Analyst Consensus ?
ConsensusHold28 ratings
Bullish828.6%
Neutral1864.3%
Bearish27.1%
DocuSign, Inc. · DOCU · FY2027 Q2 · Calendar Q3 2026
DocuSign Q2 FY27: IAM momentum supports a raised outlook
The quarter supports a constructive view of DocuSign's growth trajectory: IAM adoption accelerated, AI capabilities and integrations expanded, and management raised full-year guidance while maintaining cash-generation and cost-discipline priorities. The key test is whether these initiatives improve attach rates, retention, and durable growth without weakening margins.
Reported After market closeNASDAQTechnology
$13.19B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.16
Consensus $1.09
EPS surprise
+6.4%
Reported versus consensus
Reported revenue
$875.7M
Consensus $867.2M
Revenue surprise
+1.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+3.7%
Event window
SPY move
-0.4%
Same window
Abnormal move
+4.1%
Stock minus SPY
Volume
2.5×
Versus trailing sessions
Subsequent drift
+1.0%
Up to 20 sessions
DOCUSPY benchmark
Ask FN2 about DOCU FY2027 Q2
Transcript, numbers and history already loaded
Why did DOCU rise 3.7% after beating EPS estimates in FY2027 Q2?What changed in DOCU's guidance and outlook in FY2027 Q2?Give me the bull and bear case for DOCU after FY2027 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with Q1, IAM's share of ARR increased from 12.6% to 15.1%, full-year guidance was raised, and management added detail on the MCP server, AI Assistant and Agentic expansion, and broader platform integrations.
Guidance delta
Management raised full-year revenue, ARR, and IAM-contribution guidance.
Key takeaways
- Q2 revenue was $876 million, up 9% year over year, with a 32% operating margin.
- IAM reached 15.1% of ARR, up from 12.6% in Q1, and remains the main growth engine.
- Management highlighted $296 million of free cash flow and $307 million of share repurchases.
- The MCP server is slated for general availability by month-end, alongside further AI product and integration rollouts.
Management priorities
- Expand IAM, AI Assistant, and Agentic capabilities.
- Broaden integrations across major AI platforms and enterprise applications.
- Maintain free-cash-flow generation and cost discipline while investing in product development.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$69.07Previous close
$45Low
$71.93Average
$95High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 4, 2026 |
| UBS | Neutral | Neutral | Maintain | Sep 4, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Sep 4, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Sep 4, 2026 |
| Needham | Hold | Hold | Maintain | Sep 4, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 4, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Sep 4, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Sep 4, 2026 |
| BTIG | Buy | Buy | Maintain | Sep 4, 2026 |
| Baird | Neutral | Neutral | Maintain | Sep 4, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Sep 4, 2026 |
| Wedbush | Neutral | Neutral | Maintain | Jun 5, 2026 |
| Jefferies | Hold | Hold | Maintain | Jun 5, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Mar 18, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Dec 5, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 3, 2025 |
| Argus Research | Hold | Hold | Maintain | Sep 8, 2025 |
| William Blair | Outperform | Market Perform | Upgrade | Mar 17, 2025 |
| Citizens Capital Markets | Market Outperform | Market Outperform | Maintain | Mar 14, 2025 |
| HSBC | Reduce | Hold | Downgrade | Dec 6, 2024 |
| Oppenheimer | Perform | Perform | Maintain | Mar 8, 2024 |
