• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI SuperconnectorNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI SuperconnectorNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Superconnector
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI superconnector for talent & startupsNEW
    Legal
    Terms of usePrivacy policyCookie policy

    Docusign Announces Second Quarter Fiscal 2026 Financial Results

    9/4/25 4:05:00 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology
    Get the next $DOCU alert in real time by email

    SAN FRANCISCO, Sept. 4, 2025  /PRNewswire/ -- Docusign, Inc. (NASDAQ:DOCU) today announced results for its fiscal quarter ended July 31, 2025. Prepared remarks and the news release with the financial results will be accessible on Docusign's website at investor.docusign.com prior to its webcast.

    Docusign Logo (PRNewsfoto/DocuSign, Inc.)

    "Q2 was an outstanding quarter, with AI innovation launches and recent go-to-market changes leading to strong performance across the eSignature, CLM, and IAM businesses," said Allan Thygesen, CEO of Docusign. "Q2 business results outperformed, leading to one of Docusign's highest growth and profitability quarters in recent years."

    Second Quarter Financial Highlights

    • Revenue was $800.6 million, a 9% year-over-year increase with no material impact from foreign exchange rates. Subscription revenue was $784.4 million, a 9% year-over-year increase. Professional services and other revenue was $16.2 million, a 13% year-over-year decrease.
    • Billings were $818.0 million, a 13% year-over-year increase including approximately 1% positive impact of foreign currency exchange rates.
    • GAAP gross margin was 79.3% compared to 78.9% in the same period last year. Non-GAAP gross margin was 82.0% compared to 82.2% in the same period last year.
    • GAAP net income per basic share was $0.31 on 203 million shares outstanding compared to $4.34 on 205 million shares outstanding in the same period last year.
    • GAAP net income per diluted share was $0.30 on 211 million shares outstanding compared to $4.26 on 208 million shares outstanding in the same period last year.
    • Non-GAAP net income per diluted share was $0.92 on 211 million shares outstanding compared to $0.97 on 208 million shares outstanding in the same period last year.
    • Net cash provided by operating activities was $246.1 million compared to $220.2 million in the same period last year.
    • Free cash flow was $217.6 million compared to $197.9 million in the same period last year.
    • Cash, cash equivalents, and investments were $1.1 billion at the end of the quarter.
    • Repurchases of common stock were $201.5 million compared to $200.1 million in the same period last year.

    A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures and Other Key Metrics."

    Key Business Highlights

    New Capabilities with the Intelligent Agreement Management ("IAM") Platform: Docusign launched new AI-powered IAM capabilities to help customers unlock the value of their agreements across the entire agreement management lifecycle.

    Create:

    • Agreement Preparation: Agreement Prep helps teams efficiently prepare custom, accurate, professional agreements within the Docusign IAM platform. This feature automatically detects the agreement type, builds a template, and suggests relevant fields.

    Commit:

    • Docusign ID Verification with CLEAR: Docusign's integration with CLEAR's biometric identity network makes ID verification fast and easy, allowing recipients to confirm their identity using their existing CLEAR profile.

    Manage:

    • Custom Extractions in Docusign Navigator: Custom Extractions allow customers to capture organization-specific information from their agreement at scale. This guided process maximizes efficiency, reduces risk, and provides valuable insights by eliminating the need to manually review countless contracts.

    Platform & Applications:

    • System for Cross-domain Identity Management ("SCIM"): Addressing the enterprise need for efficient, secure, and scalable user management, SCIM for Docusign now allows customers to automatically provision and centrally manage users through integrations with Okta and Microsoft Entra.
    • Maestro Workflow Templates: Maestro Workflow Templates allow IAM customers to leverage pre-built templates to quickly customize and deploy workflows. Templates make it simple to automate end-to-end agreement processes without writing any code.

    Contract Lifecycle Management ("CLM") Product Releases and Highlights: 

    • A 2025 IDC MarketScape Leader for AI-Enabled Buy-Side CLM Applications: Docusign was recognized as a leader in IDC's MarketScape for AI-Enabled Buy-Side CLM Applications report, which acknowledged that "IAM is core to the Docusign strategy of replacing legacy and fragmented systems."
    • Unified Task Management: Unified Task Management streamlines task completion by centralizing all Docusign tasks into a single, comprehensive view, providing better visibility into all tasks and allowing teams to prioritize tasks based on AI-extracted terms, such as due date, contract value, and parties.

    Board of Directors and Governance Updates

    • Mike Rosenbaum, CEO of Guidewire, has joined Docusign's board: In addition to his experience as CEO of a leading enterprise SaaS company, Rosenbaum brings valuable platform growth, product, and go-to-market experience to Docusign. Prior to Guidewire, Rosenbaum served as EVP of Product at Salesforce, leading product management and strategy for its core CRM offerings. "Mike's extensive experience in scaling platform SaaS businesses will be an immense resource for Docusign as we continue our transformation to an Intelligent Agreement Management company," said Allan Thygesen, CEO of Docusign. "The opportunity to continue to revolutionize agreement technology for the benefit of our customers is profound, and Mike's arrival will help us continue to capture that opportunity."
    • James Beer has been appointed as Docusign's next Board Chair: He will succeed Maggie Wilderotter in this role at the end of the current fiscal year. Beer is a seasoned public company director with decades of CFO experience across American Airlines, Symantec, McKesson, and Atlassian. Beer has served on Docusign's Board and Audit Committee since 2020, and will bring deep finance and strategy experience to his role as independent Board Chair. "The introduction and growth of IAM represents a pivotal moment for Docusign as we pioneer a new software category fueled through advances in AI. It is an incredibly exciting time to lead the Board," said Beer. Wilderotter, who joined Docusign's Board in 2017 and has served as Chair since 2018, will remain an independent director. "Maggie's contribution to Docusign has been invaluable through a transformative period for the Company. I look forward to working with her as we continue to build an even stronger Company," said Allan Thygesen.

