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The Descartes Systems Group Stock DSG.TO

The Descartes Systems Group Inc. · SEC filings · Reporting currency USD · Quarterly reporting · Figures as of Q2 FY2027 (May to Jul 2026) · updated 2026-10-28 · ISIN CA2499064034

Descartes Systems Group provides cloud-based logistics and supply chain management software and services, connecting carriers, freight forwarders, customs brokers, importers, exporters, and retailers through its Global Logistics Network. The Descartes Systems Group stock (DSG.TO): Quarterly and annual results since 2024 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 09/2026, quarterly reporting. Stock analysis by NadirAlpha. The Descartes Systems Group stock (DSG.TO): listed on TSX. NadirAlpha has evaluated 45 original documents, cross-checked every figure automatically and linked each to its source; sources as of 09/2026. Latest reported (Q2 FY2027 (May to Jul 2026)): Remaining performance obligations, Cash, Cash from operations. Latest reading: Guidance initiated, Acquisition.

Guidance initiated strategy: Acquisition

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The Descartes Systems Group Current Status

Summary of the most recent reporting period of The Descartes Systems Group (Q2 FY2027): core figures, drivers and management statements, every figure with a source number. NadirAlpha methodology

Assessment by NadirAlpha, as of Q2 FY2027 (May to Jul 2026).

Descartes reported total revenues of $394.7 million in the first half of fiscal 2027, higher than $348.6 million in the first half of fiscal 2026, with new and existing customers contributing $35.7 million in incremental revenues 39. Operating cash flow in Q2 2027 was 81.3 million, higher than 63.3 million in the prior year quarter 39. Services revenues comprised 94% of total revenues in Q2 2027, reflecting the company's predominantly recurring, services-based business model 39. During the quarter Descartes acquired Drivin SpA, and subsequent to period end completed the acquisitions of TAI and Extensiv, extending its logistics and supply chain platform 39.
Management commentary on the FY2026 results (6-K-EX99.1, 2026-03-11):

“Our business performed ahead of our plans for both the fourth quarter and full fiscal year. Our customers continue to face tariff uncertainty, both in the future tariff landscape and the potential recovery of some previously-paid tariffs. A rapidly changing geopolitical landscape also continues to impact shipping and supply chains. These conditions and uncertainty contribute to forecasting, pricing, planning and execution challenges for shippers, carriers and logistics services providers alike. Descartes' Global Logistics Network continues to be the supply chain community's critical source of timely, accurate and reliable data and solutions to fuel AI and decision making in these complex market conditions.”

Edward J. Ryan, CEO 30
Revenue · 2027-Q1194$ million+14.8 % vs. 2026-Q1
Net profit · 2027-Q148$ million+34.0 % vs. 2026-Q1
EPS · 2027-Q10.55$+34.1 % vs. 2026-Q1
Revenue trend
Guidance
For 2027-Q3, The Descartes Systems Group guides OpEx (GAAP) ~111.5 $ million (initiated); Baseline revenues ~181 $ million (initiated). 39
Profitability
Descartes reported net income of $98.5 million for the first half of fiscal 2027, higher than $74.3 million in the prior year period 39. Adjusted EBITDA for the same period reached $184.1 million, compared with $155.3 million in the first half of fiscal 2026 39. Gross margin improved to 78% in the first half of fiscal 2027 from 77% in the first half of fiscal 2026 39.
Leverage
Operating cash flow for the first half of fiscal 2027 increased to $156.4 million from $116.9 million in the prior year period 39. Under the normal course issuer bid initiated December 11, 2025, Descartes repurchased and cancelled 651,800 common shares for $45.1 million in the first half of fiscal 2027 39. The company filed a final short-form base shelf prospectus on July 15, 2026, permitting the offer of an unlimited amount of securities over a 25-month period 39.
Recurring
Services revenues comprised 94% of total revenues in Q2 2027, reflecting the predominantly recurring character of Descartes' platform anchored in the Global Logistics Network 39. The company continues to focus on migrating legacy license-based customers to services-based arrangements, supporting the stability and predictability of the revenue base 39.
Management view
Descartes provided baseline guidance of approximately $181.0 million in revenues and approximately $111.5 million in operating expenses for Q3 2027 39. The company plans to continue exploring business combinations targeting the same customers and processing similar logistics and trade data 39. The normal course issuer bid authorizes the purchase of up to approximately 8.6 million common shares, with approximately 0.7 million shares repurchased as of September 10, 2026 39.
Change
The Iran Conflict has severely disrupted ocean shipping through the Strait of Hormuz, impacting global supplies and increasing oil and fertilizer prices, affecting the trade environment in which Descartes' customers operate 39. US and Canada tariffs and retaliatory tariffs are impacting supply networks and trade volumes, with potential inflationary implications for the company's customer base 39. Global economic growth continues to be driven by AI infrastructure investments, though financial returns remain uncertain with growing concerns about labor displacement and capital concentration 39.
Risks (current)
Customer concentration among transportation and logistics service providers is a key company-specific risk for Descartes, and customers may cancel or fail to renew service contracts due to financial circumstances or product dissatisfaction 39. The company faces cybersecurity risk from potential disruptions to customer information availability and from the use of emerging AI technologies, which could increase exposure to information security breaches, data privacy violations, and intellectual property concerns 39. Changes in government filing and screening requirements for global trade could affect compliance services, and third-party intellectual property infringement claims could result in damages, license obligations, or restricted product availability 39.
New this reporting period
Descartes acquired OrderMine, a UK-based AI-powered forecasting and demand planning provider, on March 11, 2026 for approximately $2.3 million plus contingent consideration of up to $1.0 million, and acquired Idelic, an AI-powered driver safety and performance management solutions provider, on April 22, 2026 for approximately $25.3 million plus contingent consideration of up to $12.0 million 39. In the fiscal second quarter, the company acquired Drivin SpA on July 2, 2026 for approximately $29.5 million plus contingent consideration of up to $5.0 million, adding last mile delivery management capabilities across Latin America 39. Subsequent to the period end, Descartes acquired TAI on August 21, 2026 for approximately $99.3 million net of cash acquired, and Extensiv on September 1, 2026 for approximately $119.9 million net of cash acquired 39.

The Descartes Systems Group Stock: Key Figures ($ million)

Revenue, margin, earnings and EPS of The Descartes Systems Group per fiscal year, half-year and quarter in $ million, as of Q2 FY2027, as reported in the filing; restatements show the most recent filing version. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Revenue ($ million) · annual basis, as reported
Net income ($ million) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($ million) · annual basis, as reported
Revenue ($ million) · half-year basis, as reported
Net income ($ million) · half-year basis, as reported
EPS ($) · half-year basis, as reported
Operating cash flow ($ million) · half-year basis, as reported
Revenue ($ million) · quarterly basis, as reported
Net income ($ million) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($ million) · quarterly basis, as reported
Cash ($ million) · annual basis, as reported
Capex ($ million) · annual basis, as reported
FCF ($ million) · annual basis, as reported
D&A ($ million) · annual basis, as reported
Cash ($ million) · half-year basis, as reported
Capex ($ million) · half-year basis, as reported
FCF ($ million) · half-year basis, as reported
D&A ($ million) · half-year basis, as reported
Cash ($ million) · quarterly basis, as reported
Capex ($ million) · quarterly basis, as reported
FCF ($ million) · quarterly basis, as reported
D&A ($ million) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2022 is on record.

