# DOCUSIGN, INC. (DOCU)

Informational only - not investment advice.

CIK: 0001261333
SIC: 7372 Services-Prepackaged Software
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/)
Latest 10-K filed: 2026-03-18
SEC page: https://www.sec.gov/edgar/browse/?CIK=1261333
Filing source: https://www.sec.gov/Archives/edgar/data/1261333/000126133326000021/docu-20260131.htm

## At a glance

FY2026 · period end 2026-01-31 · filed 2026-03-18 · accession 0001261333-26-000021 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001261333.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 3,219,500,000 USD | 2026 | verified |
| Net income | 309,085,000 USD | 2026 | verified |
| Assets | 4,229,550,000 USD | 2026 | verified |
| Free cash flow | 1,058,562,000 USD | 2026 | computed |
| Net margin | 9.60% | 2026 | computed |
| Operating margin | 9.27% | 2026 | computed |
| Revenue YoY | +8.16% | 2026 | computed |
| ROE | 16.12% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | DOCU | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 9.6% | 1.5% | 67 | 122 |
| Operating margin | 9.3% | 1.3% | 68 | 121 |
| Revenue growth | 8.2% | 13.5% | 30 | 124 |
| FCF margin | 32.9% | 19.3% | 90 | 120 |
| ROE | 16.1% | 2.0% | 77 | 112 |
| ROA | 7.3% | 0.9% | 78 | 124 |
| Liabilities / equity | 1.21 | 0.91 | 61 | 113 |
| Current ratio | 0.73 | 1.57 | 7 | 124 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7372 Services-Prepackaged Software, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 3219500000 | USD | 2026 | 2026-03-18 |
| Net income | 309085000 | USD | 2026 | 2026-03-18 |
| Assets | 4229550000 | USD | 2026 | 2026-03-18 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001261333.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 381,459,000 | 518,504,000 | 700,969,000 | 973,971,000 | 1,453,047,000 | 2,107,213,000 | 2,515,915,000 | 2,761,882,000 | 2,976,739,000 | 3,219,500,000 |
| Net income | -115,412,000 | -52,276,000 | -426,458,000 | -208,359,000 | -243,267,000 | -69,976,000 | -97,454,000 | 73,980,000 | 1,067,885,000 | 309,085,000 |
| Operating income | -115,817,000 | -51,653,000 | -426,323,000 | -193,509,000 | -173,855,000 | -61,884,000 | -88,031,000 | 31,634,000 | 199,928,000 | 298,579,000 |
| Gross profit | 278,982,000 | 400,231,000 | 508,548,000 | 730,737,000 | 1,088,989,000 | 1,640,762,000 | 1,979,827,000 | 2,189,261,000 | 2,355,080,000 | 2,556,438,000 |
| Diluted EPS |  |  |  | -1.18 | -1.31 | -0.36 | -0.49 | 0.36 | 5.08 | 1.48 |
| Operating cash flow | -4,790,000 | 54,979,000 | 76,086,000 | 115,696,000 | 296,954,000 | 506,467,000 | 506,759,000 | 979,526,000 | 1,017,272,000 | 1,165,007,000 |
| Capital expenditures | 43,330,000 | 18,929,000 | 30,413,000 | 72,046,000 | 82,395,000 | 61,396,000 | 77,654,000 | 92,391,000 | 96,988,000 | 106,445,000 |
| Share buybacks |  |  |  |  | 0.00 | 0.00 | 63,041,000 | 145,515,000 | 683,528,000 | 869,086,000 |
| Assets |  | 619,973,000 | 1,615,417,000 | 1,891,138,000 | 2,336,507,000 | 2,541,265,000 | 3,012,720,000 | 2,971,290,000 | 4,012,705,000 | 4,229,550,000 |
| Liabilities |  | 411,120,000 | 1,001,055,000 | 1,344,811,000 | 2,007,380,000 | 2,265,762,000 | 2,395,433,000 | 1,841,551,000 | 2,010,013,000 | 2,311,730,000 |
| Stockholders' equity | -347,355,000 | -338,648,000 | 614,362,000 | 546,327,000 | 325,737,000 | 275,503,000 | 617,287,000 | 1,129,739,000 | 2,002,692,000 | 1,917,820,000 |
| Cash and cash equivalents |  | 256,867,000 | 517,811,000 | 241,203,000 | 566,055,000 | 509,059,000 | 721,895,000 | 797,060,000 | 648,623,000 | 602,442,000 |
