# DocuSign Inc. (DOCU) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/DOCU/thesis · /stocks/DOCU/memo

## Financial Snapshot

---
ticker: DOCU
step: 04
generated: 2026-05-13
source: quick-research
---

### DocuSign, Inc. (DOCU) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $2.11B | $2.52B | $2.76B | +9.5% |
| Non-GAAP Gross Margin | 82% | 82% | 83% | |
| Non-GAAP Net Income | ~$0.6B | ~$0.7B | ~$0.9B | |
| Non-GAAP EPS (diluted) | ~$2.98 | ~$3.52 | ~$3.99 | |

*FY2025: Revenue $2.98B (+8% YoY); Non-GAAP EPS ~$4.14; highest adjusted profitability in company history. FY2022 reflects post-COVID deceleration from peak ~45% growth to normalize to ~8–10%.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$1.0B |
| Free Cash Flow | ~$0.9B |
| Capital Expenditures | ~$0.1B |
| Cash & Equivalents | ~$1.2B |
| Total Debt | ~$0.7B |

*FCF is strong and growing. Net cash positive. Company has aggressively repurchased shares — $1B+ in buyback programs authorized. Non-GAAP gross margins at 82–83% reflect high-quality SaaS economics.*

#### Key Ratios (approximate)
- P/E: ~21x (non-GAAP FY2026) | EV/EBITDA: ~18x | FCF Yield: ~5%
- Revenue Growth (TTM): ~8–9% | Non-GAAP Operating Margin: ~30%

#### Growth Profile
DocuSign's revenue growth decelerated from 45%+ (pandemic era) to ~8–10% as the initial e-signature adoption wave normalized. The company has reached a steady-state growth profile at mid-to-high single digits, with IAM potentially re-accelerating to 9–11% by FY2027 per consensus estimates ($3.54 non-GAAP EPS in FY2026 → $4.41 in FY2028). Margins have never been higher — non-GAAP gross margin 82–83%, operating margin ~30% — making this a highly profitable mature growth software business. The key question is whether IAM can expand TAM and accelerate growth meaningfully.

#### Forward Estimates
- FY2026 consensus: Revenue ~$3.14B (+5%); Non-GAAP EPS ~$3.54
- FY2027 consensus: Revenue ~$3.42B (+9%); Non-GAAP EPS ~$3.98
- FY2028 consensus: Revenue ~$3.80B (+11%); Non-GAAP EPS ~$4.41
- IAM: 10,000 customers; could reach double-digit % of subscription revenue by FY2026
- Billings growth (leading indicator): +13% YoY in most recent quarter — ahead of revenue

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/DOCU/fundamental

## Navigation

- Overview: /stocks/DOCU
- Financials (this page): /stocks/DOCU/financials
- Thesis: /stocks/DOCU/thesis
- Investment Memo: /stocks/DOCU/memo
- Coverage universe: /stocks