| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'27 | September 3, 2026 | 7/12 | 1 high, 2 medium, 2 low flags | 0 | 0 | Call sheet → |
| Q4'26 | March 17, 2026 | 10/12 | 2 medium, 5 low flags | 6 | 0 | Call sheet → |
| Q3'26 | December 4, 2025 | 11/12 | 2 medium, 4 low flags | 4 | 0 | Call sheet → |
| Q1'26 | June 6, 2025 | 9/12 | 4 medium, 2 low flags | 4 | 0 | Call sheet → |
| Q4'25 | March 13, 2025 | 10/12 | 3 medium, 3 low flags | 6 | 0 | Call sheet → |
| Q3'25 | December 5, 2024 | 10/12 | 2 medium, 4 low flags | 5 | 0 | Call sheet → |
| Q2'25 | 2024-09-05 | 8/12 | 3 medium, 3 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'27 | Pending | Launch credit‑based IAM platform pricing model (Q1) No explicit Q2 confirmation of GA; management only mentioned the model in Q1. |
| Q2'27 | Pending | IAM will represent ~18% of total ARR by FY27 end (Q1) Q2 shows 15.1% now; no firm timeline beyond FY‑end disclosed. |
| Q4'26 | Exceeded | We will continue to strengthen trust and compliance functionality Achieved FedRAMP Moderate and GovRAMP authorization |
| Q4'26 | Delivered | Focus on improving sales engagement and reducing customer friction DNR improved to 102%, maintained customer growth |
| Q4'26 | Delivered | IAM will cover more surface area for our customers Launched Agreement Desk, Agreement Preparation, AI-Assisted Review |
| Q4'26 | Delivered | Continue to see consistent year-over-year growth in the eSignature base Maintained consistent envelope growth rates |
| Q4'26 | Delivered | Remain on pace for IAM to represent a low double-digit percentage Hit the target exactly as promised |
| Q4'26 | Delivered | IAM to represent a low double-digit percentage of recurring revenue at year-end Delivered 11% vs 'low double-digit' promise |
| Q3'26 | Delivered | More enterprise IAM wins expected One top 10 customer became second largest through IAM |
| Q3'26 | Delivered | Launch AI agents within IAM in coming months AI contract agents now in beta as promised |
| Q3'26 | Delivered | IAM will be available in ChatGPT and other platforms Announced integrations with ChatGPT, Claude, Gemini Enterprise |
| Q3'26 | Exceeded | Continue opportunistic share repurchases Delivered record $215M vs $200M in Q2 |
| Q3'26 | Pending | Gradual easing in cloud migration cost impacts in fiscal 2027 Reiterated from Q2, still expecting relief next year |
| Q3'26 | Pending | IAM customers to represent low double-digit % of book at year-end Reiterated same guidance from Q2 |
| Q1'26 | Exceeded | IAM launch in international markets by end of 2025 Launched globally in December, international deals up 50% in Q1 |
| Q1'26 | Delivered | IAM available for new/existing customers via docusign.com Self-serve IAM launched and adding customers rapidly |
| Q1'26 | Delivered | Self-serve customers able to add capacity and renew contracts by April Launched in April as committed |
| Q1'26 | Delivered | Larger gross margin impact in fiscal 2026 before easing in 2027 Impact showing up as expected, 1 percentage point headwind |
| Q1'26 | Pending | Dollar net retention to moderately improve throughout the year Flat in Q1 as expected, improvement still projected |
| Q1'26 | Pending | Billings acceleration in fiscal 2026 - first since 2021 Q1 missed but management maintains full-year acceleration view |
| Q1'26 | Pending | IAM to represent low double-digit % of subscription book by Q4 2026 Reiterated this quarter, still on track per management |
| Q4'25 | Exceeded | Strong free cash flow generation $920M FCF vs ~$450M two years ago, 31% margin |
| Q4'25 | Delivered | Operating margin improvements while investing in growth 29.8% operating margin for fiscal 2025, up 400 bps vs 2024 |
| Q4'25 | Delivered | Self-service digital acceleration Digital revenue growth accelerated for second straight quarter |
| Q4'25 | Exceeded | Continued dollar net retention improvement Hit 101%, highest in 6 quarters, vs expectation of modest improvement |
| Q4'25 | Delivered | Department-level enterprise deployments beginning Started in November, though Allan admits limited expectations for fiscal 2026 |
| Q4'25 | Delivered | IAM launching in international markets in Q4 Launched globally in early October and December, with AI features in 5 major markets |
| Q3'25 | Delivered | Continue to see strong growth and stability in new customer acquisition Maintained 11% YoY customer growth for fourth consecutive quarter |
| Q3'25 | Delivered | Dollar net retention to remain consistent through remainder of FY 2025 Moved from 99% to 100%, within consistent range |
| Q3'25 | Delivered | Q2 billings growth to be lowest quarterly growth rate in fiscal 2025 Q3 billings at +9% YoY vs Q2's +2%, confirming Q2 was the trough |
| Q3'25 | Pending | Enable IAM purchase via self-serve channels before end of FY 2025 Not yet mentioned as launched, still on roadmap |
| Q3'25 | Delivered | IAM available in multiple languages and additional geographies by end of FY 2025 Released AI features in 5 major markets, expanded to all regions where Docusign operates |
| Q3'25 | Delivered | Make IAM available for departmental use within large enterprise customers before end of FY 2025 Launched in November as promised |
| Q2'25 | Delivered | Free cash flow yield to moderate from Q1 Dropped from 33% to 27% as expected |
| Q2'25 | Exceeded | Non-GAAP operating margin of 27.0-28.0% for Q2 Delivered 32.2%, though 150 bps from one-time items |
| Q2'25 | Delivered | IAM launch to North American commercial customers Launched May 30 to US, Canada, Australia commercial segment |
| Q2'25 | Exceeded | Dollar net retention rate to be flat to down slightly in Q2 Stayed flat at 99%, better than 'down slightly' guidance |
| Q2'25 | Exceeded | Total customers growing by 11% year-over-year for the third consecutive quarter Delivered 11% for fourth consecutive quarter, not third |
| Q2'25 | Delivered | Q2 to have the lowest year-over-year billings growth rate in fiscal 2025 2% growth was indeed the lowest, as predicted |
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