| Free cash flow | -48,120,000 | 36,050,000 | 45,673,000 | 43,650,000 | 214,559,000 | 445,071,000 | 429,105,000 | 887,135,000 | 920,284,000 | 1,058,562,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | -30.26% | -10.08% | -60.84% | -21.39% | -16.74% | -3.32% | -3.87% | 2.68% | 35.87% | 9.60% |
| Operating margin | -30.36% | -9.96% | -60.82% | -19.87% | -11.96% | -2.94% | -3.50% | 1.15% | 6.72% | 9.27% |
| Return on equity |  |  | -69.41% | -38.14% | -74.68% | -25.40% | -15.79% | 6.55% | 53.32% | 16.12% |
| Return on assets |  | -8.43% | -26.40% | -11.02% | -10.41% | -2.75% | -3.23% | 2.49% | 26.61% | 7.31% |
| Liabilities / equity |  |  | 1.63 | 2.46 | 6.16 | 8.22 | 3.88 | 1.63 | 1.00 | 1.21 |
| Current ratio |  | 1.12 | 1.91 | 1.36 | 1.06 | 0.96 | 0.74 | 0.94 | 0.81 | 0.73 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001261333.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q2 | 2022-07-31 |  |  | -0.22 | reported discrete quarter |
| 2023-Q3 | 2022-10-31 |  |  | -0.15 | reported discrete quarter |
| 2024-Q1 | 2023-04-30 |  |  | 0.00 | reported discrete quarter |
| 2024-Q2 | 2023-07-31 | 687,687,000 | 7,395,000 | 0.04 | reported discrete quarter |
| 2024-Q3 | 2023-10-31 | 700,421,000 | 38,805,000 | 0.19 | reported discrete quarter |
| 2024-Q4 | 2024-01-31 | 712,386,000 | 27,241,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-04-30 | 709,640,000 | 33,760,000 | 0.16 | reported discrete quarter |
| 2025-Q2 | 2024-07-31 | 736,027,000 | 888,211,000 | 4.26 | reported discrete quarter |
| 2025-Q3 | 2024-10-31 | 754,820,000 | 62,423,000 | 0.30 | reported discrete quarter |
| 2025-Q4 | 2025-01-31 | 776,252,000 | 83,491,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-04-30 | 763,654,000 | 72,087,000 | 0.34 | reported discrete quarter |
| 2026-Q2 | 2025-07-31 | 800,636,000 | 62,970,000 | 0.30 | reported discrete quarter |
| 2026-Q3 | 2025-10-31 | 818,350,000 | 83,725,000 | 0.40 | reported discrete quarter |
| 2026-Q4 | 2026-01-31 | 836,860,000 | 90,303,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2027-Q1 | 2026-04-30 | 830,235,000 | 78,197,000 | 0.40 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from DOCU's latest 10-K: [/company/DOCU/business/](/company/DOCU/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from DOCU's latest 10-K: [/company/DOCU/risk-factors/](/company/DOCU/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1261333/000126133326000074/docu-20260430.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-06-05
Report date: 2026-04-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and with our audited consolidated financial statements included in our fiscal 2026 Annual Report on Form 10-K. As discussed in the section titled “Note Regarding Forward-Looking Statements,” the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the section titled “Risk Factors” under Part II, Item 1A in this Quarterly Report on Form 10-Q and in our fiscal 2026 Annual Report on Form 10-K. Our fiscal year ends January 31.

Executive Overview of First Quarter Results

Overview

Docusign solutions bring agreements to life, accelerating and simplifying the process of doing business. Docusign’s core offerings — our AI-native IAM platform, the world’s leading e-signature solution, and 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 April 30, 2026, nearly 1.9 million customers and more than a billion users worldwide utilize Docusign to accelerate and simplify the process of doing business.

