What the changes say
- Docusign added risks regarding AI competition, data center disruptions, and the launch of its new IAM pricing model.
What changed since the prior 10-K
New
- NewBusiness and Industry Risks
Rapid and unpredictable advances in AI and other technologies could reduce demand for our solutions, disrupt our business and strategy, and cause competitive and financial harm
Advances in AI could make agreement capabilities cheaper and easier to replicate, enabling new competitors and increasing operating costs for Docusign.
- NewBusiness and Industry Risks
their subscription amounts at the time of renewal, our revenue will decline, and our business, operating results and financial condition will suffer
Data breaches or cyberattacks on Docusign's platform, hybrid workforce, or customer data storage could harm reputation and operating results.
- NewBusiness and Industry Risks
Our success and future growth depend upon the continued services of highly skilled personnel, including our management team and other key employees. Changes in our management team resulting from the hiring or departure of executives and key employees from time to time could disrupt our business
Docusign's future success depends heavily on retaining senior management and key employees through leadership transitions.
- NewBusiness and Industry Risks
We fund our operations through payments by our customers for use of our product offerings and related services. Our capital resources also include a secured revolving credit facility of up to $750.0 million , which may be increased by an additional $250.0 million subject to the terms of the credit agreement
Docusign relies on customer payments and a $750.0 million revolving credit facility, and banking system failures could threaten its cash access.
- NewLegal and Regulatory Risks
invalidated, narrowed in scope or held unenforceable through administrative process or litigation. Any of these results could adversely affect our business, operating results and financial condition
Docusign may fail to protect its intellectual property due to foreign compulsory licensing laws and limited patent enforceability overseas.
- NewRisks Related to our Common Stock
Docusign, Inc. | 2026 Form 10-K | 37
Docusign's exclusive forum provisions limit stockholders' ability to choose a judicial forum, which may discourage lawsuits against the company.
Dropped
- DroppedBusiness and Industry Risks
We rely on the performance of highly skilled personnel, including our management and other key employees, and failing to attract, integrate, or retain such employees could harm our business
- DroppedBusiness and Industry Risks
retain and motivate members of our senior management team and key employees or otherwise fail to retain a significant portion of our workforce, our business could be harmed
- DroppedBusiness and Industry Risks
Our sales to government entities and highly regulated organizations are subject to a number of challenges and risks
- DroppedBusiness and Industry Risks
We may need to reduce or change our pricing model to remain competitive
- DroppedBusiness and Industry Risks
We may require additional capital to support business growth and objectives, and this capital might not be available to us on reasonable terms, if at all, and may result in stockholder dilution
Reworded
- 100% rewrittenBusiness and Industry Risks
Docusign, Inc. | 2026 Form 10-K | 19
Shifted focus from software vulnerability security publicity to physical data center disruptions, natural disasters, and power failures.
Was: Docusign, Inc. | 2025 Form 10-K | 16
- 100% rewrittenBusiness and Industry Risks
Docusign, Inc. | 2026 Form 10-K | 20
Added specific references to the EU Artificial Intelligence Act compliance burdens and U.S. federal-state AI regulatory tensions.
Was: Docusign, Inc. | 2025 Form 10-K | 17
- 100% rewrittenBusiness and Industry Risks
Docusign, Inc. | 2026 Form 10-K | 21
Replaced AI model safeguards text with risks related to selling to U.S. and foreign government agencies and regulated industries.
Was: Docusign, Inc. | 2025 Form 10-K | 18
- 100% rewrittenBusiness and Industry Risks
Docusign, Inc. | 2026 Form 10-K | 23
Replaced online advertising search engine risks with details on the rollout of the IAM platform user-based subscription model.
Was: Docusign, Inc. | 2025 Form 10-K | 21
- 100% rewrittenBusiness and Industry Risks
Docusign, Inc. | 2026 Form 10-K | 27
Replaced broad financial performance factors with specific risks regarding limited experience in international business expansion.
Was: Docusign, Inc. | 2025 Form 10-K | 23
- 100% rewrittenLegal and Regulatory Risks
Docusign, Inc. | 2026 Form 10-K | 29
Replaced international political and bribery risks with specific reliance on the U.S. ESIGN Act and UETA for electronic signatures.
Was: Docusign, Inc. | 2025 Form 10-K | 25
- 100% rewrittenLegal and Regulatory Risks
Docusign, Inc. | 2026 Form 10-K | 30
Replaced debt and dilution risks with growing data protection and privacy regulatory compliance costs.
Was: Docusign, Inc. | 2025 Form 10-K | 26
- 100% rewrittenLegal and Regulatory Risks
Docusign, Inc. | 2026 Form 10-K | 33
Replaced intellectual property litigation risks with customer warranty and indemnification liabilities under ESIGN and eIDAS.