    Guidance

    The company currently expects the following guidance:

    (in millions, except percentages)

    Three Months Ended

    October 31, 2025



    YoY

    Midpoint

    Change

    Total revenue [1]

    $804

    to

    $808



    7 %

    Subscription revenue

    $786

    to

    $790



    7 %

    Billings [2]

    $785

    to

    $795



    5 %

    Non-GAAP gross margin

    80.3 %

    to

    81.3 %



    NA

    Non-GAAP operating margin

    28.0 %

    to

    29.0 %



    NA

    Non-GAAP diluted weighted-average shares outstanding

    207

    to

    212



    NA









    (in millions, except percentages)

    Year Ended January 31,

    2026



    YoY

    Midpoint

    Change

    Total revenue [1]

    $3,189

    to

    $3,201



    7 %

    Subscription revenue

    $3,121

    to

    $3,133



    8 %

    Billings [2]

    $3,325

    to

    $3,355



    7 %

    Non-GAAP gross margin

    81.0 %

    to

    82.0 %



    NA

    Non-GAAP operating margin

    28.6 %

    to

    29.6 %



    NA

    Non-GAAP diluted weighted-average shares outstanding

    207

    to

    212



    NA



    [1] Impact of foreign currency exchange rates on year-over-year guided revenue growth for both the quarter ending October 31, 2025 and the fiscal year ending January 31, 2026 is expected to be approximately neutral.

    [2] Excluding the impact of foreign currency exchange rates on year-over-year guided growth, billings guidance range would be approximately 0.2% points lower for the quarter ending October 31, 2025 and approximately 0.8% points lower for the fiscal year ending January 31, 2026.

    A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by many factors, including the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release.

    Webcast Conference Call Information

    The company will host a conference call on September 4, 2025 at 2:00 p.m. PT (5:00 p.m. ET) to discuss its financial results. A live webcast of the event will be available on the Docusign Investor Relations website at investor.docusign.com. Prepared remarks and the news release with the financial results will also be accessible on Docusign's website prior to the webcast. A live dial-in will be available domestically at 877-407-0784 or internationally at 201-689-8560. A replay will be available domestically at 844-512-2921 or internationally at 412-317-6671 until midnight (EDT) September 18, 2025 using the passcode 13755371.

    About Docusign

    Docusign brings agreements to life. Over 1.7 million customers and more than a billion people in over 180 countries use Docusign solutions to accelerate the process of doing business and simplify people's lives. With intelligent agreement management, Docusign unleashes business critical data that is trapped inside of documents. Until now, these were disconnected from business systems of record, costing businesses time, money, and opportunity. Using Docusign's IAM platform, companies can create, commit, and manage agreements with solutions created by the #1 company in e-signature and CLM. Learn more at www.docusign.com.

    Copyright 2025. Docusign, Inc. is the owner of DOCUSIGN® and all its other marks (www.docusign.com/IP).

    Investor Relations:

    Docusign Investor Relations

    [email protected]

    Media Relations:

    Docusign Corporate Communications

    [email protected]

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management's beliefs and assumptions and on information currently available to management, and which statements involve substantial risk and uncertainties. All statements contained in this press release other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, objectives for future operations, and the impact of such assumptions on our financial condition and results of operations are forward-looking statements. Forward-looking statements in this press release also include, among other things, statements under "Guidance" above and any other statements about expected financial metrics, such as revenue, billings, free cash flow, non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating expenses, and non-financial metrics, as well as statements related to our expectations regarding: the impact of foreign exchange rates; the timing and extent of customer renewals; the effectiveness of changes to our sales force and go-to-market strategy; the effects of seasonality; the timing and impact of our cloud migration transition; the benefits, the timing or rollout of future products and capabilities; customer demand and adoption of the Docusign IAM platform; and our utilization of our stock repurchase program, including the expected timing, duration, volume and nature of share repurchase under such program. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions.

