Docusign Financials
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).
A high-gross-margin, low-capex model is increasingly using its cash engine for large buybacks rather than cash buildup.
Recent free cash flow of$1.06B was more than triple net income of$309M , which says reported earnings still understate how much cash the business throws off. Yet cash ended at just$602M because financing outflows topped$1.10B , showing the business is now harvesting cash and sending much of it back out rather than storing it on the balance sheet.
With gross margin steady at
The balance sheet is less liquidity-rich than the cash flow suggests: the current ratio was only 0.7x while debt-to-equity stood at 1.2x. That mix means short-term claims are meaningful, but the low-capex structure leaves more room to cover them from operations; across the last two years, operating cash flow stayed above
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Docusign's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Docusign has an operating margin of 9.3%, meaning the company retains $9 of operating profit per $100 of revenue. This results in a moderate score of 38/100, indicating healthy but not exceptional operating efficiency. This is up from 6.7% the prior year.
Docusign's revenue grew 8.2% year-over-year to $3.2B, a solid pace of expansion. This earns a growth score of 47/100.
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.
Docusign's current ratio of 0.73 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Docusign converts 32.9% of revenue into free cash flow ($1.1B). This strong cash generation earns a score of 100/100.
Docusign earns a strong 16.1% return on equity (ROE), meaning it generates $16 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 67/100. This is down from 53.0% the prior year.
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.
Docusign passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
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.
Docusign earns $117.3 in operating income for every $1 of interest expense ($298.6M vs $2.5M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Docusign generated $3.2B in revenue in fiscal year 2026. This represents an increase of 8.2% from the prior year.
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.
Docusign reported $309.1M in net income in fiscal year 2026. This represents a decrease of 71.1% from the prior year.
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
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.
Docusign held $602.4M in cash against $0 in long-term debt as of fiscal year 2026.
Docusign had 194M shares outstanding in fiscal year 2026. This represents a decrease of 4.0% from the prior year.
Margins & Returns
Docusign's gross margin was 79.4% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 0.3 percentage points from the prior year.
Docusign's operating margin was 9.3% in fiscal year 2026, reflecting core business profitability. This is up 2.6 percentage points from the prior year.
Docusign's net profit margin was 9.6% in fiscal year 2026, showing the share of revenue converted to profit. This is down 26.3 percentage points from the prior year.
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
Docusign invested $665.0M in research and development in fiscal year 2026. This represents an increase of 13.0% from the prior year.
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.
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 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $836.9M+2.3% | $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 |
| Cost of Revenue | $169.8M-0.4% | $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 |
| Gross Profit | $667.1M+3.0% | $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 |
| R&D Expenses | $168.3M+0.4% | $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 |
| SG&A Expenses | $105.5M+7.4% | $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 |
| Operating Income | $87.7M+2.8% | $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 |
| Interest Expense | $586K-10.4% | $654K-21.0% | $828K+73.2% | $478K+19.5% | $400K-13.4% | $462K-15.1% | $544K+277.8% | $144K |
| Income Tax | $11.2M-4.7% | $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 |
| Net Income | $90.3M+7.9% | $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 |
| EPS (Diluted) | N/A | $0.40+33.3% | $0.30-11.8% | $0.34 | N/A | $0.30-93.0% | $4.26+2562.5% | $0.16 |
DOCU Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.2B+6.2% | $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 |
| Current Assets | $1.5B+14.1% | $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 |
| Cash & Equivalents | $602.4M+3.3% | $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 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $516.4M+45.5% | $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 |
| Goodwill | $458.4M+0.3% | $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 |
| Total Liabilities | $2.3B+15.6% | $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 |
| Current Liabilities | $2.0B+14.3% | $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 |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.9B-3.2% | $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 |
| Retained Earnings | -$1.9B-11.3% | -$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 |
DOCU Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $377.2M+30.0% | $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 |
| Capital Expenditures | $27.0M-1.3% | $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 |
| Free Cash Flow | $350.2M+33.2% | $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 |
| Investing Cash Flow | -$33.7M+10.8% | -$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 |
| Financing Cash Flow | -$332.6M-23.0% | -$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 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $269.1M+25.1% | $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 |
DOCU Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.7%+0.6pp | 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% |
| Operating Margin | 10.5%+0.1pp | 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% |
| Net Margin | 10.8%+0.6pp | 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% |
| Return on Equity | 4.7%+0.5pp | 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% |
| Return on Assets | 2.1%+0.0pp | 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% |
| Current Ratio | 0.730.0 | 0.730.0 | 0.74-0.0 | 0.79-0.0 | 0.81-0.0 | 0.830.0 | 0.84-0.1 | 0.93 |
| Debt-to-Equity | 1.21+0.2 | 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 |
| FCF Margin | 41.9%+9.7pp | 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% |
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
What is Docusign's annual revenue?
Docusign (DOCU) reported $3.2B in total revenue for fiscal year 2026. This represents a 8.2% 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.
How fast is Docusign's revenue growing?
Docusign (DOCU) revenue grew by 8.2% year-over-year, from $3.0B to $3.2B in fiscal year 2026.
Is Docusign profitable?
Yes, Docusign (DOCU) reported a net income of $309.1M in fiscal year 2026, with a net profit margin of 9.6%.
What is Docusign's EBITDA?
Docusign (DOCU) had EBITDA of $414.7M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is Docusign's gross margin?
Docusign (DOCU) had a gross margin of 79.4% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Docusign's operating margin?
Docusign (DOCU) had an operating margin of 9.3% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Docusign's net profit margin?
Docusign (DOCU) had a net profit margin of 9.6% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Docusign's return on equity (ROE)?
Docusign (DOCU) has a return on equity of 16.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Docusign's free cash flow?
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.
What is Docusign's operating cash flow?
Docusign (DOCU) generated $1.2B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Docusign's total assets?
Docusign (DOCU) had $4.2B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Docusign's capital expenditures?
Docusign (DOCU) invested $106.4M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Docusign spend on research and development?
Docusign (DOCU) invested $665.0M in research and development during fiscal year 2026.
What is Docusign's current ratio?
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.
What is Docusign's debt-to-equity ratio?
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.
What is Docusign's return on assets (ROA)?
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.
What is Docusign's Altman Z-Score?
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.
What is Docusign's Piotroski F-Score?
Docusign (DOCU) has a Piotroski F-Score of 6 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Docusign's earnings high quality?
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.
Can Docusign cover its interest payments?
Docusign (DOCU) has an interest coverage ratio of 117.3x, 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.
How financially healthy is Docusign?
Docusign (DOCU) scores 56 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.