Was: Docusign, Inc. | 2025 Form 10-K | 30
- 100% rewrittenLegal and Regulatory Risks
Docusign, Inc. | 2026 Form 10-K | 34
Was: Docusign, Inc. | 2025 Form 10-K | 31
- 100% rewrittenLegal and Regulatory Risks
Docusign, Inc. | 2026 Form 10-K | 35
Was: Docusign, Inc. | 2025 Form 10-K | 32
- 100% rewrittenBusiness and Industry Risks
Docusign, Inc. | 2026 Form 10-K | 25
Was: Docusign, Inc. | 2025 Form 10-K | 22
- 100% rewrittenBusiness and Industry Risks
Docusign, Inc. | 2026 Form 10-K | 22
Was: Docusign, Inc. | 2025 Form 10-K | 20
- 100% rewrittenLegal and Regulatory Risks
Changes in tax laws, rulings and interpretations may subject us to potential adverse tax consequences, which could negatively affect our financial position and results of operations
- 99% rewrittenBusiness and Industry Risks
Docusign, Inc. | 2026 Form 10-K | 15
Was: Docusign, Inc. | 2025 Form 10-K | 14
- 98% rewrittenBusiness and Industry Risks
Docusign, Inc. | 2026 Form 10-K | 17
Was: Docusign, Inc. | 2025 Form 10-K | 15
- 95% rewrittenRisks Related to our Common Stock
Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our common stock
- 95% rewrittenLegal and Regulatory Risks
Complying with laws and regulations related to privacy and data protection could result in additional costs and liabilities to us or inhibit sales of our software
- 94% rewrittenLegal and Regulatory Risks
We are subject to laws and regulations affecting our business, including those related to e-signature, marketing, advertising, privacy, data protection and information security. Our actual or perceived failure to comply with laws or regulations could harm our business
- 91% rewrittenBusiness and Industry Risks
Failure to establish and maintain relationships with partners that can provide complementary technology offerings and software integrations could limit our ability to grow our business
- 86% rewrittenBusiness and Industry Risks
We use AI in our business, and challenges with properly governing its use could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations
- 83% rewrittenRisks Related to our Common Stock
Docusign, Inc. | 2026 Form 10-K | 36
Was: Docusign, Inc. | 2025 Form 10-K | 35
- 81% rewrittenBusiness and Industry Risks
Failure to effectively develop and expand our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our products and solutions
- 74% rewrittenLegal and Regulatory Risks
Docusign, Inc. | 2026 Form 10-K | 31
Was: Docusign, Inc. | 2025 Form 10-K | 29
- 65% rewrittenBusiness and Industry Risks
If our products and solutions fail to perform properly and if we fail to develop enhancements to resolve any defect or other problems, we could lose customers or become subject to service performance or warranty claims and our market share could decline
- 60% rewrittenLegal and Regulatory Risks
We are subject to anti-corruption, anti-bribe ry, anti-money laundering, and similar laws, and non-compliance with such laws can subject us to criminal and/or civil liability and harm our business
Was: We are subject to anti-corruption, anti-bribery, anti-money laundering, and similar laws, and non-compliance with such laws can subject us to criminal and/or civil liability and harm our business
- 53% rewrittenBusiness and Industry Risks
If we have overestimated our market opportunity, our future growth rate may be limited
- 51% rewrittenLegal and Regulatory Risks
We are subject to governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls
- 47% rewrittenBusiness and Industry Risks
If we are unable to maintain successful relationships with our partners, our business, operating results and financial condition could be harmed
- 43% rewrittenBusiness and Industry Risks
If our IAM platform, products and solutions do not evolve to meet the needs of our customers or fail to achieve sufficient market acceptance, our financial results and competitive position will suffer
- 42% rewrittenBusiness and Industry Risks
The market in which we participate is evolving and highly competitive, which may negatively affect our ability to add new customers, retain existing customers and grow our business
- 41% rewrittenBusiness and Industry Risks
We expect fluctuations in our financial results, making it difficult to project future results, and if we fail to meet the expectations of securities analysts or investors, the price of our common stock could decline
- 32% rewrittenBusiness and Industry Risks
Our current operations are international in scope and we plan further geographic expansion, creating a variety of operational challenges
- 31% rewrittenBusiness and Industry Risks
If we are unable to deliver excellent service and support to customers, retain and expand sales to existing customers, and attract new customers, our revenue growth will be adversely affected
Was: If we are unable to attract new customers and retain and expand sales to existing customers, our revenue growth will be adversely affected
- 30% rewrittenLegal and Regulatory Risks
We could incur substantial costs in protecting or defending our proprietary rights, and any failure to adequately protect our rights could impair our competitive position and we may lose valuable assets, experience reduced revenue and incur costly litigation to protect our rights
- 28% rewrittenLegal and Regulatory Risks
The requirements of being a public company, including developing and maintaining proper and effective disclosure controls and procedures and internal control over financial reporting, may strain our resources and divert management’s attention away from other business concerns
- 28% rewrittenLegal and Regulatory Risks
Many of our customers deploy our products and solutions globally, and our products and solutions must comply with certain legal and regulatory requirements in varying countries. If our products and solutions fail to meet these requirements, we could incur significant liabilities and our financial condition may suffer
- 26% rewrittenBusiness and Industry Risks
We collect, store, and process a large amount of customer, employee, partner, and service provider data, including sensitive data. Any actual or perceived improper use of, disclosure of, or access to such data could harm our reputation, as well as have an adverse effect on our business
Was: We obtain and process a large amount of sensitive customer data. Any actual or perceived improper use of, disclosure of, or access to such data could harm our reputation, as well as have an adverse effect on our business
- 20% rewrittenBusiness and Industry Risks
We could be required to collect additional sales taxes or other indirect taxes or be subject to other tax liabilities that may increase the costs our clients would have to pay for our offering and adversely affect our operating results
Was: We could be required to collect additional sales taxes or be subject to other tax liabilities that may increase the costs our clients would have to pay for our offering and adversely affect our operating results
All 63 risk factors
Headings as the filing states them, in filing order.