    Forward-looking statements contained in this press release include, but are not limited to, statements about: our expectations regarding global macro-economic conditions, including the effects of inflation, volatile interest rates or foreign exchange rates, and market volatility on the global economy; our inability to accurately estimate our market opportunity; our ability to compete effectively in an evolving and competitive market; the impact of any interruptions or delays in performance of our technical infrastructure, or data breaches, cyberattacks or other fraudulent or malicious activity attempting to exploit our technology systems, platform or brand name; our ability to effectively sustain and manage our growth and future expenses and maintain or increase profitability; our ability to attract new customers and retain and expand our existing customer base, including our ability to attract large organizations as users; our ability to scale and update our platform to respond to customers' needs and rapid technological change, including our ability to successfully incorporate generative artificial intelligence into our existing and future products and to successfully deploy them; our ability to successfully develop, launch and sell IAM solutions; our ability to expand use cases within existing customers and vertical solutions; our ability to expand our operations and increase adoption of our platform internationally; our ability to strengthen and foster our relationships with developers; our ability to retain our direct sales force, customer success team and strategic partnerships around the world; our ability to identify targets for and execute potential acquisitions and to successfully integrate and realize the anticipated benefits of such acquisitions; our ability to maintain, protect and enhance our brand; the sufficiency of our cash, cash equivalents and capital resources to satisfy our liquidity needs; limitations on us due to obligations we have under our credit facility; our ability to realize the anticipated benefits of our stock repurchase program; our failure or the failure of our software to comply with applicable industry standards, laws and regulations; our ability to maintain, protect and enhance our intellectual property; our ability to successfully defend litigation against us; our ability to maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel, including executive level management; our ability to successfully manage and integrate executive management transitions; uncertainties regarding the impact of general economic and market conditions, including as a result of geopolitical conflict or changes in trade policies and practices; and our ability to maintain proper and effective internal controls.

    Additional risks and uncertainties that could affect our financial results are included in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K for the fiscal year ended January 31, 2025, filed on March 18, 2025, our quarterly report on Form 10-Q for the quarter ended July 31, 2025, which we expect to file on September 5, 2025 with the Securities and Exchange Commission (the "SEC"), and other filings that we make from time to time with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this press release or to conform such statements to actual results or revised expectations, except as required by law.

    Non-GAAP Financial Measures and Other Key Metrics

    To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

    We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We present these non-GAAP measures to assist investors in seeing our financial performance using a management view, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, these non-GAAP measures are not intended to be considered in isolation from, a substitute for, or superior to our GAAP results.

    Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share: We define these non-GAAP financial measures as the respective GAAP measures, excluding expenses related to stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, acquisition-related expenses, restructuring and other related charges, as these costs are not reflective of ongoing operations and, as applicable, other special items. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business. When evaluating the performance of our business and making operating plans, we do not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants). We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies and over multiple periods. In addition to these exclusions, we subtract an assumed provision for income taxes to calculate non-GAAP net income. We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. We have determined the projected non-GAAP tax rate to be 20% for fiscal 2025 and 21% for fiscal 2026 due to the impact of the One Big Beautiful Bill Act.

    Free cash flow: We define free cash flow as net cash provided by operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

    Billings: We define billings as total revenues plus the change in our contract liabilities and refund liability less contract assets and unbilled accounts receivable in a given period. Billings reflects sales to new customers plus subscription renewals and additional sales to existing customers. Only amounts invoiced to a customer in a given period are included in billings. We believe billings can be used to measure our periodic performance, when taking into consideration the timing aspects of customer renewals, which represents a large component of our business. Given that most of our customers pay in annual installments one year in advance, but we typically recognize a majority of the related revenue ratably over time, we use billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers.

    For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see "Reconciliation of GAAP to Non-GAAP Financial Measures" below.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited)





    Three Months Ended July 31,



    Six Months Ended July 31,

    (in thousands, except per share data)

    2025



    2024



    2025



    2024

    Revenue:















    Subscription

    $    784,388



    $    717,366



    $ 1,530,590



    $ 1,408,849

    Professional services and other

    16,248



    18,661



    33,700



    36,818

    Total revenue

    800,636



    736,027



    1,564,290



    1,445,667

    Cost of revenue:















    Subscription

    144,097



    132,372



    281,440



    258,974

    Professional services and other

    21,366



    23,093



    41,292



    45,937

    Total cost of revenue

    165,463



    155,465



    322,732



    304,911

    Gross profit

    635,173



    580,562



    1,241,558



    1,140,756

    Operating expenses:















    Sales and marketing

    305,450



    287,464



    601,863



    569,108

    Research and development

    169,630



    147,571



    329,077



    281,891

    General and administrative

    94,866



    87,129



    185,136



    179,607

    Restructuring and other related charges

    —



    597



    —



    29,721

    Total operating expenses

    569,946



    522,761



    1,116,076



    1,060,327

    Income from operations

    65,227



    57,801



    125,482



    80,429

    Interest expense

    (828)



    (544)



    (1,306)



    (688)

    Interest income and other income, net

    12,061



    14,630



    26,074



    28,739

    Income before provision for (benefit from) income taxes

    76,460



    71,887



    150,250



    108,480

    Provision for (benefit from) income taxes

    13,490



    (816,324)



    15,193



    (813,491)

    Net income

    $      62,970



    $    888,211



    $    135,057



    $    921,971

    Net income per share attributable to common stockholders:









    Basic

    $         0.31



    $         4.34



    $         0.67



    $         4.49

    Diluted

    $         0.30



    $         4.26



    $         0.64



    $         4.40

    Weighted-average shares used in computing net income per share:









    Basic

    202,644



    204,604



    202,957



    205,231

    Diluted

    210,956



    208,274



    211,878



    209,559

















    Stock-based compensation expense included in costs and expenses:









    Cost of revenue—subscription

    $      14,425



    $      15,593



    $      27,421



    $      29,774

    Cost of revenue—professional services and other

    4,167



    4,998



    8,075



    9,700

    Sales and marketing

    49,081



    58,778



    95,166



    105,049

    Research and development

    61,865



    53,430



    116,296



    97,632

    General and administrative

    31,000



    31,649



    59,176



    60,169

    Restructuring and other related charges

    —



    208



    —



    4,836

     

