DocuSign reports surprising results in the second fiscal quarter of 2026

On September 4, 2025, DocuSign revealed its numbers. Impressive. Revenue rose by 9%, reaching $801 million. Billings grew even more, by 13%. It reached $818 million. The non-GAAP operating margin remained strong at 30%.

It seems that the company is rapidly advancing in several areas. The Intelligent Agreement Management with AI is taking off. There is also more international and business traction. The management remains focused on growing profitably and returning capital to shareholders.

Business momentum is accelerating. Net retention in dollars reached 102%. Agreements are larger on average. Improved gross retention and strong early renewals explain this. International business is growing faster, at a 13% year-over-year rate. It now accounts for 29% of total revenue.

The adoption of IAM is skyrocketing. It could reach a low double-digit percentage of the subscription book this year. More than half of business representatives are closing IAM deals. Large companies like Sensata and T-Mobile are adopting it.

Margins remain high. The non-GAAP gross margin is still at 82%. This is despite the costs of migrating to the cloud. The cash position is solid: $1.1 billion. No debt.

In the future, the company expects revenues of up to $808 million in the upcoming quarter. For the entire fiscal year 2026, they could reach $3.201 billion. The non-GAAP operating margin is projected to be between 28% and 29.6%. DocuSign remains committed to opportunistic stock buybacks.