DocuSign reported a solid QQ4 2025 with revenue of $776.3 million, up 9% year over year and 2.8% quarter over quarter, supported by a high gross margin of ~79.4%. Net income of $83.5 million and basic EPS of $0.41 reflect continued profitability execution, while operating income of $60.5 million yields an operating margin of ~7.8% on the quarter. EBITDA stood at $96.6 million (~12.4% margin). The company generated strong operating cash flow of $307.9 million and free cash flow of $279.6 million, contributing to a net cash position and substantial liquidity (cash and equivalents plus short-term investments ~ $964 million; net debt reported as negative). Management commentary (where available) emphasized ongoing AI-enabled products, multi-year enterprise deployments, and the continued transition toward a broader contract lifecycle management (CLM) platform beyond eSignature. The balance sheet remains robust, with low leverage and meaningful deferred revenue, signaling durable revenue recognition over time. Valuation remains elevated relative to peers, underscoring a growth/innovation premium and the need for continued margin improvement to support a durable earnings trajectory. Investors should monitor ARR growth, cross-sell of CLM and AI features, and the path to sustainable operating leverage as DocuSign scales beyond its legacy eSignature core.