DocuSign delivered a solid QQ2 2026 performance, highlighted by 9% year-over-year revenue growth to $801 million and 13% billings growth to $818 million, underscoring the strength of its direct channel and eSignature demand. The company continued to demonstrate the earnings power of its AI-native Intelligent Agreement Management (IAM) platform, with IAM contributing to higher deal sizes and an expanding enterprise footprint as DocuSign accelerates upmarket adoption. Management emphasized margin discipline amid ongoing cloud data center migration and a shift in compensation mix, resulting in non-GAAP gross margin of 82% and non-GAAP operating margin of 29.8%, with free cash flow of $218 million (27% margin) and a debt-free balance sheet supporting $200 million of share buybacks. International revenue remained a meaningful growth driver, representing 29% of total revenue and growing 13% YoY, with Asia-Pacific as the fastest-growing international region. DocuSign reiterated a multi-year strategy built around expanding routes to market, accelerating product innovation (notably IAM upgrades and AI capabilities), and operational efficiency, while guiding to mid-single-digit revenue growth and mid-to-high single-digit billings growth in the near term. The narrative remains constructive for long-term, double-digit revenue growth driven by IAM, product expansion, and expansion into enterprise and government segments, offset by cloud-migration costs and a measured pace of profitability improvement. This report integrates management commentary from the earnings call and the quarterly results to assess implications for investors, customers, and competitors.