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Unaudited)



    (in thousands)

    July 31, 2025



    January 31, 2025

    Assets







    Current assets







    Cash and cash equivalents

    $              599,986



    $              648,623

    Investments—current

    244,469



    314,924

    Accounts receivable, net

    356,943



    429,582

    Contract assets—current

    9,892



    13,764

    Prepaid expenses and other current assets

    107,760



    82,368

    Total current assets

    1,319,050



    1,489,261

    Investments—noncurrent

    208,864



    134,105

    Property and equipment, net

    327,953



    299,370

    Operating lease right-of-use assets

    109,953



    109,630

    Goodwill

    456,368



    454,477

    Intangible assets, net

    64,553



    76,388

    Deferred contract acquisition costs—noncurrent                                                                 

    462,928



    467,201

    Deferred tax assets—noncurrent

    836,641



    840,470

    Other assets—noncurrent

    163,613



    141,803

    Total assets

    $           3,949,923



    $           4,012,705

    Liabilities and Equity







    Current liabilities







    Accounts payable

    $                10,643



    $                30,697

    Accrued expenses and other current liabilities

    100,579



    99,579

    Accrued compensation

    208,005



    227,115

    Contract liabilities—current

    1,436,033



    1,455,442

    Operating lease liabilities—current

    21,185



    19,077

    Total current liabilities

    1,776,445



    1,831,910

    Contract liabilities—noncurrent

    27,428



    21,523

    Operating lease liabilities—noncurrent

    105,757



    105,350

    Deferred tax liability—noncurrent

    19,064



    20,596

    Other liabilities—noncurrent

    33,254



    30,634

    Total liabilities

    1,961,948



    2,010,013

    Stockholders' equity







    Common stock

    20



    20

    Treasury stock

    (3,192)



    (2,871)

    Additional paid-in capital

    3,544,127



    3,321,242

    Accumulated other comprehensive loss

    (16,078)



    (28,376)

    Accumulated deficit

    (1,536,902)



    (1,287,323)

    Total stockholders' equity

    1,987,975



    2,002,692

    Total liabilities and equity

    $           3,949,923



    $           4,012,705

     

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)





    Three Months Ended July 31,



    Six Months Ended July 31,

    (in thousands)

    2025



    2024



    2025



    2024

    Cash flows from operating activities:















    Net income

    $     62,970



    $   888,211



    $   135,057



    $   921,971

    Adjustments to reconcile net income to net cash provided by operating activities:















    Depreciation and amortization

    28,880



    27,022



    59,249



    51,528

    Amortization of deferred contract acquisition and fulfillment costs

    68,654



    57,255



    135,136



    111,467

    Amortization of debt discount and transaction costs

    302



    139



    440



    277

    Non-cash operating lease costs

    4,704



    4,984



    9,364



    9,862

    Stock-based compensation expense

    160,538



    164,656



    306,134



    307,160

    Deferred income taxes

    4,997



    (826,038)



    1,532



    (824,561)

    Other

    (218)



    3,851



    1,505



    5,323

    Changes in operating assets and liabilities:















    Accounts receivable

    (50,674)



    (7,068)



    70,329



    123,571

    Prepaid expenses and other current assets

    5,544



    (6)



    (23,007)



    (17,067)

    Deferred contract acquisition and fulfillment costs

    (71,340)



    (68,183)



    (127,988)



    (131,255)

    Other assets

    (2,179)



    (16,975)



    (1,335)



    (15,058)

    Accounts payable

    (14,030)



    (10,412)



    (20,794)



    (11,575)

    Accrued expenses and other liabilities

    175



    (4,680)



    4,800



    (8,160)

    Accrued compensation

    37,214



    25,146



    (24,237)



    (19,902)

    Contract liabilities

    15,966



    (11,553)



    (18,274)



    (16,526)

    Operating lease liabilities

    (5,430)



    (6,141)



    (10,399)



    (12,021)

    Net cash provided by operating activities

    246,073



    220,208



    497,512



    475,034

    Cash flows from investing activities:















    Cash paid for acquisition, net of acquired cash

    —



    (143,611)



    —



    (143,611)

    Purchases of marketable securities

    (119,637)



    (103,603)



    (212,200)



    (223,241)

    Maturities of marketable securities

    117,710



    93,509



    208,972



    175,623

    Purchases of strategic and other investments

    (100)



    (125)



    (100)



    (625)

    Purchases of property and equipment

    (28,425)



    (22,280)



    (52,049)



    (45,033)

    Net cash used in investing activities

    (30,452)



    (176,110)



    (55,377)



    (236,887)

    Cash flows from financing activities:















    Payment of revolving credit facility costs

    (3,133)



    —



    (3,133)



    —

    Repurchases of common stock

    (201,514)



    (200,076)



    (384,945)



    (349,138)

    Payment of tax withholding obligation on net RSU settlement and ESPP purchase

    (69,164)



    (39,446)



    (131,957)



    (81,083)

    Proceeds from exercise of stock options

    471



    454



    1,170



    1,089

    Proceeds from employee stock purchase plan

    —



    —



    22,010



    20,190

    Net cash used in financing activities

    (273,340)



    (239,068)



    (496,855)



    (408,942)

    Effect of foreign exchange on cash, cash equivalents and restricted cash

    1,529



    238



    11,452



    (2,677)

    Net decrease in cash, cash equivalents and restricted cash

    (56,190)



    (194,732)



    (43,268)



    (173,472)

    Cash, cash equivalents and restricted cash at beginning of period (1)

    672,476



    822,759



    659,554



    801,499

    Cash, cash equivalents and restricted cash at end of period (1)

    $   616,286



    $   628,027



    $   616,286



    $   628,027

    (1) Cash, cash equivalents and restricted cash included restricted cash of $16.3 million and $10.9 million at July 31, 2025 and January 31, 2025.

