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Doximity Announces Fiscal 2026 Second Quarter Financial Results
Total revenues of $168.5 million, up 23% year-over-year
Operating cash flow of $93.9 million, up 37% year-over-year
Free cash flow of $91.6 million, up 37% year-over-year

SAN FRANCISCO, Calif., November 6, 2025 -- Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2026 second quarter ended September 30, 2025.
“Our platform continues to grow with new AI tools to save physicians’ time,” said Jeff Tangney, co-founder and CEO of Doximity. “In Q2, a record 650,000 prescribers used our workflow tools to better serve their patients, while our AI Scribe and DoxGPT users grew over 50% from the prior quarter.”
Fiscal 2026 Second Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended September 30, 2024.
•Revenue: Revenue of $168.5 million, versus $136.8 million, an increase of 23% year-over-year.
•Net income and non-GAAP net income: Net income of $62.1 million, versus $44.2 million, representing a margin of 36.8%, versus 32.3%. Non-GAAP net income of $90.0 million, versus $61.1 million, representing a margin of 53.4%, versus 44.7%.
•Adjusted EBITDA: Adjusted EBITDA of $100.8 million, versus $76.1 million, an increase of 32% year-over-year, representing adjusted EBITDA margins of 59.8%, versus 55.7%.
•Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.31, versus $0.22, while non-GAAP diluted net income per share was $0.45, versus $0.30.
•Operating cash flow and free cash flow: Operating cash flow of $93.9 million, versus $68.3 million, an increase of 37% year-over-year, and free cash flow of $91.6 million, versus $66.8 million, an increase of 37% year-over-year.
Financial Outlook
Doximity is providing guidance for its fiscal third quarter ending December 31, 2025 as follows:
•Revenue between $180 million and $181 million.
•Adjusted EBITDA between $103 million and $104 million.
Doximity is updating guidance for its fiscal year ending March 31, 2026 as follows:
•Revenue between $640 million and $646 million.
•Adjusted EBITDA between $351 million and $357 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 current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. With new AI-powered clinical reference and search capabilities, Doximity also helps doctors access trusted, peer-reviewed information and medical literature. 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)
September 30, 2025March 31, 2025
Assets
Current assets:
Cash and cash equivalents$169,249 $209,614 
Marketable securities709,118 706,050 
Accounts receivable, net 129,306 128,354 
Prepaid expenses and other current assets84,527 44,602 
Total current assets1,092,200 1,088,620 
Property and equipment, net15,712 13,656 
Deferred income tax assets15,074 60,014 
Operating lease right-of-use assets7,982 8,886 
Intangible assets, net39,143 23,072 
Goodwill84,973 67,940 
Other assets2,025 2,121 
Total assets$1,257,109 $1,264,309 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$4,391 $1,356 
Accrued expenses and other current liabilities33,722 38,405 
Deferred revenue, current100,034 114,285 
Operating lease liabilities, current2,123 2,211 
Total current liabilities140,270 156,257 
Deferred revenue, non-current263 280 
Operating lease liabilities, non-current9,146 10,185 
Contingent earn-out consideration liability, non-current— 5,579 
Other liabilities, non-current11,899 9,383 
Total liabilities161,578 181,684 
Stockholders' Equity
Preferred stock— — 
Common stock188 189 
Additional paid-in capital936,176 894,225 
Accumulated other comprehensive income1,477 1,323 
Retained earnings157,690 186,888 
Total stockholders’ equity
1,095,531 1,082,625 
Total liabilities and stockholders’ equity$1,257,109 $1,264,309 

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DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Revenue$168,525 $136,832 $314,438 $263,508 
Cost of revenue(1)
16,425 13,676 32,218 27,226 
Gross profit152,100 123,156 282,220 236,282 
Operating expenses(1):
Research and development30,202 23,240 57,001 45,814 
Sales and marketing39,168 34,367 75,533 69,611 
General and administrative19,049 10,103 31,488 19,358 
Impairment charge— 2,304 — 2,304 
Total operating expenses88,419 70,014 164,022 137,087 
Income from operations63,681 53,142 118,198 99,195 
Other income, net9,258 9,029 18,888 16,145 
