x	85.2x
Q3 21	17.2x	82.7x
Q4 21	14.5x	71.4x
Q1 22	11.9x	57.9x
Q2 22	12.9x	65.4x
Q3 22	12.4x	63.9x
Q4 22	12.4x	59.0x
Q1 23	13.3x	62.2x
Q2 23	12.6x	58.3x
Q3 23	11.1x	53.5x
Q3 24	15.2x	74.7x
Q4 24	15.8x	76.9x
Q1 25	14.2x	67.2x
Q2 25	13.4x	61.7x
Q3 25	10.8x	48.8x
Q4 25	8.6x	38.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$46M	$45M
Q3 21	$43M	$42M
Q4 21	$46M	$45M
Q1 22	$44M	$43M
Q2 22	$46M	$45M
Q3 22	$51M	$50M
Q4 22	$51M	$49M
Q1 23	$49M	$48M
Q2 23	$52M	$50M
Q3 23	$56M	$55M
Q3 24	$60M	$59M
Q4 24	$61M	$59M
Q1 25	$54M	$52M
Q2 25	$63M	$62M
Q3 25	$73M	$72M
Q4 25	$77M	$76M

Capital Expenditures

Quarter	CapEx
Q2 21	$941.0K
Q3 21	$1M
Q4 21	$979.0K
Q1 22	$2M
Q2 22	$2M
Q3 22	$1M
Q4 22	$2M
Q1 23	$1M
Q2 23	$2M
Q3 23	$1M
Q3 24	$1M
Q4 24	$2M
Q1 25	$2M
Q2 25	$1M
Q3 25	$1M
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+24.4%	+13.7%
Q3 21	+24.5%	+17.9%
Q4 21	+20.3%	+20.7%
Q1 22	+17.8%	+13.7%
Q2 22	+17.6%	+16.6%
Q3 22	+11.5%	+7.1%
Q4 22	+11.4%	+6.0%
Q1 23	+17.4%	+16.6%
Q2 23	+16.6%	+16.5%
Q3 23	+19.1%	+29.4%
Q3 24	+34.9%	+34.3%
Q4 24	+22.6%	+20.3%
Q1 25	+17.7%	+15.0%
Q2 25	+24.3%	+17.2%
Q3 25	+10.1%	+1.0%
Q4 25	+17.2%	+8.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$3M	2.9%
Q3 21	$3M	2.7%
Q4 21	$3M	2.6%
Q1 22	$3M	2.4%
Q2 22	$4M	3.0%
Q3 22	$4M	2.9%
Q4 22	$4M	2.9%
Q1 23	$3M	2.1%
Q2 23	$4M	3.1%
Q3 23	$5M	3.1%
Q3 24	$5M	3.1%
Q4 24	$5M	3.2%
Q1 25	$4M	2.6%
Q2 25	$4M	2.5%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 21	$15M	$11M	$11M
Q3 21	$16M	$11M	$12M
Q4 21	$16M	$11M	$12M
Q1 22	$17M	$12M	$13M
Q2 22	$18M	$13M	$14M
Q3 22	$17M	$12M	$15M
Q4 22	$18M	$13M	$14M
Q1 23	$20M	$13M	$17M
Q2 23	$22M	$15M	$17M
Q3 23	$21M	$15M	$17M
Q3 24	$24M	$17M	$19M
Q4 24	$25M	$17M	$18M
Q1 25	$25M	$16M	$19M
Q2 25	$27M	$17M	$21M
Q3 25	$26M	$18M	$22M
Q4 25	$27M	$21M	$21M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 21	24.4%	41.7%	66.1
Q3 21	24.5%	40.3%	64.8
Q4 21	20.3%	37.3%	57.6
Q1 22	17.8%	40.1%	57.9
Q2 22	17.6%	39.7%	57.4
Q3 22	11.5%	41.6%	53.1
Q4 22	11.4%	41.8%	53.2
Q1 23	17.4%	39.6%	56.9
Q2 23	16.6%	38.8%	55.4
Q3 23	19.1%	35.8%	54.9
Q3 24	34.9%	39.8%	74.7
Q4 24	22.6%	40.1%	62.7
Q1 25	17.7%	40.7%	58.4
Q2 25	24.3%	39.9%	64.2
Q3 25	10.1%	43.0%	53.1
Q4 25	17.2%	45.4%	62.5

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$212M	$0	$212M
Q2 22	$189M	$0	$189M
Q3 22	$237M	$0	$237M
Q4 22	$276M	$0	$276M
Q1 23	$182M	$0	$182M
Q2 23	$227M	$0	$227M
Q3 23	$280M	$0	$280M
Q4 23	$321M	$0	$321M
Q1 24	$238M	$0	$238M
Q2 24	$253M	$0	$253M
Q3 24	$181M	$0	$181M
Q4 24	$236M	$0	$236M
Q1 25	$176M	$0	$176M
Q2 25	$241M	$0	$241M
Q3 25	$279M	$0	$279M
Q4 25	$354M	$0	$354M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	86M	+0.1%	+0.4%
Q3 21	86M	+0.2%	+0.5%
Q4 21	86M	-0.0%	+2.4%
Q1 22	86M	+0.0%	+0.4%
Q2 22	86M	-0.0%	+0.2%
Q3 22	86M	+0.2%	+0.2%
Q4 22	87M	+0.1%	+0.3%
Q1 23	87M	+0.2%	+0.5%
Q2 23	87M	+0.0%	+0.5%
Q3 23	87M	+0.0%	+0.4%
Q3 24	87M	+0.6%	+0.9%
Q4 24	88M	+0.3%	+1.0%
Q1 25	88M	-0.0%	+0.9%
Q2 25	88M	+0.0%	+0.9%
Q3 25	88M	+0.0%	+0.3%
Q4 25	88M	-0.0%	-0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$192.9K	542
Q3 21	$200.9K	542
Q4 21	$207.3K	542
Q1 22	$214.8K	542
Q2 22	$227.0K	542
Q3 22	$224.1K	542
Q4 22	$230.9K	542
Q1 23	$252.1K	542
Q2 23	$264.6K	542
Q3 23	$267.0K	542
Q3 24	$311.4K	542
Q4 24	$309.0K	542
Q1 25	$311.3K	542
Q2 25	$331.8K	542
Q3 25	$342.8K	542
Q4 25	$362.1K	542

Revenue / Employee