| Daiwa Capital | Outperform | Buy | Maintain | Dec 15, 2023 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | Feb 23, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Dec 4, 2020 |
| Goldman Sachs | Neutral | Neutral | Maintain | Mar 27, 2020 |
| Bank of America | Neutral | Neutral | Maintain | Dec 6, 2019 |
| DA Davidson | Buy | Buy | Maintain | Oct 17, 2019 |
| Citi | Buy | Buy | Maintain | Sep 6, 2019 |
Named analyst price targets
Upside is calculated against the persisted previous close $69.07. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $70 | $65.82 | +1.3% | Sep 4, 2026 |
| Piper Sandler | Rob Owens | $75 | $65.97 | +8.6% | Sep 4, 2026 |
| Robert W. Baird | William Power | $72 | $65.97 | +4.2% | Sep 4, 2026 |
| Morgan Stanley | Josh Baer | $75 | $65.97 | +8.6% | Sep 4, 2026 |
| Wells Fargo | Michael Turrin | $60 | $65.97 | -13.1% | Sep 4, 2026 |
| Evercore ISI | Kirk Materne | $65 | $65.97 | -5.9% | Sep 4, 2026 |
| BTIG | Analyst unavailable | $75 | $64.64 | +8.6% | Sep 2, 2026 |
| Wedbush | Analyst unavailable | $58 | $47.18 | -16.0% | Jun 5, 2026 |
| UBS | Analyst unavailable | $60 | $50.94 | -13.1% | Jun 5, 2026 |
| Wells Fargo | Michael Turrin | $55 | $50.94 | -20.4% | Jun 5, 2026 |
| Jefferies | Brent Thill | $45 | $44.48 | -34.8% | Feb 23, 2026 |
| BTIG | Analyst unavailable | $70 | $45.21 | +1.3% | Feb 18, 2026 |
| HSBC | Analyst unavailable | $53 | $43.74 | -23.3% | Feb 13, 2026 |
| RBC Capital | Analyst unavailable | $70 | $64.85 | +1.3% | Jan 5, 2026 |
| BTIG | Allan Verkhovski | $88 | $67.58 | +27.4% | Dec 16, 2025 |
| Evercore ISI | Analyst unavailable | $80 | $66.08 | +15.8% | Dec 5, 2025 |
| UBS | Karl Keirstead | $75 | $66.48 | +8.6% | Dec 5, 2025 |
| RBC Capital | Rishi Jaluria | $95 | $66.66 | +37.5% | Dec 5, 2025 |
| Wedbush | Daniel Ives | $75 | $71.1 | +8.6% | Dec 5, 2025 |
| Robert W. Baird | Analyst unavailable | $75 | $71.1 | +8.6% | Dec 5, 2025 |
| Wells Fargo | Analyst unavailable | $75 | $71.1 | +8.6% | Dec 5, 2025 |
| UBS | Analyst unavailable | $95 | $79.86 | +37.5% | Sep 5, 2025 |
| Evercore ISI | Kirk Materne | $92 | $79.86 | +33.2% | Sep 5, 2025 |
| Robert W. Baird | Analyst unavailable | $93 | $85.76 | +34.6% | Mar 14, 2025 |
| Piper Sandler | Rob Owens | $60 | $56.93 | -13.1% | Sep 6, 2024 |
| Robert W. Baird | William Power | $59 | $56.93 | -14.6% | Sep 6, 2024 |
| Citigroup | Tyler Radke | $87 | $56.93 | +26.0% | Sep 6, 2024 |
| UBS | Karl Keirstead | $56 | $52.05 | -18.9% | Jun 7, 2024 |
| Morgan Stanley | Josh Baer | $62 | $54.6 | -10.2% | Jun 7, 2024 |
| Robert W. Baird | William Power | $55 | $54.6 | -20.4% | Jun 7, 2024 |
| RBC Capital | Rishi Jaluria | $52 | $54.6 | -24.7% | Jun 7, 2024 |
| UBS | Karl Keirstead | $62 | $59.48 | -10.2% | Apr 12, 2024 |
| Evercore ISI | Kirk Materne | $60 | $59.48 | -13.1% | Apr 12, 2024 |
| Morgan Stanley | Josh Baer | $64 | $62.65 | -7.3% | Jan 16, 2024 |
| Wedbush | Daniel Ives | $67 | $50.61 | -3.0% | Sep 8, 2023 |
| JMP Securities | Patrick Walravens | $84 | $51.9 | +21.6% | Mar 10, 2023 |
| Jefferies | Analyst unavailable | $70 | $56.27 | +1.3% | Jan 5, 2023 |
| Piper Sandler | Analyst unavailable | $55 | $56.27 | -20.4% | Jan 5, 2023 |
| Citigroup | Analyst unavailable | $72 | $52.05 | +4.2% | Dec 12, 2022 |
| Piper Sandler | Rob Owens | $48.7 | $43.75 | -29.5% | Dec 9, 2022 |
| Piper Sandler | Analyst unavailable | $50 | $43.75 | -27.6% | Dec 9, 2022 |
| Citigroup | Analyst unavailable | $59 | $41.82 | -14.6% | Dec 6, 2022 |
| UBS | Analyst unavailable | $52 | $44.5 | -24.7% | Dec 5, 2022 |
| Jefferies | Analyst unavailable | $50 | $44.56 | -27.6% | Nov 30, 2022 |
| Morgan Stanley | Josh Baer | $47 | $51.56 | -32.0% | Oct 3, 2022 |