Income before income taxes72,939 62,171 137,086 115,340 
Provision for income taxes10,880 18,017 21,707 29,809 
Net income$62,059 $44,154 $115,379 $85,531 
Net income per share attributable to Class A and Class B common stockholders:
Basic$0.33 $0.24 $0.61 $0.46 
Diluted$0.31 $0.22 $0.57 $0.43 
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic187,705 186,252 187,844 185,933 
Diluted200,745 200,407 200,952 199,818 
(1) Costs and expenses include stock-based compensation expense as follows (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Cost of revenue$2,844 $2,661 $5,824 $5,555 
Research and development9,862 5,447 16,511 10,131 
Sales and marketing10,508 6,808 18,218 13,394 
General and administrative6,260 2,952 10,786 5,878 
Total stock-based compensation expense$29,474 $17,868 $51,339 $34,958 
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DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Cash flows from operating activities
Net income$62,059 $44,154 $115,379 $85,531 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization3,469 2,613 6,263 5,175 
Deferred income taxes— 204 — 204 
Stock-based compensation, net of amounts capitalized29,474 17,868 51,339 34,958 
Non-cash lease expense454 470 904 951 
Accretion of discount on marketable securities, net(2,199)(3,008)(4,687)(5,368)
Amortization of deferred contract costs2,876 2,033 6,772 4,759 
Impairment of long-lived assets
— 2,304 — 2,304 
Other294 414 (114)(122)
Changes in operating assets and liabilities:
Accounts receivable12,396 (4,106)(985)(23,478)
Prepaid expenses and other assets7,685 9,488 3,451 19,948 
Deferred contract costs(2,584)(1,785)(4,549)(3,216)
Accounts payable, accrued expenses and other liabilities(2,168)7,396 (2,333)(5,546)
Deferred revenue(17,241)(9,161)(14,268)(5,457)
Operating lease liabilities(571)(538)(1,127)(1,054)
Net cash provided by operating activities93,944 68,346 156,045 109,589 
Cash flows from investing activities
Cash paid for acquisition(26,528)— (26,528)— 
Internal-use software development costs(2,369)(1,543)(4,335)(3,247)
Purchases of marketable securities(128,266)(197,395)(268,200)(367,808)
Maturities of marketable securities125,452 215,855 270,031 417,913 
Sales of marketable securities— 7,241 — 7,241 
Net cash provided by (used in) investing activities(31,711)24,158 (29,032)54,099 
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants
2,398 7,692 4,796 10,243 
Proceeds from issuance of common stock in connection with the employee stock purchase plan1,816 1,422 1,816 1,422 
Taxes paid related to net share settlement of equity awards(12,566)(5,828)(24,493)(8,222)
Repurchase of common stock(21,893)(22,984)(144,248)(74,198)
Payment of contingent consideration related to a business combination— — (5,249)(5,470)
Net cash used in financing activities(30,245)(19,698)(167,378)(76,225)
Net increase (decrease) in cash and cash equivalents31,988 72,806 (40,365)87,463 
Cash and cash equivalents, beginning of period137,261 111,442 209,614 96,785 
Cash and cash equivalents, end of period
$169,249 $184,248 $169,249 $184,248 
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds
$14,369 $9,078 $19,347 $21,985 

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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, impairment charge, legal fees associated with certain non-ordinary course legal matters including the shareholder class action litigation, 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, impairment charge, legal fees associated with certain non-ordinary course legal matters including the shareholder class action litigation, 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 September 30,Six Months Ended September 30,
2025202420252024
(unaudited)
(in thousands, except percentages)
Net income$62,059 $44,154 $115,379 $85,531 
Adjusted to exclude the following:
Acquisition and other related expenses1,188 — 1,616 — 
Stock-based compensation29,474 17,868 51,339 34,958 
Depreciation and amortization3,469 2,613 6,263 5,175 
Provision for income taxes10,880 18,017 21,707 29,809 
Impairment charge
— 2,304 — 2,304 
Change in fair value of contingent earn-out consideration liability91 221 259 423 
Legal expenses
2,927 — 2,927 — 
Other income, net(9,258)(9,029)(18,888)(16,145)
Adjusted EBITDA$100,830 $76,148 $180,602 $142,055 
Revenue$168,525 $136,832 $314,438 $263,508 
