Slide 1: Bringing Agreements to Life
Bringing Agreements to Life Quarterly Results Q4 FY26
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act our ability to expand use cases within existing customers and vertical solutions; our ability to expand our of 1933, as amended, and Section 21E of the Securities Exchange Act of
Slide 3: Non-GAAP financial measures and other key metrics
Non-GAAP financial measures and other key metrics To supplement our consolidated financial statements, which are prepared and presented in accordance with Free cash flow: We define free cash flow as net cash provided by operating activities less purchases of GAAP, we use certain non-GAAP financial measure
Slide 4: At a glance
At a glance Our solution Trusted, global brand1 Q4 FY262 performance More than 3 Intelligent Agreement Management Over 1.8M 1 billion users in over $837M $1,019M 180 countries Total Revenue Billings customers (30% Int’l) 10% Y/Y growth Unleashing the value of agreement data across the globe 8% Y/Y g
Slide 5: Agreements power business
Agreements power business Sales HR Sales Contracts Offer Letters NDAs Background Checks SOWs Company Policies Service Procurement Field Service Vendor Contracts Change Orders Purchase Orders Work Agreements Termination Letters Marketing Legal Vendor Agreements Amendments Sponsor Agreements Affidavits
Slide 6: Poor agreement management is driven by three root causes
Poor agreement management is driven by three root causes Fragmented Processes Disconnected Tools Underleveraged Data Docusign Confidential 6
Slide 7: Our Solution
Our Solution Unleashing the value of agreement data to power every company 7
Slide 8: Intelligent Agreement Management Platform
Intelligent Agreement Management Platform An agreement management platform that scales with your business 8
Slide 9: Docusign Journey
Docusign Journey Today Intelligent Agreement Management (IAM) Relentless Innovation. Repository Driven by Customers’ Needs. Value Realization Capture value trapped in agreements AI extractions Obligation management Better Experiences Workflow automation 2018-2023 Create lasting people experiences Par
Slide 10: Docusign addresses the entire agreement process
Docusign addresses the entire agreement process Accelerate deal execution and team efficiency Create Commit Manage Create Collect Generate Automate Commit via Manage Gain insights automation with information agreement and reviews signature renewals and from reporting workflows where you work tasks obl
Slide 11: Value Realized
1 We’re helping 25K+ customers advance 3 >200 million agreements 2 with IAM Of high performing organizations credit contract management for their success — Deloitte Digitize Centralize Standardize Automate Optimize Electronically Consolidate all Drive consistency Scale operations Monitor and extract
Slide 12: Omni-channel experience throughout the customer journey
Omni-channel experience throughout the customer journey Extend Expand From eSignature to Direct Partner agreement process customer integrations From single Digital department customer to enterprise-wide From digital Signers to direct Across all GTM teams Paying web Accelerate value realization custo
Slide 13: Investing in international growth
Investing in international growth 15% Y/Y Int’l revenue growth Digital (Q4FY26)1 180+ Countries 30% of Total revenue Direct (Q4FY26)1 Focus 8 Market prioritization & investment Tier 1: Market leader Tier 2: Seed and grow Tier 3: Digital & emerging Primary market focus for Direct GTM investment High
Slide 14: How customers buy from us
How customers buy from us Prepaid Model Multi-Factor Dollar Weighted Subscription Model Average Contract Length1 Volume Capacity Pre-Set # of Envelopes Seat Based Contract per user 64% ≤12 month duration 19 MONTHS 36% >12 month duration Add-on Functionality Multiple levels of add-on functionality (1
Slide 15: Docusign partner ecosystem
Docusign partner ecosystem Comprehensive network of cloud, service, and reseller partners ISVs (and 350+ more) AI & LLM MCP Integrations Systems Integrators 500+ certified professionals across 10+ global & regional SIs Resellers 140+ resellers extend our reach, helping customers agree in 40+ countrie
Slide 16: Financial Review
Financial Review ® docusign.
