Financial Trends — 7/10

Revenue re-accelerating off a low base. Non-GAAP FCF $1,059M (+15% YoY) in FY26, FY27Q1 $289M (+27% YoY). Margins stable-to-expanding. Share count declining. No penalty modifiers apply. FYE January 31 (fiscal labels are +1 year from calendar). Weight: 25%
FY27Q1 Revenue
$830M
Rising | Re-accelerating
FY26 Free Cash Flow
$1,059M
+15% YoY | Growing
Margins
Expanding
Non-GAAP op margin improving
Share Count
Declining
Buyback-driven | No dilution
Quarterly Revenue Trend (Last 8 Quarters)
MetricFY25Q2FY25Q3FY25Q4FY26Q1FY26Q2FY26Q3FY26Q4FY27Q1
Revenue $736M $755M $776M $764M $801M $818M $837M $830M
Rev YoY +7.0% +7.8% +9.0% +7.6% +8.8% +8.4% +7.8% +8.6%
Note: DocuSign reports under US GAAP in USD. Fiscal year ends January 31 (FY = CY + 1). All figures in millions of USD. Revenue trending upward across all 8 quarters with consistent YoY growth.
Annual Financial Summary (USD M, FYE January 31)
MetricFY2022FY2023FY2024FY2025FY2026
Total Revenue 2,107M 2,516M 2,762M 2,977M 3,220M
Rev YoY — +19.4% +9.8% +7.8% +8.2%
Subscription Revenue 2,037M 2,442M 2,687M 2,901M 3,151M
Non-GAAP Op Margin 20.0% 21.0% 26.0% 29.8% 30.1%
Non-GAAP Diluted EPS $1.98 $2.03 $2.98 $3.55 $3.84
Free Cash Flow 445M 429M 887M 920M 1,059M
FCF Margin 21.1% 17.1% 32.1% 30.9% 32.9%
Shares Outstanding 199M 202M 205M 202M 194M
Acceleration / Deceleration Analysis
Signal Detail Direction
Revenue Growth FY25 +7.8% to FY26 +8.2%; FY27Q1 $830M (+8.6% YoY); bottom is in Re-accelerating
FCF Growth FY26 $1,059M (+15% YoY); FY27Q1 $289M (+27% YoY); strong trajectory Accelerating
Non-GAAP Op Margin 20% (FY22) to 30.1% (FY26); +1,010 bps over 4 years; stable-to-expanding Expanding
Share Count 205M (FY24) to 194M (FY26); -5.4% reduction via aggressive buybacks Shrinking
Billings Growth FY25 +6.8% to FY26 +9.5%; +270 bps re-acceleration Re-accelerating
Dollar Net Retention ~98% (Q4 FY24) to 102% (Q4 FY26); steady recovery over 8 quarters Improving
Penalty / Modifier Assessment
No penalty modifiers apply. Revenue is re-accelerating off a low base, FCF is growing at +15-27% YoY, margins are stable-to-expanding, and the share count is declining through buybacks. All four KPI vectors are positive. Score: 7/10.
Score Summary
Final Score: 7 / 10. DocuSign's financial trends have materially improved. Revenue re-accelerated to +8.6% YoY in FY27Q1 ($830M), breaking the multi-year deceleration. FCF crossed $1B in FY26 at $1,059M (+15% YoY), with FY27Q1 accelerating further to +27% YoY. Non-GAAP operating margins expanded from 20% to 30%+ over four years. Share count declined 5.4% via aggressive buybacks. No penalties applied -- all major financial vectors are positive and directionally improving.
Daloopa (company_id 744) and DocuSign, Inc. SEC filings. FYE January 31.