     

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (Unaudited)



    Reconciliation of gross profit (loss) and gross margin:





    Three Months Ended July 31,



    Six Months Ended July 31,

    (in thousands)

    2025



    2024



    2025



    2024

    GAAP gross profit

    $   635,173



    $   580,562



    $  1,241,558



    $  1,140,756

    Add: Stock-based compensation

    18,592



    20,591



    35,496



    39,474

    Add: Employer payroll tax on employee stock transactions                         

    1,575



    816



    3,448



    1,839

    Add: Amortization of acquisition-related intangibles

    1,562



    3,067



    5,127



    5,137

    Non-GAAP gross profit

    $   656,902



    $   605,036



    $  1,285,629



    $  1,187,206

    GAAP gross margin

    79.3 %



    78.9 %



    79.4 %



    78.9 %

    Non-GAAP adjustments

    2.7 %



    3.3 %



    2.8 %



    3.1 %

    Non-GAAP gross margin

    82.0 %



    82.2 %



    82.2 %



    82.0 %

















    GAAP subscription gross profit

    $   640,291



    $   584,994



    $  1,249,150



    $  1,149,875

    Add: Stock-based compensation

    14,425



    15,593



    27,421



    29,774

    Add: Employer payroll tax on employee stock transactions

    1,220



    595



    2,665



    1,387

    Add: Amortization of acquisition-related intangibles

    1,562



    3,067



    5,127



    5,137

    Non-GAAP subscription gross profit

    $   657,498



    $   604,249



    $  1,284,363



    $  1,186,173

    GAAP subscription gross margin

    81.6 %



    81.5 %



    81.6 %



    81.6 %

    Non-GAAP adjustments

    2.2 %



    2.7 %



    2.3 %



    2.6 %

    Non-GAAP subscription gross margin

    83.8 %



    84.2 %



    83.9 %



    84.2 %

















    GAAP professional services and other gross loss

    $    (5,118)



    $    (4,432)



    $    (7,592)



    $    (9,119)

    Add: Stock-based compensation

    4,167



    4,998



    8,075



    9,700

    Add: Employer payroll tax on employee stock transactions

    355



    221



    783



    452

    Non-GAAP professional services and other gross profit (loss)

    $       (596)



    $         787



    $      1,266



    $      1,033

    GAAP professional services and other gross margin

    (31.5) %



    (23.8) %



    (22.5) %



    (24.8) %

    Non-GAAP adjustments

    27.8 %



    28.0 %



    26.3 %



    27.6 %

    Non-GAAP professional services and other gross margin

    (3.7) %



    4.2 %



    3.8 %



    2.8 %

     

    Reconciliation of operating expenses:





    Three Months Ended July 31,



    Six Months Ended July 31,

    (in thousands)

    2025



    2024



    2025



    2024

    GAAP sales and marketing

    $   305,450



    $   287,464



    $   601,863



    $   569,108

    Less: Stock-based compensation

    (49,081)



    (58,778)



    (95,166)



    (105,049)

    Less: Employer payroll tax on employee stock transactions

    (2,962)



    (1,595)



    (6,902)



    (3,733)

    Less: Amortization of acquisition-related intangibles

    (3,354)



    (3,113)



    (6,708)



    (5,742)

    Non-GAAP sales and marketing

    $   250,053



    $   223,978



    $   493,087



    $   454,584

    GAAP sales and marketing as a percentage of revenue

    38.2 %



    39.1 %



    38.5 %



    39.4 %

    Non-GAAP sales and marketing as a percentage of revenue

    31.2 %



    30.4 %



    31.6 %



    31.4 %

















    GAAP research and development

    $   169,630



    $   147,571



    $   329,077



    $   281,891

    Less: Stock-based compensation

    (61,865)



    (53,430)



    (116,296)



    (97,632)

    Less: Employer payroll tax on employee stock transactions

    (2,600)



    (1,754)



    (7,681)



    (4,319)

    Non-GAAP research and development

    $   105,165



    $     92,387



    $   205,100



    $   179,940

    GAAP research and development as a percentage of revenue

    21.2 %



    20.0 %



    21.1 %



    19.5 %

    Non-GAAP research and development as a percentage of revenue

    13.1 %



    12.6 %



    13.1 %



    12.4 %

















    GAAP general and administrative

    $     94,866



    $     87,129



    $   185,136



    $   179,607

    Less: Stock-based compensation

    (31,000)



    (31,649)



    (59,176)



    (60,169)

    Less: Employer payroll tax on employee stock transactions

    (911)



    (607)



    (2,276)



    (1,285)

    Less: Acquisition-related expenses

    —



    (3,358)



    —



    (4,716)

