Analyst Consensus ?
ConsensusHold28 ratings
Bullish828.6%
Neutral1864.3%
Bearish27.1%
DocuSign, Inc. · DOCU · FY2025 Q4 · Calendar Q1 2025
DocuSign: IAM Adoption Supports Raised FY2026 Outlook
The supplied analysis supports a constructive operating thesis for DocuSign: early IAM adoption, improving retention and disciplined margins are strengthening the platform narrative, but the longer-term case still depends on converting billings momentum into revenue growth.
Reported After market closeNASDAQTechnology
$13.95B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.84
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $760.9M
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+14.8%
Event window
SPY move
+2.1%
Same window
Abnormal move
+12.7%
Stock minus SPY
Volume
5.1×
Versus trailing sessions
Subsequent drift
-13.3%
Up to 20 sessions
DOCUSPY benchmark
Ask FN2 about DOCU FY2025 Q4
Transcript, numbers and history already loaded
What drove DOCU's +14.8% move after FY2025 Q4 earnings?What changed in DOCU's guidance and outlook in FY2025 Q4?Give me the bull and bear case for DOCU after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, management’s tone remained confident while guidance sentiment shifted from maintained to raised. The current analysis emphasized 9% Q4 revenue growth, 101% dollar net retention and a broader IAM rollout, alongside greater focus on self-service and partner-led distribution.
Guidance delta
Management raised its outlook, targeting FY2026 revenue growth of roughly 5% and billings growth of 7%.
Key takeaways
- Management said Q4 revenue growth reached 9% year over year, supported by early IAM adoption.
- Dollar net retention improved to 101%, while non-GAAP operating margin approached 30%.
- Management highlighted international upsell, self-service, partner channels and further IAM expansion as priorities.
Management priorities
- Expand IAM, Agreement AI and workflow automation globally
- Increase self-service and product-led growth activity
- Broaden partner integrations and public-sector engagements
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$74.65Current
$45Low
$71.93Average
$95High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 17, 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 current price $74.65. 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 | -6.2% | Sep 4, 2026 |
| Piper Sandler | Rob Owens | $75 | $65.97 | +0.5% | Sep 4, 2026 |
| Robert W. Baird | William Power | $72 | $65.97 | -3.5% | Sep 4, 2026 |
| Morgan Stanley | Josh Baer | $75 | $65.97 | +0.5% | Sep 4, 2026 |
| Wells Fargo | Michael Turrin | $60 | $65.97 | -19.6% | Sep 4, 2026 |
| Evercore ISI | Kirk Materne | $65 | $65.97 | -12.9% | Sep 4, 2026 |
| BTIG | Analyst unavailable | $75 | $64.64 | +0.5% | Sep 2, 2026 |
| Wedbush | Analyst unavailable | $58 | $47.18 | -22.3% | Jun 5, 2026 |
| UBS | Analyst unavailable | $60 | $50.94 | -19.6% | Jun 5, 2026 |
| Wells Fargo | Michael Turrin | $55 | $50.94 | -26.3% | Jun 5, 2026 |
| Jefferies | Brent Thill | $45 | $44.48 | -39.7% | Feb 23, 2026 |
| BTIG | Analyst unavailable | $70 | $45.21 | -6.2% | Feb 18, 2026 |
| HSBC | Analyst unavailable | $53 | $43.74 | -29.0% | Feb 13, 2026 |
| RBC Capital | Analyst unavailable | $70 | $64.85 | -6.2% | Jan 5, 2026 |
| BTIG | Allan Verkhovski | $88 | $67.58 | +17.9% | Dec 16, 2025 |
| Evercore ISI | Analyst unavailable | $80 | $66.08 | +7.2% | Dec 5, 2025 |
| UBS | Karl Keirstead | $75 | $66.48 | +0.5% | Dec 5, 2025 |
| RBC Capital | Rishi Jaluria | $95 | $66.66 | +27.3% | Dec 5, 2025 |
| Wedbush | Daniel Ives | $75 | $71.1 | +0.5% | Dec 5, 2025 |
| Robert W. Baird | Analyst unavailable | $75 | $71.1 | +0.5% | Dec 5, 2025 |
| Wells Fargo | Analyst unavailable | $75 | $71.1 | +0.5% | Dec 5, 2025 |
| UBS | Analyst unavailable | $95 | $79.86 | +27.3% | Sep 5, 2025 |
| Evercore ISI | Kirk Materne | $92 | $79.86 | +23.2% | Sep 5, 2025 |
| Robert W. Baird | Analyst unavailable | $93 | $85.76 | +24.6% | Mar 14, 2025 |
| Piper Sandler | Rob Owens | $60 | $56.93 | -19.6% | Sep 6, 2024 |
| Robert W. Baird | William Power | $59 | $56.93 | -21.0% | Sep 6, 2024 |
| Citigroup | Tyler Radke | $87 | $56.93 | +16.5% | Sep 6, 2024 |
| UBS | Karl Keirstead | $56 | $52.05 | -25.0% | Jun 7, 2024 |
