DocuSign, Inc. (DOCU) Cash Flow Statement
Where DOCU’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $1.17B +14.5% vs FY2025
- Capital expenditures
- $106.4M 3.3% of revenue
- Free cash flow
- $1.06B 32.9% margin
- Returned to shareholders
- $869.1M 82% of free cash flow
- Change in cash
- −$46.7M cash at year-end $602.9M
Cash from operations
$1.17B
Capital expenditures
−$106.4M
Investments (net)
−$20.3M
Share buybacks (net)
−$869.1M
Other financing
−$230.8M
Currency & other
+$15.0M
Change in cash
−$46.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DOCU operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DOCU cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$4.8MFY2017 | $1.17BFY2026 | — | |
| Capital expenditures | $43.3MFY2017 | $106.4MFY2026 | +10.5%/yr | |
| Free cash flow | −$48.1MFY2017 | $1.06BFY2026 | — | |
| Free cash flow margin | −12.6%FY2017 | 32.9%FY2026 | +45.5 pts | |
| Operating cash flow / net income | 13.24FY2024 | 3.77FY2026 | −9.47 | |
| Stock-based compensation | $35.4MFY2017 | $622.3MFY2026 | +37.5%/yr | |
| Dividends paid | $318.3MFY2021 | $316.7MFY2022 | −0.5%/yr | |
| Share buybacks (net) | $85,000FY2017 | $869.1MFY2026 | +178.9%/yr | |
| Capex / revenue | 11.4%FY2017 | 3.3%FY2026 | −8.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DOCU cash flow by activity
OperatingInvestingFinancingChange in cash
DOCU net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DOCU cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $309.1M | $1.07B | $74.0M | −$97.5M | −$70.0M | −$243.3M | −$208.4M | −$426.5M | −$52.3M | −$115.4M |
| Depreciation & amortization | $116.1M | $107.8M | $95.1M | $86.3M | $81.9M | $71.1M | $50.2M | $38.0M | $31.8M | $28.5M |
| Stock-based compensation | $622.3M | $610.3M | $616.8M | $538.7M | $408.5M | $286.9M | $206.4M | $411.0M | $29.7M | $35.4M |
| Change in working capital | −$162.6M | −$191.7M | −$37.0M | −$255.7M | −$101.6M | $72.2M | −$47.6M | $6.1M | $18.3M | $26.1M |
| Other non-cash items | $280.1M | −$577.0M | $230.6M | $234.9M | $187.6M | $110.1M | $115.1M | $47.4M | $27.5M | $20.6M |
| Cash from operating activities | $1.17B | $1.02B | $979.5M | $506.8M | $506.5M | $297.0M | $115.7M | $76.1M | $55.0M | −$4.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$106.4M | −$97.0M | −$92.4M | −$77.7M | −$61.4M | −$82.4M | −$72.0M | −$30.4M | −$18.9M | −$43.3M |
| Investments (net) | −$20.3M | −$312.9M | $44.6M | −$191.2M | −$95.1M | $344.0M | −$233.9M | −$415.1M | −$415.1M | −$40.9M |
| Acquisitions & other investing | $0 | $97.0M | $92.4M | $77.7M | −$6.4M | −$180.4M | −$15.5M | −$218.8M | $415.3M | $43.3M |
| Cash from investing activities | −$126.8M | −$312.9M | $44.6M | −$191.2M | −$162.9M | $81.2M | −$321.5M | −$664.3M | −$18.8M | −$40.9M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −$316.7M | −$318.3M | — | — | — | — |
| Share repurchases & issuance (net) | −$869.1M | −$683.5M | −$145.5M | −$63.0M | −$386.5M | −$372.5M | −$166.5M | −$67.6M | $0 | −$85,000 |
| Net borrowing (repayment) | $0 | $0 | −$727.0M | −$16,000 | −$77.9M | $293.2M | $293.2M | $493.2M | $560.8M | $560.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $529.3M | $0 | $0 |
| Other financing | −$230.8M | −$155.3M | −$73.5M | −$35.2M | $386.5M | $338.6M | −$197.1M | −$101.8M | −$535.0M | −$552.6M |
| Cash from financing activities | −$1.10B | −$838.8M | −$946.0M | −$98.3M | −$394.6M | −$59.0M | −$70.5M | $853.1M | $25.7M | $8.0M |
| Summary | ||||||||||
| Net change in cash | −$46.7M | −$141.9M | $78.3M | $213.5M | −$56.7M | $324.9M | −$276.7M | $260.7M | $66.2M | −$38.0M |
| Cash at end of period | $602.9M | $659.6M | $801.5M | $723.2M | $509.7M | $566.3M | $241.5M | $518.2M | $257.4M | $191.2M |
| Free cash flow | $1.06B | $920.3M | $887.1M | $429.1M | $445.1M | $214.6M | $43.6M | $45.7M | $36.0M | −$48.1M |
| Free cash flow margin | 32.9% | 30.9% | 32.1% | 17.1% | 21.1% | 14.8% | 4.5% | 6.5% | 7.0% | −12.6% |
| Capex / revenue | 3.3% | 3.3% | 3.3% | 3.1% | 2.9% | 5.7% | 7.4% | 4.3% | 3.7% | 11.4% |