Fiscal years

Amounts in $ million · EPS in $ per share · as reported
The Descartes Systems Group stock: key figures on annual basis, FY2024 to FY2026, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodCalendar quarterRevenueOp. incomeNet incomeEPS ($)EBITDA (adj.)OCFSource
FY2026Q1/2025–Q1/2026729210163.81.87329.5266.230
FY2025Q1/2024–Q1/2025651181.1143.31.64284.68219.319
FY2024Q1/2023–Q1/2024572.9142.8115.91.34247.5207.79

Half-years

Amounts in $ million · EPS in $ per share · as reported
The Descartes Systems Group stock: key figures on half-year basis, 2024-H1 to 2026-H2, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodCalendar quarterPublishedRevenueOp. incomeNet incomeEPS ($)EBITDA (adj.)FCFCashSource
2026-H2*Q3/2025–Q1/20262026-03-11380.4115.689.51.02*≈174.2146.7356.531
2026-H1*Q1–Q3/20252025-09-04348.694.474.30.85155.3113.8240.627
2025-H2*Q3/2024–Q1/20252025-03-06336.292.973.90.85*≈147.1117.5236.119
2025-H1*Q1–Q3/20242024-09-05314.888.269.30.80137.695.1252.715
2024-H2*Q3/2023–Q1/20242024-03-07292.969.558.40.68*≈129.2104.63219
2024-H1*Q1–Q3/20232023-09-0728073.457.50.66118.397.5227.47

Quarters

Amounts in $ million · EPS in $ per share · as reported
The Descartes Systems Group stock: key figures on quarterly basis, 2024-Q1 to 2027-Q1, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodCalendar quarterPublishedRevenueOp. incomeNet incomeEPS ($)EBITDA (adj.)FCFCashSource
2027-Q1Q1–Q2/20262026-06-04193.662.548.50.5589.8––136
2026-Q4*Q4/2025–Q1/20262026-03-11192.85945.60.5288.7–356.530
2026-Q3Q3–Q4/20252025-12-04187.756.643.90.5085.5––130
2026-Q2*Q2–Q3/20252025-09-04179.848.2380.4380.262.1240.627
2026-Q1*Q1–Q2/20252025-06-05168.746.236.20.4175.151.7–23
2025-Q4*Q4/2024–Q1/20252025-03-06167.547.137.40.4375–236.119
2025-Q3Q3–Q4/20242024-12-04168.845.836.60.5072.1––18
2025-Q2*Q2–Q3/20242024-09-05163.445.834.70.4070.633.1252.715
2025-Q1*Q1–Q2/20242024-05-30151.342.434.70.40*≈6762–12
2024-Q4*Q4/2023–Q1/20242024-03-07148.237.131.80.3765.7–3219
2024-Q3Q3–Q4/20232023-12-06144.732.426.60.3163.5––8
2024-Q2*Q2–Q3/20232023-09-07143.436.828.10.3260.649.8227.47
2024-Q1*Q1–Q2/20232023-06-01136.636.629.40.34*≈57.747.7–6
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income (adj.), EPS adj., Net Debt (not reported in any source for these periods).

The Descartes Systems Group Balance Sheet & Cash Flow ($ million)

Balance sheet and cash flow of The Descartes Systems Group up to Q2 FY2027 in $ million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

Fiscal years

Amounts in $ million · as reported
The Descartes Systems Group stock: balance sheet and cash flow on annual basis, FY2024 to FY2026, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodCalendar quarterPublishedCashD&AOCFCapexFCFSource
FY2026Q1/2025–Q1/20262026-03-11356.587.1266.25.7260.531
FY2025Q1/2024–Q1/20252025-03-06236.175219.36.7212.519
FY2024Q1/2023–Q1/20242024-03-0732166207.75.6202.19

Half-years

Amounts in $ million · as reported
The Descartes Systems Group stock: balance sheet and cash flow on half-year basis, 2024-H1 to 2027-H1, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodCalendar quarterPublishedCashD&AOCFCapexFCFSource
2027-H1Q1–Q3/20262026-09-11––156.4––39
2026-H2Q3/2025–Q1/20262026-03-11356.544.6149.32.6146.731
2026-H1Q1–Q3/20252025-09-04240.642.6116.93.1113.827
2025-H2Q3/2024–Q1/20252025-03-06236.139.8120.93.4117.519
2025-H1Q1–Q3/20242024-09-05252.735.298.43.395.115
2024-H2Q3/2023–Q1/20242024-03-0732133.2106.82.2104.69
2024-H1Q1–Q3/20232023-09-07227.432.8100.93.497.57

Quarters

Amounts in $ million · as reported
The Descartes Systems Group stock: balance sheet and cash flow on quarterly basis, 2024-Q1 to 2027-Q2, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodCalendar quarterPublishedCashD&AOCFCapexFCFSource
2027-Q2Q2–Q3/20262026-09-11––81.3––39
2026-Q4Q4/2025–Q1/20262026-03-11356.5––––30
2026-Q2Q2–Q3/20252025-09-04240.62263.31.262.127
2026-Q1Q1–Q2/20252025-06-05–20.653.61.951.723
2025-Q4Q4/2024–Q1/20252025-05-01236.1––––22
2025-Q2Q2–Q3/20242024-09-05252.718.834.71.633.115
2025-Q1Q1–Q2/20242024-05-30–16.463.71.86212
2024-Q4Q4/2023–Q1/20242024-05-30321––––12
2024-Q2Q2–Q3/20232023-09-07227.416.8522.249.87
2024-Q1Q1–Q2/20232023-06-01–15.948.91.247.76
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

The Descartes Systems Group Guidance Tracking (latest per metric/period · 4/6)

What The Descartes Systems Group guided for Q2 FY2027 and beyond and whether the targets were met; ranges count as met when the actual lies within. NadirAlpha methodology

Actuals: revenue in $m

Direction: initiated Verdict: beatpending

The Descartes Systems Group: guidance and actuals per metric and period, 6 entries. Compiled by NadirAlpha from SEC filings.
For periodGuided onMetricGuidedActualVerdictDirectionSource
2027-Q32026-09-11OpEx (GAAP)~111.5–39
2027-Q32026-09-11Baseline revenues~181–39
2026-Q32025-09-04OpEx (GAAP)~96.5––27
2026-Q32025-09-04Baseline revenues~157.5––27
FY20242024-05-06 °Revenue544.2572.911
FY20242024-05-06 °EBITDA (adjusted)236.7247.511

The Descartes Systems Group Stock: Price & Chart

Price history of The Descartes Systems Group stock (DSG.TO) as a TradingView chart, loaded only after a click, alongside the trend of the key figures from the tables. NadirAlpha methodology

Daily candles with news and earnings markers. Loads only on click.

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The Descartes Systems Group Event Timeline

NadirAlpha sorts 33 events of The Descartes Systems Group by quarter, most recent first, each with source number and event type, management quotes as direct quotes at the start of the quarter. NadirAlpha methodology

Overview: one dot per event · click jumps to the period
earningsrevenuemarginguidancestrategy2024-Q12024-Q22024-Q32025-Q12025-Q22025-Q42026-Q12026-Q22026-Q32026-Q42027-Q12027-Q2
2027 · 8 events

Guidance initiated 2026-09-11
Q3 2027 baseline revenues indicated at approx. $181.0 million with baseline operating expenses at approx. $111.5 million 39
Acquisition 2026-09-11
Acquired TAI (Transportation Applied Intelligence Software) for approx. $99.3 million net of cash on August 21, 2026, subsequent to Q2 period end 39
Acquisition 2026-09-11
Acquired Extensiv (3PL Central) for approx. $119.9 million net of cash on September 1, 2026, subsequent to Q2 period end 39

revenue 2026-06-04
Revenues of 193.6 million in Q1 2027, up 14.8% year on year, driven by new and existing customers and full-period contribution from fiscal 2026 acquisitions 34
Margin expanding 2026-06-04
Gross margin improved to 78% from 76% in Q1 2026, with services revenues comprising 93% of total revenues 34
Acquisition 2026-06-04
Acquired OrderMine for approx. $2.3 million (up to $1.0 million contingent) in March 2026 and Idelic for approx. $25.3 million (up to $12.0 million contingent) in April 2026 34
earnings 2026-03-11
Adjusted EBITDA grew 16% to $329.5 million, representing 45% of revenues versus 44% in FY25, exceeding the high-end target of 10-15% annual growth 30.
revenue 2026-03-11
Full-year revenue of 729 million, up 12% from $651.0 million in FY25, within Descartes' target growth range of 8.1% to 12.9% 30.
2026 · 10 events

Strategic pivot 2026-03-11
Descartes commenced a normal course issuer bid on December 11, 2025 to repurchase up to 8.6 million common shares; Edward Gardner was appointed CFO effective March 12, 2026, succeeding Allan Brett 30.

