Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DESCARTES SYSTEMS GROUP INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2024
FY2026
FY2026
Revenue
185
204
237
275
326
349
425
573
651
729
Cost of revenue
53.9
56.1
63.7
75
85.7
89.9
102
138
159
167
Gross profit
131
148
174
200
240
259
323
435
492
562
Research and development
31.3
35.6
41.8
47.9
53.5
54.1
62.6
84.1
95.5
105
Selling and marketing
22.4
24.9
33.1
36.9
40.4
38.8
46.9
68.2
73.7
82.6
General and administrative
21.6
23.1
25.4
30
34.6
36.3
44.5
57.4
65.2
72.5
Operating expenses
103
117
138
159
188
187
219
292
311
352
Operating income
28.1
30.7
35.9
41.4
52.3
71.4
103
143
181
210
Interest expense
0.52
0.61
1.3
2.13
4.42
1.19
1.12
1.36
1
0.97
Pre-tax income
27.8
31.5
34.7
39.5
48
70.4
103
151
192
217
Income tax
7.21
7.66
7.87
8.23
11
18.3
16.3
35.2
48.4
53.3
Net income
20.6
23.8
26.9
31.3
37
52.1
86.3
116
143
164
EBITDA
31.5
34.3
40
46
58.3
77.2
109
148
187
216
EPS, basic
0.27
0.31
0.35
0.41
0.45
0.62
1.02
1.36
1.68
1.91
EPS, diluted
0.27
0.31
0.35
0.40
0.45
0.61
1.00
1.34
1.64
1.87
Shares, basic (weighted)
75.6
75.8
76.3
76.8
81.7
84.4
84.6
85.1
85.4
85.9
Shares, diluted (weighted)
76.4
76.5
77.1
77.8
82.9
85.8
86.2
86.8
87.3
87.6
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2024
FY2026
FY2026
Cash and equivalents
37.2
38.1
35.1
27.3
44.4
134
213
236
357
Short-term investments
4.64
Receivables
25.6
25.4
28.8
31.5
35.1
37.2
41.7
54
64.8
Inventory
0.16
0.17
0.12
0.1
0.41
0.43
0.87
0.72
0.1
Other current assets
2.94
3.14
3.05
4.28
7.29
14.6
13.8
16.9
26.4
Total current assets
75
72.6
74.9
72.2
100
203
292
353
482
Property, plant and equipment
8.6
10.4
12.8
12.6
13.7
12.1
10.8
12.5
13.5
Lease right-of-use assets
12.9
12.2
10.6
7.62
8.17
Goodwill
217
263
350
378
524
565
609
760
925
1,026
Intangible assets
134
145
178
176
257
240
230
321
332
Other non-current assets
0.47
1.53
3.97
10.5
13.5
15.6
18.7
24.9
27.3
Total assets
453
501
625
653
943
1,063
1,185
1,647
1,896
Accounts payable
4.47
4.68
7.9
5.15
7.67
7.96
10.6
20.7
20.9
Accrued liabilities
16.8
23.2
25.5
29.4
34.9
38.9
56.4
79.7
73.9
Deferred revenue
16.6
23.7
31
34.2
41.1
49.9
56.8
104
118
Total current liabilities
40
53.8
67.7
70.4
88.9
104
133
217
223
Long-term debt
37
25.5
Lease liabilities
9.48
8.9
7.38
4.72
4.89
Total liabilities
50.8
69.9
126
120
121
152
186
262
277
Total debt
37
25.5
Paid-in capital
447
449
451
455
459
464
473
503
509
Retained earnings
-262
-238
-212
-173
-136
-83.7
2.61
364
527
Other comprehensive income
-34.9
-32.8
-15.3
-25.2
-25.9
-1.19
-12.4
-50.5
-7.99
Shareholders' equity
402
431
499
534
822
911
1,000
1,238
1,385
1,619
Total equity
402
431
499
534
822
911
1,000
1,238
1,385
1,619
Total liabilities and equity
453
501
625
653
943
1,063
1,185
1,647
1,896
Shares outstanding
75.8
75.9
76.8
76.9
84.2
84.5
84.8
85.2
85.6
86
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2024
FY2026
FY2026
Net income
20.6
23.8
26.9
31.3
37
52.1
86.3
116
143
164
Depreciation and amortization
3.38
3.63
4.1
4.54
6.04
5.76
5.13
5.47
5.59
5.95
Stock-based compensation
1.58
2.02
2.81
3.71
4.91
6.31
11
16.5
20
20.9
Deferred income tax
5.77
3.64
1.3
2.19
5.74
14.5
1.51
-5.98
-5.04
11.1
Change in receivables
0.76
2.73
-1.96
-0.14
3.73
0.14
-2.88
-6.57
3.3
-5.27
Change in inventory
0.31
0
0.05
0.07
-0.35
0.1
-0.5
Change in payables
-0.41
-0.32
1.43
-1.07
1.77
-0.69
2.34
6.18
1.87
-1.14
Cash from operations
54.2
72.6
72.1
78.1
104
131
176
208
219
266
Capital expenditures
-4.31
-4.91
-5.09
-5.24
-4.9
-3.76
-4.83
-5.56
-6.74
-5.73
Acquisitions
-121
-71.3
-112
-67.9
-292
-48.4
-90.3
-143
-290
-152
Purchases of investments
-4.67
-0.24
Cash from investing
-130
-70.4
-117
-73.2
-297
-52.2
-95.1
-148
-297
-157
Debt repaid
-10.2
-43
-78.7
-323
-10.8
-1.07
Stock issued
0.16
0.15
1
0.35
238
6.19
2.66
9.27
12.4
14.1
Share buybacks
-0.89
Cash from financing
-2.43
-0.21
38
-11.4
210
5.56
1.52
-14.7
-3.63
5.02
Exchange rate effect
-2.82
