Docusign Q2 FY27: Revenue Beats, IAM ARR Mix Jumps to 15.1%, Full-Year Guidance Raised
DOCU sits 77% above its 52-week low of $40.16.
Summary
Docusign reported Q2 FY27 revenue of $875.7M (up 9% YoY), raised full-year guidance, and showed accelerating IAM adoption at 15.1% of ARR.
Key Events · Earnings and Guidance · DOCU
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Q2 Revenue Beats at $875.7M
Revenue grew 9% year-over-year to $875.7 million, including a ~1.3% benefit from foreign exchange. Non-GAAP EPS of $1.16 beat the prior year's $0.92 by 26%.
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IAM ARR Mix Accelerates to 15.1%
Intelligent Agreement Management represented 15.1% of total ARR as of July 31, 2026, up from 12.6% as of April 30, 2026 — a 250 basis point jump in one quarter.
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Full-Year Guidance Raised
FY27 revenue guidance raised to $3,499-3,507 million (9% YoY growth at midpoint), with IAM expected to reach 18-19% of total ARR exiting Q4 FY27.
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Free Cash Flow Margin Expands to 34%
Free cash flow was $295.8 million in Q2, a 34% margin, up from $217.6 million (27% margin) in the prior year. Operating cash flow was $334.5 million.
Analysis · DOCU · Technology
A strong quarter for Docusign, with revenue of $875.7 million, up 9% year-over-year, and full-year revenue guidance raised to $3,499-3,507 million. The standout metric is IAM (Intelligent Agreement Management) now representing 15.1% of total ARR, up from 12.6% just three months ago — evidence that the company's AI-driven platform strategy is gaining real traction. Non-GAAP EPS of $1.16 beat the prior year's $0.92 by 26%, and free cash flow margin expanded to 34%. The company also repurchased $306.5 million of stock in the quarter, continuing its aggressive capital return program.
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At the time of this filing, DOCU was trading at $71.20 on NASDAQ in the Technology sector, with a market capitalization of approximately $12.6B. The 52-week trading range was $40.16 to $86.65. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.