| RBC Capital | Rishi Jaluria | $55 | $55 | -20.4% | Sep 29, 2022 |
| Wolfe Research | Analyst unavailable | $53 | $64.04 | -23.3% | Sep 12, 2022 |
| Morgan Stanley | Keith Weiss | $73 | $62.37 | +5.7% | Sep 9, 2022 |
| Wedbush | Analyst unavailable | $55 | $63.61 | -20.4% | Sep 9, 2022 |
| Citigroup | Analyst unavailable | $68 | $55.14 | -1.5% | Sep 8, 2022 |
| RBC Capital | Rishi Jaluria | $65 | $65.92 | -5.9% | Aug 22, 2022 |
| Piper Sandler | Rob Owens | $54 | $67.66 | -21.8% | Jul 20, 2022 |
| JMP Securities | Patrick Walravens | $151 | $61.22 | +118.6% | Jul 2, 2022 |
| Wolfe Research | Alex Zukin | $50 | $58.68 | -27.6% | Jun 13, 2022 |
| Citigroup | Analyst unavailable | $90 | $87.36 | +30.3% | Jun 10, 2022 |
| Wells Fargo | Analyst unavailable | $63 | $87.36 | -8.8% | Jun 10, 2022 |
| Citigroup | Tyler Radke | $90 | $65.93 | +30.3% | Jun 10, 2022 |
| Bank of America Securities | Bradley Sills | $72 | $65.93 | +4.2% | Jun 10, 2022 |
| Bank of America Securities | Bradley Sills | $72 | $87.36 | +4.2% | Jun 10, 2022 |
| Bank of America Securities | Bradley Sills | $72 | $87.36 | +4.2% | Jun 10, 2022 |
| Wells Fargo | Michael Turrin | $63 | $65.93 | -8.8% | Jun 10, 2022 |
| RBC Capital | Rishi Jaluria | $80 | $65.93 | +15.8% | Jun 10, 2022 |
| Wedbush | Daniel Ives | $60 | $83.29 | -13.1% | May 3, 2022 |
| Robert W. Baird | William Power | $105 | $101.71 | +52.0% | Apr 11, 2022 |
| UBS | Karl Keirstead | $85 | $75.01 | +23.1% | Mar 11, 2022 |
| J.P. Morgan | Sterling Auty | $94 | $75.01 | +36.1% | Mar 11, 2022 |
| Evercore ISI | Kirk Materne | $100 | $75.01 | +44.8% | Mar 11, 2022 |
| FBN Securities | Shebly Seyrafi | $95 | $75.01 | +37.5% | Mar 11, 2022 |
| Citigroup | Tyler Radke | $137 | $91.98 | +98.3% | Mar 8, 2022 |
| Bank of America Securities | Bradley Sills | $360 | $310.05 | +421.2% | Sep 3, 2021 |
Track every rating change on DOCU the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationDocuSign, Inc. is a global provider of electronic signature software, operating both within the United States and internationally. The company's core offering is an e-signature solution that empowers businesses to digitally prepare, execute, finalize, and manage various agreements. Beyond its foundational e-signature service, DocuSign offers an extensive suite of tools for digital agreement management. This includes Contract Lifecycle Management (CLM) to streamline agreement workflows, and Insights, which leverages artificial intelligence to analyze agreements based on legal concepts and clauses. For Salesforce users, there's Gen, enabling sales teams to quickly generate agreements, and Negotiate, providing functionalities like approvals, document comparisons, and version control. Customers can also utilize Analyzer to comprehend documents before signing, and the advanced CLM+ for AI-driven contract lifecycle management.…
Technology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| IOT Samsara Inc. | FY2027 Q2 · Calendar Q3 2026 | +25.0% | +3.7% | Samsara: AI adoption expands as FY27 guidance holds |
| GWRE Guidewire Software, Inc. | FY2026 Q4 · Calendar Q3 2026 | +6.1% | -19.9% | Guidewire highlights cloud migration and AI product momentum |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
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Sources
- Earnings call transcript and parsed analysis · 2026-09-04T13:17:02.053958+00:00
- FN2 earnings calendar · 2026-09-20T01:23:12.707946+00:00
- Polygon adjusted daily market bars · 2026-09-21T00:00:47.520719+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T00:00:47.517748+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.