Slide 1: Bringing Agreements to Life
Bringing Agreements to Life Quarterly Results Q3 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 When evaluating the performance of our business and making operating plans, we do not consider these items GAAP, we use certain non-GAAP financial m
Slide 4: At a glance
At a glance Our solution Trusted, global brand1 Q3 FY262 performance Nearly 1.8M customers and 3 Intelligent Agreement Management more than 1 billion users 95% of Fortune 500 companies $818M $829M are Docusign in over Total Revenue Billings customers (30% Int’l) 10% Y/Y growth Unleashing the value o
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 2024+ 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 2 their agreement maturity 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 14% Y/Y Int’l revenue growth Digital (Q3FY26)1 180+ Countries 30% of Total revenue Direct (Q3FY26)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 63% ≤12 month duration 19 MONTHS 37% >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) Systems Integrators 500+ certified professionals across 10+ global & regional SIs Resellers 140+ resellers extend our reach, helping customers agree in 40+ countries 15
Slide 16: Financial Review
Financial Review ® docusign.
Slide 17: Total revenue growth
Total revenue growth Y/Y Growth 8% 9% 8% 9% 8% Revenue Contribution1 Direct v. Digital 85% 15% Ent, Commercial Web & Mobile & SMB (Digital) (Direct) (1) Fiscal quarter ended October 31, 2025. 17
Slide 18: Subscription revenue growth
Subscription revenue growth Y/Y 8% 9% 8% 9% 9% Revenue Contribution1 Growth Subscription v. Pro Serve and Other 98% 2% Subscription Professional Services & Other (1) Fiscal quarter ended October 31, 2025. 18
Slide 19: Billings growth
1 Billings Y/Y Growth 9% 11% 4% 13% 10% growth Rolling 4-Q Y/Y growth 2 7% 7% 7% 9% 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
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 October 31, 2025. 20
Slide 21: Operating expenses as a % of revenue
Operating expenses as a % of revenue Non-GAAP S&M1 Non-GAAP R&D1 Non-GAAP G&A1 31.3% 31.9% 31.8% 31.2% 29.7% 12.8% 13.0% 13.1% 13.1% 12.8% 8.8% 8.6% 7.9% 7.9% 7.9% (1) Please see Appendix slides for non-GAAP reconciliation. 21
Slide 22: Operating leverage and cash flow
Operating leverage and cash flow Non-GAAP Operating Income1 Operating Cash Flow1 Free Cash Flow2 % of total revenue 29.6% 28.8% 29.5% 29.8% 31.4% 31% 40% 33% 31% 35% 28% 36% 30% 27% 32% (1) Please see Appendix slides for non-GAAP reconciliation. (2) FCF calculated as Operating Cash Flow less CapEx. P
Slide 23: Q4 FY26 guidance
Q4 FY26 guidance Q4 FY26 YoY Midpoint Change Total revenue1 $825M - $829M 7% Subscription revenue $808M - $812M 7% Billings2 $992M - $1,002M 8% Non-GAAP gross margin 80.8% - 81.2% NA Non-GAAP operating margin 28.3% - 28.7% NA Non-GAAP diluted weighted- 203M - 208M NA average shares outstanding (1) E
Slide 24: FY26 guidance
FY26 guidance FY26 YoY Midpoint Change Total revenue1 $3,208M - $3,212M 8% Subscription revenue $3,140M - $3,144M 8% Billings2 $3,379M - $3,389M 9% Non-GAAP gross margin 81.7% - 81.8% NA Non-GAAP operating margin 29.8% - 29.9% NA Non-GAAP diluted weighted- 208M - 211M NA average shares outstanding (
Slide 25: Modeling considerations
Modeling considerations Topline Considerations: Revenue: For Q4 and Fiscal 2026, we expect a positive 0.7% point year-over-year impact on revenue for Q4 and an approximately neutral impact on revenue for the full year. This is consistent with our prior expected neutral year-over-year impact for reve
Slide 26: Modeling considerations
Modeling considerations Profitability Considerations: Q4: We expect approximately 1% point of headwind year-over-year from our ongoing cloud data center migration efforts in Q4. Non-GAAP Gross Margin Fiscal 2026: For the full Fiscal 2026, we expect our topline strength and continued cost discipline t
Slide 27: Modeling considerations
Modeling considerations Profitability Considerations (Continued): Free Cash Flow (FCF) We expect FCF dollars in Q4 to be greater vs. Q3, primarily due to higher in-quarter billings from normal Margin seasonality trends and efficiencies in collections. We continue to expect non-GAAP tax rate to be 21%
Slide 28: Topline Non-GAAP disclosure updates
Topline Non-GAAP disclosure updates For Q4’26 and FY27 Actuals Guidance Annual : Starting in Q4’26, we will disclose year-end ARR Annual : Year-end only during Q4 quarterly results for the Annual Recurring during Q4 quarterly results, including historical data for recent upcoming year’s full-year AR
Slide 29: Appendix
Appendix 29
Slide 30: Financial & operational metrics
Financial & operational metrics Financial Metrics ($ in M) Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Revenue $755 $776 $764 $801 $818 % Y/Y Change 8% 9% 8% 9% 8% Subscription Revenue $735 $758 $746 $784 $801 % Y/Y Change 8% 9% 8% 9% 9% International Revenue $212 $219 $217 $233 $242 % Y/Y Change 14% 12% 10%
Slide 31: GAAP to Non-GAAP gross profit
Three Months Ended October 31, Nine Months Ended October 31, GAAP to Gross Profit ($ in thousands) GAAP gross profit 2025 647,804 2024 598,283 2025 1,889,362 2024 1,739,039 Non-GAAP Add: Stock-based compensation Add: Employer payroll tax on employee stock transactions 19,010 1,180 19,627 894 54,506 4,
Slide 32: GAAP to Non-GAAP operating expense reconciliation
GAAP to Three Months Ended October 31, Nine Months Ended October 31, Sales & Marketing ($ in thousands) 2025 2024 2025 2024 Non-GAAP GAAP sales and marketing 296,516 290,597 898,379 859,705 Less: Stock-based compensation (48,018) (49,347) (143,184) (154,396) operating Less: Employer payroll tax on e
Slide 33: GAAP to Non-GAAP operating income and free cash flow reconciliation
Three Months Ended October 31, Nine Months Ended October 31, GAAP to Operating Income ($ in thousands) GAAP income from operations 2025 85,355 2024 59,030 2025 210,837 2024 139,459 Non-GAAP Add: Stock-based compensation Add: Employer payroll tax on employee stock transactions 160,642 6,182 153,228 4
Slide 34: Computation of billings
Computation of billings Three Months Ended October 31, Nine Months Ended October 31, Computation of Billings ($ in thousands) 2025 2024 2025 2024 Revenue 818,350 754,820 2,382,640 2,200,487 Add: Contract liabilities and refund liability, end of period 1,479,491 1,332,828 1,479,491 1,332,828 Less: Co
Slide 35: docusign.
my docusign.