CapIQ
Source: S&P Capital IQ consensus via Xpressfeed · Generated 2026-07-24.
DocuSign's consensus has been marked up on the earnings line and left alone on the top line: FY2028 normalized EPS sits 12% above where it was 180 days ago while FY2028 revenue is up under 2%. The company has beaten both revenue and normalized EPS in all eight quarters the record covers, with the last five EPS beats between 6.4% and 10.5%. Analysts agree on FY2027 revenue to within 1% top to bottom, then split on profit: the FY2027 EBITDA range runs 1177 to 1552 on seven estimates. Despite the upgrades and the beat streak, 16 of 22 recommendations are holds.
FY2028 EPS consensus is 12% higher than six months ago; revenue is up under 2%
FY2027 shows the same shape — EPS up about 10% over 180 days against revenue up under 2%. The move is concentrated in the 90-to-180-day window; all four series are unchanged over the last 30 days.
Currency: USD · Scale: money in millions, absolute · Point-in-time consensus; Δ90d is Now versus 90d.
| Metric | FY | 180d | 90d | 30d | Now | Δ90d |
|---|---|---|---|---|---|---|
| EPS (normalized) | FY2027 | $4.11 | $4.43 | $4.53 | $4.53 | +2.2% |
| EPS (normalized) | FY2028 | $4.54 | $5.03 | $5.10 | $5.10 | +1.3% |
| Revenue | FY2027 | $3.43bn | $3.49bn | $3.50bn | $3.50bn | +0.2% |
| Revenue | FY2028 | $3.70bn | $3.75bn | $3.76bn | $3.76bn | +0.2% |
Eight for eight: every quarter on record beat both revenue and EPS consensus
EPS surprises run 0.7% to 20.4% and revenue surprises 0.7% to 2.6%, a spread that reads as conservatively set guidance rather than genuine upside. The revenue beat has narrowed to 1.0% and 0.7% in the two most recent prints, the two smallest in the record.
Current sequences by metric: Revenue: 8 consecutive beats; EPS (normalized): 8 consecutive beats.
Currency: USD · Scale: money in millions, absolute · Consensus is captured before each actual first became effective.
| Quarter | Metric | Consensus | Actual | Surprise | Outcome |
|---|---|---|---|---|---|
| Q1 FY2027 | Revenue | $824.75m | $830.24m | +0.7% | Beat |
| Q1 FY2027 | EPS (normalized) | $0.99 | $1.09 | +9.7% | Beat |
| Q4 FY2026 | Revenue | $828.22m | $836.86m | +1.0% | Beat |
| Q4 FY2026 | EPS (normalized) | $0.95 | $1.01 | +6.4% | Beat |
| Q3 FY2026 | Revenue | $807.42m | $818.35m | +1.4% | Beat |
| Q3 FY2026 | EPS (normalized) | $0.91 | $1.01 | +10.4% | Beat |
| Q2 FY2026 | Revenue | $780.59m | $800.64m | +2.6% | Beat |
| Q2 FY2026 | EPS (normalized) | $0.85 | $0.92 | +8.6% | Beat |
| Q1 FY2026 | Revenue | $748.92m | $763.65m | +2.0% | Beat |
| Q1 FY2026 | EPS (normalized) | $0.81 | $0.90 | +10.5% | Beat |
| Q4 FY2025 | Revenue | $761.64m | $776.25m | +1.9% | Beat |
| Q4 FY2025 | EPS (normalized) | $0.85 | $0.86 | +0.7% | Beat |
| Q3 FY2025 | Revenue | $745.33m | $754.82m | +1.3% | Beat |
| Q3 FY2025 | EPS (normalized) | $0.87 | $0.90 | +3.0% | Beat |
| Q2 FY2025 | Revenue | $727.84m | $736.03m | +1.1% | Beat |
| Q2 FY2025 | EPS (normalized) | $0.81 | $0.97 | +20.4% | Beat |
Profit lines compound faster than revenue in every forecast year
Normalized EPS outgrows normalized net income in FY2027 and FY2028, so per-share growth is running ahead of profit growth. Gross margin barely moves across the forecast, which places the expansion below the gross line.
Currency: USD · Scale: money in millions, absolute · YoY uses the prior fiscal year from the feed; analyst count and range use the first displayed period.
| Metric | FY2026A | FY2027E | FY2028E | FY2029E | YoY | Analysts | Low / high |
|---|---|---|---|---|---|---|---|
| Revenue | $3.21bn | $3.50bn | $3.76bn | $3.99bn | +7.9% | 22 | $3.21bn / $3.22bn |
| EPS (normalized) | $3.78 | $4.53 | $5.10 | $5.61 | +6.6% | 23 | $3.67 / $3.85 |
| Net income (normalized) | $794.04m | $874.73m | $956.64m | $1.05bn | +6.8% | — | — |
| EBIT | $956.84m | $1.08bn | $1.18bn | $1.31bn | +9.2% | — | — |
| Free cash flow | $989.93m | $1.13bn | $1.23bn | $1.33bn | +15.9% | — | — |
The street agrees on revenue and disagrees on what falls through to profit
The argument is about conversion, not demand. Profit-line coverage is roughly a third of the revenue count, and both thin further in FY2029.
Currency: USD · Scale: money in millions, absolute · Spread/mean is absolute high-low divided by absolute mean.
| Metric | Period | Mean | Low–high | Spread/mean | Analysts |
|---|---|---|---|---|---|
| Revenue | FY2027E | $3.50bn | $3.49bn–$3.52bn | 0.8% | 21 |
| EBITDA | FY2027E | $1.28bn | $1.18bn–$1.55bn | 29.2% | 7 |
| Net income (GAAP) | FY2028E | $433.37m | $356.10m–$491.00m | 31.1% | 8 |
| EPS (normalized) | FY2029E | $5.61 | $4.87–$6.16 | 23.0% | 9 |
Street snapshot
Two buys and three outperforms against sixteen holds and one underperform. Targets span 46.89 to 90 across 18 estimates, and the mean of 59.33 sits above the median of 55.
Currency: USD · Scale: money in millions, absolute · Analyst counts shown explicitly.
| Street view | Reading | Analysts |
|---|---|---|
| Recommendation mix | Buy 2, Outperform 3, Hold 16, Underperform 1, Sell 0 | 22 |
| Consensus score | 2.73 | 22 |
| Target price | mean $59.33; median $55.00; high $90.00; low $46.89 | 18 |
Coverage thins sharply in FY2029
FY2029 revenue carries 10 estimates against 21 for FY2028, and FY2029 EBITDA and GAAP net income rest on 4 each. Treat the outer-year shape as a sketch rather than a settled consensus.