DocuSign reported a solid first quarter of fiscal 2026 (QQ1 2026) with revenue of $764 million, up 8% year-over-year, driven by IAM adoption and expanding digital channels. Non-GAAP operating margin improved to 29.5%, and free cash flow reached $228 million (30% FCF margin), supporting continued share repurchases and a new $1.0 billion buyback authorization (bringing total repurchase headroom to $1.4 billion). IAM’s rapid, broad-based growth remains the cornerstone of DocuSign’s transformation, with over 10,000 IAM customers and a fast ramp in self-serve and international deployments. However, the quarter also reflected near-term timing volatility in billings from a go-to-market reorganization, notably earlier-than-expected reductions in early renewals. Management frames this as a timing effect rather than a signal of demand weakness, and guides to mid-to-high single-digit billings growth for the full year, with expectations for acceleration in the second half as IAM scales further. The balance sheet remains robust, with no debt and more than $1.1 billion in cash and investments, complemented by a new $750 million revolver post-quarter end to enhance liquidity. The narrative emphasizes a deliberate, multi-year GTM and product strategy around IAM, AI-enabled contract management, and a broader partner ecosystem, including MSFT and SAP, to unlock durable growth at scale.