We generate substantially all our revenue from sales of subscriptions, which accounted for 98% of our revenue in the three months ended April 30, 2026 and 2025. Our subscription fees include the use of our products and access to customer support. Subscriptions generally range from one to three years, and substantially all our multi-year customers pay in annual installments, one year in advance. We also generate revenue from professional and other non-subscription services, which consists primarily of fees associated with providing new customers with deployment and integration services.

One pillar of our long-term strategy is to evolve our go-to-market (“GTM”) channels from the historically direct sales-driven approach. We are currently investing in three routes to market, including direct sales, our partner channel, and digital self-service purchasing. We expect that Docusign’s IAM platform will increasingly be offered across all three channels.

We offer subscriptions to our products to businesses of all sizes, from global enterprises down to small and medium-sized businesses (“SMBs”). We offer more than 1,100 active partner integrations with the applications that many of our customers already use so that they can create, commit and manage agreements directly within these applications. We have a diverse customer base spanning across virtually all industries and around the world with no significant customer concentration. No single customer accounted for more than 10% of total revenue in any of the periods presented.

We focused initially on selling our products to commercial businesses and SMBs and later expanded our focus to target enterprise customers. The number of our customers with greater than $300,000 in annualized contract value was 1,258 customers as of April 30, 2026 compared to 1,123 customers as of April 30, 2025. Each of our customer types has a different purchasing pattern. SMBs typically become customers by quickly utilizing our digital and self-serve channels and generate smaller average contract values, while commercial and enterprise customers typically involve longer sales cycles, larger contract values and greater expansion opportunities for us.

Docusign, Inc. | 2027 Form 10-Q | 21

Financial Results for the Three Months Ended April 30, 2026 and 2025

[[GREPCENT_TABLE]]
[["","Three Months Ended April 30,"],["(in thousands)","2026","","2025"],["Total revenue","$","830,235","","","$","763,654"],["Total costs and expenses","718,926","","","703,399"],["Total stock-based compensation expense","141,377","","","145,596"],["Income from operations","111,309","","","60,255"],["Net income","78,197","","","72,087"],["Net cash provided by operating activities","321,688","","","251,439"],["Purchases of property and equipment","(32,253)","","","(23,624)"]]
[[/GREPCENT_TABLE]]

Cash, cash equivalents, restricted cash and investments were $1.0 billion as of April 30, 2026.

Key Factors Affecting Our Performance

We believe that our future performance will depend on many factors, including the following:

Investing for Growth

We believe that our market opportunity is large, and we plan to invest to support long-term growth. We have two priorities in our long-term strategy. The first is to transform IAM into an end-to-end platform for customers. IAM enables customers to manage agreements across every part of an organization and build workflows in functions including sales, human resources, legal, and procurement.

Our second priority is to expand our AI data and innovation advantage through IAM as the orchestration layer for agreements. At Docusign, we have leveraged differentiated and large-scale proprietary data, built an expansive ecosystem of integrations with leading AI providers, and developed AI solutions that operate at enterprise scale. We aim to deliver category-leading value in the agreement management market while continuing our evolution as a platform company.

We believe these combined efforts will strengthen our ability to retain and grow within our existing customer base, while also attracting new customers.

Growing Customer Base

As of April 30, 2026, we had nearly 1.9 million total customers, including approximately 284,000 direct customers across our large enterprise, commercial, and small and medium-sized business (SMB) segments, served by our direct sales force. We had over 1.7 million customers, including approximately 268,000 direct customers as of April 30, 2025.

In fiscal 2027, we categorize our total customer base into three groups based on annual recurring revenue (“ARR”). We generally define through a flexible framework companies with ARR (actual or potential) exceeding certain dollar thresholds as enterprise customers, commercial customers, and SMB customers. While the vast majority of our SMB customers are served through digital and self-service channels, a portion of this segment is managed via our direct sales channels and included in our direct customer count. Total customers reflects the aggregate of all segments across both direct and self-service channels.

