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CS Disco (LAW) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · CS Disco (LAW) Q3 2026 earnings results →

Q3 2026 Revenue up 11% year over year to $45.3M · 11¢ of every $1 of revenue lost · operating margin -12.4%

CS Disco made $45.3M in Q3 2026 (+11% Y/Y): Software $38.6M, Services $6.7M. Operating margin -12.4%, net loss $5.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$45.3M
Year over year+11%
Operating margin-12.4%
Net earnings−$5.0M
Operating cash flow−$3.0M

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 $45.3M in Q3 2026, up 11% year over year and up 5% from the previous quarter. Software was the largest line at 85% of revenue. Software added $3.4M year over year (up 10%), 76% of the total change.

Gross margin was 75.5%, unchanged from Q3 2025. Operating costs exceeded revenue by $5.6M, an operating margin of -12.4%. Operating expenses fell 12% while revenue rose 11%. The quarter ended with a net loss of $5.0M, narrower than the previous quarter's $8.7M loss.

Operating cash flow was −$3.0M. Non-cash charges added back $805K of depreciation and amortization and $4.7M of share-based compensation. Working capital and other items used $3.6M. Capital expenditures of $2.4M exceeded it, leaving free cash flow of −$5.4M.

Quarterly history

CS Disco revenue by quarterCS Disco revenue by quarter$36.7MQ1 2025$38.1MQ2 2025$40.9MQ3 2025$41.2MQ4 2025$41.9MQ1 2026$43.1MQ2 2026$45.3MQ3 2026
CS Disco net earnings by quarterCS Disco net earnings by quarter−$11.4MQ1 2025−$10.8MQ2 2025−$13.7MQ3 2025−$8.5MQ4 2025−$9.6MQ1 2026−$8.7MQ2 2026−$5.0MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$45.3M+11%-12.4%−$5.0M−$3.0M
Q2 202610-QAug 5, 2026$43.1M+13%-21.4%−$8.7M−$1.1M
Q1 202610-QMay 6, 2026$41.9M+14%-24.1%−$9.6M−$11.7M
Q4 202510-KFeb 25, 2026$41.2M+11%-22.4%−$8.5M$762K
Q3 202510-QNov 5, 2025$40.9M+13%-35.3%−$13.7M−$979K
Q2 202510-QAug 6, 2025$38.1M+6%-31.0%−$10.8M−$4.2M
Q1 202510-QMay 7, 2025$36.7M+3%-34.4%−$11.4M−$10.5M

Charts

CS Disco: revenue growth, year over year and quarter over quarterCS Disco: revenue growth, year over year and quarter over quarterY/YQ/Q+3%Q1 2025+6%+4%Q2 2025+13%+7%Q3 2025+11%+1%Q4 2025+14%+2%Q1 2026+13%+3%Q2 2026+11%+5%Q3 2026
Latest (Q3 2026): Y/Y +11%, Q/Q +5%.
CS Disco: where the cash came from (+) and went (−), TTM to Q3 2026CS Disco: where the cash came from (+) and went (−), TTM to Q3 2026Cash drawn (+) / kept (−)$16.3MOperating cash flow−$15.0MCapital spending−$4.7MOther investing$3.6MBuybacks−$534KOther financing$408KNet borrowing (+) / repaid (−)−$43KAsset & business sales$22KShares issued$13K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
CS Disco: profit against cash, quarter by quarterCS Disco: profit against cash, quarter by quarterNet incomeOperating cash flow−$25.2M$2.1MQ4 2024−$11.4M−$10.5MQ1 2025−$10.8M−$4.2MQ2 2025−$13.7M−$979KQ3 2025−$8.5M$762KQ4 2025−$9.6M−$11.7MQ1 2026−$8.7M−$1.1MQ2 2026−$5.0M−$3.0MQ3 2026
Latest (Q3 2026): Net income −$5.0M, Operating cash flow −$3.0M.
CS Disco: diluted shares by fiscal year (split-adjusted)CS Disco: diluted shares by fiscal year (split-adjusted)26MFY202066MFY202159MFY202260MFY202360MFY202462MFY2025
+134.3% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2022.
CS Disco in its industry: growth against margin (192 companies, SIC 7372)CS Disco in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZEDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYLAW (+11%, -12%)
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 CS Disco

DISCO provides cloud-native, artificial intelligence-powered legal product offerings that simplify legal hold, legal request, ediscovery, legal document review and case management for enterprises, law firms, legal services providers and governments. Our scalable, integrated product offerings enable legal departments to easily collect, process and review enterprise data that is relevant or potentially relevant to legal matters. We leverage a cloud-native architecture and powerful artificial intelligence, or AI, models to automatically identify legally relevant documents and improve the accuracy and speed of legal document review.

In its own words, from its 10-K, filed Feb 25, 2026.

CS Disco against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +14%. Operating margin: -12.4% against the peers' median 15.2%.

CompanyQuarterRevenueY/YOp. margin
LAW CS DiscoQ3 2026$45.3M+11%-12.4%
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: CS Disco 10-Q on SEC EDGAR · CIK 1625641 · Services-Prepackaged Software

Guidance and outlook

CS Disco: what its forward-looking statements are about (10-Q filed 2026-11-04)CS Disco: what its forward-looking statements are about (10-Q filed 2026-11-04)Demand12Other6Costs4Financing2Products1People1Deals1
27 statements; tone +0.30 (−1 all cautious, +1 all confident); 2 hedged.
CS Disco: outlook statements against the filing beforeCS Disco: outlook statements against the filing beforeConfident13Cautious5

13F: who owns LAW and who is buying

Largest holders of LAW (13F)Largest holders of LAW (13F)Deer Management Co. LLC$32.7MStephens Group, LLC$32.0MVanguard Group$15.3MBlackRock$7.6MTopline Capital Management, LLC$5.5MSolel Partners LP$4.5MLakewood Capital Management, LP$4.2MVanguard Capital Management LLC$4.1MAQR Capital Management LLC$3.4MMackenzie Financial$3.3M
Funds' net buying of LAW by quarter (13F)Funds' net buying of LAW by quarter (13F)$429K2024-09−$3.5M2024-12−$244K2025-03$4.0M2025-06$4.1M2025-09$12.6M2025-12−$340K2026-03−$2.6M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on LAW

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：CS Disco（LAW）财报

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