Jul 2026 (Q2 FY27) — Sep 3, 2026
DocuSign Q2 FY27 — Strong IAM Adoption and Raised ARR Guidance
Read the full callDocuSign (DOCU) earnings
- Jul 2026
- Jul 2026 (Q2 FY27)
- Jan 2026
DocuSign earnings: last reported Thu, 3 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 876 | +9.4% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 13.4 | +5.3 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | 77.7 | +23.4% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
59 of 61 judged targets kept · 27 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Discontinuation of billings as a reported metric | no longer report billings in fiscal 2027; Q4 fiscal 2026 the last quarter reported | Oct 2025 | To the question regarding on billings, we didn't guide to billings, and I just want to remind folks, billings can be quite volatile on a quarter-to-quarter basis just due to timing. | Achieved |
| Billings | $741 million to $751 million (5% year-over-year growth at the midpoint) | Jan 2025 | I think our billings grew 4% year-over-year in Q1 last year and the full year grew 9.5%. | Missed |
| Full-year non-GAAP operating margin | 30.0% to 30.5% | Jan 2026 | We expect non-GAAP operating margin to reach 29.7% to 30.2% for Q2 and 30.5% to 31.0% for fiscal 2027, an increase of 0.5% at the midpoint versus prior guidance. | Revised Up |
2 of DOCUSIGN, INC.'s 88 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 85 more targets are in the full ledger.
Claimed
- Intelligent Agreement Management (IAM) now accounts for 15.1% of total ARR, up from 12.6% in Q1.
- Revenue reached $876 million, representing a 9% year-over-year increase.
- Non-GAAP operating margin expanded to 31.6%, an increase of 180 basis points year-over-year.
- Free cash flow was $296 million, up over 35% from the prior year.
- Total customer growth accelerated to nearly 10% year-over-year, reaching over 1.9 million customers.
- The number of customers spending over $300,000 in ACV grew 14% year-over-year to nearly 1,300.
Qualified
- Non-GAAP gross margins were 81.7%, down slightly compared to the prior year due to ongoing cloud migration investment.
- Fiscal 2027 gross margins are expected to decline slightly year-over-year due to the cloud migration.
- Full year revenue guidance includes incremental foreign currency headwinds of approximately $4 million.
Price
$76.66 +2.69% · +$2.01
Performance +12.9% 1Y
1Y: $67.93 on 17 Oct 2025 → $76.66. High $77.52 (15 Oct 2026), low $41.75 (23 Feb 2026).
- Previous close
- $74.65
- 52-week range
- $41.75 – $77.52
- One year
- +8.46%
Overview
- Symbol
- DOCU
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
59 of 61 judged targets kept · 27 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Discontinuation of billings as a reported metric | no longer report billings in fiscal 2027; Q4 fiscal 2026 the last quarter reported | Oct 2025 | To the question regarding on billings, we didn't guide to billings, and I just want to remind folks, billings can be quite volatile on a quarter-to-quarter basis just due to timing. | Achieved |
| Billings | $741 million to $751 million (5% year-over-year growth at the midpoint) | Jan 2025 | I think our billings grew 4% year-over-year in Q1 last year and the full year grew 9.5%. | Missed |
| Full-year non-GAAP operating margin | 30.0% to 30.5% | Jan 2026 | We expect non-GAAP operating margin to reach 29.7% to 30.2% for Q2 and 30.5% to 31.0% for fiscal 2027, an increase of 0.5% at the midpoint versus prior guidance. | Revised Up |
Claimed
- Intelligent Agreement Management (IAM) now accounts for 15.1% of total ARR, up from 12.6% in Q1.
- Revenue reached $876 million, representing a 9% year-over-year increase.
- Non-GAAP operating margin expanded to 31.6%, an increase of 180 basis points year-over-year.
- Free cash flow was $296 million, up over 35% from the prior year.
- Total customer growth accelerated to nearly 10% year-over-year, reaching over 1.9 million customers.