Margin expanding 2025-12-04
Gross margin improved to 77% in the first nine months of FY2026 from 75% in the prior year period 28.
Acquisition 2025-12-04
Descartes acquired Finale, a cloud-based inventory management solutions provider, for $39.2 million plus contingent consideration of up to $15.0 million on August 1, 2025 28.
Strategic pivot 2025-12-04
Descartes announced CFO transition with Edward Gardner to succeed Allan Brett after January 31, 2026, and filed a normal course issuer bid to repurchase up to 10% of its public float over 12 months 28.

Margin expanding 2025-09-04
Gross margin increased to 77% in the first half of FY2026 from 76% in the first half of FY2025 27.
Strategic pivot 2025-09-04
Descartes initiated its fiscal 2026 restructuring plan in Q2, targeting a 7% workforce reduction with total estimated charges of $4.2 million to $4.4 million over six months 27.
Regulation 2025-09-04
US tariff policies and trade war uncertainty introduced in January 2025 created business uncertainty, with Descartes anticipating potential impact on customers' capital and operational spending 27.

“Andrew has been a valuable contributor to Descartes' commercial development. We wish him well in his future endeavors.”

Mr. Ryan, CEO 23
revenue 2025-06-05
Q1 revenue of 168.7 million, up 12% from $151.3 million in Q1 FY25, with services revenues up 14% to $156.6 million 23.
Acquisition 2025-06-05
Descartes completed the acquisition of 3GTMS, a transportation management solutions provider, for approximately $112.7 million net of cash on March 24, 2025 23.
Strategic pivot 2025-06-05
Descartes announced plans to reduce its global workforce by approximately 7% with annualized cost savings of approximately $15 million 23.
2025 · 9 events

earnings 2025-05-01
Adjusted EBITDA grew 15% to 284.7 million in fiscal 2025, exceeding the high-end target and the 10-15% annual growth plan 22
Acquisition 2025-03-06
Sellercloud (approximately 110.2 million USD plus up to 20.0 million in performance-based consideration) and Assure Assist (approximately 22.5 million USD plus up to 6.0 million contingent) acquired, completing five acquisitions in fiscal 2025 19

Revenue accelerating 2024-09-05
Revenue increased 13.9% to 163.4 million in Q2FY25 from 143.4 million in Q2FY24 15
Acquisition 2024-09-05
Three acquisitions completed: OCR Services (approximately 82.8 million USD), Aerospace Software Developments (approximately 62.5 million EUR) and BoxTop Technologies (approximately 12.1 million GBP) 15

“Global trade is complex and constantly evolving. Supply chains and logistics operations continue to be impacted by a myriad of factors, including military conflicts, disruptions to trade routes, government sanctions, and material changes to taxes and tariffs. Our technology solutions are designed to help shippers, carriers and logistics services providers manage this dynamic complexity. We remain focused on delivering valued services to all supply chain participants and making meaningful investments that will help our customers manage their immediate and future supply chain and logistics challenges.”

Edward J. Ryan, CEO 12
revenue 2024-05-30
Revenues reached 151.3 million, up 11% from 136.6 million in Q1FY24 12
Margin expanding 2024-05-30
Gross margin improved to 77% in Q1FY25 from 76% in Q1FY24 12
revenue 2024-03-07
Full-year revenues of 572.9 million, up 17.9%, exceeding the high end of the 12.5-17.5% annual growth target; services revenues grew $85.2 million and comprised 91% of total 9 11
Margin compressing 2024-03-07
Gross margin of 75.9% of revenues, compared with 76.6% in the prior year 9
guidance 2024-03-07
Q1 FY2025 baseline revenues estimated at approximately $130.5 million with baseline operating expenses of approximately $81.0 million, representing baseline operating income calibration of approximately $49.5 million or 38% of baseline revenues 9
2024 · 6 events

“Our business has grown organically while we've added complementary solutions to our Global Logistics Network by way of acquisition. We listen to our customers about where best to invest to help them meet the many logistics and supply chain challenges they're facing, which contributed to us completing two acquisitions this past quarter. The global trade landscape remains highly uncertain and complex for our customers, especially with potential upcoming changes to tariffs and sanctions and the resulting impact on trade. As always, our goal is to help our customers manage this complexity so that they can continue to focus on their core businesses.”

Edward J. Ryan, Chief Executive Officer 18
Revenue accelerating 2023-12-06
Q3 revenue of 144.7 million; nine-month revenues grew to $424.7 million from $360.9 million in the prior year, driven by services revenue growth and contributions from acquisitions 8

revenue 2023-09-07
Q2 revenues of 143.4 million, up 16.5% from $123.0 million in the prior year quarter, driven by global trade intelligence, routing and transportation management solutions 7
revenue 2023-09-07
Remaining performance obligations of $478.3 million with approximately 80% expected within 24 months; deferred revenue grew to $87.2 million from $69.4 million at the prior fiscal year-end 7

“The Global Logistics Network (GLN) continues to help shippers, carriers and logistics services providers benefit from more efficient supply chains and logistics operations. Our customers' successes with the GLN have put us in a strong position to continue to invest in our business for the future. We continue to add more services for our customers to manage the complete lifecycle of shipments, such as our recent acquisition of Localz.”

Edward J. Ryan, CEO 6
Revenue accelerating ◦ 2023-06-01
Q1 revenues of 136.6 million, up 17% year-over-year, a quarterly record; services revenues of $124.1 million comprised 91% of total, up 21% year-over-year 6
Acquisition 2023-06-01
Descartes acquired Localz on April 20, 2023 for approximately $5.9 million net of cash, a cloud-based customer engagement platform for day-of-service interaction and order management 6
Acquisition 2023-06-01
Descartes acquired GroundCloud on February 14, 2023 for approximately $136.8 million net of cash, with contingent consideration up to $80.0 million, adding cloud-based final-mile carrier solutions and road safety compliance capabilities 6

The Descartes Systems Group Business Model

How The Descartes Systems Group (DSG.TO) makes its money, summarised from the filings up to Q2 FY2027, neutral and without forecast. NadirAlpha methodology

Descartes Systems Group provides cloud-based logistics and supply chain management software and services, connecting carriers, freight forwarders, customs brokers, importers, exporters, and retailers through its Global Logistics Network. The company generates the large majority of its revenues from subscription-based services, which accounted for 94% of total revenues in Q2 2027, with a strategic focus on migrating remaining legacy license-based customers to recurring service arrangements 39. Descartes pursues growth through a combination of organic expansion within its customer base and a systematic acquisition strategy targeting businesses that serve the same logistics and trade customers and process similar data. The company completed five acquisitions in and around the first half of fiscal 2027, spanning AI-powered demand planning, driver safety management, Latin American last mile delivery, transportation intelligence, and third-party logistics fulfillment 39.

