docu-20260430

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________________________

FORM 10-Q

______________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38465

______________________________________

DOCUSIGN, INC.

(Exact name of registrant as specified in its charter)

______________________________________

Delaware

91-2183967

(State or Other Jurisdiction of Incorporation)

(I.R.S. Employer Identification Number)

221 Main St.

Suite 800

San Francisco

California

94105

(Address of Principal Executive Offices) (Zip Code)

(415) 489-4940

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	DOCU	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


☒	Large accelerated filer	☐	Accelerated filer

☐	Non-accelerated filer	☐	Smaller reporting company

		☐	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant has 190,944,608 shares of common stock, par value $0.0001, outstanding as of May 29, 2026.

DOCUSIGN, INC.

TABLE OF CONTENTS


	Note Regarding Forward-Looking Statements
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Balance Sheets as of April 30, 2026 and January 31, 2026	4
	Condensed Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended April 30, 2026 and 2025	5
	Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended April 30, 2026 and 2025	6
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended April 30, 2026 and 2025	7
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	34

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	60
Item 5.	Other Information	61
Item 6.	Exhibits	61
	Exhibit Index	62
Signatures		63

Docusign, Inc. | 2027 Form 10-Q | 2

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risk and uncertainties. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, our product strategy and anticipated future products and capabilities, our objectives for future operations, and the impact of such assumptions on our financial condition and results of operations are forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions.

Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: our expectations regarding global macro-economic conditions, including the effects of inflation, volatile interest rates or foreign exchange rates, and market volatility on the global economy; our inability to accurately estimate our market opportunity; our ability to compete effectively in an evolving and competitive market; the impact of any interruptions or delays in performance of our technical infrastructure, or data breaches, cyberattacks or other fraudulent or malicious activity attempting to exploit our technology systems, platform or brand name; our ability to effectively sustain and manage our growth and future expenses and maintain or increase profitability; our ability to attract new customers and retain and expand our existing customer base, including our ability to attract large organizations as users; our ability to scale and update our platform to respond to customers’ needs and rapid technological change, including our ability to successfully incorporate artificial intelligence (“AI”) into our existing and future products and to successfully deploy them; our ability to successfully develop, launch, and sell Intelligent Agreement Management (“IAM”) solutions; our ability to expand use cases within existing customers and vertical solutions; our ability to expand our operations and increase adoption of our platform internationally; our ability to strengthen and foster our relationships with developers; our ability to retain our direct sales force, customer success team and strategic partnerships around the world; our ability to identify targets for and execute potential acquisitions and to successfully integrate and realize the anticipated benefits of such acquisitions; our ability to maintain, protect and enhance our brand; the sufficiency of our cash, cash equivalents and capital resources to satisfy our liquidity needs; limitations on us due to obligations we have under our credit facility; our ability to realize the anticipated benefits of our stock repurchase program; our failure or the failure of our software to comply with applicable industry standards, laws and regulations; our ability to maintain, protect and enhance our intellectual property; our ability to successfully defend litigation against us; our ability to maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel, including executive level management; our ability to successfully manage and integrate executive management transitions; uncertainties regarding the impact of general economic and market conditions, including as a result of geopolitical conflict or changes in trade policies and practices; and our ability to maintain proper and effective internal controls.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time. It is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this Quarterly Report on Form 10-Q or to conform such statements to actual results or revised expectations, except as required by law.

Docusign, Inc. | 2027 Form 10-Q | 3

PART I - FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DOCUSIGN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)


(in thousands, except per share data)	April 30, 2026		January 31, 2026
Assets
Current assets
Cash and cash equivalents	$	548,027	$	602,442
Investments—current	266,152		264,084
Accounts receivable, net of allowance for doubtful accounts of $8,378 and $9,916 as of April 30, 2026 and January 31, 2026	300,684		516,429
Contract assets—current	8,024		10,782
Prepaid expenses and other current assets	132,729		97,101
Total current assets	1,255,616		1,490,838
Investments—noncurrent	209,897		208,393
Property and equipment, net	387,946		361,808
Operating lease right-of-use assets	160,090		165,578
Goodwill	459,148		458,446
Intangible assets, net	56,659		61,394
Deferred contract acquisition costs—noncurrent	468,452		474,628
Deferred tax assets—noncurrent	805,136		835,245
Other assets—noncurrent	181,061		173,220
Total assets	$	3,984,005	$	4,229,550
Liabilities and Equity
Current liabilities
Accounts payable	$	23,970	$	17,419
Accrued expenses and other current liabilities	108,002		113,358
Accrued compensation	175,575		260,840

Contract liabilities—current	1,564,942		1,631,168
Operating lease liabilities—current	16,055		16,623
Total current liabilities	1,888,544		2,039,408

Contract liabilities—noncurrent	29,735		29,956
Operating lease liabilities—noncurrent	167,278		168,496
Deferred tax liability—noncurrent	24,205		21,507
Other liabilities—noncurrent	54,495		52,363
Total liabilities	2,164,257		2,311,730
Commitments and contingencies (Note 7)

Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000 shares authorized, 0 shares issued and outstanding as of April 30, 2026 and January 31, 2026	—		—
Common stock, $0.0001 par value; 500,000 shares authorized, 193,057 shares issued and outstanding as of April 30, 2026; 500,000 shares authorized, 197,765 shares issued and outstanding as of January 31, 2026	19		20

