F1Q27 Earnings: Green Shoots, More to Prove. Lower PT to $60

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F1Q27 Earnings: Green Shoots, More to Prove. Lower PT to $60

June 5, 2026 Docusign, Inc.

(DOCU, Buy, $60 PT)

Allan Verkhovski

F1Q27 Earnings: Green Shoots, More to Prove. Lower PT to $60 (415) 248-5407 averkhovski@btig.com

Nick DannewitzAPPLICATION WHAT YOU SHOULD KNOW: Despite averaging quarterly CC total revenue beats of (415) 248-2298 ndannewitz@btig.com

$15M through FY26, the company delivered a $6 million beat this quarter, and Company Data

with current subscription billings growth estimated at 4.6% while benefiting from

FX and only modestly above the 4.2% growth posted in each of the prior two first- Closing Price $50.94

quarter periods, shares traded down 5% AH. While Q1 is typically a lighter bookings Price Target $60.00

quarter, with only 21%-23% of current subscription billings usually landing in the Market Cap (M) $11,116.12SOFTWARE period, it is subjective whether this print builds greater confidence that Q1 tracked Enterprise Value (M) $10,301.94

meaningfully ahead of plan relative to FY27 ARR guidance. That said, CEO Allan Shares Out (M) 218.22

Thygesen noted on the callback (notes inside) that the company is seeing early green Avg Daily Vol-3 Months (M) 3.98

shoots in the enterprise segment. Growth in customers with more than $300K of ACV

accelerated into the double digits, supported by positive IAM adoption trends within RevisionsEQUITY that cohort. IAM as a percentage of ARR reached 12.6%, which was slightly better than Previous Current

management had expected. Allan also said DOCU has greater visibility into achieving its Rating Buy Buy

ARR guidance as the year progresses. We are encouraged by CC total revenue growth Price Target $70.00 $60.00

accelerating 10 bps to 7.1% (or 7.8% when adjusting for the headwind from Web FY27E REV 3,489.56 3,495.79