DOCUSIGN, INC.

For the period ended Oct 31, 2025. Filed Dec 5, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Oct 31, 2025 · Filed Dec 5, 2025

DOCU$77.66-0.1%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows for the and

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended October 31,
(in thousands)	2025	2024
Cash flows from operating activities:
Net income	$218,782	$984,394
Adjustments to reconcile net income provided by operating activities:
Depreciation and amortization	89,648	79,097
Amortization of deferred contract acquisition and fulfillment costs	203,510	172,731
Amortization of debt discount and transaction costs	607	415
Non-cash operating lease costs	14,168	14,463
Stock-based compensation expense	466,776	460,388
Deferred income taxes	(815)	(817,886)
Other	2,139	6,472
Changes in operating assets and liabilities:
Accounts receivable	71,036	130,691
Prepaid expenses and other current assets	(20,079)	(8,300)
Deferred contract acquisition and fulfillment costs	(195,254)	(214,548)
Other assets	(301)	(16,118)
Accounts payable	(8,317)	(1,514)
Accrued expenses and other liabilities	23,978	(7,146)
Accrued compensation	(53,009)	(41,128)
Contract liabilities	(9,664)	(16,431)
Operating lease liabilities	(15,419)	(16,220)
Net cash provided by operating activities	787,786	709,360
Cash flows from investing activities:
Cash paid for acquisition, net of acquired cash	—	(143,611)
Purchases of marketable securities	(321,598)	(333,537)
Maturities of marketable securities	308,458	265,834
Purchases of strategic and other investments	(562)	(625)
Purchases of property and equipment	(79,423)	(68,646)
Net cash used in investing activities	(93,125)	(280,585)
Cash flows from financing activities:
Payment of revolving credit facility costs	(3,133)	—
Repurchases of common stock	(600,002)	(521,803)
Payment of tax withholding obligation on net RSU settlement and ESPP purchase	(206,211)	(132,134)
Proceeds from exercise of stock options	1,250	11,346
Proceeds from employee stock purchase plan	40,780	35,314
Net cash used in financing activities	(767,316)	(607,277)
Effect of foreign exchange on cash, cash equivalents and restricted cash	13,374	(2,239)
Net decrease in cash, cash equivalents and restricted cash	(59,281)	(180,741)
Cash, cash equivalents and restricted cash at beginning of period (1)	659,554	801,499
Cash, cash equivalents and restricted cash at end of period (1)	$600,273	$620,758

(1) $17.0 million and $10.9 million of restricted cash was included in Prepaid expenses and other current assets and Other assets—noncurrent as of October 31, 2025 and January 31, 2025. $9.9 million and $4.4 million of restricted cash was included in Prepaid expenses and other current assets and in Other assets—noncurrent as of October 31, 2024 and January 31, 2024.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)

	Nine Months Ended October 31,
(in thousands)	2025	2024
Supplemental disclosure:
Cash paid for operating lease liabilities	$20,654	$20,885
Cash paid for income taxes	8,718	17,377
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses and other current liabilities	$181	$2,036
Operating lease right-of-use assets exchanged for lease obligations	37,160	4,739
Excise tax payable on net stock repurchase	1,640	1,943

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