The Descartes Systems Group Stock: Share-Price Drivers

The drivers of The Descartes Systems Group stock from the company's perspective: demand, prices, costs and capacity as the investor relations reports describe them. NadirAlpha methodology

Acquisition-led expansion of the logistics and supply chain technology platform
Descartes is a serial acquirer, and a steady cadence of purchases in fiscal 2027 (Extensiv on 2026-09-01, TAI on 2026-08-21, Drivin on 2026-07-02, Idelic on 2026-04-22 and OrderMine on 2026-03-11) continues to add recurring revenue and broaden the network, making M&A the central lever on the company's top line and cash generation 39.
Serial acquisitions of logistics and supply chain software assets
Descartes closed several deals in fiscal 2027, including Extensiv (2026-09-01), TAI (2026-08-21), Drivin (2026-07-02), Idelic (2026-04-22) and OrderMine (2026-03-11), extending an earlier run that added Finale, PackageRoute and 3GTMS; the acquisitions are integrated into the company's Logistics Technology platform 39 28.
Recurring services revenue base
Services dominate the revenue mix at 180.5 million in 2027-Q1 against professional services and other of 11.5 million, and total revenue has risen across recent quarters to USD 193.6 million in 2027-Q1 from USD 168.7 million in 2026-Q1, pointing to broadening traction for the subscription-style offering 34 136.
Operating profitability and cash conversion
Operating income reached USD 62.5 million in 2027-Q1 versus USD 46.2 million in 2026-Q1, and operating cash flow was USD 81.3 million in 2027-Q2, up from USD 63.3 million in 2026-Q2, supporting the balance that funds further acquisitions 136 39.
Restructuring and workforce reduction
Descartes initiated a restructuring plan with a workforce reduction of approximately 7% in 2026-Q1, a cost measure intended to support margins alongside continued integration of acquired businesses 23 28.
Capital return via Normal Course Issuer Bid
Descartes has a Normal Course Issuer Bid share repurchase program established 2025-12-11, providing an additional, management-controlled use of cash alongside the company's acquisition program 34.

Sector trend: Demand for logistics and supply chain technology appears to be holding up, with Descartes recording higher revenue and operating income across recent quarters and rising operating cash flow of USD 81.3 million in 2027-Q2 39 136. Margins look broadly stable to firmer as the company layers acquired recurring-revenue businesses onto its network while trimming costs 28.

The Descartes Systems Group Revenue by Type (as of 2027-Q2 · USD million · 9/9)

Revenue of The Descartes Systems Group split by segment or product type exactly as the company itself reports it; segment totals can deviate from group revenue. NadirAlpha methodology

The Descartes Systems Group: revenue by segment, as of 2027-Q2, in USD million. Compiled by NadirAlpha from SEC filings.
SegmentSinceRevenueSource
Period 2027-Q2 (6M?)
License2023-Q21.739
Period 2027-Q1 (3M)
EMEA2024-Q243.334
Services2023-Q2180.534
United States2023-Q2134.934
Europe, Middle East and Africa2023-Q243.334
Professional services and other2023-Q211.534
Canada2023-Q210.334
Asia Pacific2023-Q25.134
Period 2026-Q3
Logistics Technology Solutions––28

The Descartes Systems Group Products & announcements (4/7 active+recent)

7 product announcements of The Descartes Systems Group since 2024, grouped by year; active means still mentioned in the most recent reports, nothing is deleted. NadirAlpha methodology

Status: Planned

The Descartes Systems Group: product announcements from the filings, 5 entries. Compiled by NadirAlpha from SEC filings.
Product/LineSinceStatusSource
2028
ASU 2024-03 adoption - Expense Disaggregation Disclosures202827
2027
ASU 2025-05 adoption - Credit Losses accounting standard202727
2026
Cost reduction and workforce reduction (approximately 7%)2026-0323
ASU 2023-09 adoption - Income Tax Disclosures202627
2023
Windsor Framework for Northern Ireland goods movement2023-023

The Descartes Systems Group Transactions & Events (33)

33 transactions and events of The Descartes Systems Group from the original reports, financing measures and management changes are not listed here, cancelled items in grey. NadirAlpha methodology

Acquisitions · 28older: 5 (in the table)
2023202420252026

Acquisitions by The Descartes Systems Group

The Descartes Systems Group: Acquisitions, 33 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stakeDateTypeSource
2026
Extensiv acquisition2026-09Completed39
TAI acquisition2026-08Completed39
Drivin acquisition2026-07Completed39
Shareholder Rights Plan Amendment and Restatement2026-06Completed33
Idelic acquisition2026-04Completed39
OrderMine acquisition2026-03Completed39
Package Route acquisition2026Completed33
GTMS acquisition2026Completed33
2025
Finale acquisition (2x)2025-08Completed33
PackageRoute acquisition (2x)2025-06Completed28
GroundCloud contingent consideration2025-06Completed15
3GTMS acquisition2025-03Completed28
Contingent consideration earn-outs2025Completed19
Acquisition of OCR2025Completed19
Acquisition of MCP2025Completed19
Acquisition of BoxTop2025Completed22
Acquisition of ASD2025Completed19
2024
Sellercloud LLC and Sellercloud Europe Ltd.2024-10Completed28
Sellercloud Acquisition2024-10Completed22
MyCarrierPortal Acquisition2024-09Completed28
Acquisition of Assure Assist (2×)2024-09Completed22
GreenMile acquisition2024-06Completed7
BoxTop Technologies Limited2024-06Completed28
Aerospace Software Developments (2×)2024-04Completed28
OCR Services, Inc.2024-03Completed28
2023
Localz2023-04Completed11
GroundCloud2023-02Completed11
Supply Vision acquisition (2×)2023-01Completed19
2022
Descartes Base Shelf Prospectus (2×)2022-07Completed34
XPS acquisition2022-06Completed9
Normal Course Issuer Bid (3×)2022-06Completed34
Foxtrot acquisition2022-04Completed8
NetCHB acquisition2022-02Completed9

The Descartes Systems Group Risks (77 since the annual report of 2026-03-11, 229 tracked in total)

Risk factors The Descartes Systems Group itself names in its reports, merged by topic across periods, with category, first mention and source; new risks of the latest period come first. NadirAlpha methodology

Category: CyberFinancialCustomersLegalRegulatoryTechnologySupply chainMacroMarketCompetitionPeopleGeopolitics