-1.09
3.82
-1.37
-0.36
Net change in cash
-80.8
0.92
-2.99
-7.85
17.1
89.3
79.8
44.6
-84.8
120
Free cash flow
49.9
67.7
67.1
72.8
99.4
127
171
202
213
261
Interest paid
0.03
0.06
0.68
1.71
3.52
0.09
Income taxes paid
3.53
3.86
3.89
7.86
8.95
8.21
12.6
44.9
53.4
57.2
Key metrics
Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $78.61 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
77.1%
Gross profit / revenue.
Operating margin
28.8%
Operating income / revenue.
EBITDA margin
29.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
29.8%
Pre-tax income / revenue.
Net margin
22.5%
Net income / revenue.
FCF margin
35.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
36.5%
Cash from operations / revenue.
Effective tax rate
24.6%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
10.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
9.2%
Net income / average total assets.
Return on invested capital (ROIC)
13.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
14.4%
Research and development expense / revenue.
Stock-based pay / revenue
2.9%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.8%
Capital expenditures / revenue.
D&A / revenue
0.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
12.0%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
14.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
15.9%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
15.6%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
14.3%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
14.0%
EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
21.4%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
22.6%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
16.9%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
15.1%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
0.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.16x
Current assets / current liabilities.
Quick ratio
1.89x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.60x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
FCF conversion
159.1%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
2.2%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$1.87
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$1.91
Net income per basic share, as reported (split-adjusted).
Revenue per share
$8.32
Revenue / diluted weighted shares.
FCF per share
$2.97
Free cash flow / diluted weighted shares.
Operating cash flow per share
$3.04
Cash from operations / diluted weighted shares.
Book value per share
$18.82
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$6.74B
Share price x shares outstanding.
Enterprise value
$6.38B
Market cap + total debt - cash - short-term investments.
P/E
41.1x
Market cap / net income. Only when net income is positive.
P/S
9.24x
Market cap / revenue.
P/B
4.16x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
25.8x
Market cap / tangible book value, when positive.
P/FCF
25.9x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
25.3x
Market cap / cash from operations, when positive.
EV/Sales
8.75x
Enterprise value / revenue.
EV/EBIT
30.4x
Enterprise value / operating income, when both are positive.
EV/EBITDA
29.5x
Enterprise value / EBITDA, when both are positive.
EV/FCF
24.5x
Enterprise value / free cash flow, when both are positive.
FCF yield
3.9%
Free cash flow / market cap.
Earnings yield
2.4%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was DESCARTES SYSTEMS GROUP INC's revenue in fiscal 2026?
DESCARTES SYSTEMS GROUP INC reported revenue of $729.0M for fiscal 2026, 12% higher than the year before.
Was DESCARTES SYSTEMS GROUP INC profitable in fiscal 2026?
Yes. Net income was $163.8M, a net margin of 22.5%.
How much free cash flow did DESCARTES SYSTEMS GROUP INC generate in fiscal 2026?
Cash from operations of $266.2M minus capital expenditures of $5.7M left free cash flow of $260.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.