08:37 AM EDT, 09/05/2025 (MT Newswires) -- DocuSign ( DOCU ) delivered better-than-expected fiscal Q2 results with revenue, subscription, billings and operating margins all topping guidance, RBC Capital Markets said in a note Thursday.

Revenue grew 9% year over year to $800.6 million, while non-GAAP EPS was $0.92 above analyst estimates of $0.85, the firm noted.

Billings grew 13%, benefiting from direct sales strength in the company's core eSignature product, the firm said.

Management highlighted growing traction in its Intelligent Agreement Management offering, which RBC said could represent a low double-digit percentage of DocuSign's ( DOCU ) subscription base by fiscal Q4 2026.

"Overall, it was a solid quarter with early signs of improving GTM execution and IAM traction. While valuation appears undemanding, we await more positive data points on IAM before becoming more constructive," the note said.

The company raised its fiscal 2026 guidance across the board, RBC noted.

RBC maintained its sector perform rating on the stock and lifted its price target to $95 from $90.