The Descartes Systems Group: risk factors as reported, 77 since the last annual report, 229 tracked. Compiled by NadirAlpha from SEC filings.
RiskCategoryLast reported
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2026-09-11 (2027-Q2), source 39
Use and development of emerging AI technologies could increase exposure to information security breaches=
Disruptions to customer information availability or compromises to confidentiality could cause customer loss and litigation=
Allocation of goodwill and intangible assets in acquisitions based on fair value estimates could be inaccurate=
Material weaknesses in internal control over financial reporting could result in financial statement errors=
Customers may cancel or fail to renew service contracts due to financial circumstances or product dissatisfaction=
Customer concentration among transportation and logistics service providers.=
Third-party claims of IP infringement could result in damages, license agreements and restricted product sales=
Changes in government filing and screening requirements for global trade could impact compliance services=
Improper AI use could result in data privacy breaches, IP infringement and ethical concerns affecting reputation=
Foreign withholding taxes or deferred tax liabilities from repatriation of subsidiary earnings.=
Disruptions in freight movement and decline in shipment volumes from trade barriers.=
Decreased capital and operational spending from economic indicators or geopolitical events could impact demand=
Tariffs, sanctions and trade restrictions may affect cross-border trade.=
Reliance on continued availability and performance of third-party cloud hosting and data center providers.=
Intellectual property infringement claims from third parties.=
Environmental regulation and climate change impacts could impose additional costs on customers and operations=
Network failures, information security breaches or cyber-security threats.=
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2026-06-04 (2027-Q1), source 34
International operations face risks including longer collection times, repatriation difficulties and compliance costs2027-Q2
2026-09-11 39
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2025-12-04 (2026-Q3), source 28
System and network failures, software errors, malware, communications failures and cyber-attacks could disrupt services2027-Q2
2026-09-11 39
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2025-09-04 (2026-Q2), source 27
Cyclical and seasonal nature of freight market and transportation modes could adversely affect revenues2027-Q2
2026-09-11 39
Privacy laws and AI regulations are complex and failure to comply could impose significant fines and penalties2027-Q2
2026-09-11 39
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2024-03-07 (FY2024), source 9
Inability to obtain additional debt or equity capital could limit expansion and acquisition opportunities2027-Q2
2026-09-11 39
Changes in US dollar value against CAD, GBP, EUR and other currencies could materially affect operating results2027-Q2
2026-09-11 39
Litigation over product malfunctions, acquisitions or intellectual property claims could result in significant costs2027-Q2
2026-09-11 39
Emergence of alternative trade data sources could reduce customer need for company's data and content2027-Q2
2026-09-11 39
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2023-12-06 (2024-Q3), source 8
Limited number of hardware device vendors could disrupt telematics business if relationships terminate2027-Q2
2026-09-11 39
Competition for management and skilled personnel with wage escalation could increase operating costs2027-Q2
2026-09-11 39
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2023-09-07 (2024-Q2), source 7
Labor disputes, natural disasters, acts of war or political instability could disrupt freight movement and revenues2027-Q2
2026-09-11 39
Tax audits in multiple jurisdictions could result in unexpected tax expenses or changes to deferred tax positions2027-Q2
2026-09-11 39
Increased fuel costs or driver shortages may reduce customer spending on company products and services2027-Q2
2026-09-11 39
Lack of broad market acceptance for services, products and pricing could harm future success2027-Q2
2026-09-11 39
Downward pricing pressure on certain products and services could reduce revenues without volume offsets2027-Q2
2026-09-11 39
Results of operations may vary significantly from quarter to quarter due to various external factors2027-Q2
2026-09-11 39
Trading price of common shares may be subject to significant fluctuation affecting fundraising ability2027-Q2
2026-09-11 39
Armed conflicts, pandemics, terrorist attacks, natural disasters and climate change could disrupt operations2027-Q2
2026-09-11 39
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2023-06-01 (2024-Q1), source 6
Iran Conflict and Russia-Ukraine Conflict may impact global trade and business operations.2027-Q2
2026-09-11 39
Continued implementation and enforcement of customs and security regulations.2027-Q2
2026-09-11 39
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2023-03-01 (FY2023), source 3
Fair value assessments of intangible assets and goodwill could require material impairment charges2027-Q2
2026-09-11 39
Fair value assessments may require significant non-cash charges associated with intangible asset impairment2027-Q2
2026-09-11 39
Difficulties identifying suitable acquisition candidates and integrating acquired businesses could impair growth2027-Q2
2026-09-11 39
Company involved in IP litigation to protect intellectual property from infringement by third parties2027-Q2
2026-09-11 39
Inability to develop new solutions keeping pace with technological and regulatory change could harm competitiveness2027-Q2
2026-09-11 39
Intense competition from software vendors, competitors and customers undertaking internal development efforts2027-Q2
2026-09-11 39
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2026-06-04 (2027-Q1), source 34
Disruptions to systems or compromise of customer information could impair reputation and cause loss of customers.=
$350.0 million senior secured revolving credit facility with debt-to-EBITDA covenants; no amounts drawn as of April 30, 2026.=
Impairment of goodwill and intangible assets could adversely affect operating results.=
Iran Conflict disrupting ocean shipping through Strait of Hormuz affecting global trade volumes=
Tariffs, retaliatory tariffs, and government trade policy changes impacting supply chains and demand=
Intellectual property indemnification obligations to customers with no dollar limits or time restrictions.=
Environmental regulations and ESG initiatives could restrict operations or increase costs.=
Changes in government filing requirements for global trade and regulatory compliance could impact business.=
Success dependent on ability to develop AI-enhanced products and maintain technological competitiveness=
Use of AI presents risks including data privacy, cyber security, and IP infringement.=
Rapid technological change and growth of ecommerce requiring sophisticated product offerings=
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2026-03-11 (FY2026), source 30
Rapidly changing geopolitical landscape impacts shipping and supply chains=
Tariff uncertainty and potential recovery of previously-paid tariffs impact customer forecasting=
Impact of network failures, information security breaches or cyber-security threats=
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2025-12-04 (2026-Q3), source 28
Patent and trademark protection may not be adequate; competitors and unauthorized parties could copy products.=
Decline in global shipment volumes from cyclical factors, trade disputes, or global health events2027-Q1
2026-06-04 34
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2025-09-04 (2026-Q2), source 27
Contingent consideration up to $43.0 million potentially payable based on acquisition revenue performance targets.2027-Q1
2026-06-04 34
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2025-06-05 (2026-Q1), source 23
System failures, information security breaches, cyber-attacks could disrupt services and impair reputation2027-Q1
2026-06-04 34
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2025-03-06 (FY2025), source 19
Need for additional capital may be unavailable or obtainable only on unfavorable terms.2027-Q1
2026-06-04 34
Internal control systems may be insufficient to prevent or detect all errors or fraud.2027-Q1
2026-06-04 34
Decreased capital and operating expenditures by customers due to economic conditions, inflation, interest rates, or geopolitical events.2027-Q1
2026-06-04 34
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2024-12-04 (2024-Q3), source 18
Ability to retain or obtain sufficient capital to execute business strategyFY2026
2026-03-11 30
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2024-09-05 (2025-Q2), source 15
Subject to litigation claims for product errors, malfunctions, or acquisition-related issues; insurance may be inadequate.2026-Q3
2025-12-04 28
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2024-05-30 (2025-Q1), source 12
Changes in trade or transportation regulations affecting customer requirementsFY2026
2026-03-11 30
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2023-12-06 (2024-Q3), source 8
Intellectual property infringement indemnification obligations not subject to dollar limits2026-Q2
2025-09-04 27
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2023-09-07 (2024-Q2), source 7
Loss of key customers or failure to renew contracts could adversely affect revenues and operating results.2027-Q1
2026-06-04 34
Litigation could result in significant costs and damage to reputation.2027-Q1
2026-06-04 34
Third parties have claimed and may claim company's products infringe their proprietary rights.2026-Q3
2025-12-04 28
Fluctuations in US dollar against Canadian dollars, euros, and other currencies could affect operating results.2027-Q1
2026-06-04 34
The Descartes Systems Group: first mention in 6-K-EX99.1 earnings release of 2023-03-01 (FY2023), source 3
Churn of approximately 5-7% of annual recurring services revenues in typical year2027-Q1
2026-06-04 34
IP infringement indemnifications with unlimited scope covering entire license term2027-Q1
2026-06-04 34
Disruptions in freight movement due to labor disputes, natural disasters, or trade agreements could reduce revenues.2027-Q1
2026-06-04 34
Competition for skilled personnel and wage escalation could increase operating costs and affect business performance.2027-Q1
2026-06-04 34
Deterioration of general economic conditions or instability in financial marketsFY2026
2026-03-11 30
= last mention identical with the first mention (same source)

The Descartes Systems Group Reported KPIs (as disclosed) (385)

NadirAlpha collects 385 reported KPIs of The Descartes Systems Group from the filings up to Q2 FY2027; the definition comes from the company, period and source are stated at every value. NadirAlpha methodology

