Total Revenue

+9% (from $712.39M to $776.27M)

Growth driven by stronger subscription revenue and geographic expansion. The increase builds on previous quarter investments in customer retention and international growth strategies, as seen in earlier Q3 periods where revenue improvements were primarily from subscription and international expansion. " " "

Subscription Revenue

+9% (from $695.68M to $757.76M)

Expansion from both existing customer upsell and new customer acquisitions. This mirrors earlier improvements where direct and indirect go-to-market initiatives boosted revenues, reinforcing the recurring revenue base that has driven previous quarter growth. " " "

Professional Services and Other

+11% (from $16.71M to $18.51M)

Enhanced service offerings and increased customer demand improved revenue contribution. This change continues the momentum from prior periods where management focused on cost discipline and service innovation to drive a higher performance in non-subscription services. " " "

United States Revenue

+8% (from $516.86M to $559.07M)

Steady domestic market performance with incremental gains in customer retention and renewals. Although specific drivers were not detailed, the improvement aligns with previous enhancements in customer engagement and operational stability seen in Q3, contributing to a robust U.S. revenue base. " "

International Revenue

+11% (from $195.53M to $217.07M)

Continued global expansion driven by localized solutions and strategic partnerships. Building on prior period international growth—which saw significant boosts through hybrid go-to-market strategies—this increase reflects ongoing international market penetration and regulatory-driven product localization. " "

Operating Cash Flow

+14% (from $270.70M to $307.91M)

Operational efficiency improvements and higher collections continue to bolster cash generation. This follows earlier quarter trends where strong operating income and better cash collection dynamics helped overcome previous challenges, driving a notable quarter-over-quarter cash flow increase. " "

Net Cash Used in Investing Activities

Improvement from -$67.24M to -$32.29M

More disciplined spending on marketable securities and capital expenditures. Compared to prior periods with significant outflows, the company reduced its net cash used in investing by moderating investments, reflecting a more efficient capital allocation strategy. " "

Net Cash Used in Financing Activities

Decrease from -$735.03M to -$231.51M

Substantially lower stock repurchase and tax-withholding payments reduced outflows. Previous periods saw heavy financing outlays largely driven by aggressive repurchase programs, but adjustments in Q4 2025 resulted in a marked decline in financing cash usage. " "

Cash and Cash Equivalents

-18.6% (from $797.06M to $648.62M)

The decline reflects the combined impact of higher financing and disciplined investing outflows despite improved operating cash generation. This contrasts with previous quarter liquidity improvements and indicates that cash used for strategic initiatives (including lower net financing inflows) has diminished overall cash reserves. " "

Total Assets

+35% (reaching $4,012.71M)

A strong asset growth driven by strategic acquisitions and capital investments. Following earlier periods of investment reallocation and asset rebalancing, targeted acquisitions and increased capital expenditures significantly raised total assets. " "

Total Stockholders’ Equity

+77% (from $1,129.74M to $2,002.69M)

Remarkable equity growth fueled by substantial net income and strong capital infusions via employee programs and stock-based compensation. Despite significant share repurchases in previous periods, robust operating results and favorable deferred tax adjustments have vastly improved stockholders’ equity. " "

Revenue

Q1 2026

$758M–$762M "

$745M–$749M "

lowered

Subscription Revenue

Q1 2026

$741M–$745M "

$729M–$733M "

lowered

Billings

Q1 2026

$870M–$880M "

$741M–$751M "

lowered

Non‑GAAP Gross Margin

Q1 2026

81.0%–82.0% "

80.5%–81.5% "

lowered

Non‑GAAP Operating Margin

Q1 2026

27.5%–28.5% "

27.0%–28.0% "

lowered

Non‑GAAP Fully Diluted Weighted Average Shares Outstanding

Q1 2026

209–214 million "

210–215 million "

raised

Revenue

FY 2026

$2.959B–$2.963B "

$3.129B–$3.141B "

raised

Subscription Revenue

FY 2026

$2.885B–$2.889B "

$3.062B–$3.074B "

raised

Billings

FY 2026

$3.056B–$3.066B "

$3.300B–$3.354B "

raised

Non‑GAAP Gross Margin

FY 2026

81.9%–82.1% "