    Non-GAAP general and administrative

    $     62,955



    $     51,515



    $   123,684



    $   113,437

    GAAP general and administrative as a percentage of revenue

    11.8 %



    11.8 %



    11.8 %



    12.4 %

    Non-GAAP general and administrative as a percentage of revenue

    7.9 %



    7.0 %



    7.9 %



    7.8 %



    Reconciliation of income from operations and operating margin:





    Three Months Ended July 31,



    Six Months Ended July 31,

    (in thousands)

    2025



    2024



    2025



    2024

    GAAP income from operations

    $     65,227



    $     57,801



    $   125,482



    $     80,429

    Add: Stock-based compensation

    160,538



    164,448



    306,134



    302,324

    Add: Employer payroll tax on employee stock transactions

    8,048



    4,772



    20,307



    11,176

    Add: Amortization of acquisition-related intangibles

    4,916



    6,180



    11,835



    10,879

    Add: Acquisition-related expenses

    —



    3,358



    —



    4,716

    Add: Restructuring and other related charges

    —



    597



    —



    29,721

    Non-GAAP income from operations

    $   238,729



    $   237,156



    $   463,758



    $   439,245

    GAAP operating margin

    8.1 %



    7.9 %



    8.0 %



    5.6 %

    Non-GAAP adjustments

    21.7 %



    24.3 %



    21.6 %



    24.8 %

    Non-GAAP operating margin

    29.8 %



    32.2 %



    29.6 %



    30.4 %



    Reconciliation of net income and net income per share, basic and diluted:





    Three Months Ended July 31,



    Six Months Ended July 31,

    (in thousands, except per share data)

    2025



    2024



    2025



    2024

    GAAP net income

    $      62,970



    $    888,211



    $    135,057



    $    921,971

    Add: Stock-based compensation

    160,538



    164,448



    306,134



    302,324

    Add: Employer payroll tax on employee stock transactions

    8,048



    4,772



    20,307



    11,176

    Add: Amortization of acquisition-related intangibles

    4,916



    6,180



    11,835



    10,879

    Add: Acquisition-related expenses

    —



    3,358



    —



    4,716

    Add: Restructuring and other related charges

    —



    597



    —



    29,721

    Add: Income tax and other tax adjustments

    (41,387)



    (866,572)



    (87,397)



    (906,950)

    Non-GAAP net income attributable to common stockholders

    $    195,085



    $    200,994



    $    385,936



    $    373,837

















    Numerator:















    Non-GAAP net income attributable to common stockholders

    $    195,085



    $    200,994



    $    385,936



    $    373,837

















    Denominator:















    Weighted-average common shares outstanding, basic

    202,644



    204,604



    202,957



    205,231

    Effect of dilutive securities

    8,312



    3,670



    8,921



    4,328

    Non-GAAP weighted-average common shares outstanding, diluted

    210,956



    208,274



    211,878



    209,559

















    GAAP net income per share, basic

    $         0.31



    $         4.34



    $         0.67



    $         4.49

    GAAP net income per share, diluted

    $         0.30



    $         4.26



    $         0.64



    $         4.40

    Non-GAAP net income per share, basic

    $         0.96



    $         0.98



    $         1.90



    $         1.82

    Non-GAAP net income per share, diluted

    $         0.92



    $         0.97



    $         1.82



    $         1.78



    Computation of free cash flow:





    Three Months Ended July 31,



    Six Months Ended July 31,

    (in thousands)

    2025



    2024



    2025



    2024

    Net cash provided by operating activities

    $    246,073



    $    220,208



    $    497,512



    $    475,034

    Less: Purchases of property and equipment

    (28,425)



    (22,280)



    (52,049)



    (45,033)

    Non-GAAP free cash flow

    $    217,648



    $    197,928



    $    445,463



    $    430,001

    Net cash used in investing activities

    $    (30,452)



    $  (176,110)



    $    (55,377)



    $  (236,887)

    Net cash used in financing activities

    $  (273,340)



    $  (239,068)



    $  (496,855)



    $  (408,942)



    Computation of billings:





    Three Months Ended July 31,



    Six Months Ended July 31,

    (in thousands)

    2025



    2024



    2025



    2024

    Revenue

    $    800,636



    $    736,027



    $ 1,564,290



    $ 1,445,667

    Add: Contract liabilities and refund liability, end of period

    1,468,618



    1,334,461



    1,468,618



    1,334,461

    Less: Contract liabilities and refund liability, beginning of period

    (1,450,718)



    (1,340,680)



    (1,479,266)



    (1,343,792)

    Add: Contract assets and unbilled accounts receivable, beginning of period

    13,319



    17,179



    17,825



    20,189

    Less: Contract assets and unbilled accounts receivable, end of period

    (13,824)



    (17,461)



    (13,824)



    (17,461)

    Add: Contract assets and unbilled accounts receivable by acquisitions

    —



    53



    —



    53

    Less: Contract liabilities and refund liability contributed by acquisitions

    —



    (5,071)



    —



    (5,071)

    Non-GAAP billings

    $    818,031



    $    724,508



    $ 1,557,643



    $ 1,434,046

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/docusign-announces-second-quarter-fiscal-2026-financial-results-302547075.html

    SOURCE Docusign, Inc.

