DOCUNasdaqServices-Prepackaged SoftwareUS GAAP · USD

DocuSign, Inc

Docusign builds software that digitizes how agreements are created, signed, managed, and analyzed. Its core products are the eSignature service, the Intelligent Agreement Management (IAM) platform, and contract lifecycle management (CLM), sold mainly by subscription to organizations of all sizes.

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Revenue3,220m USD
+8.2 %y/y
Operating profit (EBIT)299m USD
+49.3 %y/y
EBIT margin9.3%
+2.6 ppy/y
Net income309m USD
−71.1 %y/y
Free cash flow1,059m USD
+15.0 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-1,00001,0002,0003,0004,000m USD2021: 1,453 m USD2021: EBIT -174 m USD20212022: 2,107 m USD2022: EBIT -62 m USD20222023: 2,516 m USD2023: EBIT -88 m USD20232024: 2,762 m USD2024: EBIT 32 m USD20242025: 2,977 m USD2025: EBIT 200 m USD20252026: 3,220 m USD2026: EBIT 299 m USD20263,220299
RevenueOperating profit (EBIT)
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Business

Share of revenue
Subscription software97 %

Core recurring software access, including eSignature and IAM subscriptions sold to businesses.

Professional services2 %

Deployment, integration, and customer success services that help customers adopt the platform.

Other revenue1 %

Primarily on-premises solutions and other non-subscription revenue streams.

Products

Reported · share of revenue
97.9%FY2026100 %
  • Subscription and Circulation97.9 %
  • Professional Services and Other2.1 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Docusign sells to a broad base ranging from very small businesses to global enterprises, government institutions, and individual end users. The company says it has nearly 1.7 million customers and more than a billion users worldwide, with no single customer representing more than 10% of revenue. Larger commercial and enterprise customers tend to have longer sales cycles and higher expansion potential, while smaller customers often adopt through self-service channels.

Very small businesses (VSBs)

Buy simple eSignature subscriptions through digital/self-serve channels because they need quick, low-friction document signing.

Commercial customers

Buy subscription software for everyday agreement workflows and often expand usage over time as needs grow.

Enterprise customers

Buy IAM, eSignature, and CLM to standardize contract processes across departments and geographies.

Government and public institutions

Use secure digital agreement tools for approvals, signatures, and workflow control.

Partners and embedded users

Access Docusign through more than 1,000 integrations inside existing business applications.

Strategy

Docusign is shifting from a single-product eSignature business toward a broader agreement-management platform built around IAM and CLM. It is also changing go-to-market by combining direct sales, partner-assisted sales, and digital self-service to reach more customer types and geographies. The strategy is designed to deepen customer usage, expand internationally, and reduce dependence on standalone eSignature over time.

Expand IAM platform adoptionMedium term

Broadens the product set beyond eSignature and increases wallet share per customer.

Accelerate product innovation with AIMedium term

Helps automate agreement workflows and differentiate the platform from point solutions.

Diversify go-to-market channelsShort term

Reduces reliance on direct sales and improves reach across customer sizes.

Expand internationallyMedium term

International markets provide additional growth runway beyond the U.S. base.

Geography

Q2/2026

Docusign serves customers worldwide and says it has increased demand across multiple regions, with a particular focus on international expansion. The company is migrating North American and European production services from its own data centers to Microsoft Azure, which matters for scale, security, and availability. Geography is important because growth depends on expanding outside the U.S. while maintaining reliable cloud infrastructure across regions.

United States69 %
Other countries (US filing)31 %

Share of the revenue the company reports by geography.

Risks

Docusign remains heavily dependent on eSignature, so slower adoption or competitive displacement there would pressure results unless IAM and other products scale faster. The business also faces cybersecurity, cloud uptime, and AI-related risks because customers rely on the platform for sensitive agreement workflows. Broader software-sector risks such as IT spending weakness, regulatory change, and execution risk in a highly competitive market also matter.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dependence on eSignature revenue1Cybersecurity and data privacy incidents2Service interruption or cloud infrastructure failure3Competitive pressure in agreement software4Macro and IT spending weakness5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dependence on eSignature revenueImpact: HighLikelihood: Medium

    Most subscription revenue still comes from eSignature, so slower adoption would hurt growth and operating leverage.

    Exposure: Standalone eSignature remains the majority of revenue

  2. Cybersecurity and data privacy incidentsImpact: HighLikelihood: Medium

    The platform handles sensitive agreements and customer data, so breaches could trigger churn, remediation costs, and legal exposure.

    ExposureCustomer trustBrand reputationRegulatory scrutiny
  3. Service interruption or cloud infrastructure failureImpact: HighLikelihood: Medium

    Customers depend on availability for mission-critical workflows, and outages could impair usage and renewals.

    Exposure: Technical infrastructure and third-party cloud providers

  4. Competitive pressure in agreement softwareImpact: MediumLikelihood: Medium

    New or better products from competitors could reduce market share or slow IAM adoption.

    ExposureESignatureCLMWorkflow automation
  5. Macro and IT spending weaknessImpact: MediumLikelihood: Medium

    Enterprise software budgets can tighten in weaker economic conditions, slowing new sales and expansions.

    Exposure: Commercial and enterprise customer demand

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Accounting

Judgemental items
Subscription revenue recognition

Annual prebilling means cash collection and revenue recognition occur at different times, affecting deferred revenue and quarterly comparability.

Impact: Main driver of reported revenue timing

Professional services and other revenue

This revenue is smaller and more variable, so project timing can move quarterly results.

Impact: Quarterly mix and margin variability

Deferred contract acquisition costs

Sales commissions and related costs are capitalized and amortized, affecting expense timing and margins.

Impact: Operating expense recognition

Stock-based compensation

A large non-cash expense that affects operating income and can distort comparisons across periods.

Impact: Reported profitability and diluted share count

Business combinations and acquired intangibles

Valuation assumptions affect amortization and potential impairment charges.

Impact: Future earnings and balance sheet carrying values

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Last updated: 24/09/2026

DocuSign, Inc (DOCU) Revenue, Earnings & Financials 2026 – Clarifo