80.5%–81.5% "

lowered

Non‑GAAP Operating Margin

FY 2026

29.5%–29.7% "

27.8%–28.8% "

lowered

Non‑GAAP Fully Diluted Weighted Average Shares Outstanding

FY 2026

210–212 million "

210–215 million "

raised

IAM Platform

Consistently highlighted across Q1–Q3 2025 as demonstrating strong early adoption, traction, and potential despite noted execution risks. For example, Q1 emphasized its broad applicability and need to mature the sales process " " " , Q2 noted promising early feedback and rapid deal count increases " " , and Q3 detailed 10x deal volume growth and early enterprise interest. " "

Q4 2025 emphasizes strong momentum in small and mid-market segments with over 20% of new customer deals coming from IAM; it is described as DocuSign’s fastest-growing product, with renewed focus on maturing the product and go-to-market strategy for enterprise deployments. " " "

Consistent focus with increased maturity and an evolving enterprise emphasis. Execution risk remains a central concern, but overall sentiment is optimistic with a strong belief in its long-term impact.

Customer Growth, Retention & Large Customer Expansion

Across Q1–Q3 2025 the topic is discussed with steady YoY customer growth (11–13% increases), improving dollar net retention rates (ranging from 98% to 100%), and stable-to-growing accounts with annual spending over $300K. " " " "

Q4 2025 reports a 10% YoY customer growth to nearly 1.7 million, an improvement in DNR to 101%, and record large customer expansion with 1,131 accounts spending over $300K annually. " " " "

Recurring positive sentiment with incremental improvements. The fundamentals remain stable while expansion in high-value accounts and retention metrics continue to improve.

Operating Margins & Revenue/Billings Performance

Q1–Q3 2025 discussions indicate gradual improvements—margins increased from the high teens/low 20s up to around 29.6% by Q3; revenue and billings were growing steadily, with digital and subscription revenues showing positive trends. " " " " "

Q4 2025 shows non-GAAP operating margins at 28.8% (with fiscal year margins nearing 29.8%), Q4 revenue reaching $776 million (9% YoY growth), and billings up 11% YoY, supported by factors like early renewals and improved retention. " " " "

Steady improvement and increased efficiency. The trend reveals strong operational performance driven by efficiency initiatives and solid growth in subscription and billings numbers.

Federal Government Engagement

Not mentioned in Q1, Q2, or Q3 2025 earnings calls.

Q4 2025 introduces this topic with optimism about tapping federal opportunities. DocuSign has hired senior leadership and is dedicating resources to bolster product offerings for federal needs, although these opportunities are still in early discussions. " "

New topic with potential large future impact. Its emergence signals a strategic pivot to broaden market opportunities beyond the current customer base.

Macroeconomic Uncertainties Impacting Technology Spending

Q1–Q3 2025 consistently noted minimal to moderate effects from macro challenges. In Q1 the outlook was stable and consumption trends were solid " " ; Q2 emphasized resiliency despite vertical-specific challenges " " ; and Q3 featured marginal improvements in major markets. "

Q4 2025 statements reinforce that no significant material impact has been observed despite macro uncertainties, with continued diversification acting as a buffer. " "

Recurring theme exhibiting cautious optimism. Sentiments remain largely stable and positive, with ongoing monitoring but no drastic changes in customer spending behavior.

Go-to-Market Strategy & Execution Challenges

Across Q1–Q3 2025, the evolving sales process—transitioning from a point-solution approach to an enterprise platform—is repeatedly cited. Q1 discussed the challenges of a complex sales cycle for IAM " " " , Q2 focused on strengthening partner/self‑serve channels and deeper channel investments " " , and Q3 highlighted an omnichannel strategy with an emphasis on building enterprise engagement and refining execution. " " "

Q4 2025 elaborates on further adjustments such as prioritizing expansion opportunities over flat renewals, restructuring sales teams, updating incentive plans to emphasize IAM, and laying groundwork for deeper enterprise engagement. " "

Continued evolution with an increased emphasis on enterprise enablement. While execution challenges remain, strategic adjustments indicate a methodical approach to transform and scale the go‑to‑market model effectively.