We believe that our ability to increase the number of customers using our products, particularly the number of enterprise and commercial customers, is an indicator of our market penetration, the growth of our business, and our potential future business opportunities. By increasing awareness of our products, further developing our sales and marketing expertise, and continuing to build features tuned to different industry needs, we have expanded the diversity of our customer base to include organizations of all sizes across nearly every industry.

Increasing International Revenue

International revenue increased by 17% in the three months ended April 30, 2026, compared to the three months ended April 30, 2025. Additionally, our international revenue represented 31% of our total revenue in the three months ended April 30, 2026, compared to 28% in the three months ended April 30, 2025.

Docusign, Inc. | 2027 Form 10-Q | 22

We started our international selling efforts in English-speaking common law countries, such as Canada, the UK and Australia, where we were able to leverage our core technologies due to similar approaches to electronic signature in these jurisdictions and the U.S. We have since made significant investments to be able to offer our products in select civil law countries. For example, in Europe, we offer Standards-Based Signature (“SBS”) technology tailored for the European Union’s (“EU”) electronic Identification, Authentication, and Trust Services (“eIDAS”) regulations. SBS supports signatures that involve digital certificates, including those specified in the EU’s eIDAS regulations for advanced and qualified electronic signatures.

We believe there is a substantial opportunity for us to increase our international customer base by leveraging and expanding investments in our technology, direct sales force, and strategic partnerships around the world, as well as helping existing U.S.-based customers manage agreements across their international businesses. We have experienced increased demand across multiple regions and are focusing our sales and marketing resources to capitalize on the potential growth of these markets. Additionally, we expect to continue to develop and enhance our strategic partnerships in key international markets as we grow internationally, with a particular focus on IAM.

Components of Results of Operations

Revenue

We derive revenue primarily from the sale of subscriptions and, to a lesser extent, professional services.

[[GREPCENT_TABLE]]
[["Revenue","Revenue consists primarily of subscription revenue, which includes fees for the use of our software platform and our technical infrastructure and access to customer support, which includes phone or email support. We typically invoice customers annually in advance. We recognize subscription revenue ratably over the term of the contract subscription period beginning on the date access to our software platform is provided. Revenue also includes professional services revenue, which consists of fees associated with new customers requesting deployment and integration services. We price professional services on a time and materials basis and on a fixed fee basis. We generally have standalone value for our professional services and recognize revenue based on standalone selling price as services are performed or upon completion of services for fixed fee contracts. Other revenue includes amounts derived from sales of on-premises solutions."]]
[[/GREPCENT_TABLE]]

Overhead Allocation

We allocate shared overhead costs, such as facilities (including rent, utilities and depreciation on equipment shared by all departments), information technology, information security and recruiting costs to all departments based on headcount. As such, these allocated overhead costs are reflected in cost of revenue and each operating expense category.

Cost of Revenue

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1261333/000126133326000021/docu-20260131.htm
Complete FY 2026 MD&A: /company/DOCU/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-18
Report date: 2026-01-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. As discussed in the section titled “Note Regarding Forward-Looking Statements,” the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the section titled “Risk Factors” under Part I, Item 1A in this Annual Report on Form 10-K. Our fiscal year ends January 31.

Executive Overview of Fiscal 2026 Results

Overview

Docusign solutions bring agreements to life, accelerating and simplifying the process of doing business. Docusign’s core offerings — our IAM platform, the world’s leading e-signature solution, and 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.

We generate substantially all our revenue from sales of subscriptions, which accounted for 98%, 97% and 97% of our revenue in each of the years ended January 31, 2026, 2025 and 2024. Our subscription fees include the use of our products and access to customer support. Subscriptions generally range from one to three years, and substantially all our multi-year customers pay in annual installments, one year in advance.

We also generate revenue from professional and other non-subscription services, which consists primarily of fees associated with providing new customers with deployment and integration services. Professional services and other revenue accounted for the remainder of total revenue in each of the years ended January 31, 2026, 2025 and 2024. We anticipate placing a greater focus on investing in customer success through professional services offered by partners. We believe it plays an important role in accelerating our customers’ adoption of our products, which helps drive customer retention and expansion.