    Get the next $DOCU alert in real time by email

    Crush Q3 2025 with the Best AI Superconnector

    Stay ahead of the competition with Standout.work - your AI-powered talent-to-startup matching platform.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Standout.work

    Recent Analyst Ratings for
    $DOCU

    DatePrice TargetRatingAnalyst
    6/13/2025$80.00Underweight → Equal Weight
    Wells Fargo
    4/11/2025$70.00Reduce → Hold
    HSBC Securities
    3/17/2025Mkt Perform → Outperform
    William Blair
    3/10/2025$70.00 → $75.00Underweight → Neutral
    Analyst
    12/6/2024Hold → Reduce
    HSBC Securities
    4/12/2024$48.00 → $62.00Sell → Neutral
    UBS
    1/16/2024$49.00 → $64.00Underweight → Equal-Weight
    Morgan Stanley
    12/20/2023Equal Weight → Underweight
    Wells Fargo
    More analyst ratings

    $DOCU
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    View All

    DocuSign upgraded by Wells Fargo with a new price target

    Wells Fargo upgraded DocuSign from Underweight to Equal Weight and set a new price target of $80.00

    6/13/25 7:44:23 AM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    DocuSign upgraded by HSBC Securities with a new price target

    HSBC Securities upgraded DocuSign from Reduce to Hold and set a new price target of $70.00

    4/11/25 8:10:57 AM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    DocuSign upgraded by William Blair

    William Blair upgraded DocuSign from Mkt Perform to Outperform

    3/17/25 9:12:11 AM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    $DOCU
    Press Releases

    Fastest customizable press release news feed in the world

    View All

    Docusign Announces Second Quarter Fiscal 2026 Financial Results

    SAN FRANCISCO, Sept. 4, 2025  /PRNewswire/ -- Docusign, Inc. (NASDAQ:DOCU) today announced results for its fiscal quarter ended July 31, 2025. Prepared remarks and the news release with the financial results will be accessible on Docusign's website at investor.docusign.com prior to its webcast. "Q2 was an outstanding quarter, with AI innovation launches and recent go-to-market changes leading to strong performance across the eSignature, CLM, and IAM businesses," said Allan Thygesen, CEO of Docusign. "Q2 business results outperformed, leading to one of Docusign's highest growth

    9/4/25 4:05:00 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    Docusign Named a Leader in the IDC MarketScape: Worldwide AI-Enabled Buy-Side Contract Lifecycle Management Applications 2025 Vendor Assessment

    SAN FRANCISCO, Aug. 21, 2025 /PRNewswire/ -- Docusign (NASDAQ: DOCU) today announced it has been named a Leader in the IDC MarketScape: Worldwide AI-Enabled Buy-Side Contract Lifecycle Management Applications 2025 Vendor Assessment (doc # US53575125, June 2025). Docusign CLM, powered by the Intelligent Agreement Management (IAM) platform, helps manage every step of the contract process with its secure, AI‑powered platform—from document generation and collaborative negotiation to workflow automation and electronic signature. By integrating with existing business systems and lev

    8/21/25 12:00:00 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    Docusign Announces Timing of Second Quarter Fiscal 2026 Earnings Conference Call

    SAN FRANCISCO, Aug. 14, 2025 /PRNewswire/ -- Docusign (NASDAQ:DOCU) today announced that its second quarter fiscal 2026 results will be released on Thursday, September 4, 2025, after the close of the market. The company will host a conference call at 2:00 p.m. Pacific Daylight Time (5:00 p.m. Eastern Daylight Time) to discuss its financial results. A live webcast of the event will be available on the Docusign Investor Relations website at investor.docusign.com. A live dial-in will be available domestically at 877-407-0784 or internationally at 201-689-8560. A replay will be available domestically at 844-512-2921 or internationally at 412-317-6671 until midnight (EDT) September 18, 2025, usin

    8/14/25 4:05:00 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    $DOCU
    SEC Filings

    View All

    $DOCU
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    View All

    SEC Form 10-Q filed by DocuSign Inc.

    10-Q - DOCUSIGN, INC. (0001261333) (Filer)

    9/5/25 4:06:45 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    DocuSign Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Leadership Update, Regulation FD Disclosure, Financial Statements and Exhibits

    8-K - DOCUSIGN, INC. (0001261333) (Filer)

    9/4/25 4:07:22 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    SEC Form 10-Q filed by DocuSign Inc.

    10-Q - DOCUSIGN, INC. (0001261333) (Filer)

    6/6/25 4:06:36 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    Director Marrs Anna converted options into 725 shares, increasing direct ownership by 7% to 11,527 units (SEC Form 4)

    4 - DOCUSIGN, INC. (0001261333) (Issuer)

    9/4/25 6:14:21 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    Director Salem Enrique T converted options into 729 shares, increasing direct ownership by 0.44% to 165,131 units (SEC Form 4)

    4 - DOCUSIGN, INC. (0001261333) (Issuer)

    9/2/25 8:26:00 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    Director Marrs Anna converted options into 729 shares, increasing direct ownership by 7% to 10,802 units (SEC Form 4)

    4 - DOCUSIGN, INC. (0001261333) (Issuer)

    9/2/25 6:12:10 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    $DOCU
    Leadership Updates

