Here's our initial take on DocuSign's (DOCU) fiscal 2026 fourth-quarter financial report.
| Metric | Q4 2024 | Q4 2025 | Change | vs. Expectations |
|---|---|---|---|---|
| Revenue | $712.4 million | $776.3 million | +9% | Beat |
| Adjusted earnings per share | $0.76 | $0.86 | +13% | Beat |
| Billings | $833.1 million | $923.2 million | +11% | n/a |
| Free cash flow | $248.6 million | $279.6 million | +12% | n/a |
DocuSign has been attempting to diversify beyond its core e-signature product since the heyday during the worst of the coronavirus pandemic. The latest iteration of that effort is the Intelligent Agreement Management platform, which uses artificial intelligence (AI) technology across the full life cycle of agreements. CEO Allan Thygesen noted in the fourth-quarter report that IAM is enjoying "rapid traction" with customers, but a weak outlook for fiscal 2026 throws some cold water on that enthusiasm.
For the fourth quarter of fiscal 2025, DocuSign beat analyst estimates across the board. The company grew revenue by 9% year over year and drove adjusted earnings per share 13% higher. DocuSign kept its headcount approximately flat over the past year, which helped keep operating expenses flat as well.
The trouble begins when you look at DocuSign's outlook for fiscal 2026. DocuSign expects to generate revenue between $3.129 billion and $3.141 billion, which represents just 5% growth at the midpoint. The IAM platform has potential, but it may take multiple years before it starts to move the needle.
Despite the weak outlook for fiscal 2026, shares of DocuSign were up about 3% in early after-hours trading soon after the fourth-quarter report was released. Shares of DocuSign had shed about 30% of their value since late 2024 going into the report, and the stock remains down 75% from its pandemic-era high.
DocuSign needs to show investors that its IAM platform can boost growth and free the company from being entirely dependent on the commoditized e-signature market. A sluggish outlook for fiscal 2026 doesn't accomplish that, although the market appears to be looking the other way for now.
DocuSign will also have to contend with an uncertain economy that could drive down demand for its products. The weak outlook may largely be a reflection of this uncertainty. It's going to be a tough year for DocuSign, although things may start to look better in fiscal 2027 if the IAM platform picks up steam.
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