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
The Descartes Systems Group: reported KPIs as disclosed, 385 entries. Compiled by NadirAlpha from SEC filings.
KPIValue / changeSource
The Descartes Systems Group, published 2026-09-11, period 2027-Q2
Services revenue %94%39
Revenue USD %75%39
Revenue EUR %9%39
Revenue CAD %5%39
Revenue GBP %6%39
Operating expense USD %55%39
Operating expense EUR %14%39
Operating expense CAD %18%39
Operating expense GBP %4%39
NCIB authorizationapproximately 8.6 million common shares39
Common shares repurchasedapproximately 0.7 million39
Common shares outstanding85,548,55339
Capex H1 2027 %1%39
Capex$4.6 million39
Baseline calibration %approximately 38%39
Baseline calibrationapproximately $69.5 million39
Working capital surplus264.339
Services revenue %94%39
Services revenue369.139
Remaining performance obligations729.6 million39
Professional services revenue23.939
License revenue1.739
Gross margin services80%39
Gross margin professional services41%39
Equity derivatives - Weighted avg. purchase price$43.0439
Equity derivatives - Shares316,87539
Deferred revenue - Long-term75139
Deferred revenue - Current123,87439
Contract assets1,69639
Cash from operations156.439
Cash401.139
Capitalized contract costs23.1 million39
The Descartes Systems Group, published 2026-06-04, period 2027-Q1
Baseline revenues169.034
Baseline operating expenses102.534
Baseline calibration66.534
Unsatisfied performance obligations$725.1 million34
Operating lease expense prior year1,09634
Operating lease expense1,05434
Equity derivative contracts8,80834
Contingent consideration11,90634
The Descartes Systems Group, published 2026-05-05, period FY2026
Revenue target growth8.1% - 12.9%33
Revenue actual growth12%33
Cash flow from operations target % adjusted EBITDA80-90%33
Cash flow from operations % adjusted EBITDA81%33
Adjusted EBITDA as a % of revenues45%33
The Descartes Systems Group, published 2026-03-11, period FY2026
Gross margin77%30
Adjusted EBITDA as a % of revenues45%30
The Descartes Systems Group, published 2025-12-04, period 2026-Q3
Working capital surplus182.428
Unvested deferred share units0.328
Unvested cash-settled restricted share units1.128
Total operating expenses %36%28
Stock options issued and outstanding1,550,80628
Stock options available for grant1,870,43028
Stock-based compensation6.0 million28
Sales and marketing % of revenues12%28
Revolving credit facility350.028
Revenue composition USD %73%28
Revenue composition GBP %7%28
Revenue composition EUR %11%28
Revenue composition CAD %5%28
Restructuring plan total cost4.3 million to 4.6 million28
Restructuring plan recorded to date4.3 million28
Restricted share units issued and outstanding473,99928
Research and development % of revenues14%28
Recurring revenue loss expectation per year4% to 7%28
Performance share units potential maximum253,28428
Performance share units issued and outstanding1,012,26828
Performance restricted share unit plans available1,797,98128
Operating lease obligations total8.228
Operating lease obligations less than 1 year3.628
Operating lease obligations 4 to 5 years0.728
Operating lease obligations 1 to 3 years3.928
operating expenses composition USD pct55%28
operating expenses composition GBP pct4%28
operating expenses composition EUR pct13%28
operating expenses composition CAD pct18%28
interest expense0.2 million28
income tax rate24.8%28
income tax rate 9M24.1%28
gross margin % total77%28
gross margin % services80%28
gross margin % professional services36%28
gross margin % license89%28
G&A % of revenues10%28
estimated amortization expense20.9 million28
estimated amortization expense 2030 thereafter106.7 million28
estimated amortization expense40.7 million28
estimated amortization expense52.7 million28
estimated amortization expense61.3 million28
estimated amortization expense68.7 million28
equity derivative shares302,91528
effective tax rate Q4 2026 guidance24% to 28%28
effective tax rate first three quarters24%28
deferred revenue117.128
contingent consideration payment0.5 million28
contingent consideration accrued11.128
common shares issued outstanding85,986,82328
cash foreign subsidiaries116.128
capex pct of revenues first three quarters1%28
capex guidance1.0 to 2.0 million28
capex first three quarters4.3 million28
baseline revenues161.0 million28
baseline operating expenses98.5 million28
baseline calibration62.5 million28
baseline calibration pct of revenue39%28
accrued liabilities76.028
Remaining performance obligations571.7 million28
Adjusted EBITDA85,48928
The Descartes Systems Group, published 2025-09-04, period 2026-Q2
services revenues pct93%27
recurring revenue loss expectationover a one-year period may lose approximately 4% to 7% of aggregate annualized recurring revenues from previous year, potentially higher in fiscal 2026 due to trade war uncertainty27
cash240,63227
Baseline calibrationapproximately $61.0 million, or approximately 39% of baseline revenues27
Remaining performance obligations553.827
Gross margin percentage - Total77%27
Gross margin percentage - Services80%27
Cash240.6 million27
The Descartes Systems Group, published 2025-06-05, period 2026-Q1
Services revenues156.623
Professional services and other revenues11.823
License revenues0.323
Gross margin76%23
Cash at April 30176.423
Adjusted EBITDA as a % of revenues45%23
The Descartes Systems Group, published 2025-05-01, period FY2025
Target Cash Flow from Operations80-90%22
FY25 Revenue Target Growth8.5%-12.5%22
FY25 Revenue Actual Growth13.6%22
Cash generated from operations245 million22
Adjusted EBITDA as a % of revenues45%22
Actual Cash Flow from Operations86%22
The Descartes Systems Group, published 2025-03-06, period FY2025
Working capital surplus135.519
Stock options outstanding1,501,90119
Stock options available for grant2,177,29019
Stock-based compensation estimate15.1 million19
Services revenue pct91%19
Revenue currency mix USD72%19
Revenue currency mix GBP7%19
Revenue currency mix EUR11%19
Revenue currency mix CAD6%19
Restricted share units outstanding489,68919
PSU/RSU units available for grant1,946,44919
PSU maximum potential282,57019
Performance share units outstanding1,008,64519
Operating expenses currency mix USD54%19
Operating expenses currency mix GBP4%19
Operating expenses currency mix EUR13%19
Operating expenses currency mix CAD19%19
Interest expense estimate1.1 million19
Expected tax rate range FY2026 low24%19
Expected tax rate range FY2026 high28%19
Estimated amortization thereafter73.8 million19
Estimated amortization29.3 million19
Estimated amortization41.0 million19
Estimated amortization49.4 million19
Estimated amortization56.6 million19
Estimated amortization71.2 million19
Equity derivatives shares332,47319
Effective tax rate25%19
DSU liability unvestednil19
Current liabilitiesdeferred_revenue_104.2_accrued_liabilities_79.7_accounts_payable_20.719
Current assetscash_236.1_trade_receivables_54.0_prepaid_45.519
CRSU liability unvested1.2 million19
Credit facility350.019
contingent consideration estimate2.6 million19
contingent consideration accrued8.7 million19
Common shares outstanding85,605,96919
capital expenditures pct1%19
capital expenditures6.8 million19
capex estimate FY2026 low6.0 million19
capex estimate FY2026 high7.0 million19
baseline revenues145.0 million19
baseline operating expenses89.5 million19
baseline calibration55.5 million19
baseline calibration pct38%19
annual churn rate4% to 6%19
Revenues651,00019
Remaining performance obligations528.3 million19
The Descartes Systems Group, published 2024-12-04, period 2024-Q3
Services revenues149.718
Professional services and other revenues15.618
License revenues3.518
Income from operations45.818
Gross margin74%18
Diluted EPS0.4218
Cash provided by operating activities60.118