- The number of customers spending over $300,000 in ACV grew 14% year-over-year to nearly 1,300.
Qualified
- Non-GAAP gross margins were 81.7%, down slightly compared to the prior year due to ongoing cloud migration investment.
- Fiscal 2027 gross margins are expected to decline slightly year-over-year due to the cloud migration.
- Full year revenue guidance includes incremental foreign currency headwinds of approximately $4 million.
The full ledger
Open DOCUSIGN, INC.’s full ledger
A free account opens 5 company ledgers a month. All 88 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q1 FY27) — Jun 4, 2026
DocuSign Q1 FY27 — IAM reaches 12.6% of ARR as buybacks hit a record $318M
Read the full callJan 2026 (Q4 FY26) — Mar 17, 2026
DocuSign Q4 FY26 — IAM Drives ARR Growth and Profitability
Read the full callEvery analysed call
DocuSign earnings calls (DOCU)
Financials
What the filings say
Net profit, year on year: +23% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 755 | 776 | 764 | 801 | 818 | 837 | 830 | 876 |
| Operating profit | 59 | 60 | 60 | 65 | 85 | 88 | 111 | 118 |
| Operating margin | 7.8% | 7.8% | 7.9% | 8.2% | 10.4% | 10.5% | 13.4% | 13.4% |
| Other income | 13 | 8 | 14 | 12 | 11 | 14 | 7 | 8 |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 72 | 68 | 74 | 76 | 96 | 102 | 118 | 125 |
| Tax rate | 12.8% | −23.0% | 2.3% | 17.6% | 12.4% | 11.1% | 33.6% | 37.8% |
| Net profit | 62 | 83 | 72 | 63 | 84 | 90 | 78 | 78 |
| EPS ($ per share) | 0.31 | — | 0.35 | 0.31 | 0.41 | — | 0.40 | 0.41 |
| Line item | Jan 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -929 | -1,137 | -1,380 | -1,438 | -1,599 | -1,670 | -1,287 | -1,856 |
| Total liabilities | 1,001 | 1,345 | 2,007 | 2,266 | 2,395 | 1,842 | 2,010 | 2,312 |
| Fixed assets | 76 | 128 | 165 | 185 | 200 | 245 | 299 | 362 |
| Total assets | 1,615 | 1,891 | 2,337 | 2,541 | 3,013 | 2,971 | 4,013 | 4,230 |
| Line item | Jan 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 76 | 116 | 297 | 506 | 507 | 980 | 1,017 | 1,165 |
| Cash from investing | -664 | -321 | 81 | -163 | -191 | 45 | -313 | -127 |
| Cash from financing | 853 | -70 | -59 | -395 | -98 | -946 | -839 | -1,100 |
| Net cash flow | 261 | -277 | 325 | -57 | 214 | 78 | -142 | -41 |
| Capital expenditure | -30 | -72 | -82 | -61 | -78 | -92 | -97 | -106 |
| Free cash flow | 46 | 44 | 215 | 445 | 429 | 887 | 920 | 1,059 |
DOCU revenue by segment
| Segment | Q2 FY2025 | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | Q2 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +9.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
DOCU operating KPIs by quarter
| KPI | Jan 2026 Q4 FY26 | Apr 2026 Q1 FY27 | Jul 2026 Q2 FY27 | Change vs prior quarter |
|---|---|---|---|---|
| Customers above an annual spend threshold | 1,205We ended the quarter with 1,205 customers spending over $300,000 annually, a 7% increase year-over-year.Source: earnings call transcript | 1,258We also saw the number of customers spending over $300,000 in ACV grow to 1,258, accelerating to 12% year-over-year growth the first time in 3 years that we have seen double-digit growth in this metric.Source: earnings call transcript | <1,300We also saw the number of customers spending over $300,000 in ACV grow 14% year-over-year to nearly 1,300, the second quarter in a row of double-digit growth.Source: earnings call transcript | — |
