Slide 1: Bringing Agreements to Life
Bringing Agreements to Life Quarterly Results Q2 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 Q2 FY262 performance Over 1.7M customers and 3 Intelligent Agreement Management more than 1 billion users 95% of Fortune 500 companies $801M $818M are Docusign in over Total Revenue Billings customers (29% Int’l) 13% Y/Y growth Unleashing the value of
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
We’re helping 10K+ organizations advance 1 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 extrac
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 13% Y/Y Int’l revenue growth Digital (Q2FY26)1 180+ Countries 29% of Total revenue Direct (Q2FY26)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 62% ≤12 month duration 19 MONTHS 38% >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 7% 8% 9% 8% 9% Revenue Contribution1 Direct v. Digital 85% 15% Ent, Commercial Web & Mobile & SMB (Digital) (Direct) (1) Fiscal quarter ended July 31, 2025. 17
Slide 18: Subscription revenue growth
Subscription revenue growth Y/Y 7% 8% 9% 8% 9% Revenue Contribution1 Growth Subscription v. Pro Serve and Other 98% 2% Subscription Professional Services & Other (1) Fiscal quarter ended July 31, 2025. 18
Slide 19: Billings growth
1 Billings Y/Y Growth 2% 9% 11% 4% 13% growth Rolling 4-Q Y/Y growth 2 6% 7% 7% 7% 9% (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 July 31, 2024 and 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 30.4% 31.3% 31.9% 31.8% 31.2% 12.6% 12.8% 13.0% 13.1% 13.1% 7.0% 8.8% 8.6% 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 32.2% 29.6% 28.8% 29.5% 29.8% 30% 31% 40% 33% 31% 27% 28% 36% 30% 27% (1) Please see Appendix slides for non-GAAP reconciliation. (2) FCF calculated as Operating Cash Flow less CapEx. P
Slide 23: Q3 FY26 guidance
Q3 FY26 guidance Q3 FY26 YoY Midpoint Change Total revenue1 $804M - $808M 7% Subscription revenue $786M - $790M 7% Billings2 $785M - $795M 5% Non-GAAP gross margin 80.3% - 81.3% NA Non-GAAP operating margin 28.0% - 29.0% NA Non-GAAP diluted weighted- 207M - 212M NA average shares outstanding (1) Imp
Slide 24: FY26 guidance
FY26 guidance FY26 YoY Midpoint Change Total revenue1 $3,189M - $3,201M 7% Subscription revenue $3,121M - $3,133M 8% Billings2 $3,325M - $3,355M 7% Non-GAAP gross margin 81.0% - 82.0% NA Non-GAAP operating margin 28.6% - 29.6% NA Non-GAAP diluted weighted- 207M - 212M NA average shares outstanding (
Slide 25: Modeling considerations
Modeling considerations Topline Considerations: Revenue: For both Q3 and Fiscal 2026, we expect a neutral year-over-year impact, unchanged from our prior revenue impact guidance issued on June 5, 2025. Foreign Exchange (F/X) Billings: For Q3, we expect a positive billings impact of approximately 0.2
Slide 26: Modeling considerations
Modeling considerations Profitability Considerations: We continue to expect an approximate 1% point headwind due to the ongoing cloud migration for the full year Fiscal 2026. In both Q1 and Q2, this headwind was slightly lower than anticipated due to a shift in migration timing Non-GAAP Gross Margin
Slide 27: Appendix
Appendix 27
Slide 28: Financial & operational metrics
Financial & operational metrics Financial Metrics ($ in M) Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Revenue $736 $755 $776 $764 $801 % Y/Y Change 7% 8% 9% 8% 9% Subscription Revenue $717 $735 $758 $746 $784 % Y/Y Change 7% 8% 9% 8% 9% International Revenue $207 $212 $219 $217 $233 % Y/Y Change 15% 14% 12%
Slide 29: GAAP to Non-GAAP gross profit
Three Months Ended July 31, Six Months Ended July 31, GAAP to Gross Profit ($ in thousands) GAAP gross profit 2025 635,173 2024 580,562 2025 1,241,558 2024 1,140,756 Non-GAAP Add: Stock-based compensation Add: Employer payroll tax on employee stock transactions 18,592 1,575 20,591 816 35,496 3,448 39,
Slide 30: GAAP to Non-GAAP operating expenses reconciliation
GAAP to Three Months Ended July 31, Six Months Ended July 31, Sales & Marketing ($ in thousands) 2025 2024 2025 2024 Non-GAAP GAAP sales and marketing 305,450 287,464 601,863 569,108 Less: Stock-based compensation (49,081) (58,778) (95,166) (105,049) operating Less: Employer payroll tax on employee
Slide 31: GAAP to Non-GAAP operating income and free cash flow reconciliation
Three Months Ended July 31, Six Months Ended July 31, GAAP to Operating Income ($ in thousands) GAAP income from operations 2025 65,227 2024 57,801 2025 125,482 2024 80,429 Non-GAAP Add: Stock-based compensation Add: Employer payroll tax on employee stock transactions 160,538 8,048 164,448 4,772 306
Slide 32: Computation of billings
Computation of billings Three Months Ended July 31, Six Months Ended July 31, Computation of Billings ($ in thousands) 2025 2024 2025 2024 Revenue 800,636 736,027 1,564,290 1,445,667 Add: Contract liabilities and refund liability, end of period 1,468,618 1,334,461 1,468,618 1,334,461 Less: Contract
Slide 33: docusign.
my docusign.