Net income margin36.8 %32.3 %36.7 %32.5 %
Adjusted EBITDA margin59.8 %55.7 %57.4 %53.9 %

Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
(unaudited)
(in thousands)
Net cash provided by operating activities$93,944 $68,346 $156,045 $109,589 
Internal-use software development costs(2,369)(1,543)(4,335)(3,247)
Free cash flow$91,575 $66,803 $151,710 $106,342 
Other cash flow components:
Net cash provided by (used in) investing activities$(31,711)$24,158 $(29,032)$54,099 
Net cash used in financing activities$(30,245)$(19,698)$(167,378)$(76,225)
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Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
(unaudited)
(in thousands, except per share data and percentages)
GAAP cost of revenue$16,425 $13,676 $32,218 $27,226 
Adjusted to exclude the following:
Stock-based compensation(2,844)(2,661)(5,824)(5,555)
Non-GAAP cost of revenue$13,581 $11,015 $26,394 $21,671 
GAAP gross profit$152,100 $123,156 $282,220 $236,282 
Adjusted to exclude the following:
Stock-based compensation2,844 2,661 5,824 5,555 
Non-GAAP gross profit$154,944 $125,817 $288,044 $241,837 
GAAP gross margin90.3 %90.0 %89.8 %89.7 %
Non-GAAP gross margin91.9 %91.9 %91.6 %91.8 %
GAAP research and development expense$30,202 $23,240 $57,001 $45,814 
Adjusted to exclude the following:
Stock-based compensation(9,862)(5,447)(16,511)(10,131)
Amortization of acquired intangibles(623)— (623)— 
Non-GAAP research and development expense$19,717 $17,793 $39,867 $35,683 
GAAP sales and marketing expense$39,168 $34,367 $75,533 $69,611 
Adjusted to exclude the following:
Stock-based compensation(10,508)(6,808)(18,218)(13,394)
Amortization of acquired intangibles(1,002)(1,061)(2,004)(2,122)
Change in fair value of contingent earn-out consideration liability(91)(221)(259)(423)
Non-GAAP sales and marketing expense$27,567 $26,277 $55,052 $53,672 
GAAP general and administrative expense$19,049 $10,103 $31,488 $19,358 
Adjusted to exclude the following:
Acquisition and other related expenses(1,188)— (1,616)— 
Stock-based compensation(6,260)(2,952)(10,786)(5,878)
Legal expenses
(2,927)— (2,927)— 
Non-GAAP general and administrative expense$8,674 $7,151 $16,159 $13,480 
GAAP operating expense$88,419 $70,014 $164,022 $137,087 
Adjusted to exclude the following:
Acquisition and other related expenses(1,188)— (1,616)— 
Stock-based compensation(26,630)(15,207)(45,515)(29,403)
Amortization of acquired intangibles(1,625)(1,061)(2,627)(2,122)
Change in fair value of contingent earn-out consideration liability(91)(221)(259)(423)
Legal expenses
(2,927)— (2,927)— 
Impairment charge
— (2,304)— (2,304)
Non-GAAP operating expense$55,958 $51,221 $111,078 $102,835 
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Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
(unaudited)
(in thousands, except per share data and percentages)
GAAP operating income$63,681 $53,142 $118,198 $99,195 
Adjusted to exclude the following:
Acquisition and other related expenses1,188 — 1,616 — 
Stock-based compensation29,474 17,868 51,339 34,958 
Amortization of acquired intangibles1,625 1,061 2,627 2,122 
Change in fair value of contingent earn-out consideration liability91 221 259 423 
Legal expenses
2,927 — 2,927 — 
Impairment charge
— 2,304 — 2,304 
Non-GAAP operating income$98,986 $74,596 $176,966 $139,002 
GAAP net income$62,059 $44,154 $115,379 $85,531 
Adjusted to exclude the following:
Acquisition and other related expenses1,188 — 1,616 — 
Stock-based compensation29,474 17,868 51,339 34,958 
Amortization of acquired intangibles1,625 1,061 2,627 2,122 
Change in fair value of contingent earn-out consideration liability91 221 259 423 
Legal expenses
2,927 — 2,927 — 
Impairment charge
— 2,304 — 2,304 
Income tax effect of non-GAAP adjustments (1)
(7,414)(4,505)(12,341)(8,359)
Non-GAAP net income$89,950 $61,103 $161,806 $116,979 
Non-GAAP net income margin53.4 %44.7 %51.5 %44.4 %
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic187,705 186,252 187,844 185,933 
Diluted200,745 200,407 200,952 199,818 
Non-GAAP net income per share attributable to Class A and Class B stockholders:
Basic$0.48 $0.33 $0.86 $0.63 
Diluted$0.45 $0.30 $0.81 $0.59 
(1) For the three and six months ended September 30, 2025 and 2024, management used an estimated annual effective non-GAAP tax rate of 21.0%.
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