DOCU: First Glance: Solid F1Q with Continued IAM Traction; FY27 Guide Reaffirmed Across Most Metrics

研报英文原文证据摘录

DOCU: First Glance: Solid F1Q with Continued IAM Traction; FY27 Guide Reaffirmed Across Most Metrics

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Rishi Jaluria (Analyst)

Max Persico, CFA (Senior Associate)

Matthew Hedberg (Head of Global TIMT

Research)

June 4, 2026

DocuSign

First Glance: Solid F1Q with Continued IAM Traction; FY27 Guide Reaffirmed Across Most

Metrics

NASDAQ: DOCU | USD 50.94 | Sector Perform | Price Target USD 55.00

Sentiment: Neutral

Our quick take: DocuSign delivered solid F1Q27 results ahead of consensus across metrics with total revenue of $830M (+9%

YoY) and Non-GAAP operating margin of 32.0% (+280 bps ahead of consensus). Revenue benefited from a ~160 bps FX tailwind

and faced a modest headwind from lapping digital add-on contributions launched in late FY25. Underlying organic growth was

driven primarily by accelerating IAM adoption and retention improvements (DNR improved to >102%, a greater-than-1% point

improvement vs. F1Q26).

IAM represented 12.6% of total ARR, up from 10.8% at the end of FY26. IAM bookings grew faster YoY in North America enterprise

than any other segment in Q1, and the company noted early positive IAM adoption trends within the $300k+ ACV customer cohort.

As previously disclosed, billings are no longer reported beginning in FY27, with the company transitioning to ARR as its primary

metric.

DocuSign reaffirmed its FY27 ARR growth guidance of 8.25%-8.75% YoY (8.5% at the midpoint) to over $3.5B, with IAM on track to

reach previously guided ~18% of total ARR by F4Q27 (over $600M in IAM ARR), implying meaningful IAM ARR acceleration, with

continued gross retention improvements expected.

For F2Q27, revenue guidance was set at $865M-$869M (+8% YoY at the midpoint), with Non-GAAP gross margin of 81.5%-81.7%