Slide 17: Revenue growth
Revenue growth Total Revenue1 Subscription Revenue1 Direct v. Digital Contribution Y/Y Growth Y/Y Growth 9% 8% 9% 8% 8% 9% 8% 9% 9% 8% 85% of Total Revenue Enterprise, Commercial & SMB (Direct) 15% of Total Revenue Web & Mobile (Digital) (1) Fiscal quarter ended January 31, 2026. 17
Slide 18: Annual recurring revenue (ARR) | IAM % ARR
Annual recurring revenue (ARR) | IAM % ARR1 Y/Y Growth 8.0% 8.0% (1) We calculate Annual Recurring Revenue (“ARR”) as the annualized value of active customer contracts as of the measurement date. This calculation assumes that any contract expiring within the next 12 months renews on its existing ter
Slide 19: Billings growth
1 Billings Y/Y Growth 11% 4% 13% 10% 10% growth Rolling 4-Q Y/Y growth2 7% 7% 9% 10% 10% (1) Billings = total revenues plus the change in contract liabilities and refund liability less contract assets and unbilled accounts receivable in a given period. Please see Appendix for non-GAAP reconciliation
Slide 20: Healthy operating efficiency (full year)
Healthy operating efficiency (full year) Non-GAAP Operating Margin1 Free Cash Flow Margin2 (1) Please see Appendix slides for non-GAAP reconciliation. (2) FCF calculated as Operating Cash Flow less CapEx. Please see Appendix for calculation. 20
Slide 21: Healthy operating efficiency
Healthy operating efficiency Non-GAAP gross margin1 Headcount2 SUBSCRIPTION GROSS MARGIN TOTAL GROSS MARGIN (1) Margins are as % of total revenue. Please see Appendix for non-GAAP reconciliation. (2) As of January 31, 2025 and January 31, 2026. 21
Slide 22: Operating leverage and cash flow
Operating leverage and cash flow Non-GAAP Operating Income1 Operating Cash Flow Free Cash Flow2 % of total revenue 28.8% 29.5% 29.8% 31.4% 29.5% 40% 33% 31% 35% 45% 36% 30% 27% 32% 42% (1) Please see Appendix slides for non-GAAP reconciliation. (2) FCF calculated as Operating Cash Flow less CapEx. Pl
Slide 23: Operating expenses as a % of revenue
Operating expenses as a % of revenue Non-GAAP S&M1 Non-GAAP R&D1 Non-GAAP G&A1 31.9% 31.8% 31.2% 29.7% 30.6% 13.0% 13.1% 13.1% 12.8% 12.8% 8.6% 7.9% 7.9% 7.9% 8.9% (1) Please see Appendix slides for non-GAAP reconciliation. 23
Slide 24: Q1 FY27 guidance
Q1 FY27 guidance Q1 FY27 YoY Midpoint Change Total revenue1 $822M - $826M 8% Non-GAAP gross margin 80.8% - 81.2% NA Non-GAAP operating margin 29.0% - 29.5% NA Non-GAAP diluted weighted- 196M - 201M NA average shares outstanding (1) Excluding the impact of foreign currency exchange rates on year-over
Slide 25: FY27 guidance
FY27 guidance FY27 YoY Midpoint Change Total revenue1 $3,484M - $3,496M 8% ARR year-over-year growth rate 8.25% - 8.75% 8.50% Non-GAAP gross margin 81.5% - 82.0% NA Non-GAAP operating margin 30.0% - 30.5% NA Non-GAAP diluted weighted- 190M - 195M NA average shares outstanding (1) Excluding the impac
Slide 26: Modeling considerations
Modeling considerations Topline Considerations: We expect that IAM will represent approximately 18% of total ARR exiting Q4 of Fiscal 2027, up from 10.8% of IAM total ARR exiting Q4 of Fiscal 2026. For total revenue, we expect approximately 1.6% point and 1.2% point year-over-year headwind for Q1 an
Slide 27: Modeling considerations
Modeling considerations Profitability Considerations: Cloud Migration Impact: Fiscal 2026 represented the peak of our migration expenses, and we expect these costs to ease in Fiscal 2027 and beyond. As a result, we anticipate gross margins to remain approximately flat on a Non-GAAP Gross Margin year-
Slide 28: Modeling considerations
Modeling considerations Profitability Considerations (Continued): Q1: We expect FCF margins in Q1 to be slightly lower than our operating margins due to payroll timing. Free Cash Flow (FCF) Margin Fiscal 2027: We continue to expect the relationship between full-year free cash flow margin and Non-GAAP
Slide 29: Topline Non-GAAP disclosure updates
Topline Non-GAAP disclosure updates For Q4’26 and FY27 Actuals Guidance Annual : Starting in Q4’26, we are disclosing year-end ARR Annual : Year-end only during Q4 quarterly results for the Annual Recurring during Q4 quarterly results, including historical data for recent upcoming year’s full-year A
Slide 30: Appendix
Appendix 30
Slide 31: Financial & operational metrics
Financial & operational metrics Financial Metrics ($ in M) Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Revenue $776 $764 $801 $818 $837 % Y/Y Change 9% 8% 9% 8% 8% Subscription Revenue $758 $746 $784 $801 $819 % Y/Y Change 9% 8% 9% 9% 8% International Revenue $219 $217 $233 $242 $253 % Y/Y Change 12% 10% 13%
Slide 32: GAAP to Non-GAAP gross profit reconciliation
Three Months Ended January 31, Year Ended January 31, GAAP to Gross Profit ($ in thousands) GAAP gross profit 2026 667,076 2025 616,041 2026 2,556,438 2025 2,355,080 Non-GAAP Add: Stock-based compensation Add: Amortization of acquisition-related intangibles 17,891 (1,699) 17,886 3,564 72,397 4,923 76,
Slide 33: GAAP to Non-GAAP operating expenses reconciliation
GAAP to Three Months Ended January 31, Year Ended January 31, Sales & Marketing ($ in thousands) 2026 2025 2026 2025 Non-GAAP GAAP sales and marketing 305,506 301,288 1,203,885 1,160,993 Less: Stock-based compensation (46,464) (48,213) (189,648) (202,609) operating Less: Amortization of acquisition-
Slide 34: GAAP to Non-GAAP operating income and free cash flow reconciliation
Three Months Ended January 31, Year Ended January 31, GAAP to Operating Income ($ in thousands) GAAP income from operations 2026 87,742 2025 60,469 2026 298,579 2025 199,928 Non-GAAP Add: Stock-based compensation Add: Amortization of acquisition-related intangibles 155,545 (577) 149,947 6,918 622,32
Slide 35: Computation of billings
Computation of billings Three Months Ended January 31, Year Ended January 31, Computation of Billings ($ in thousands) 2026 2025 2026 2025 Revenue 836,860 776,252 3,219,500 2,976,739 Add: Contract liabilities and refund liability, end of period 1,663,128 1,479,266 1,663,128 1,479,266 Less: Contract
Slide 36: docusign.
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