One pillar of our long-term strategy is to evolve our go-to-market (“GTM”) channels from the historically direct sales-driven approach. We are currently investing in three routes to market, including direct sales, our partner channel, and digital self-service purchasing. We expect that Docusign’s IAM platform will increasingly be offered across all three channels.

We offer subscriptions to our products to businesses of all sizes, from global enterprises down to local, very small businesses (“VSBs”). We offer more than 1,100 active partner integrations with the applications that many of our customers already use so that they can create, commit and manage agreements directly within these applications. We have a diverse customer base spanning across virtually all industries and around the world with no significant customer concentration. No single customer accounted for more than 10% of total revenue in any of the periods presented.

We focused initially on selling our products to commercial businesses and VSBs and later expanded our focus to target enterprise customers. The number of our customers with greater than $300,000 in annualized contract value was 1,205 as of January 31, 2026 compared to 1,131 as of January 31, 2025. Each of our customer types has a different purchasing pattern. VSBs typically become customers by quickly utilizing our digital and self-serve channels and generate smaller average contract values, while commercial and enterprise customers typically involve longer sales cycles, larger contract values and greater expansion opportunities for us.

Docusign, Inc. | 2026 Form 10-K | 43

Financial Results for the Year Ended January 31, 2026

[[GREPCENT_TABLE]]
[["(in thousands)","Year Ended January 31, 2026"],["Total revenue","$","3,219,500"],["Total costs and expenses","2,920,921"],["Total stock-based compensation expense","622,321"],["Income from operations","298,579"],["Net income","309,085"],["Cash provided by operating activities","1,165,007"],["Capital expenditures","(106,445)"]]
[[/GREPCENT_TABLE]]

Cash, cash equivalents, restricted cash and investments were $1.1 billion as of January 31, 2026.

Key Factors Affecting Our Performance

We believe that our future performance will depend on many factors, including the following:

Investing for Growth

We believe that our market opportunity is large, and we plan to invest to support long-term growth. We have three growth pillars in our long-term strategy. The first is to accelerate product innovation through research and development investments for our IAM platform. We aim to deliver category-leading value in the agreement management market while evolving into a platform company. This includes supporting a community of developers, builders, and partners to create new solutions that extend the capabilities of our IAM platform.

The second growth pillar is to strengthen our omnichannel GTM by evolving our direct sales, partner, and self-service routes to market to better meet evolving customer needs. By strengthening our direct sales, partner, and self-service routes to market, we aim to simultaneously accelerate our ability to scale while reducing our customer acquisition and managements costs.

Finally, our third growth pillar is to enhance operational and financial efficiency to scale effectively and sustainably. This includes prioritizing the infrastructure and technology investments that best serve our diverse customer base, including our migration to cloud-based infrastructure. Additionally, we continue to evaluate strategic acquisitions and partnerships that align with our growth objectives and expand our product offerings.

We believe these combined efforts will strengthen our ability to retain and grow within our existing customer base, while also attracting new customers.

Growing Customer Base

As of January 31, 2026, we had a total of over 1.8 million customers, including approximately 280,000 small and medium-sized businesses (“SMBs”), mid-market companies, and large enterprise customers served by our direct sales force. We had a total of nearly 1.7 million customers, including over 260,000 customers served by our direct sales force as of January 31, 2025.

In fiscal 2026, we defined enterprise customers as companies generally included in the Global 2000. We have defined mid-market customers as companies outside the Global 2000 that have more than 250 employees and defined SMBs as companies with between 10 and 249 employees, in each case excluding any enterprise customers. We defined VSBs as companies with fewer than 10 employees. VSBs were our most numerous group of customers, and we typically served them through digital and self-service resources outside of our direct sales channels. We referred to total customers as all enterprises, mid-market, SMBs, and VSBs. In fiscal 2027, we plan to distinguish between enterprise, commercial mid-market and SMB customers on the basis of annual recurring revenue.

