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DESCARTES SYSTEMS GROUP INC

DSGX Clue Score77
Ontario, Canada Fiscal year ends January CIK 0001050140
$82.82 +1.81% Close, 9 Oct 2026
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Price $82.82 +3.14% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue237.4Operating income35.9Net income26.9EPS, diluted0.35Fiscal year 2019Revenue275.2 +15.9%Operating income41.4Net income31.3 +16.4%EPS, diluted0.40 +14.3%Fiscal year 2020Revenue325.8 +18.4%Operating income52.3Net income37.0 +18.3%EPS, diluted0.45 +12.5%Fiscal year 2020Fiscal year 2021Revenue348.7Operating income71.4Net income52.1EPS, diluted0.61Fiscal year 2022Revenue424.7 +21.8%Operating income103.4Net income86.3 +65.6%EPS, diluted1.00 +63.9%Fiscal year 2023Revenue486.0 +14.4%Operating income130.4Net income102.2 +18.5%EPS, diluted1.18 +18.0%Fiscal year 2024Revenue572.9 +17.9%Operating income142.8Net income115.9 +13.4%EPS, diluted1.34 +13.6%Fiscal year 2025Revenue651.0 +13.6%Operating income181.1Net income143.3 +23.6%EPS, diluted1.64 +22.4%Fiscal year 2026Revenue729.0 +12.0%Operating income210.0Net income163.8 +14.3%EPS, diluted1.87 +14.0%
FY2018FY2019FY2020FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 237.4 275.2 325.8 n/a 348.7 424.7 486.0 572.9 651.0 729.0
Growth +15.9% +18.4% +21.8% +14.4% +17.9% +13.6% +12.0%
Operating income 35.9 41.4 52.3 n/a 71.4 103.4 130.4 142.8 181.1 210.0
Net income 26.9 31.3 37.0 n/a 52.1 86.3 102.2 115.9 143.3 163.8
Growth +16.4% +18.3% +65.6% +18.5% +13.4% +23.6% +14.3%
EPS, diluted 0.35 0.40 0.45 n/a 0.61 1.00 1.18 1.34 1.64 1.87
Growth +14.3% +12.5% +63.9% +18.0% +13.6% +22.4% +14.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2018Gross margin73.2%Operating margin15.1%Net margin11.3%Free cash flow margin28.2%Fiscal year 2019Gross margin72.7%Operating margin15.1%Net margin11.4%Free cash flow margin26.5%Fiscal year 2020Gross margin73.7%Operating margin16.0%Net margin11.4%Free cash flow margin30.5%Fiscal year 2020Fiscal year 2021Gross margin74.2%Operating margin20.5%Net margin14.9%Free cash flow margin36.6%Fiscal year 2022Gross margin76.0%Operating margin24.4%Net margin20.3%Free cash flow margin40.3%Fiscal year 2023Gross margin76.7%Operating margin26.8%Net margin21.0%Free cash flow margin38.3%Fiscal year 2024Gross margin75.9%Operating margin24.9%Net margin20.2%Free cash flow margin35.3%Fiscal year 2025Gross margin75.6%Operating margin27.8%Net margin22.0%Free cash flow margin32.6%Fiscal year 2026Gross margin77.1%Operating margin28.8%Net margin22.5%Free cash flow margin35.7%
FY2018FY2019FY2020FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Gross margin 73.2% 72.7% 73.7% n/a 74.2% 76.0% 76.7% 75.9% 75.6% 77.1%
Operating margin 15.1% 15.1% 16.0% n/a 20.5% 24.4% 26.8% 24.9% 27.8% 28.8%
Net margin 11.3% 11.4% 11.4% n/a 14.9% 20.3% 21.0% 20.2% 22.0% 22.5%
Free cash flow margin 28.2% 26.5% 30.5% n/a 36.6% 40.3% 38.3% 35.3% 32.6% 35.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow72.1Capital expenditure−5.1Free cash flow67.1Fiscal year 2019Operating cash flow78.1Capital expenditure−5.2Free cash flow72.8 +8.6%Fiscal year 2020Operating cash flow104.3Capital expenditure−4.9Free cash flow99.4 +36.4%Fiscal year 2020Fiscal year 2021Operating cash flow131.2Capital expenditure−3.8Free cash flow127.5Fiscal year 2022Operating cash flow176.1Capital expenditure−4.8Free cash flow171.3 +34.4%Fiscal year 2023Operating cash flow192.4Capital expenditure−6.1Free cash flow186.3 +8.8%Fiscal year 2024Operating cash flow207.7Capital expenditure−5.6Free cash flow202.1 +8.5%Fiscal year 2025Operating cash flow219.3Capital expenditure−6.7Free cash flow212.5 +5.2%Fiscal year 2026Operating cash flow266.2Capital expenditure−5.7Free cash flow260.5 +22.6%Buybacks−0.9