| Morgan Stanley | Josh Baer | $62 | $54.6 | -16.9% | Jun 7, 2024 |
| Robert W. Baird | William Power | $55 | $54.6 | -26.3% | Jun 7, 2024 |
| RBC Capital | Rishi Jaluria | $52 | $54.6 | -30.3% | Jun 7, 2024 |
| UBS | Karl Keirstead | $62 | $59.48 | -16.9% | Apr 12, 2024 |
| Evercore ISI | Kirk Materne | $60 | $59.48 | -19.6% | Apr 12, 2024 |
| Morgan Stanley | Josh Baer | $64 | $62.65 | -14.3% | Jan 16, 2024 |
| Wedbush | Daniel Ives | $67 | $50.61 | -10.2% | Sep 8, 2023 |
| JMP Securities | Patrick Walravens | $84 | $51.9 | +12.5% | Mar 10, 2023 |
| Jefferies | Analyst unavailable | $70 | $56.27 | -6.2% | Jan 5, 2023 |
| Piper Sandler | Analyst unavailable | $55 | $56.27 | -26.3% | Jan 5, 2023 |
| Citigroup | Analyst unavailable | $72 | $52.05 | -3.5% | Dec 12, 2022 |
| Piper Sandler | Rob Owens | $48.7 | $43.75 | -34.8% | Dec 9, 2022 |
| Piper Sandler | Analyst unavailable | $50 | $43.75 | -33.0% | Dec 9, 2022 |
| Citigroup | Analyst unavailable | $59 | $41.82 | -21.0% | Dec 6, 2022 |
| UBS | Analyst unavailable | $52 | $44.5 | -30.3% | Dec 5, 2022 |
| Jefferies | Analyst unavailable | $50 | $44.56 | -33.0% | Nov 30, 2022 |
| Morgan Stanley | Josh Baer | $47 | $51.56 | -37.0% | Oct 3, 2022 |
| RBC Capital | Rishi Jaluria | $55 | $55 | -26.3% | Sep 29, 2022 |
| Wolfe Research | Analyst unavailable | $53 | $64.04 | -29.0% | Sep 12, 2022 |
| Morgan Stanley | Keith Weiss | $73 | $62.37 | -2.2% | Sep 9, 2022 |
| Wedbush | Analyst unavailable | $55 | $63.61 | -26.3% | Sep 9, 2022 |
| Citigroup | Analyst unavailable | $68 | $55.14 | -8.9% | Sep 8, 2022 |
| RBC Capital | Rishi Jaluria | $65 | $65.92 | -12.9% | Aug 22, 2022 |
| Piper Sandler | Rob Owens | $54 | $67.66 | -27.7% | Jul 20, 2022 |
| JMP Securities | Patrick Walravens | $151 | $61.22 | +102.3% | Jul 2, 2022 |
| Wolfe Research | Alex Zukin | $50 | $58.68 | -33.0% | Jun 13, 2022 |
| Citigroup | Analyst unavailable | $90 | $87.36 | +20.6% | Jun 10, 2022 |
| Wells Fargo | Analyst unavailable | $63 | $87.36 | -15.6% | Jun 10, 2022 |
| Citigroup | Tyler Radke | $90 | $65.93 | +20.6% | Jun 10, 2022 |
| Bank of America Securities | Bradley Sills | $72 | $65.93 | -3.5% | Jun 10, 2022 |
| Bank of America Securities | Bradley Sills | $72 | $87.36 | -3.5% | Jun 10, 2022 |
| Bank of America Securities | Bradley Sills | $72 | $87.36 | -3.5% | Jun 10, 2022 |
| Wells Fargo | Michael Turrin | $63 | $65.93 | -15.6% | Jun 10, 2022 |
| RBC Capital | Rishi Jaluria | $80 | $65.93 | +7.2% | Jun 10, 2022 |
| Wedbush | Daniel Ives | $60 | $83.29 | -19.6% | May 3, 2022 |
| Robert W. Baird | William Power | $105 | $101.71 | +40.7% | Apr 11, 2022 |
| UBS | Karl Keirstead | $85 | $75.01 | +13.9% | Mar 11, 2022 |
| J.P. Morgan | Sterling Auty | $94 | $75.01 | +25.9% | Mar 11, 2022 |
| Evercore ISI | Kirk Materne | $100 | $75.01 | +34.0% | Mar 11, 2022 |
| FBN Securities | Shebly Seyrafi | $95 | $75.01 | +27.3% | Mar 11, 2022 |
| Citigroup | Tyler Radke | $137 | $91.98 | +83.5% | Mar 8, 2022 |
| Bank of America Securities | Bradley Sills | $360 | $310.05 | +382.3% | Sep 3, 2021 |
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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.…
Historical context
All DOCU earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| WIT Wipro Limited | FY2027 Q2 · Calendar Q4 2026 | -25.0% | +3.9% | Wipro: AI pipeline expands as Q3 guidance stays narrow |
| TSM Taiwan Semiconductor Manufacturing Company Limited | FY2026 Q3 · Calendar Q4 2026 | +3.4% | -1.8% | TSMC beats Q3 guidance as AI demand drives fab expansion |
| ERIC Telefonaktiebolaget LM Ericsson (publ) | FY2026 Q3 · Calendar Q4 2026 | +28.6% | +11.8% | Ericsson Q3: 7% organic growth, resilient margins and AI-led demand |
| ASML ASML Holding N.V. | FY2026 Q3 · Calendar Q4 2026 | +20.4% | -3.9% | ASML: Record Q3, strong AI demand and broader capacity plans |
Latest beats and misses
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-02-27T00:01:03.097539+00:00
- Polygon adjusted daily market bars · 2026-10-17T17:00:44.511899+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-17T17:00:44.509043+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 · As of 2026-10-17. For educational purposes only; not investment advice.