| Operating cash flow / net income | 3.77 | 0.95 | 13.24 | — | — | — | — | — | — | — |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $77.7M | $78.2M | $90.3M | $83.7M | $63.0M | $72.1M | $83.5M | $62.4M | $888.2M | $33.8M | $27.2M | $38.8M |
| Depreciation & amortization | $33.8M | $32.2M | $26.4M | $30.4M | $28.9M | $30.4M | $28.7M | $27.6M | $27.0M | $24.5M | $23.6M | $23.3M |
| Stock-based compensation | $148.6M | $141.4M | $155.5M | $160.6M | $160.5M | $145.6M | $149.9M | $153.2M | $164.7M | $142.5M | $161.0M | $159.4M |
| Change in working capital | −$39.9M | $100,000 | $26.1M | −$40.7M | −$84.8M | −$66.2M | −$996,000 | −$82.7M | −$99.9M | −$8.1M | $2.1M | −$16.0M |
| Other non-cash items | $114.4M | $69.8M | $78.8M | $56.2M | $78.4M | $69.5M | $46.8M | $73.8M | −$759.8M | $62.2M | $56.7M | $58.7M |
| Cash from operating activities | $334.5M | $321.7M | $377.2M | $290.3M | $246.1M | $251.4M | $307.9M | $234.3M | $220.2M | $254.8M | $270.7M | $264.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$38.8M | −$32.3M | −$27.0M | −$27.4M | −$28.4M | −$23.6M | −$28.3M | −$23.6M | −$22.3M | −$22.8M | −$22.1M | −$23.8M |
| Investments (net) | $31.9M | −$7.0M | −$6.6M | −$10.4M | −$30.5M | −$24.9M | −$32.3M | −$43.7M | −$176.1M | −$60.8M | $67.2M | $34.3M |
| Acquisitions & other investing | $0 | $0 | $0 | $0 | $28.4M | $23.6M | $28.3M | $23.6M | $22.3M | $22.8M | $22.1M | $23.8M |
| Cash from investing activities | −$6.9M | −$39.2M | −$33.7M | −$37.7M | −$30.5M | −$24.9M | −$32.3M | −$43.7M | −$176.1M | −$60.8M | $67.2M | $34.3M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$27.0M |
| Share repurchases & issuance (net) | −$306.5M | −$317.5M | −$269.1M | −$215.1M | −$201.5M | −$183.4M | −$161.7M | −$172.7M | −$200.1M | −$149.1M | −$45.9M | −$75.0M |
| Net borrowing (repayment) | — | — | — | — | — | — | $0 | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$38.6M | −$16.9M | −$63.5M | −$55.4M | −$71.8M | −$40.1M | −$69.8M | −$25.7M | −$39.0M | −$20.8M | −$689.1M | −$18.7M |
| Cash from financing activities | −$345.1M | −$334.4M | −$332.6M | −$270.5M | −$273.3M | −$223.5M | −$231.5M | −$198.3M | −$239.1M | −$169.9M | −$735.0M | −$120.8M |
| Summary | ||||||||||||
| Net change in cash | −$20.2M | −$52.5M | $19.2M | −$16.0M | −$56.2M | $12.9M | $38.8M | −$7.3M | −$194.7M | $21.3M | −$392.0M | $170.5M |
| Cash at end of period | $545.5M | $565.7M | $618.1M | $600.3M | $616.3M | $672.5M | $659.6M | $620.8M | $628.0M | $822.8M | $801.5M | $1.19B |
| Free cash flow | $295.8M | $289.4M | $350.2M | $262.9M | $217.6M | $227.8M | $279.6M | $210.7M | $197.9M | $232.1M | $248.6M | $240.3M |
| Free cash flow margin | 33.8% | 34.9% | 41.8% | 32.1% | 27.2% | 29.8% | 36.0% | 27.9% | 26.9% | 32.7% | 34.9% | 34.3% |
| Capex / revenue | 4.4% | 3.9% | 3.2% | 3.3% | 3.6% | 3.1% | 3.7% | 3.1% | 3.0% | 3.2% | 3.1% | 3.4% |
| Operating cash flow / net income | 4.30 | 4.11 | 4.18 | 3.47 | 3.91 | 3.49 | 3.69 | 3.75 | 0.25 | 7.55 | 9.94 | 6.81 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DOCU cash generation
In fiscal 2026 (ended January 31, 2026), DocuSign generated $1.2 billion of cash from operations (up 14.5%) and spent $106.4 million on capital expenditures, leaving free cash flow of $1.1 billion, 32.9% of revenue. It returned $869.1 million to shareholders through dividends ($0) and net share buybacks ($869.1 million). Cash and equivalents fell by $46.7 million over the year.
Related: DOCU income statement, DOCU balance sheet. See the DOCU stock overview for the latest quote and news.
DOCU cash flow FAQ
What is DocuSign's free cash flow?
DocuSign's free cash flow was $1.1 billion in fiscal 2026: $1.2 billion of operating cash flow minus $106.4 million of capital expenditures It was $920.3 million a year earlier..
How much cash does DocuSign generate from operations?
DocuSign generated $1.2 billion of cash from operating activities in fiscal 2026, 3.77 times its net income of $309.1 million.
How much does DocuSign spend on capital expenditures?
DocuSign spent $106.4 million on capital expenditures in fiscal 2026, 3.3% of revenue, compared with $97.0 million the year before.
How much stock does DocuSign buy back?
DocuSign spent $869.1 million on net share repurchases in fiscal 2026.