DOCU (Docusign) Operating Income: $350 Mil (TTM As of Apr. 2026)


DOCU Docusign Inc DOCU
66 GF Score
Price $45.21
GF Value $72.69
Valuation Significantly Undervalued
! 4 Warning Signs
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What is Docusign Operating Income?

Docusign DOCU +6.48% 66 Operating Income is $350 Mil as of Apr. 2026. GuruFocus rates DOCU with a GF Score™ of 66/100 and a GF Value™ of $72.69 (Significantly Undervalued). The stock has 4 warning signs investors should review.

Docusign's Operating Income for the three months ended in Apr. 2026 was $111 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 was $350 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Docusign's Operating Income for the three months ended in Apr. 2026 was $111 Mil. Docusign's Revenue for the three months ended in Apr. 2026 was $830 Mil. Therefore, Docusign's Operating Margin % for the quarter that ended in Apr. 2026 was 13.41%.

Docusign's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Docusign's annualized ROC % for the quarter that ended in Apr. 2026 was 6.48%. Docusign's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was 88.01%.

Docusign  (NAS:DOCU) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Docusign's annualized ROC % for the quarter that ended in Apr. 2026 is calculated as:

ROC % (Q: Apr. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jan. 2026 ) + Invested Capital (Q: Apr. 2026 ))/ count )
=445.236 * ( 1 - 33.59% )/( (4647.343 + 4484.961)/ 2 )
=295.6812276/4566.152
=6.48 %

where

Invested Capital(Q: Jan. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=4229.55 - 130.777 - ( 866.526 - max(0, 2039.408 - 1490.838+866.526))
=4647.343

Invested Capital(Q: Apr. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3984.005 - 131.972 - ( 814.179 - max(0, 1888.544 - 1255.616+814.179))
=4484.961

Note: The Operating Income data used here is four times the quarterly (Apr. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Docusign's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Apr. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jan. 2026  Q: Apr. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=473.228/( ( (527.386 + max(-1409.255, 0)) + (548.036 + max(-1439.076, 0)) )/ 2 )
=473.228/( ( 527.386 + 548.036 )/ 2 )
=473.228/537.711
=88.01 %

where Working Capital is:

Working Capital(Q: Jan. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(516.429 + 0 + 97.101) - (130.777 + 1631.168 + 260.84)
=-1409.255

Working Capital(Q: Apr. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(300.684 + 0 + 132.729) - (131.972 + 1564.942 + 175.575)
=-1439.076

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Apr. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Docusign's Operating Margin % for the quarter that ended in Apr. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Apr. 2026 )/Revenue (Q: Apr. 2026 )
=111.309/830.235
=13.41 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Docusign Operating Income Related Terms

Docusign Operating Income Historical Data

* Premium members only.

The historical data trend for Docusign's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Docusign Operating Income Chart

Docusign Annual Data
Trend Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24 Jan25 Jan26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only -61.88 -59.70 62.02 229.65 298.58

Docusign Quarterly Data
Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 60.26 65.23 85.36 87.74 111.31
DOCU
66GF Score
Docusign Inc DOCU
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Docusign Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $350 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $350 Mil mean?
Docusign (DOCU) has a Operating Income of $350 Mil as of Apr. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Docusign and its competitors.
Is Docusign's Operating Income too high?
Docusign's current Operating Income is $350 Mil. Overall, Docusign has a GF Score™ of 66/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Docusign's Operating Income compare to BSY and FROG?
Docusign's Operating Income of $350 Mil can be compared against companies in the Software industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Software company?
A good Operating Income depends on the Software industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Docusign and its competitors. Docusign's current Operating Income is $350 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Docusign stock overvalued right now?
Based on GuruFocus' analysis, Docusign (DOCU) is currently considered Significantly Undervalued. The stock's GF Value™ is $72.69, compared to a current price of $45.21 — trading 37.8% below its estimated fair value. The current Operating Income is $350 Mil. Docusign's overall GF Score™ is 66/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Docusign (DOCU), the current Operating Income is $350 Mil as of Apr. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Docusign (DOCU) Overvalued in 2026?

Based on GuruFocus' analysis, Docusign stock appears to be undervalued. The current stock price of $45.21 is trading 37.8% below its estimated GF Value™ of $72.69. GuruFocus considers Docusign to be Significantly Undervalued.

Key valuation signals for DOCU:

  • Operating Income: $350 Mil
  • GF Value™: $72.69 vs. price of $45.21 (37.8% below fair value)
  • GF Score™: 66/100 with 4 warning signs

No single metric tells the full story. See the DOCU stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Docusign Business Description

Address 221 Main Street, Suite 800, San Francisco, CA, USA, 94105
Docusign offers Agreement Cloud, a broad cloud-based software suite that enables users to automate the agreement process and provide legally binding e-signatures from nearly any device. The company was founded in 2003 and completed its initial public offering in 2018.
66GF Score

Get the complete analysis for DOCU

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$45.21
Price
$72.69
GF Value