Docusign Shares Gain 13.4% in a Month as IAM Reaches 15.1% of ARR

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Docusign shares have climbed 13.4% over the past month as customer expansion improved and Intelligent Agreement Management became a larger share of annual recurring revenue. IAM represented 15.1% of total ARR in the second quarter of fiscal 2027, up from 12.6% in the first quarter and 10.8% at fiscal 2026 year-end, and management expects the mix to reach 18%-19% exiting the fourth quarter. The company ended the July quarter with more than 1.9 million customers, up nearly 10% year over year, while direct-customer dollar net retention improved to 103% and customers spending more than $300,000 in annual contract value rose 14% to nearly 1,300. Docusign raised fiscal 2027 revenue guidance to $3.499-$3.507 billion, implying about 9% growth at the midpoint, with ARR growth expected at 8.5%-9% and a full-year non-GAAP operating margin of 31%-31.5%. In the latest quarter, adjusted earnings of $1.16 per share rose 26.1% and topped the Zacks Consensus Estimate of $1.08, while free cash flow climbed 35.9% to $295.8 million and the company repurchased $306.5 million of stock, leaving $2.1 billion authorized for future buybacks.

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Q2 adjusted EPS of $1.16 beat estimates, free cash flow rose 35.9%, and Docusign repurchased $306.5M of stock while raising FY2027 revenue guidance

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