Cash181.3 million18
Adjusted EBITDA as % of revenues43%18
The Descartes Systems Group, published 2024-09-05, period 2025-Q2
Working capital surplus161.415
Stock options outstanding1,618,94115
Stock options available for grant2,176,85715
services revenue pct89%15
Revolving credit facility350.015
revenues USD72%15
revenues GBP7%15
revenues EUR11%15
revenues CAD7%15
Restricted share units outstanding492,11015
PSU/RSU units available for grant1,943,02115
PSU maximum potential units282,57015
prepaid expenses and other39.015
Performance share units outstanding1,014,96115
operating expenses USD52%15
operating expenses GBP4%15
Operating Expenses EUR13%15
Operating Expenses CAD21%15
Equity derivatives shares330,44115
Effective Tax Rate27%15
DSU liability unvested0.915
deferred revenue103.715
CRSU liability unvested1.515
contingent consideration accrued1.515
Common shares outstanding85,480,62515
Cash Balance Jul 31252.715
Cash Balance Jan 31321.015
Capex H1 2025 % Revenues1%15
Baseline Revenues141.0 million15
Baseline Operating Expenses87.5 million15
Baseline Calibration53.5 million15
Available Credit Facility350.015
Anticipated Stock-Based Compensation Remainder10.9 million15
Anticipated Interest Expense Remainder0.5 million15
Anticipated Effective Tax Rate Remainder25% to 30%15
Anticipated Capex Remainder2.0 to 3.0 million15
Anticipated Aggregate Amortization Thereafter82.1 million15
Anticipated Aggregate Amortization Remainder33.1 million15
Anticipated Aggregate Amortization33.6 million15
Anticipated Aggregate Amortization42.0 million15
Anticipated Aggregate Amortization49.2 million15
Anticipated Aggregate Amortization63.9 million15
Anticipated acquisition payments ASD remainder3.6 million15
accrued liabilities65.215
Remaining Performance Obligations430.1 million15
Deferred Revenue105,073 (USD in thousands of US dollars)15
The Descartes Systems Group, published 2024-05-30, period 2025-Q1
Adjusted EBITDA as a % of revenues44%12
The Descartes Systems Group, published 2024-05-06, period FY2024
Cash from operations as % of Adjusted EBITDA84%11
Cash from operations$207.7 million11
The Descartes Systems Group, published 2024-03-07, period FY2024
Unremitted earnings$909.0 million9
Performance obligations unsatisfied$445.5 million9
Performance obligations 24-month recognition80%9
Equity derivatives weighted average price$35.679
Equity derivatives shares311,0819
DSU liability$27.3 million9
DSU holders shares311,0819
Amortization expected thereafter$47.1 million9
Amortization expected$23.1 million9
Amortization expected$31.4 million9
Amortization expected$38.6 million9
Amortization expected$53.3 million9
Amortization expected$57.5 million9
The Descartes Systems Group, published 2023-12-06, period 2024-Q3
Stock-based compensation4.4 million8
Services revenue %91%8
Revenue by currency Q3 FY2024 USD72%8
Revenue by currency Q3 FY2024 GBP7%8
Revenue by currency Q3 FY2024 EUR10%8
Revenue by currency Q3 FY2024 CAD7%8
Remaining performance obligations432.5 million8
Operating expenses by currency Q3 FY2024 USD52%8
Operating expenses by currency Q3 FY2024 GBP4%8
Operating expenses by currency Q3 FY2024 EUR13%8
Operating expenses by currency Q3 FY2024 CAD21%8
Expected tax rate23% to 25%8
Expected amortization thereafter69.7 million8
Expected amortization14.7 million8
Expected amortization31.0 million8
Expected amortization38.10 million8
Expected amortization52.6 million8
Expected amortization56.9 million8
Estimated interest expense0.3 million8
Estimated customer churn annual4% to 6%8
Estimated Capex1.0 to 2.0 million8
effective tax rate first three quarters24.3%8
contingent consideration payment23.3 million8
Capex % revenues YTD1%8
Capex first three quarters4.8 million8
baseline revenues127.0 million8
baseline operating expenses79.0 million8
baseline calibration48.0 million8
baseline calibration %38%8
Services revenues % of total91%8
Professional services and other % of total8%8
License revenues % of total1%8
The Descartes Systems Group, published 2023-09-07, period 2024-Q2
weighted average shares diluted86,7837
weighted average shares diluted86,7647
weighted average shares basic85,0837
weighted average shares basic85,0177
unrecognized DSU amount0.8 million7
unrecognized CRSU amount1.0 million7
total shareholders equity1,173,8047
total liabilities242,3187
total income tax expense10,3837
Total income tax expense18,8127
Total assets1,416,1227
Stock options outstanding1,655,6177
Stock options available for grant2,439,9807
Stock-based compensation remainder9.3 million7
Sales and marketing17,3217
Sales and marketing34,3747
Right-of-use assets5,7987
Revenue143,3937
Revenue280,0077
Revenue distribution Q2 2024 USD72%7
Revenue distribution Q2 2024 other5%7
Revenue distribution Q2 2024 GBP7%7
Revenue distribution Q2 2024 EUR10%7
Revenue distribution Q2 2024 CAD6%7
Retained earnings162,3177
Restricted share units outstanding482,0947
Research and development21,7387
Research and development41,8057
PSU/RSU units available for grant386,7787
Property and equipment net12,6037
prepaid expenses and other26,4267
Performance share units potential maximum268,0917
Performance share units outstanding991,7727
Other long-term assets22,6577
Other comprehensive income8,4357
Other comprehensive income8,4397
Other charges2,4557
Other charges4,3887
Operating expenses distribution Q2 2024 USD51%7
Operating expenses distribution Q2 2024 other10%7
Operating expenses distribution Q2 2024 GBP4%7
Operating expenses distribution Q2 2024 EUR13%7
Operating expenses distribution Q2 2024 CAD22%7
Net income28,1167
Net income57,4697
Long-term debt–7
Lease obligations, long-term2,9777
Lease obligations, current3,1777
Investment income2,0097
Investment income3,5707
Interest expense(340)7
Interest expense(677)7
Interest expense, remainder0.5 million7
Income from operations36,8307
Income from operations73,3887
Income before income taxes38,4997
income before income taxes76,2817
gross margin108,4197
gross margin212,1487
general and administrative14,5917
general and administrative28,0357
equity derivatives Descartes shares308,4277
effective tax rate first half24.7%7
effective tax rate anticipated23% to 27%7
DSU liability Descartes shares308,4277
diluted earnings per share0.327
diluted earnings per share0.667
deferred revenue long term1,7737
deferred revenue current85,4217
deferred income taxes liability26,5937
deferred income taxes3,7607
deferred income tax expense(1,869)7
deferred income tax expense(1,061)7
Current liabilities203,7987
current income tax expense12,2527
current income tax expense19,8737
cost of revenues34,9747
Cost of revenues67,8597
Contingent consideration payments, remainder22.8 million7
Contingent consideration, financing10.1 million7
Contingent consideration, acquisitions213.0 million7
Contingent consideration, acquisition date12.7 million7
contingent consideration accrued46.9 million7
Comprehensive income36,5517
Comprehensive income65,9087
Common shares, value546,9847
Common shares issued and outstanding85,095,9297
cash227,4097
Capital expenditures, remainder2.0 to 3.0 million7
Capital expenditures, H1 2024 % of revenues1%7
Basic EPS0.337
Basic EPS0.687
Baseline revenues124.0 million7
Baseline operating expenses78.0 million7
Baseline calibration46.0 million7
Baseline calibration, % of revenues37%7
Aggregate amortization, thereafter70.9 million7
Aggregate amortization, remainder29.8 million7
Aggregate amortization31.5 million7
Aggregate Amortization38.7 million7
Aggregate Amortization53.4 million7
Aggregate Amortization57.7 million7
Additional Paid-In Capital486,5207
Accumulated Other Comprehensive Income(22,017)7
accrued liabilities98,0917
The Descartes Systems Group, published 2023-06-01, period 2024-Q1
Gross margin76%6
Adjusted EBITDA as a % of revenues42%6