FY2018FY2019FY2020FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow 72.1 78.1 104.3 n/a 131.2 176.1 192.4 207.7 219.3 266.2
Capital expenditure −5.1 −5.2 −4.9 n/a −3.8 −4.8 −6.1 −5.6 −6.7 −5.7
Free cash flow 67.1 72.8 99.4 n/a 127.5 171.3 186.3 202.1 212.5 260.5
Growth +8.6% +36.4% +34.4% +8.8% +8.5% +5.2% +22.6%
Buybacks n/a n/a n/a n/a n/a n/a n/a n/a n/a −0.9

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2018Cash35.1Total debt37.0Net cash (debt)−1.9Shareholders’ equity498.8Debt to equity0.07Fiscal year 2019Cash27.3Total debt25.5Net cash (debt)1.8Shareholders’ equity533.5Debt to equity0.05Fiscal year 2020Cash44.4Shareholders’ equity821.7Fiscal year 2020Cash44.4Shareholders’ equity821.7Fiscal year 2021Cash133.7Shareholders’ equity911.1Fiscal year 2022Cash213.4Shareholders’ equity999.8Fiscal year 2023Cash276.4Shareholders’ equity1,099.4Fiscal year 2024Cash321.0Shareholders’ equity1,238.0Fiscal year 2025Cash236.1Shareholders’ equity1,385.0Fiscal year 2026Cash356.5Shareholders’ equity1,618.9
FY2018FY2019FY2020FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 35.1 27.3 44.4 44.4 133.7 213.4 276.4 321.0 236.1 356.5
Total debt 37.0 25.5 n/a n/a n/a n/a n/a n/a n/a n/a
Net cash (debt) −1.9 1.8 n/a n/a n/a n/a n/a n/a n/a n/a
Shareholders’ equity 498.8 533.5 821.7 821.7 911.1 999.8 1,099.4 1,238.0 1,385.0 1,618.9
Debt to equity 0.07 0.05 n/a n/a n/a n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending January, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Jan 2017 FY2018 31 Jan 2018 FY2019 31 Jan 2019 FY2020 31 Jan 2020 FY2020 1 Feb 2020 FY2021 31 Jan 2021 FY2022 31 Jan 2022 FY2023 31 Jan 2023 FY2024 31 Jan 2024 FY2025 31 Jan 2025 FY2026 31 Jan 2026
Revenue and profit
203.8 237.4 275.2 325.8 n/a 348.7 424.7 486.0 572.9 651.0 729.0
Growth +16.5% +15.9% +18.4% +21.8% +14.4% +17.9% +13.6% +12.0%
56.1 63.7 75.0 85.7 n/a 89.9 101.8 113.3 138.3 158.6 167.1
147.7 173.7 200.2 240.1 n/a 258.8 322.9 372.7 434.6 492.4 561.9
Growth +17.6% +15.2% +19.9% +24.8% +15.4% +16.6% +13.3% +14.1%
35.6 41.8 47.9 53.5 n/a 54.1 62.6 70.4 84.1 95.5 105.3
23.1 25.4 30.0 34.6 n/a 36.3 44.5 49.7 57.4 65.2 72.5
30.7 35.9 41.4 52.3 n/a 71.4 103.4 130.4 142.8 181.1 210.0
Growth +16.9% +15.5% +26.1% +44.9% +26.1% +9.5% +26.8% +15.9%
31.5 34.7 39.5 48.0 48.0 70.4 102.6 133.7 151.2 191.6 217.1
7.7 7.9 8.2 11.0 11.0 18.3 16.3 31.5 35.2 48.4 53.3
23.8 26.9 31.3 37.0 n/a 52.1 86.3 102.2 115.9 143.3 163.8
Growth +12.8% +16.4% +18.3% +65.6% +18.5% +13.4% +23.6% +14.3%
Per share
0.31 0.35 0.41 0.45 n/a 0.62 1.02 1.21 1.36 1.68 1.91
0.31 0.35 0.40 0.45 n/a 0.61 1.00 1.18 1.34 1.64 1.87
Growth +12.9% +14.3% +12.5% +63.9% +18.0% +13.6% +22.4% +14.0%
75.8 76.3 76.8 81.7 n/a 84.4 84.6 84.8 85.1 85.4 85.9
76.5 77.1 77.8 82.9 n/a 85.8 86.2 86.5 86.8 87.3 87.6
Growth +0.8% +0.9% +6.5% +0.5% +0.3% +0.4% +0.6% +0.3%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 15.9% a year over five years, and earnings per share grew 25.1% a year.
  • The diluted share count rose 2.1% in five years, which is dilution.
  • Operating margin is up 8.3 points on five years ago, at 28.8%.
  • Profitable in every one of the 10 years on file.