事件 DocuSign于2025年9月4日公布了截至2025年7月31日的2026财年第二季度财务业绩。报告期内，公司总 收入达8.01亿美元，同比增长9%。订阅收入为7.84亿美元，同比增长9%。递延收入达8.18亿美元，同比 增长13%。非GAAP运营利润率为29.8%，自由现金流为2.18亿美元，利润率为27%。 投资要点 ▌核心数据稳健加速，运营效率持续提升 2026财年第二季度，公司业务加速增长。Docusign的财务表现强劲，总收入和订阅收入均同比增长 9%。季度递延收入同比增长13%至8.18亿美元。公司递延收入的超预期表现主要受三方面因素驱动： 1）eSignature产品组合中直接客户的需求增长和毛留存率改善；2）合同生命周期管理业务的表现向 好；3）客户支付频率倾向于年度账单合同。在计入Q2的提前续约时间效益后，公司全年递延收入增长 预期调整为同比增长7%。 在盈利能力方面，公司持续保持高效率运营。第二季度非GAAP运营利润率达到29.8%。报告期内，公 司实现自由现金流2.18亿美元，自由现金流利润率为27%。截至本季度末，公司拥有约11亿美元现金、 现金等价物和投资，且无债务，财务状况 ...

Company Performance - DocuSign reported earnings of 92 cents per share, exceeding the consensus estimate of 84 cents [1] - Revenue increased by 9% year-over-year to $800.6 million, surpassing the estimate of $780.2 million [1] - The company raised its fiscal 2026 revenue guidance to $3.19–3.20 billion, above the previous Street estimate of $3.16 billion [1] Analyst Insights - JPMorgan analyst Mark R Murphy maintained a Neutral rating on DocuSign, raising the price target from $77 to $80, indicating a balanced risk-reward scenario [2] - Murphy noted potential in DocuSign's IAM product cycle but mentioned that it will take time to diversify the business mix [3] - The company is recognized as a category leader in application software, with an estimated 60% market share in eSignature and adoption by over three-quarters of the Fortune 500 [4] Future Growth Prospects - Future growth for DocuSign is expected to depend on selling more to existing clients and expanding the usage of its broader CLM and IAM suite, which are essential steps toward achieving a revenue target exceeding $5 billion [4] - There may be uneven near-term billings and revenue as management undergoes executive transitions and a sales reorganization [5] - Sustained progress in upselling, suite penetration, and go-to-market focus will be crucial for converting the installed-base advantage into scalable growth [5] Market Reaction - DocuSign shares rose by 4.58% to $79.81 following the earnings report [5]

Core Insights - DocuSign reported strong Q2 results with earnings of 92 cents per share, exceeding the consensus estimate of 84 cents [1] - Quarterly revenue reached $800.64 million, surpassing the Street estimate of $780.24 million and increasing from $736.03 million year-over-year [1][4] - The company raised its fiscal 2026 revenue outlook to between $3.19 billion and $3.2 billion, compared to the previous estimate of $3.16 billion [3] Financial Highlights - Subscription revenue was $784.4 million, reflecting a 9% year-over-year increase [4] - Professional services and other revenue totaled $16.2 million, showing a 13% year-over-year decrease [4] - Billings amounted to $818.0 million, a 13% year-over-year increase, with approximately 1% positive impact from foreign currency exchange rates [4] - Non-GAAP gross margin was 82%, slightly down from 82.2% in the same period last year [4] Management Commentary - CEO Allan Thygesen highlighted that Q2 was an outstanding quarter driven by AI innovation and go-to-market changes, leading to strong performance across eSignature, CLM, and IAM businesses [2] - Thygesen noted that the business results outperformed expectations, marking one of DocuSign's highest growth and profitability quarters in recent years [2]