Business and Industry Risks
- 01We derive a majority of our revenue from our eSignature product, and slower or declining adoption or sales of our eSignature product, without corresponding adoption or sales of our other products and solutions in our IAM platform, could cause our operating results to suffer
- 02If our IAM platform, products and solutions do not evolve to meet the needs of our customers or fail to achieve sufficient market acceptance, our financial results and competitive position will suffer43% rewritten
- 03Docusign, Inc. | 2026 Form 10-K | 1599% rewritten
- 04Rapid and unpredictable advances in AI and other technologies could reduce demand for our solutions, disrupt our business and strategy, and cause competitive and financial harmNew
- 05If we are unable to deliver excellent service and support to customers, retain and expand sales to existing customers, and attract new customers, our revenue growth will be adversely affected31% rewritten
- 06their subscription amounts at the time of renewal, our revenue will decline, and our business, operating results and financial condition will sufferNew
- 07Docusign, Inc. | 2026 Form 10-K | 1798% rewritten
- 08The market in which we participate is evolving and highly competitive, which may negatively affect our ability to add new customers, retain existing customers and grow our business42% rewritten
- 09We collect, store, and process a large amount of customer, employee, partner, and service provider data, including sensitive data. Any actual or perceived improper use of, disclosure of, or access to such data could harm our reputation, as well as have an adverse effect on our business26% rewritten
- 10If we have overestimated our market opportunity, our future growth rate may be limited53% rewritten
- 11Docusign, Inc. | 2026 Form 10-K | 19100% rewritten
- 12We use AI in our business, and challenges with properly governing its use could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations86% rewritten
- 13Docusign, Inc. | 2026 Form 10-K | 20100% rewritten
- 14Our success and future growth depend upon the continued services of highly skilled personnel, including our management team and other key employees. Changes in our management team resulting from the hiring or departure of executives and key employees from time to time could disrupt our businessNew
- 15Docusign, Inc. | 2026 Form 10-K | 21100% rewritten
- 16If we are unable to maintain successful relationships with our partners, our business, operating results and financial condition could be harmed47% rewritten
- 17Failure to establish and maintain relationships with partners that can provide complementary technology offerings and software integrations could limit our ability to grow our business91% rewritten
- 18Docusign, Inc. | 2026 Form 10-K | 22100% rewritten
- 19We have in the past, and may in the future, engage in acquisition and investment activities, which could divert the attention of management, disrupt our business, dilute stockholder value and adversely affect our operating results and financial condition
- 20Moreover, to pay for an acquisition or investment, we would have to use cash, incur debt and/or issue equity securities, each of which may affect our financial condition or the value of our common stock and (in the case of equity financing) could result in dilution to our stockholders
- 21Failure to effectively develop and expand our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our products and solutions81% rewritten
- 22Docusign, Inc. | 2026 Form 10-K | 23100% rewritten
- 23We may not be able to scale our business quickly enough to meet the growing needs of our customers and if we are not able to grow efficiently, our operating results could be harmed
- 24If our products and solutions fail to perform properly and if we fail to develop enhancements to resolve any defect or other problems, we could lose customers or become subject to service performance or warranty claims and our market share could decline65% rewritten
- 25If we fail to promote or maintain our brand, our ability to expand our customer base will be impaired and our financial condition may suffer
- 26If we fail to offer high-quality support, our business and reputation could suffer
- 27We expect fluctuations in our financial results, making it difficult to project future results, and if we fail to meet the expectations of securities analysts or investors, the price of our common stock could decline41% rewritten
- 28Docusign, Inc. | 2026 Form 10-K | 25100% rewritten
- 29Our sales cycle with enterprise and commercial customers can be long and unpredictable, and our sales efforts require considerable time and expense
- 30Because we recognize revenue from subscriptions over the term of the relevant contract, downturns or upturns in sales contracts are not immediately reflected in full in our operating results
- 31If we fail to forecast our revenue accurately, or if we fail to match our expenditures with corresponding revenue, our operating results could be adversely affected
- 32Our current operations are international in scope and we plan further geographic expansion, creating a variety of operational challenges32% rewritten
