DOCUSIGN, INC. DOCU
Docusign solutions bring agreements to life, accelerating and simplifying the process of doing business. Docusign's core offerings — our Intelligent Agreement Management ("IAM") platform, the world's leading e-signature solution, and contract lifecycle management ("CLM") solution — allow organizations to boost productivity, accelerate contract review cycles, and transform agreement data into insights and actions, while providing a customer-centric experience. The Docusign IAM platform is a system of record that enables customers of all sizes to ingest a vast, complex body of agreements into a single repository, build agreement workflows that operate at scale, and take action on high-accuracy insights from agreement data. As of January 31, 2026, over 1.8 million customers and more than a billion users worldwide utilize Docusign to accelerate and simplify the process of doing business, and more than 25,000 customers are on IAM today.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.22B | $2.98B | $2.76B | $2.52B | $2.11B | $1.45B | $974.0M | $701.0M | $518.5M | $381.5M |
| Cost of revenue | $663.1M | $621.7M | $572.6M | $536.1M | $466.5M | $364.1M | $243.2M | $192.4M | $118.3M | $102.5M |
| Gross profit | $2.56B | $2.36B | $2.19B | $1.98B | $1.64B | $1.09B | $730.7M | $508.5M | $400.2M | $279.0M |
| R&D | $665.0M | $588.5M | $539.5M | $480.6M | $393.4M | $271.5M | $185.6M | $186.0M | $92.4M | $89.7M |
| SG&A | $389.0M | $376.0M | $419.6M | $316.2M | $232.8M | $192.7M | $147.3M | $209.3M | $81.5M | $64.4M |
| Total operating expenses | $2.26B | $2.16B | $2.16B | $2.07B | $1.70B | $1.26B | $924.2M | $934.9M | $451.9M | $394.8M |
| Operating income | $298.6M | $199.9M | $31.6M | -$88.0M | -$61.9M | -$173.9M | -$193.5M | -$426.3M | -$51.7M | -$115.8M |
| Interest expense | $2.5M | $1.6M | $6.8M | $6.4M | $6.4M | $30.8M | $29.3M | $10.8M | $624.0K | $611.0K |
| Pre-tax income | $347.3M | $247.9M | $93.7M | -$89.9M | -$66.9M | -$229.5M | -$203.6M | -$428.2M | -$49.1M | -$115.1M |
| Income tax | $38.2M | $819.9M | $19.7M | $7.6M | $3.1M | $13.8M | $4.8M | $1.8M | $3.1M | $356.0K |
| Net income | $309.1M | $1.07B | $74.0M | -$97.5M | -$70.0M | -$243.3M | -$208.4M | -$426.5M | -$52.3M | -$115.4M |
| EPS, basic | 1.53 | 5.23 | 0.36 | -0.49 | -0.36 | -1.31 | -1.18 | — | — | — |
| EPS, diluted | 1.48 | 5.08 | 0.36 | -0.49 | -0.36 | -1.31 | -1.18 | -3.16 | -1.66 | -4.17 |
| Shares, diluted (wtd. avg.) | $209.1M | $210.3M | $208.9M | $200.9M | $196.7M | $185.8M | $176.7M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $602.4M | $648.6M | $797.1M | $723.2M | $509.7M | $566.3M | $241.5M | $518.2M | $257.4M | $191.2M |
| Short-term investments | — | — | — | $309.8M | $293.8M | $207.4M | $414.9M | $251.2M | $0 | — |
| Receivables | $516.4M | $429.6M | $439.3M | $516.9M | $440.9M | $323.6M | $237.8M | $174.5M | $123.8M | — |
| Total current assets | $1.49B | $1.49B | $1.57B | $1.63B | $1.32B | $1.16B | $943.9M | $984.5M | $418.8M | — |
| Property, plant and equipment | $361.8M | $299.4M | $245.2M | $199.9M | $184.7M | $165.0M | $128.3M | $75.8M | $63.0M | — |
| Goodwill | $458.4M | $454.5M | $353.1M | $353.6M | $355.1M | $350.2M | $194.9M | $195.2M | $37.3M | $35.8M |
| Other intangibles | $61.4M | $76.4M | $50.9M | $70.3M | $98.8M | $121.8M | $56.5M | $74.2M | $14.1M | — |
| Total assets | $4.23B | $4.01B | $2.97B | $3.01B | $2.54B | $2.34B | $1.89B | $1.62B | $620.0M | — |
| Accounts payable | $17.4M | $30.7M | $19.0M | $24.4M | $52.8M | $37.4M | $28.1M | $19.6M | $23.7M | — |
| Total current liabilities | $2.04B | $1.83B | $1.66B | $2.21B | $1.37B | $1.09B | $694.0M | $516.3M | $373.8M | — |
| Total liabilities | $2.31B | $2.01B | $1.84B | $2.40B | $2.27B | $2.01B | $1.34B | $1.00B | $411.1M | — |
| Retained earnings | -$1.86B | -$1.29B | -$1.67B | -$1.60B | -$1.44B | -$1.38B | -$1.14B | -$928.8M | -$502.3M | — |
| Total equity | $1.92B | $2.00B | $1.13B | $617.3M | $275.5M | $325.7M | $546.3M | $614.4M | -$338.6M | -$347.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.17B | $1.02B | $979.5M | $506.8M | $506.5M | $297.0M | $115.7M | $76.1M | $55.0M | -$4.8M |
| Depreciation and amortisation | $116.1M | $107.8M | $95.1M | $86.3M | $81.9M | $71.1M | $50.2M | $38.0M | $31.8M | $28.5M |
| Capital expenditure | $106.4M | $97.0M | $92.4M | $77.7M | $61.4M | $82.4M | $72.0M | $30.4M | $18.9M | $43.3M |
| Investing cash flow | -$126.8M | -$312.9M | $44.6M | -$191.2M | -$162.9M | $81.2M | -$321.5M | -$664.3M | -$18.8M | -$40.9M |
| Financing cash flow | -$1.10B | -$838.8M | -$946.0M | -$98.3M | -$394.6M | -$59.0M | -$70.5M | $853.1M | $25.7M | $8.0M |
| Buybacks | $869.1M | $683.5M | $145.5M | $63.0M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001261333-26-000043.
Others in SIC 7372
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | $3.71T | 27.8x | 17.8% |
| ORCL | ORACLE CORP | $457.36B | 27.2x | 17.3% |
| PLTR | Palantir Technologies Inc. | $418.36B | 276.7x | 56.2% |
| CRWD | CrowdStrike Holdings, Inc. | $218.20B | — | 21.7% |
| CRM | Salesforce, Inc. | $213.35B | 33.2x | 9.6% |
| SHOP | SHOPIFY INC. | $187.92B | 154.4x | 30.1% |
| NOW | ServiceNow, Inc. | $146.06B | 84.6x | 20.9% |
| SNOW | Snowflake Inc. | $118.96B | — | 29.2% |