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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY272026-07-31 | Q1 FY272026-04-30 | Q4 FY262026-01-31 | Q3 FY262025-10-31 | Q2 FY262025-07-31 | Q1 FY262025-04-30 | Q4 FY252025-01-31 | Q3 FY252024-10-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $875.75M | $830.24M | $836.86M | $818.35M | $800.64M | $763.65M | $776.25M | $754.82M |
| Cost of revenue | $177.87M | $171.27M | $169.78M | $170.55M | $165.46M | $157.27M | $160.21M | $156.54M |
| Gross profit | $697.87M | $658.97M | $667.08M | $647.80M | $635.17M | $606.39M | $616.04M | $598.28M |
| Gross margin | 79.7% | 79.4% | 79.7% | 79.2% | 79.3% | 79.4% | 79.4% | 79.3% |
| Research and development | $163.58M | $159.59M | $168.28M | $167.63M | $169.63M | $159.45M | $155.46M | $151.10M |
| Selling, general and administrative | $416.67M | $388.07M | $411.05M | $394.82M | $400.32M | $386.68M | $400.11M | $388.15M |
| Operating expenses | $580.25M | $547.66M | $579.33M | $562.45M | $569.95M | $546.13M | $555.57M | $539.25M |
| Operating income | $117.62M | $111.31M | $87.74M | $85.36M | $65.23M | $60.26M | $60.47M | $59.03M |
| Operating margin | 13.4% | 13.4% | 10.5% | 10.4% | 8.1% | 7.9% | 7.8% | 7.8% |
| EBITDA | $151.41M | $143.52M | $181.73M | $184.13M | $94.11M | $90.62M | $153.66M | $147.86M |
| Interest income | $7.92M | $7.00M | $0 | — | $12.06M | $14.01M | $0 | — |
| Interest expense | −$569.00K | −$551.00K | −$586.00K | −$654.00K | −$828.00K | −$478.00K | −$400.00K | −$462.00K |
| Income before taxes | $124.98M | $117.76M | $101.55M | $95.53M | $76.46M | $73.79M | $67.89M | $71.57M |
| Income taxes | $47.26M | $39.56M | $11.25M | $11.80M | $13.49M | $1.70M | −$15.60M | $9.15M |
| Net income | $77.72M | $78.20M | $90.30M | $83.73M | $62.97M | $72.09M | $83.49M | $62.42M |
| Net margin | 8.9% | 9.4% | 10.8% | 10.2% | 7.9% | 9.4% | 10.8% | 8.3% |
| EPS, basic | $0.41 | $0.40 | $0.45 | $0.41 | $0.31 | $0.35 | $0.41 | $0.31 |
| EPS, diluted | $0.40 | $0.40 | $0.44 | $0.40 | $0.30 | $0.34 | $0.39 | $0.30 |
| Diluted shares | 193.12M | 196.48M | 204.64M | 208.07M | 210.96M | 212.81M | 214.48M | 208.71M |
Figures describe Docusign shares, not any token. As of Sep 4, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.