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DocuSign (DOCU) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 4, 2026 · DocuSign (DOCU) Q2 FY27 earnings results →

Q2 FY27 Revenue up 9% year over year to $876M · 9¢ of every $1 of revenue kept as net profit · operating margin 13.4%

DocuSign made $876M in Q2 FY27 (+9% Y/Y): Subscription and Circulation $854M, Professional Services and Other $21.8M. Operating margin 13.4%, net earnings $77.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 4, 2026.

Revenue$876M
Year over year+9%
Operating margin13.4%
Net earnings$77.7M
Operating cash flow$335M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $875.7M in Q2 FY27, up 9% year over year and up 5% from the previous quarter. Subscription and Circulation was the largest line at 98% of revenue. Subscription and Circulation added $69.6M year over year (up 9%), 93% of the total change.

Gross margin was 79.7%, up 0.4 points from Q2 FY26. Operating profit was $117.6M, a 13.4% margin (up 5.3 points year over year). Of the extra revenue versus Q2 FY26, 70% reached operating profit, above the 8% margin then. Operating expenses grew 2% against revenue growth of 9%. Net earnings were $77.7M, up 23% year over year. The effective tax rate was 37.8%.

Operating cash flow was $334.5M (up 36% year over year), 430% of net earnings. Non-cash charges added back $33.8M of depreciation and amortization and $148.6M of share-based compensation. Working capital and other items added $74.4M. After purchases of property and equipment ($38.8M), free cash flow as the company reports it was $295.8M.

Quarterly history

DocuSign revenue by quarterDocuSign revenue by quarter$776MQ4 FY25$764MQ1 FY26$801MQ2 FY26$818MQ3 FY26$837MQ4 FY26$830MQ1 FY27$876MQ2 FY27
DocuSign net earnings by quarterDocuSign net earnings by quarter$83.5MQ4 FY25$72.1MQ1 FY26$63.0MQ2 FY26$83.7MQ3 FY26$90.3MQ4 FY26$78.2MQ1 FY27$77.7MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 4, 2026$876M+9%13.4%$77.7M$335M
Q1 FY2710-QJun 5, 2026$830M+9%13.4%$78.2M$322M
Q4 FY2610-KMar 18, 2026$837M+8%10.5%$90.3M$377M
Q3 FY2610-QDec 5, 2025$818M+8%10.4%$83.7M$290M
Q2 FY2610-QSep 5, 2025$801M+9%8.1%$63.0M$246M
Q1 FY2610-QJun 6, 2025$764M+8%7.9%$72.1M$251M
Q4 FY2510-KMar 18, 2025$776M+9%7.8%$83.5M$308M

Charts

DocuSign: revenue growth, year over year and quarter over quarterDocuSign: revenue growth, year over year and quarter over quarterY/YQ/Q+9%Q4 FY25+8%-2%Q1 FY26+9%+5%Q2 FY26+8%+2%Q3 FY26+8%+2%Q4 FY26+9%-1%Q1 FY27+9%+5%Q2 FY27
Latest (Q2 FY27): Y/Y +9%, Q/Q +5%.
DocuSign: where the cash came from (+) and went (−), TTM to Q2 FY27DocuSign: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$1.3BBuybacks−$1.1BTaxes on employees’ shares−$216MCapital spending−$125MCash drawn (+) / kept (−)$70.8MOther financing$41.3MOther investing$7.9MExchange rates$5.6MShares issued$133K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
DocuSign: profit against cash, quarter by quarterDocuSign: profit against cash, quarter by quarterNet incomeOperating cash flow$62.4M$234MQ3 FY25$83.5M$308MQ4 FY25$72.1M$251MQ1 FY26$63.0M$246MQ2 FY26$83.7M$290MQ3 FY26$90.3M$377MQ4 FY26$78.2M$322MQ1 FY27$77.7M$335MQ2 FY27
Latest (Q2 FY27): Net income $77.7M, Operating cash flow $335M.
DocuSign: diluted shares by fiscal yearDocuSign: diluted shares by fiscal year186MFY21197MFY22201MFY23209MFY24210MFY25209MFY26
+12.6% since FY21: more shares outstanding (issuance, stock pay).
DocuSign in its industry: growth against margin (192 companies, SIC 7372)DocuSign in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYDOCU (+9%, 13%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About DocuSign

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.

In its own words, from its 10-K, filed Mar 18, 2026.

DocuSign against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +14%. Operating margin: 13.4% against the peers' median 15.2%.

CompanyQuarterRevenueY/YOp. margin
DOCU DocuSignQ2 FY27$876M+9%13.4%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: DocuSign 10-Q on SEC EDGAR · CIK 1261333 · Services-Prepackaged Software

Guidance and outlook

DocuSign Revenue: guidance against what was reportedDocuSign Revenue: guidance against what was reportedguided rangereported (above / within / below)Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25$776M
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns DOCU and who is buying

Largest holders of DOCU (13F)Largest holders of DOCU (13F)Vanguard Group$1.5BBlackRock$927MVanguard Portfolio Management LLC$515MAQR Capital Management LLC$399MVanguard Capital Management LLC$390MCapital World Investors$313MState Street$279MAmeriprise Financial$274MArrowstreet Capital, Limited Part…$248MGeode Capital Management, LLC$184M
Funds' net buying of DOCU by quarter (13F)Funds' net buying of DOCU by quarter (13F)−$121M2024-09$469M2024-12−$245M2025-03$479M2025-06−$521M2025-09−$108M2025-12$520M2026-03−$178M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on DOCU

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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