- 33Docusign, Inc. | 2026 Form 10-K | 27100% rewritten
- 34Our credit facility provides our lenders with a first-priority lien against substantially all of our assets, and contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition
- 35We fund our operations through payments by our customers for use of our product offerings and related services. Our capital resources also include a secured revolving credit facility of up to $750.0 million , which may be increased by an additional $250.0 million subject to the terms of the credit agreementNew
- 36As of January 31, 2026, we had accumulated net operating loss carryforwards and research tax credits in our federal, state and foreign jurisdictions with varying expiration dates
- 37If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our operating results could be adversely affected
- 38We are exposed to fluctuations in currency exchange rates, which could negatively affect our operating results
- 39We could be required to collect additional sales taxes or other indirect taxes or be subject to other tax liabilities that may increase the costs our clients would have to pay for our offering and adversely affect our operating results20% rewritten
Legal and Regulatory Risks
- 40We are subject to laws and regulations affecting our business, including those related to e-signature, marketing, advertising, privacy, data protection and information security. Our actual or perceived failure to comply with laws or regulations could harm our business94% rewritten
- 41Docusign, Inc. | 2026 Form 10-K | 29100% rewritten
- 42Complying with laws and regulations related to privacy and data protection could result in additional costs and liabilities to us or inhibit sales of our software95% rewritten
- 43Docusign, Inc. | 2026 Form 10-K | 30100% rewritten
- 44Docusign, Inc. | 2026 Form 10-K | 3174% rewritten
- 45For more information on our pending legal proceedings, se e Item 3 . Legal Proceedings of this Form 10-K
- 46We could incur substantial costs in protecting or defending our proprietary rights, and any failure to adequately protect our rights could impair our competitive position and we may lose valuable assets, experience reduced revenue and incur costly litigation to protect our rights30% rewritten
- 47invalidated, narrowed in scope or held unenforceable through administrative process or litigation. Any of these results could adversely affect our business, operating results and financial conditionNew
- 48Many of our customers deploy our products and solutions globally, and our products and solutions must comply with certain legal and regulatory requirements in varying countries. If our products and solutions fail to meet these requirements, we could incur significant liabilities and our financial condition may suffer28% rewritten
- 49We use open source software in our products, which could subject us to litigation or other actions
- 50Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement, data protection and other losses
- 51Docusign, Inc. | 2026 Form 10-K | 33100% rewritten
- 52Changes in tax laws, rulings and interpretations may subject us to potential adverse tax consequences, which could negatively affect our financial position and results of operations100% rewritten
- 53The requirements of being a public company, including developing and maintaining proper and effective disclosure controls and procedures and internal control over financial reporting, may strain our resources and divert management’s attention away from other business concerns28% rewritten
- 54Docusign, Inc. | 2026 Form 10-K | 34100% rewritten
- 55We are subject to governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls51% rewritten
- 56We are subject to anti-corruption, anti-bribe ry, anti-money laundering, and similar laws, and non-compliance with such laws can subject us to criminal and/or civil liability and harm our business60% rewritten
- 57Docusign, Inc. | 2026 Form 10-K | 35100% rewritten
Risks Related to our Common Stock
- 58Our stock price may be volatile, and the value of our common stock may decline
- 59Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our common stock95% rewritten
- 60Docusign, Inc. | 2026 Form 10-K | 3683% rewritten
- 61Docusign, Inc. | 2026 Form 10-K | 37New
General Risks
- 62Unfavorable conditions in our industry or the global economy or reductions in information technology spending could limit our ability to grow our business and negatively affect our operating results
- 63Natural catastrophic events and man-made problems such as power disruptions, computer viruses, data security breaches, regional or global conflicts, and terrorism may disrupt our business
Other DocuSign 10-Ks
- FY2025 10-K risk factors62 risks
Substantial dependence on the eSignature product creates vulnerability if adoption slows down. International expansion and scaling infrastructure present ongoing operational hurdles. Use of AI and sensitive data processing introduce regulatory and security liabilities.
Filed Mar 18, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.