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The financial performance of Docusign (DOCU) and Constellation Brands (STZ) has been a subject of interest for investors in recent weeks. Both companies have reported earnings that, while not disappointing, have led to mixed reactions in the market.

Docusign

Docusign reported its first quarter of fiscal 2026 results on June 5, 2025. The company's revenue increased by 8% year-over-year to nearly $764 million, and its non-GAAP (adjusted) net income improved by over 10% to hit nearly $191 million, or $0.90 per share [1]. Despite these positive figures, the stock price of Docusign took a hit, losing over 12% of its value during the month.

The primary concern for investors was the company's billings, which came in below expectations. Docusign reported billings of just under $740 million, which was below the midpoint of management's guidance and the analyst consensus. The company also reduced its full-year billings guidance to $3.28 billion to $3.34 billion from $3.3 billion to $3.35 billion [1].

The introduction of the company's next-generation Intelligent Agreement Management (IAM) platform in April 2024 has been cited as a potential reason for the slow adoption and lower-than-expected billings. However, the platform represents an advancement in functionality for the company's customers.

Constellation Brands

Constellation Brands (STZ) reported its first quarter of fiscal 2026 earnings on July 2, 2025. The company's net sales declined by 4.4% to $2.52 billion, and its non-GAAP adjusted net profit fell by 12% to nearly $573 million, or $3.22 per share [3]. Despite these declines, the stock price of Constellation Brands rose by nearly 5% the following day.

The company's beer category saw a slight decrease in volume and sales, while wine and spirits experienced a more significant decline. The company's guidance for fiscal 2026 anticipates flat to 3% growth in net sales for beer, but a drop of 17% to 20% for wine and spirits [3].

Conclusion

While both Docusign and Constellation Brands reported earnings that met or exceeded analyst expectations, the market reaction to these results has been mixed. For Docusign, the key concern is the billings figure, which was below expectations. For Constellation Brands, the stock price increase despite a decline in earnings suggests that investors are looking forward to the company's guidance and future prospects.

Investors should continue to monitor the performance of these companies and remain aware of the factors that could impact their stock prices in the coming months.

References:
[1] https://www.fool.com/investing/2025/07/05/why-docusign-stock-stumbled-last-month/
[2] https://www.fool.com/podcasts/
[3] https://www.fool.com/investing/2025/07/02/why-constellation-brands-stock-rocketed-higher-on/