| Employees | 7,044We ended fiscal 2026 with 7,044 employees, up modestly from 6,838 a year ago, as we continue to invest deliberately in roles focused on growing the IAM platform.Source: earnings call transcript | 6,991We ended Q1 with 6,991 employees, down sequentially from Q4.Source: earnings call transcript | 7,137We ended Q2 with 7,137 employees, up 3% year-over-year.Source: earnings call transcript | +2.1% |
| Net revenue retention rate Direct | — | 102%+Dollar net retention or DNR with our direct customers was over 102%, a greater than 1 percentage point improvement versus Q1 of fiscal 2026.Source: earnings call transcript | 103%Dollar net retention, or DNR, from our Direct customers was 103% on a rounded basis, up modestly from last quarter and the prior year.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2027 · share of revenue
- US 69% ↓ 3 pt
- Non Us 31% ↑ 3 pt
As DOCU cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
162 filings between Nov 28, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$23.09M
74 sales by 10 insiders
96% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 3
- Award — granted as compensation
- 63
- Option exercise — converted options into shares
- 20
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Thygesen Allan C. | — | $6.11M | Oct 1, 2026 |
| GRAYSON BLAKE JEFFREY | — | $5.77M | Sep 8, 2026 |
| Chatwani Robert | — | $3.64M | Sep 17, 2026 |
| Solvik Peter | — | $3.00M | Sep 10, 2026 |
| Shaughnessy James P | — | $2.74M | Oct 1, 2026 |
| Hansen Paula | — | $1.18M | Oct 1, 2026 |
| Wilderotter Mary Agnes | — | $290.6K | Oct 1, 2026 |
| Marrs Anna | — | $156.4K | Sep 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Thygesen Allan C. President and CEO | Sale 10b5-1 plan | 7,475 | $512.3K |
| Oct 1, 2026 | Thygesen Allan C. President and CEO | Sale 10b5-1 plan | 13,598 | $944.4K |
| Oct 1, 2026 | Shaughnessy James P Chief Legal Officer | Sale 10b5-1 plan | 11,600 | $797.7K |
| Oct 1, 2026 | Thygesen Allan C. President and CEO | Sale 10b5-1 plan | 5,177 | $362.3K |
| Oct 1, 2026 | Wilderotter Mary Agnes Director | Sale 10b5-1 plan | 1,000 | $68.8K |
| Oct 1, 2026 | Shaughnessy James P Chief Legal Officer | Sale 10b5-1 plan | 400 | $27.8K |
| Oct 1, 2026 | Hansen Paula Chief Revenue Officer | Sale 10b5-1 plan | 3,000 | $206.3K |
| Oct 1, 2026 | Hansen Paula Chief Revenue Officer | Sale 10b5-1 plan | 300 | $20.8K |
| Sep 17, 2026 | Chatwani Robert President General Mgr, Growth | Sale 10b5-1 plan | 4,044 | $278.1K |
| Sep 17, 2026 | Chatwani Robert President General Mgr, Growth | Sale 10b5-1 plan | 10,632 | $740.6K |
| Sep 16, 2026 | Wilderotter Mary Agnes Director | Sale 10b5-1 plan | 1,096 | $77.4K |
| Sep 15, 2026 | Shaughnessy James P Chief Legal Officer | Tax withheld | 8,501 | $0 |
| Sep 15, 2026 | Shaughnessy James P Chief Legal Officer | Option exercise | 18,277 | $0 |
| Sep 15, 2026 | Thygesen Allan C. President and CEO | Tax withheld | 33,454 | $0 |
