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The Descartes Systems Group (DSG) investor relations material
The Descartes Systems Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary3 Sep, 2025
Executive summary
Achieved record quarterly revenue of $179.8M in Q2 2026, up 10% year-over-year and 7% sequentially, with net income of $38M and adjusted EBITDA of $80.2M, reflecting strong operational execution and contributions from recent acquisitions and organic growth.
Services revenue grew 14% year-over-year, now representing 93% of total revenue, driven by recurring revenue focus and strength in Global Trade Intelligence, Customs & Regulatory, and Transportation Management.
Operates the world's largest multi-modal, neutral logistics network with a strong SaaS focus and high recurring revenue profile, serving a diverse customer base in 160+ countries.
Completed multiple acquisitions, including PackageRoute, Finale Inventory, and 3GTMS, with integration and cross-sell opportunities underway.
Business recalibrated through restructuring to address revenue fluctuations and economic uncertainty, with $2M in quarterly savings realized and a 7% workforce reduction.
Financial highlights
FY25 revenue reached $651M, up from $573M in FY24, with a 16% CAGR; Q2 2026 revenue was $179.8M.
Net income for Q2 2026 was $38M ($0.43/diluted share), up from $34.7M a year ago; FY25 net income was $143M.
Adjusted EBITDA for Q2 2026 was $80.2M (44.6% margin), up from $70.6M in Q2 2025; FY25 adjusted EBITDA was $285M (44% margin).
Gross margin improved to 77% in Q2 2026, up from 75% a year ago.
Cash balance at quarter-end was $240.6M, debt-free, with a $350M undrawn credit facility.
Outlook and guidance
Baseline revenues for fiscal 2026 estimated at $157.5M for Q3, with baseline operating expenses of $96.5M and baseline adjusted EBITDA of $61M (39% margin) as of August 1, 2025.
Adjusted EBITDA margin expected to remain in the 40–45% range, with cash flow from operations at 80–90% of adjusted EBITDA.
Effective tax rate for the remainder of fiscal 2026 anticipated at 24–28%, with $3–4M in additional capital expenditures planned.
Ongoing focus on 10–15% adjusted EBITDA growth target and continued migration to SaaS and subscription models.
Restructuring plan initiated in Q2 2026 to reduce global workforce by 7% and cut operating costs, with expected total costs of $4.2M–$4.4M.
Restructuring plan: expected cost savings?
How does baseline calibration inform spending?
Revenue mix shift: impact on gross margins?
De minimis change: customer wins and growth drivers
AI strategy: network advantage and entry barriers
Sustainability of recent volume-driven growth
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Next The Descartes Systems Group earnings date
Q3 20262 Dec, 2025
Next The Descartes Systems Group earnings date
Q3 20262 Dec, 2025
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Frequently asked questions
The Descartes Systems Group Inc is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, performance and security of logistics-intensive businesses. The Descartes Systems Group Inc cloud-based services provide end-to end support for domestic and international transportation, fulfillment management and warehouse operations, customs and regulatory compliance, as well as shipment rating and reconciliation.
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