Additional paid-in capital	3,920,519		3,777,995
Accumulated other comprehensive loss	(3,960)		(3,712)
Accumulated deficit	(2,096,830)		(1,856,483)
Total stockholders’ equity	1,819,748		1,917,820
Total liabilities and equity	$	3,984,005	$	4,229,550

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Docusign, Inc. | 2027 Form 10-Q | 4

DOCUSIGN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)


	Three Months Ended April 30,
(in thousands, except per share data)	2026		2025



Revenue	$	830,235	$	763,654



Cost of revenue	171,270		157,269
Gross profit	658,965		606,385
Operating expenses:
Sales and marketing	296,175		296,413
Research and development	159,586		159,447
General and administrative	91,895		90,270

Total operating expenses	547,656		546,130
Income from operations	111,309		60,255
Interest expense	(551)		(478)
Interest income and other income, net	6,998		14,013
Income before provision for income taxes	117,756		73,790
Provision for income taxes	39,559		1,703
Net income	$	78,197	$	72,087
Net income per share attributable to common stockholders:
Basic	$	0.40	$	0.35
Diluted	$	0.40	$	0.34
Weighted-average shares used in computing net income per share:
Basic	195,489		203,280
Diluted	196,480		212,812

Comprehensive income:
Foreign currency translation gain, net of tax	$	1,089	$	9,949
Unrealized gains (losses) on investments, net of tax	(1,337)		256
Other comprehensive income (loss)	(248)		10,205
Comprehensive income	$	77,949	$	82,292

Stock-based compensation expense included in costs and expenses:


Cost of revenue	15,309		16,904
Sales and marketing	43,026		46,085
Research and development	54,476		54,431
General and administrative	28,566		28,176

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Docusign, Inc. | 2027 Form 10-Q | 5

DOCUSIGN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)


	Common Stock			Additional Paid-In Capital		Treasury Stock		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders' Equity
(in thousands)	Shares	Amount
Balances at January 31, 2026	197,765	$	20	$	3,777,995	$	—	$	(3,712)	$	(1,856,483)	$	1,917,820

Exercise of stock options	3	—		53		—		—		—		53
Settlement of restricted stock units	2,418	—		—		—		—		—		—
Employee stock purchase plan	555	—		22,799		—		—		—		22,799
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan	(892)	—		(41,802)		(192)		—		—		(41,994)
Retirement of treasury stock	—	—		—		192		—		(192)		—
Repurchases of common stock	(6,792)	(1)		—		—		—		(318,352)		(318,353)

Employee stock-based compensation	—	—		161,474		—		—		—		161,474
Net income	—	—		—		—		—		78,197		78,197
Other comprehensive loss, net	—	—		—		—		(248)		—		(248)
Balances at April 30, 2026	193,057	$	19	$	3,920,519	$	—	$	(3,960)	$	(2,096,830)	$	1,819,748

Balances at January 31, 2025	202,477	$	20	$	3,321,242	$	(2,871)	$	(28,376)	$	(1,287,323)	$	2,002,692


Exercise of stock options	42	—		699		—		—		—		699
Settlement of restricted stock units	2,157	—		—		—		—		—		—
Employee stock purchase plan	412	—		22,010		—		—		—		22,010
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan	(789)	—		(67,275)		(321)		—		—		(67,596)

Repurchases of common stock	(2,265)	—		—		—		—		(183,838)		(183,838)

Employee stock-based compensation	—	—		158,543		—		—		—		158,543
Net income	—	—		—		—		—		72,087		72,087
Other comprehensive income, net	—	—		—		—		10,205		—		10,205
Balances at April 30, 2025	202,034	$	20	$	3,435,219	$	(3,192)	$	(18,171)	$	(1,399,074)	$	2,014,802

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Docusign, Inc. | 2027 Form 10-Q | 6

DOCUSIGN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	Three Months Ended April 30,
(in thousands)	2026		2025
Cash flows from operating activities:
Net income	$	78,197	$	72,087
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	32,208		30,369
Amortization of deferred contract acquisition and fulfillment costs	67,358		66,482



Non-cash operating lease costs	4,864		4,660
Stock-based compensation expense	141,377		145,596

Deferred income taxes	33,032		(3,465)
Other	1,920		1,861
Changes in operating assets and liabilities:
Accounts receivable	214,448		121,003

Prepaid expenses and other current assets	(31,832)		(28,551)
Deferred contract acquisition and fulfillment costs	(65,491)		(56,648)
Other assets	2,320		844
Accounts payable	3,222		(6,764)
Accrued expenses and other liabilities	(5,460)		4,625
Accrued compensation	(88,415)		(61,451)
Contract liabilities	(65,553)		(34,240)
Operating lease liabilities	(507)		(4,969)
Net cash provided by operating activities	321,688		251,439
Cash flows from investing activities:

Purchases of marketable securities	(97,408)		(92,563)

Maturities of marketable securities	93,024		91,262

Purchases of strategic and other investments	(2,610)		—
Purchases of property and equipment	(

SEC Form 10-Q filed by DocuSign Inc.