The Descartes Systems Group Development

The business development of The Descartes Systems Group period by period up to Q2 FY2027, each text from the original report of that period, source numbers lead to the source. NadirAlpha methodology

FY2027: The Descartes Systems Group

Descartes posted revenue of 193.6 million in Q1 2027, up 14.8% from the prior-year period, driven by growth from new and existing customers and the full-period contribution of fiscal 2026 acquisitions 34. Net income in Q1 reached 48.5 million, higher than the prior-year period primarily due to revenue growth and decreased amortization of intangible assets, with diluted earnings per share of 0.55 34. Through the first half of fiscal 2027, total revenues were $394.7 million versus $348.6 million in the first half of fiscal 2026, and gross margin improved to 78% from 77% in the prior-year half 39. The company completed five acquisitions, OrderMine, Idelic, Drivin, TAI, and Extensiv, spanning forecasting, driver safety, last-mile delivery in Latin America, transportation intelligence, and third-party logistics fulfillment, with TAI and Extensiv closing after the Q2 period end 34 39. For Q3 2027, Descartes indicated baseline revenues of approximately $181.0 million and baseline operating expenses of approximately $111.5 million 39.

FY2026: The Descartes Systems Group

Descartes posted full-year revenue of 729 million in fiscal 2026, up 12% from $651.0 million in FY25, with services revenues growing 15% to $677.2 million and representing 93% of total revenues 30. Operating income reached 210 million, up 16%, while net income was 163.8 million, up 14% year-over-year 30. Adjusted EBITDA grew 16% to $329.5 million, representing 45% of revenues versus 44% in FY25, exceeding the high end of the company's 10-15% annual growth target 30. Cash provided by operating activities grew 21% to 266.2 million, and the cash position strengthened to 356.5 million at fiscal year-end 30. During the year, Descartes completed three acquisitions including 3GTMS for approximately $112.7 million and implemented a restructuring plan targeting a 7% reduction in global headcount 30.

FY2025: The Descartes Systems Group

Descartes Systems Group grew total revenues 13.6% to 651 million in fiscal 2025, surpassing the high end of its 8.5%-12.5% target range, with services revenues representing 91% of total revenues, consistent with the prior year 19 22. The company completed five acquisitions during the year, including OCR Services, Aerospace Software Developments, BoxTop Technologies, Assure Assist, and Sellercloud, adding 181.0 million in goodwill to the balance sheet 19. Descartes Systems Group reported net income of 143.3 million, up 23.6% from 115.9 million in fiscal 2024, and diluted earnings per share of 1.64 compared to 1.34 in fiscal 2024 19. Adjusted EBITDA grew 15% to 284.7 million, exceeding the high end of the company's 10-15% annual growth plan, while cash provided by operating activities reached 219.3 million for the year 19 22.

FY2024: The Descartes Systems Group

Descartes Systems Group reported full-year revenues of 572.9 million for fiscal 2024, up 17.9% from $486.0 million in the prior year, exceeding the high end of the 12.5-17.5% annual growth target, driven by global trade intelligence, routing and transportation management solutions 9 11. Descartes reported net income of 115.9 million, up 13.4% from $102.2 million, and adjusted EBITDA of $247.5 million, up 15%, exceeding the high end of the 10-15% annual growth target 9 11. The company completed two acquisitions during the year: GroundCloud for approximately $136.8 million net of cash with contingent consideration up to $80.0 million, adding cloud-based final-mile carrier solutions and road safety compliance, and Localz for approximately $5.9 million net of cash, a cloud-based customer engagement platform for day-of-service interaction 9. Operating cash flow reached 207.7 million and the year-end cash balance increased to 321 million from $276.4 million at the prior year-end 9. Services revenues comprised 91% of total revenues throughout the year, supported by continued migration of legacy license-based customers to services-based architecture 9.

FY2023: The Descartes Systems Group

Descartes reported full-year revenue of 486 million in FY2023, growing 14% from the prior fiscal year and exceeding the stated 10-14% growth target despite significant adverse foreign exchange effects 5. Services revenue reached $435.7 million, representing 90% of total revenues, driven by global trade intelligence solutions, while gross margin improved to 77% from 76% in the prior year 3. Adjusted EBITDA grew 16% to $215.2 million, surpassing both the $204.3 million target and the high-end approximately 15% growth target 5. Net income rose to 102.2 million and operating cash flow reached 192.4 million, representing 89% of adjusted EBITDA, with cash of 276.4 million at fiscal year end 5. Descartes completed acquisitions of NetCHB, Foxtrot, XPS Technologies, and Supply Vision during the fiscal year and subsequently acquired GroundCloud for approximately $138.0 million in February 2023 3.

Glossary

  • Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
  • Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
  • EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
  • Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
  • EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
  • FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
  • OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
  • Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
  • Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
  • *: derived, the formula is in the hover
  • ≈: calculated, approximation
  • ~: uncertain; the value stays visible, verdicts do not use it
  • °: repaired by a targeted query against the document, or curated with documentary evidence
  • EBIT: EBIT as a fallback: the income statement carries no operating line
  • basic: basic earnings per share as a fallback when diluted is missing

Sources: quarterly reports, annual reports and investor relations documents

All original documents NadirAlpha used for this report on The Descartes Systems Group stock: quarterly and annual reports, earnings releases and investor relations documents, sorted by publication, the document type is the link. NadirAlpha methodology

45 documents · 2016 to 2026 · SEC EDGAR (USA)
Sources for The Descartes Systems Group stock: 45 original documents, 2016 to 2026. Compiled by NadirAlpha.
#Document typePublished
#16-K-EX99.1 earnings release2023-01-06
#26-K-EX99.1 earnings release2023-02-14
#36-K-EX99.1 earnings release2023-03-01
#440-F annual report2023-04-24
#56-K-EX99.1 earnings release2023-05-11
#6 / #1066-K-EX99.1 earnings release2023-06-01
#76-K-EX99.1 earnings release2023-09-07
#8 / #1096-K-EX99.1 earnings release2023-12-06
#96-K-EX99.1 earnings release2024-03-07
#1040-F annual report2024-04-22
#116-K-EX99.1 earnings release2024-05-06
#12 / #1146-K-EX99.1 earnings release2024-05-30
#136-K-EX99.1 earnings release2024-06-12
#146-K-EX99.1 earnings release2024-06-17
#156-K-EX99.1 earnings release2024-09-05
#166-K-EX99.1 earnings release2024-09-18
#176-K-EX99.1 earnings release2024-10-15
#18 / #1206-K-EX99.1 earnings release2024-12-04
#196-K-EX99.1 earnings release2025-03-06
#206-K-EX99.1 earnings release2025-03-25
#2140-F annual report2025-04-22
#226-K-EX99.1 earnings release2025-05-01
#23 / #1256-K-EX99.1 earnings release2025-06-05
#246-K-EX99.1 earnings release2025-06-16
#256-K-EX99.1 earnings release2025-06-20
#266-K-EX99.1 earnings release2025-08-04
#276-K-EX99.1 earnings release2025-09-04
#28 / #1306-K-EX99.1 earnings release2025-12-04
#296-K-EX99.1 earnings release2025-12-09
#306-K-EX99.1 earnings release2026-03-11
#3140-F annual report2026-03-11
#326-K-EX99.1 earnings release2026-04-23
#336-K-EX99.1 earnings release2026-05-05
#34 / #1366-K-EX99.1 earnings release2026-06-04
#356-K-EX99.1 earnings release2026-06-12
#366-K-EX99.1 earnings release2026-07-06
#376-K-EX99.1 earnings release2026-08-24
#386-K-EX99.1 earnings release2026-09-01
#396-K-EX99.1 earnings release2026-09-11
Older sources (+6)
Older sources for The Descartes Systems Group, 6 documents
#Document typePublished
#20140-F annual report2016-04-07
#20240-F annual report2016-04-07
#20340-F annual report2017-04-26
#20440-F annual report2019-04-22
#20540-F annual report2020-04-14
#2066-K2022-09-08

The Descartes Systems Group Stock FAQ

Which additional key figures does The Descartes Systems Group report?

As reported for Q2 FY2027 (May to Jul 2026): Remaining performance obligations, Cash, Cash from operations, Services revenue %, Services revenue, Professional services revenue. The chapter Reported KPIs lists every value with its source. Revenue is broken down by EMEA, Services, United States, Europe, Middle East and Africa.

Where can I find the official investor relations documents of The Descartes Systems Group?

NadirAlpha links all 45 original filings used (SEC filings) in the sources chapter: earnings release, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.

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