| Sep 15, 2026 | GRAYSON BLAKE JEFFREY Chief Financial Officer | Tax withheld | 17,730 | $0 |
| Sep 15, 2026 | Hansen Paula Chief Revenue Officer | Tax withheld | 19,559 | $0 |
| Sep 15, 2026 | Thygesen Allan C. President and CEO | Option exercise | 67,467 | $0 |
| Sep 15, 2026 | Hansen Paula Chief Revenue Officer | Option exercise | 39,444 | $0 |
| Sep 15, 2026 | Chatwani Robert President General Mgr, Growth | Option exercise | 35,307 | $0 |
| Sep 15, 2026 | Chatwani Robert President General Mgr, Growth | Tax withheld | 17,508 | $0 |
| Sep 15, 2026 | GRAYSON BLAKE JEFFREY Chief Financial Officer | Option exercise | 44,234 | $0 |
| Sep 14, 2026 | Marrs Anna Director | Sale 10b5-1 plan | 548 | $36.7K |
| Sep 10, 2026 | Briggs Teresa Director | Sale 10b5-1 plan | 548 | $35.4K |
| Sep 10, 2026 | Solvik Peter Director | Sale | 30,000 | $1.96M |
| Sep 10, 2026 | Solvik Peter Director | Sale | 16,000 | $1.04M |
| Sep 8, 2026 | GRAYSON BLAKE JEFFREY Chief Financial Officer | Sale 10b5-1 plan | 3,450 | $229.9K |
| Sep 8, 2026 | GRAYSON BLAKE JEFFREY Chief Financial Officer | Sale 10b5-1 plan | 11,550 | $753.6K |
| Sep 5, 2026 | Roberts Brian Keith Director | Option exercise | 856 | $0 |
| Sep 4, 2026 | GRAYSON BLAKE JEFFREY Chief Financial Officer | Sale 10b5-1 plan | 30,000 | $2.10M |
| Sep 3, 2026 | Rosenbaum Michael George Director | Option exercise | 522 | $0 |
| Sep 1, 2026 | Briggs Teresa Director | Option exercise | 1,096 | $0 |
| Sep 1, 2026 | Solvik Peter Director | Option exercise | 1,096 | $0 |
| Sep 1, 2026 | BEER JAMES A Director | Option exercise | 1,096 | $0 |
| Sep 1, 2026 | Salem Enrique T Director | Option exercise | 1,096 | $0 |
| Sep 1, 2026 | Irving Blake Director | Option exercise | 1,096 | $0 |
| Sep 1, 2026 | Wilderotter Mary Agnes Director | Option exercise | 1,096 | $0 |
| Sep 1, 2026 | Hayes Cain A Director | Option exercise | 1,096 | $0 |
| Sep 1, 2026 | Marrs Anna Director | Option exercise | 1,096 | $0 |
| Aug 28, 2026 | BEER JAMES A Director | Sale 10b5-1 plan | 450 | $28.8K |
| Aug 7, 2026 | GRAYSON BLAKE JEFFREY Chief Financial Officer | Sale 10b5-1 plan | 15,000 | $900.0K |
| Aug 2, 2026 | Trollope Rowan M Director | Option exercise | 869 | $0 |
| Jul 1, 2026 | Shaughnessy James P Chief Legal Officer | Sale 10b5-1 plan | 11,754 | $535.2K |
| Jul 1, 2026 | Hansen Paula Chief Revenue Officer | Sale 10b5-1 plan | 6,000 | $273.2K |
| Jul 1, 2026 | Shaughnessy James P Chief Legal Officer | Sale 10b5-1 plan | 246 | $11.3K |
| Jul 1, 2026 | GRAYSON BLAKE JEFFREY Chief Financial Officer | Sale 10b5-1 plan | 600 | $27.6K |
| Jul 1, 2026 | GRAYSON BLAKE JEFFREY Chief Financial Officer | Sale 10b5-1 plan | 14,400 | $655.6K |
| Jul 1, 2026 | Thygesen Allan C. President and CEO | Sale 10b5-1 plan | 21,993 | $1.01M |
| Jul 1, 2026 | Thygesen Allan C. President and CEO | Sale 10b5-1 plan | 4,257 | $194.0K |
| Jun 22, 2026 | Chatwani Robert President General Mgr, Growth | Sale 10b5-1 plan | 6,680 | $290.7K |
| Jun 22, 2026 | Chatwani Robert President General Mgr, Growth | Sale 10b5-1 plan | 9,222 | $393.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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