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Doximity Announces Fiscal 2026 First Quarter Financial Results
Total revenues of $145.9 million, up 15% year-over-year
Operating cash flow of $62.1 million, up 51% year-over-year
Free cash flow of $60.1 million, up 52% year-over-year

SAN FRANCISCO, Calif., August 7, 2025 -- Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2026 first quarter ended June 30, 2025.
“We began our year with strong profit growth and record engagement across our newsfeed, workflow, and AI products,” said Jeff Tangney, co-founder and CEO of Doximity. “Our AI suite once again grew the fastest, up 5x year-over-year, while more than 630,000 prescribers used our workflow tools to save time and better serve their patients.”
Doximity Acquired Pathway Medical: More information can be found in the press release at https://investors.doximity.com.
Fiscal 2026 First Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended June 30, 2024.
•Revenue: Revenue of $145.9 million, versus $126.7 million, an increase of 15% year-over-year.
•Net income and non-GAAP net income: Net income of $53.3 million, versus $41.4 million, representing a margin of 36.5%, versus 32.7%. Non-GAAP net income of $71.9 million, versus $55.9 million, representing a margin of 49.2%, versus 44.1%.
•Adjusted EBITDA: Adjusted EBITDA of $79.8 million, versus $65.9 million, an increase of 21% year-over-year, representing adjusted EBITDA margins of 54.7%, versus 52.0%.
•Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.27, versus $0.21, while non-GAAP diluted net income per share was $0.36, versus $0.28.
•Operating cash flow and free cash flow: Operating cash flow of $62.1 million, versus $41.2 million, an increase of 51% year-over-year, and free cash flow of $60.1 million, versus $39.5 million, an increase of 52% year-over-year.
Financial Outlook
Doximity is providing guidance for its fiscal second quarter ending September 30, 2025 as follows:
•Revenue between $157 million and $158 million.
•Adjusted EBITDA between $87 million and $88 million.
Doximity is updating guidance for its fiscal year ending March 31, 2026 as follows:
•Revenue between $628 million and $636 million.
•Adjusted EBITDA between $341 million and $349 million.
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Conference Call Information
Doximity posted prepared remarks on its investor relations website at https://investors.doximity.com. Doximity will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investors.doximity.com. The archived webcast will be available on the Company’s Investor Relations page shortly after the call.
About Doximity
Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The company's network members include more than 80% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. Doximity's mission is to help doctors be more productive so they can provide better care for their patients.
Forward-Looking Statements
Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors including (i) the timing and scope of anticipated stock repurchases; (ii) the impact of uncertainty in the current economic environment and macroeconomic uncertainty; (iii) our ability to retain existing members or add new members to our platform and maintain or grow their engagement with our platform; (iv) our ability to attract new customers or retain existing customers; (v) the impact of our prioritization of our members’ interests; (vi) breaches in our security measures or unauthorized access to members’ data; (vii) our ability to maintain or manage our growth, and other risks and factors that are beyond our control including, without limitation, those set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and as may be updated in any subsequent Quarterly Reports on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements. The forward-looking statements made in this press release relate only to management’s beliefs and assumptions as of this date. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Perry Gold
ir@doximity.com
Media Contact:
Amanda Cox
pr@doximity.com



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DOXIMITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, 2025March 31, 2025
Assets
Current assets:
Cash and cash equivalents$137,261 $209,614 
Marketable securities703,712 706,050 
Accounts receivable, net 141,663 128,354 
Prepaid expenses and other current assets51,595 44,602 
Total current assets1,034,231 1,088,620 
Property and equipment, net14,275 13,656 
Deferred income tax assets55,461 60,014 
Operating lease right-of-use assets8,436 8,886 
Intangible assets, net22,069 23,072 
Goodwill67,940 67,940 
Other assets2,035 2,121 
Total assets$1,204,447 $1,264,309 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$1,962 $1,356 
Accrued expenses and other current liabilities38,363 38,405 
Deferred revenue, current117,419 114,285 
Operating lease liabilities, current2,168 2,211 
Total current liabilities159,912 156,257 
Deferred revenue, non-current118 280 
Operating lease liabilities, non-current9,673 10,185 
Contingent earn-out consideration liability, non-current— 5,579 
Other liabilities, non-current9,149 9,383 
Total liabilities178,852 181,684 
Stockholders' Equity
Preferred stock— — 
Common stock187 189 
Additional paid-in capital907,115 894,225 
Accumulated other comprehensive income1,183 1,323 
Retained earnings117,110 186,888 
Total stockholders’ equity
1,025,595 1,082,625 
Total liabilities and stockholders’ equity$1,204,447 $1,264,309 

