DOCU: FQ1 Results—Pushing the Envelopes

研报英文原文证据摘录

DOCU: FQ1 Results—Pushing the Envelopes

Equity Research

Price Target Change — June 4, 2026

U.S. Software

DocuSign, Inc.

FQ1 Results—Pushing the Envelopes Equal Weight

Price Target: $55.00

Notable Changes

Our Call $ (Jan) Current Prior % Chg

DOCU's F1Q was mixed, with modest growth improvement but ultimately not much change. Price Target $55.00 $60.00 -8.3%

Expect investors continue to debate whether 2H presents room for further improvement or if EPS 2027 4.55 4.54 0.4%

growth starts to fade as lap IAM launch. Keep OW and lower PT to $55. EPS 2028 4.99 4.96 0.5%

Rev. (MM) 2027 3.49B 3.49B 0.2%

F1Q Revenue ~In-Line: Q1 revs grew 9% y/y (~7.5% in cc), representing a 50bps beat Rev. (MM) 2028 3.70B 3.69B 0.1%

vs the high end of prior guide. IAM slightly outperformed, reaching 12.6% of total co

ARR, with N American enterprise bookings outpacing other segments. DNR from direct Ticker DOCU

customers was 102%, consistent with FQ4, with mgmt continuing to expect modest FY

Upside/(Downside) to Target 8.0%improvement on gross retention improvement and further IAM adoption. Mgmt noted

FQ2 will see a ~1.8 ppt headwind from greater digital add-on rev in 2Q26. Price (06/04/2026) $50.94

52 Week Range $40.16 - 94.67

FY27 Guide Raised More than Beat: FY27 rev guide was raised by $6M, or $1.8M Market Cap (MM) $10,426

incremental to Q1's $4.2M of upside. Mgmt attributed the raise to strong early adoption Enterprise Value (MM) $9,612

of IAM from install base and enterprise customers. DOCU reiterated FY ARR growth at Average Daily Value (MM) $203

8.5% y/y at the midpoint with IAM currently generating 12.6% of total company ARR, Dividend Yield 0.0%

ahead of plan to reach 18% by year-end. Q2 rev was guided to $865-869M, implying 8%

growth at the midpoint, including a 1.4ppt FX tailwind.