Why Docusign's 80% jump in operating income became 23%
Docusign's tax provision tripled to $47.3m and interest income fell 34%, so an operating result up 80% arrived as net income up 23%. Buybacks did the rest.
3 primary sourcesTicker · 1 article
DOCU
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Last checked Sep 4, 2026All companies
Figures we worked out for DOCU
Not a data feed. Each of these was calculated inside one of the articles above, from the filings listed at the bottom of this page. The arithmetic is shown so you can redo it — and it is re-run every time this site is built.
| Figure | Value | Arithmetic |
|---|---|---|
| Why Docusign's 80% jump in operating income became 23% | ||
| Revenue, year on year | +9.4% | 875746 / 800636 - 1 |
| Total operating expenses, year on year | +1.8% | 580253 / 569946 - 1 |
| Research and development, year on year | −3.6% | 163582 / 169630 - 1 |
| Sales and marketing, year on year | +2.8% | 313958 / 305450 - 1 |
| General and administrative, year on year | +8.3% | 102713 / 94866 - 1 |
| Income from operations, year on year | +80.3% | 117621 / 65227 - 1 |
| Operating margin, this quarter | +13.4% | 117621 / 875746 |
| Operating margin, prior-year quarter | +8.1% | 65227 / 800636 |
| Interest income and other income, year on year | −34.3% | 7924 / 12061 - 1 |
| Income before income taxes, year on year | +63.5% | 124976 / 76460 - 1 |
| Provision for income taxes, year on year | +250.3% | 47261 / 13490 - 1 |
| Effective tax rate, this quarter | +37.8% | 47261 / 124976 |
| Effective tax rate, prior-year quarter | +17.6% | 13490 / 76460 |
| Change in income from operations, $k | $52,394k | 117621 - 65227 |
| Change in interest and other income, $k | −$4,137k | 7924 - 12061 |
| Change in the tax provision, $k | $33,771k | 47261 - 13490 |
| The four changes against the change in net income, $k | $14,745k | (117621 - 65227) + ((-569) - (-828)) + (7924 - 12061) - (47261 - 13490) |
| Net income, year on year | +23.4% | 77715 / 62970 - 1 |
| Diluted share count, year on year | −8.5% | 193117 / 210956 - 1 |
| Share of the EPS increase attributable to the lower share count | +32.7% | (77715 / 193117 - 77715 / 210956) / (77715 / 193117 - 62970 / 210956) |
| Six-month effective tax rate, this year | +35.8% | 86820 / 242732 |
| Six-month effective tax rate, last year | +10.1% | 15193 / 150250 |
| Six-month stock-based compensation against net income | 1.86× | 289981 / 155912 |
| Six-month stock-based compensation, year on year | −5.3% | 289981 / 306134 - 1 |
| Six-month operating cash flow, year on year | +31.9% | 656234 / 497512 - 1 |
| Six-month free cash flow, $k | $585,192k | 656234 - 71042 |
| Six-month repurchases against free cash flow | 1.07× | 624026 / (656234 - 71042) |
| Quarterly repurchases against free cash flow | 1.04× | 306.5 / 295.8 |
| Six-month repurchases, year on year | +62.1% | 624026 / 384945 - 1 |
| Cash and cash equivalents since 31 January 2026 | −12.3% | 528161 / 602442 - 1 |
| Total stockholders' equity since 31 January 2026 | −10.4% | 1718520 / 1917820 - 1 |
| The GAAP to non-GAAP EPS gap, $ | $1 | 1.16 - 0.40 |
| That gap on the diluted share count, $m | $147m | (1.16 - 0.40) * 193.117 |
| Opening gap on 4 September 2026 | +3.9% | 68.52 / 65.97 - 1 |
| Closing change on 4 September 2026 | +3.7% | 68.41 / 65.97 - 1 |
| High-to-low range on 4 September against the prior close | +9.5% | (70.40 - 64.16) / 65.97 |
| Volume against the prior 24-session average | 2.63× | 7999781 / 3042542 |
37 figures from 1 article. Totals and industry averages that belong to no single company are not listed here.
Primary sources used
- Docusign, Inc. — Form 10-Q for the quarter ended 31 July 2026, filed 4 September 2026Condensed consolidated statements of operations, balance sheets and cash flows, and the Provision for Income Taxes discussion in Management's Discussion and Analysis. Amounts are in thousands
- Docusign, Inc. — Form 8-K filed 3 September 2026, Exhibit 99.1Second quarter fiscal 2027 results. GAAP and non-GAAP diluted EPS, quarterly free cash flow and repurchases, and the company's definition of free cash flow. The exhibit is furnished, not filed
- Daily prices, DOCU, 3 August – 4 September 2026 (market data, not a filing)Databento US Equities Summary, OHLCV-1d schema, retrieved with scripts/quote.mjs. Data Provided by Databento. Prices are delayed; the latest session used here is 4 September 2026
3documents, deduplicated. Links go to the original filing, not to a summary.