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DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended June 30,
20252024
Revenue$145,913 $126,676 
Cost of revenue(1)
15,793 13,550 
Gross profit130,120 113,126 
Operating expenses(1):
Research and development26,799 22,574 
Sales and marketing36,365 35,244 
General and administrative12,439 9,255 
Total operating expenses75,603 67,073 
Income from operations54,517 46,053 
Other income, net9,630 7,116 
Income before income taxes64,147 53,169 
Provision for income taxes10,827 11,792 
Net income$53,320 $41,377 
Net income per share attributable to Class A and Class B common stockholders:
Basic$0.28 $0.22 
Diluted$0.27 $0.21 
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic187,984 185,610 
Diluted201,158 199,224 
(1) Costs and expenses include stock-based compensation expense as follows (in thousands):
Three Months Ended June 30,
20252024
Cost of revenue$2,980 $2,894 
Research and development6,649 4,684 
Sales and marketing7,710 6,586 
General and administrative4,526 2,926 
Total stock-based compensation expense$21,865 $17,090 
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DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended June 30,
20252024
Cash flows from operating activities
Net income$53,320 $41,377 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization2,794 2,562 
Stock-based compensation, net of amounts capitalized21,865 17,090 
Non-cash lease expense450 481 
Accretion of discount on marketable securities, net(2,488)(2,360)
Amortization of deferred contract costs3,896 2,726 
Other(408)(536)
Changes in operating assets and liabilities:
Accounts receivable(13,381)(19,372)
Prepaid expenses and other assets(4,234)10,460 
Deferred contract costs(1,965)(1,431)
Accounts payable, accrued expenses and other liabilities(165)(12,942)
Deferred revenue2,973 3,704 
Operating lease liabilities(556)(516)
Net cash provided by operating activities62,101 41,243 
Cash flows from investing activities
Internal-use software development costs(1,966)(1,704)
Purchases of marketable securities(139,934)(170,413)
Maturities of marketable securities144,579 202,058 
Net cash provided by investing activities2,679 29,941 
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants
2,398 2,551 
Taxes paid related to net share settlement of equity awards(11,927)(2,394)
Repurchase of common stock(122,355)(51,214)
Payment of contingent consideration related to a business combination(5,249)(5,470)
Net cash used in financing activities(137,133)(56,527)
Net increase (decrease) in cash and cash equivalents(72,353)14,657 
Cash and cash equivalents, beginning of period209,614 96,785 
Cash and cash equivalents, end of period
$137,261 $111,442 
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds
$4,978 $12,907 

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Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses the following non-GAAP measures of financial performance:
•Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income margin, and non-GAAP basic and diluted net income per common share: We exclude the effect of acquisition and other related expenses, stock-based compensation expense, amortization of acquired intangible assets, and change in fair value of contingent earn-out consideration liability from non-GAAP gross profit, non-GAAP gross margin and non-GAAP operating income. Non-GAAP net income and non-GAAP net income margin are further adjusted for estimated income tax on such adjustments. We calculate income taxes on the adjustments by applying an estimated annual effective tax rate to the adjustments. Non-GAAP basic and diluted net income per common share is non-GAAP net income attributable to common stockholders divided by the weighted average number of shares. For both basic and diluted non-GAAP net income per share, the weighted average shares we use in computing non-GAAP net income per share is equal to our GAAP weighted average shares. Non-GAAP gross margin represents non-GAAP gross profit as a percentage of revenue and non-GAAP net income margin represents non-GAAP net income as a percentage of revenue.
•Adjusted EBITDA and adjusted EBITDA margin: We define adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization, and as further adjusted for acquisition and other related expenses, stock-based compensation expense, change in fair value of contingent earn-out consideration liability, and other income, net. Net income margin represents net income as a percentage of revenue and adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.
•Free cash flow: We calculate free cash flow as cash flow from operating activities less purchases of property and equipment and internal-use software development costs.
We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.
Key Business Metrics
•Net revenue retention rate: Net revenue retention rate is calculated by taking the trailing 12-month (“TTM”) subscription-based revenue from our customers that had revenue in the prior TTM period and dividing that by the total subscription-based revenue for the prior TTM period. For the purposes of this calculation, subscription revenue excludes subscriptions for individuals and small practices and other non-recurring items. Our net revenue retention rate compares our subscription revenue from the same set of customers across comparable periods, and reflects customer renewals, expansion, contraction, and churn. Our net revenue retention rate is directly tied to our revenue growth rate and thus fluctuates as that growth rate fluctuates.
•Customers with trailing 12-month subscription revenue greater than $500,000: The number of customers with TTM subscription revenue greater than $500,000 is a key indicator of the scale of our business, and is calculated by counting the number of customers that contributed more than $500,000 in subscription revenue in the TTM period. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our total customer count for historical periods reflecting these adjustments.
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Reconciliation of GAAP to Non-GAAP Financial Measures
The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:
Three Months Ended June 30,
20252024
(unaudited)
(in thousands, except percentages)
Net income$53,320 $41,377 
Adjusted to exclude the following:
Acquisition and other related expenses428 — 
Stock-based compensation21,865 17,090 
Depreciation and amortization2,794 2,562 
Provision for income taxes10,827 11,792 
Change in fair value of contingent earn-out consideration liability168 202 
Other income, net(9,630)(7,116)
Adjusted EBITDA$79,772 $65,907 
Revenue$145,913 $126,676 
Net income margin36.5 %32.7 %
Adjusted EBITDA margin54.7 %52.0 %