We believe that our ability to increase the number of customers using our products, particularly the number of enterprise and commercial customers, is an indicator of our market penetration, the growth of our business, and our potential future business opportunities. By increasing awareness of our products, further developing our sales and marketing expertise, and continuing to build features tuned to different industry needs, we have expanded the diversity of our customer base to include organizations of all sizes across nearly every industry.

Docusign, Inc. | 2026 Form 10-K | 44

Increasing International Revenue

International revenue increased by 13% in the year ended January 31, 2026, compared to the year ended January 31, 2025. Our international revenue represented 29%, 28% and 26% of our total revenue in each of the years ended January 31, 2026, 2025, and 2024.

We started our international selling efforts in English-speaking common law countries, such as Canada, the UK and Australia, where we were able to leverage our core technologies due to similar approaches to electronic signature in these jurisdictions and the U.S. We have since made significant investments to be able to offer our products in select civil law countries. For example, in Europe, we offer SBS technology tailored for the EU’s eIDAS regulations. SBS supports signatures that involve digital certificates, including those specified in the EU’s eIDAS regulations for advanced and qualified electronic signatures.

We believe there is a substantial opportunity for us to increase our international customer base by leveraging and expanding investments in our technology, direct sales force, and strategic partnerships around the world, as well as helping existing U.S.-based customers manage agreements across their international businesses. We have experienced increased demand across multiple regions and are focusing our sales and marketing resources to capitalize on the potential growth of these markets. Additionally, we expect to continue to develop and enhance our strategic partnerships in key international markets as we grow internationally, with a particular focus on IAM.

Components of Results of Operations

Revenue

We derive revenue primarily from the sale of subscriptions and, to a lesser extent, professional services.

[[GREPCENT_TABLE]]
[["Subscription Revenue","Subscription revenue consists of fees for the use of our software platform and our technical infrastructure and access to customer support, which includes phone or email support. We typically invoice customers annually in advance. We recognize subscription revenue ratably over the term of the contract subscription period beginning on the date access to our software platform is provided."],["Professional Services and Other Revenue","Professional services revenue includes fees associated with new customers requesting deployment and integration services. We price professional services on a time and materials basis and on a fixed fee basis. We generally have standalone value for our professional services and recognize revenue based on standalone selling price as services are performed or upon completion of services for fixed fee contracts. Other revenue includes amounts derived from sales of on-premises solutions."]]
[[/GREPCENT_TABLE]]

Overhead Allocation

We allocate shared overhead costs, such as facilities (including rent, utilities and depreciation on equipment shared by all departments), information technology, information security and recruiting costs to all departments based on headcount. As such, these allocated overhead costs are reflected in each cost of revenue and operating expense category.

Docusign, Inc. | 2026 Form 10-K | 45

Cost of Revenue

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/DOCU/mda/fy2026/
All MD&A years: /company/DOCU/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/DOCU/mda/fy2025/): filed 2025-03-18; accession 0001261333-25-000024 (https://www.sec.gov/Archives/edgar/data/1261333/000126133325000024/docu-20250131.htm)
- [FY 2024 MD&A](/company/DOCU/mda/fy2024/): filed 2024-03-21; accession 0001261333-24-000045 (https://www.sec.gov/Archives/edgar/data/1261333/000126133324000045/docu-20240131.htm)
- [FY 2023 MD&A](/company/DOCU/mda/fy2023/): filed 2023-03-27; accession 0001261333-23-000050 (https://www.sec.gov/Archives/edgar/data/1261333/000126133323000050/docu-20230131.htm)
- [FY 2022 MD&A](/company/DOCU/mda/fy2022/): filed 2022-03-25; accession 0001261333-22-000049 (https://www.sec.gov/Archives/edgar/data/1261333/000126133322000049/docu-20220131.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7372 Services-Prepackaged Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/DOCU.md · JSON record: /company/DOCU.json · verified financials: /company/DOCU/financials.json / /company/DOCU/financials.csv · machine TOC for the whole site: /llms.txt