Descartes Systems (DSGX) financial statements
Descartes Systems reported revenue of $729M in fiscal 2026, up 15.2% a year over 9 years.
Net income was $164M and the operating margin 28.8%, against 15.1% in 2017.
Free cash flow was $261M, and the company returned $892,000 in net buybacks.
The diluted share count rose 14% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Descartes Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $204M | $237M | $275M | $326M | $349M | $425M | $486M | $573M | $651M | $729M |
| Cost of revenue | $56M | $64M | $75M | $86M | $90M | $102M | $113M | $138M | $159M | $167M |
| Gross profit | $148M | $174M | $200M | $240M | $259M | $323M | $373M | $435M | $492M | $562M |
| Research and development | $36M | $42M | $48M | $54M | $54M | $63M | $70M | $84M | $95M | $105M |
| Selling, general and admin | $48M | $59M | $67M | $75M | $75M | $91M | $106M | $126M | $139M | $155M |
| Operating income | $31M | $36M | $41M | $52M | $71M | $103M | $130M | $143M | $181M | $210M |
| Interest expense | $611,000 | $1M | $2M | $4M | $1M | $1M | $1M | $1M | $1M | $967,000 |
| Pre-tax income | $32M | $35M | $40M | $48M | $70M | $103M | $134M | $151M | $192M | $217M |
| Income tax | $8M | $8M | $8M | $11M | $18M | $16M | $31M | $35M | $48M | $53M |
| Net income | $24M | $27M | $31M | $37M | $52M | $86M | $102M | $116M | $143M | $164M |
| EPS (diluted) | $0.31 | $0.35 | $0.40 | $0.45 | $0.61 | $1.00 | $1.18 | $1.34 | $1.64 | $1.87 |
| Diluted shares | 77M | 77M | 78M | 83M | 86M | 86M | 86M | 87M | 87M | 88M |
| Gross margin | 72.5% | 73.2% | 72.7% | 73.7% | 74.2% | 76.0% | 76.7% | 75.9% | 75.6% | 77.1% |
| Operating margin | 15.1% | 15.1% | 15.1% | 16.0% | 20.5% | 24.4% | 26.8% | 24.9% | 27.8% | 28.8% |
| Net margin | 11.7% | 11.3% | 11.4% | 11.4% | 14.9% | 20.3% | 21.0% | 20.2% | 22.0% | 22.5% |
Balance sheet
Fiscal years, from Descartes Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $38M | $35M | $27M | $44M | $134M | $213M | $276M | $321M | $236M | $357M |
| Receivables | $25M | $29M | $31M | $35M | $37M | $42M | $45M | $52M | $54M | $65M |
| Inventory | $167,000 | $123,000 | $95,000 | $411,000 | $429,000 | $868,000 | $759,000 | $353,000 | $715,000 | $101,000 |
| Total current assets | $73M | $75M | $72M | $100M | $203M | $292M | $359M | $418M | $353M | $482M |
| Property, plant and equipment | $10M | $13M | $13M | $14M | $12M | $11M | $11M | $12M | $12M | $14M |
| Goodwill | $263M | $350M | $378M | $524M | $565M | $609M | $760M | $760M | $925M | $1.0B |
| Total assets | $501M | $625M | $653M | $943M | $1.1B | $1.2B | $1.3B | $1.5B | $1.6B | $1.9B |
| Total current liabilities | $54M | $68M | $70M | $89M | $104M | $133M | $170M | $204M | $217M | $223M |
| Long-term debt | — | $37M | $25M | — | — | — | — | — | — | — |
| Total liabilities | $70M | $126M | $120M | $121M | $152M | $186M | $217M | $236M | $262M | $277M |
| Shareholders' equity | $431M | $499M | $534M | $822M | $911M | $1000M | $1.1B | $1.2B | $1.4B | $1.6B |
| Net debt | -$38M | $2M | -$2M | -$44M | -$134M | -$213M | -$276M | -$321M | -$236M | -$357M |
Cash flow
Fiscal years, from Descartes Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $73M | $72M | $78M | $104M | $131M | $176M | $192M | $208M | $219M | $266M |
| Capital spending | $5M | $5M | $5M | $5M | $4M | $5M | $6M | $6M | $7M | $6M |
| Free cash flow | $68M | $67M | $73M | $99M | $127M | $171M | $186M | $202M | $213M | $261M |
| Stock-based compensation | $2M | $3M | $4M | $5M | $6M | $11M | $14M | $16M | $20M | $21M |
| Share buybacks (net) | — | — | — | — | — | — | — | — | — | -$892,000 |
| Net borrowing | -$10M | -$43M | -$79M | -$323M | -$11M | -$1M | — | — | — | — |
| Free cash flow margin | 33.2% | 28.2% | 26.5% | 30.5% | 36.6% | 40.3% | 38.3% | 35.3% | 32.6% | 35.7% |
Questions
What was Descartes Systems's revenue in 2026?
$729M in fiscal 2026, from its 10-K filing.
How much free cash flow does Descartes Systems generate?
$261M in fiscal 2026 (operating cash flow minus capital spending).
From Descartes Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.