Three Months Ended June 30,
20252024
(unaudited)
(in thousands)
Net cash provided by operating activities$62,101 $41,243 
Internal-use software development costs(1,966)(1,704)
Free cash flow$60,135 $39,539 
Other cash flow components:
Net cash provided by investing activities$2,679 $29,941 
Net cash used in financing activities$(137,133)$(56,527)
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Three Months Ended June 30,
20252024
(unaudited)
(in thousands, except per share data and percentages)
GAAP cost of revenue$15,793 $13,550 
Adjusted to exclude the following:
Stock-based compensation(2,980)(2,894)
Non-GAAP cost of revenue$12,813 $10,656 
GAAP gross profit$130,120 $113,126 
Adjusted to exclude the following:
Stock-based compensation2,980 2,894 
Non-GAAP gross profit$133,100 $116,020 
GAAP gross margin89.2 %89.3 %
Non-GAAP gross margin91.2 %91.6 %
GAAP research and development expense$26,799 $22,574 
Adjusted to exclude the following:
Stock-based compensation(6,649)(4,684)
Non-GAAP research and development expense$20,150 $17,890 
GAAP sales and marketing expense$36,365 $35,244 
Adjusted to exclude the following:
Stock-based compensation(7,710)(6,586)
Amortization of acquired intangibles(1,002)(1,061)
Change in fair value of contingent earn-out consideration liability(168)(202)
Non-GAAP sales and marketing expense$27,485 $27,395 
GAAP general and administrative expense$12,439 $9,255 
Adjusted to exclude the following:
Acquisition and other related expenses(428)— 
Stock-based compensation(4,526)(2,926)
Non-GAAP general and administrative expense$7,485 $6,329 
GAAP operating expense$75,603 $67,073 
Adjusted to exclude the following:
Acquisition and other related expenses(428)— 
Stock-based compensation(18,885)(14,196)
Amortization of acquired intangibles(1,002)(1,061)
Change in fair value of contingent earn-out consideration liability(168)(202)
Non-GAAP operating expense$55,120 $51,614 
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Three Months Ended June 30,
20252024
(unaudited)
(in thousands, except per share data and percentages)
GAAP operating income$54,517 $46,053 
Adjusted to exclude the following:
Acquisition and other related expenses428 — 
Stock-based compensation21,865 17,090 
Amortization of acquired intangibles1,002 1,061 
Change in fair value of contingent earn-out consideration liability168 202 
Non-GAAP operating income$77,980 $64,406 
GAAP net income$53,320 $41,377 
Adjusted to exclude the following:
Acquisition and other related expenses428 — 
Stock-based compensation21,865 17,090 
Amortization of acquired intangibles1,002 1,061 
Change in fair value of contingent earn-out consideration liability168 202 
Income tax effect of non-GAAP adjustments (1)
(4,927)(3,854)
Non-GAAP net income$71,856 $55,876 
Non-GAAP net income margin49.2 %44.1 %
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic187,984 185,610 
Diluted201,158 199,224 
Non-GAAP net income per share attributable to Class A and Class B stockholders:
Basic$0.38 $0.30 
Diluted$0.36 $0.28 
(1) For the three months ended June 30, 2025 and 2024, management used an estimated annual effective non-GAAP tax rate of 21.0%.
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