    Live Leadership Updates

    View All

    Docusign Appoints Michael Adams as New Chief Information Security Officer

    SAN FRANCISCO, April 29, 2025 /PRNewswire/ -- Docusign (NASDAQ:DOCU) today announced that Michael Adams has joined the company as the new Group Vice President (GVP) and Chief Information Security Officer (CISO). With extensive experience leading security strategies across business, technology, and government sectors, Adams will lead Docusign security initiatives as the company scales its intelligent agreement management solutions globally. He will drive efforts to strengthen security from data protection to compliance, reinforcing the trust of nearly 1.7 million customers. "We

    4/29/25 12:00:00 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    Docusign Appoints Bronwyn Hastings as Group Vice President of Global Partners and Alliances

    Former Google, SAP, and UiPath leader to scale partner ecosystem in support of Intelligent Agreement Management transformation SAN FRANCISCO, March 25, 2025 /PRNewswire/ -- Docusign (NASDAQ:DOCU) today announced the appointment of Bronwyn (Bron) Hastings as group vice president of global partners and alliances. A veteran with nearly 30 years of experience building partnerships at Google, SAP, Citrix, and UiPath, Hastings will lead Docusign's partner strategy at a critical moment when the company and its partners help customers enter the AI contract era with Docusign IAM (Intelligent Agreement Management).

    3/25/25 11:00:00 AM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    DocuSign Set to Join S&P MidCap 400 and MDU Resources Group to Join S&P SmallCap 600

    NEW YORK, Oct. 7, 2024 /PRNewswire/ -- DocuSign Inc. (NASD:DOCU) will replace MDU Resources Group Inc. (NYSE:MDU) in the S&P MidCap 400, and MDU Resources Group will replace Chuy's Holdings Inc. (NASD:CHUY) in the S&P SmallCap 600 effective prior to the opening of trading on Friday, October 11. S&P 500 constituent Darden Restaurants Inc. (NYSE:DRI) is acquiring Chuy's Holdings in a deal expected to be completed soon, pending final closing conditions. MDU Resources announced its intention to spin-off a company later this month. Following is a summary of the changes that will take place prior to the open of trading on the effective date: Effective Date Index Name       Action Company Name Ti

    10/7/24 6:06:00 PM ET
    $CHUY
    $DOCU
    $DRI
    Restaurants
    Consumer Discretionary
    Computer Software: Prepackaged Software
    Technology

    $DOCU
    Financials

    Live finance-specific insights

    View All

    Docusign Announces Second Quarter Fiscal 2026 Financial Results

    SAN FRANCISCO, Sept. 4, 2025  /PRNewswire/ -- Docusign, Inc. (NASDAQ:DOCU) today announced results for its fiscal quarter ended July 31, 2025. Prepared remarks and the news release with the financial results will be accessible on Docusign's website at investor.docusign.com prior to its webcast. "Q2 was an outstanding quarter, with AI innovation launches and recent go-to-market changes leading to strong performance across the eSignature, CLM, and IAM businesses," said Allan Thygesen, CEO of Docusign. "Q2 business results outperformed, leading to one of Docusign's highest growth

    9/4/25 4:05:00 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    Docusign Announces Timing of Second Quarter Fiscal 2026 Earnings Conference Call

    SAN FRANCISCO, Aug. 14, 2025 /PRNewswire/ -- Docusign (NASDAQ:DOCU) today announced that its second quarter fiscal 2026 results will be released on Thursday, September 4, 2025, after the close of the market. The company will host a conference call at 2:00 p.m. Pacific Daylight Time (5:00 p.m. Eastern Daylight Time) to discuss its financial results. A live webcast of the event will be available on the Docusign Investor Relations website at investor.docusign.com. A live dial-in will be available domestically at 877-407-0784 or internationally at 201-689-8560. A replay will be available domestically at 844-512-2921 or internationally at 412-317-6671 until midnight (EDT) September 18, 2025, usin

    8/14/25 4:05:00 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    Docusign Announces First Quarter Fiscal 2026 Financial Results; Announces $1.0 Billion Increase to Share Repurchase Program

    SAN FRANCISCO, June 5, 2025 /PRNewswire/ -- Docusign, Inc. (NASDAQ:DOCU) today announced results for its fiscal quarter ended April 30, 2025. Prepared remarks and the news release with the financial results will be accessible on Docusign's website at investor.docusign.com prior to its webcast. "Q1 was an important quarter for Docusign's long-term transformation as we delivered on an ambitious product roadmap and surpassed 10,000 Intelligent Agreement Management customers," said Allan Thygesen, CEO of Docusign. "In Q1, our financial performance was strong across revenue growth and profitability." First Quarter Financial Highlights Revenue was $763.7 million, an 8% year-over-year increase, in

    6/5/25 4:05:00 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    $DOCU
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    View All

    SEC Form SC 13G/A filed by DocuSign Inc. (Amendment)

    SC 13G/A - DOCUSIGN, INC. (0001261333) (Subject)

    2/13/24 5:02:36 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    SEC Form SC 13G/A filed by DocuSign Inc. (Amendment)

    SC 13G/A - DOCUSIGN, INC. (0001261333) (Subject)

    6/9/23 2:15:39 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology

    SEC Form SC 13G/A filed by DocuSign Inc. (Amendment)

    SC 13G/A - DOCUSIGN, INC. (0001261333) (Subject)

    2/14/23 12:38:05 PM ET
    $DOCU
    Computer Software: Prepackaged Software
    Technology