10-Q · May 11, 2026
DocGo reported Q1 2026 revenue of $75.5 million, a decrease of 21.4% from the prior year. The company experienced a net loss of $16.7 million, widening compared to a loss of $11.1 million a year earlier, while gross…
Earnings analysis · 10-Q
DCGO earnings analysis
Filed August 17, 2026 · Our reading of the company's report
The latest report
DocGo reported Q2 revenue of $73.425 million and diluted EPS of $(0.16), missing consensus estimates of $75.485848 million and $(0.13), respectively; revenue also declined from $80 million in the prior-year quarter. The…
Read full summary
DocGo reported Q2 revenue of $73.425 million and diluted EPS of $(0.16), missing consensus estimates of $75.485848 million and $(0.13), respectively; revenue also declined from $80 million in the prior-year quarter. The same-day outlook reduced FY2026 adjusted EBITDA guidance to a loss of $17 million-$22 million, while the filing highlights labor costs equal to 77% of 2025 revenue as a significant structural risk. Customer concentration improved, and interest-rate and foreign-exchange exposures appear manageable, but the revenue decline, migrant-program wind-down and lower profitability outlook support a bearish assessment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.16
What stood out
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Revenue missed estimates and declined
Q2 revenue was $73.425 million, below the $75.485848 million consensus estimate by approximately 2.7%. Revenue also declined from $80 million in Q2 2025 and $76 million in Q1 2026.
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EPS loss exceeded expectations
GAAP diluted EPS was $(0.16), versus the $(0.13) consensus estimate and $(0.11) in Q2 2025, indicating continued year-over-year earnings deterioration.
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Revenue concentration decreased
Customer concentration improved year over year: Q2 2026 revenue came from two customers representing approximately 13% and 11%, compared with one customer representing approximately 34% in Q2 2025.
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Interest-rate exposure was neutral
Interest-rate sensitivity was limited in the filing: a hypothetical 10% change in interest rates during the three and six months ended June 30, 2026 would have had a neutral net impact on the financial statements.
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Foreign-exchange exposure remains limited
Foreign-exchange exposure remains limited: a hypothetical 10% currency-rate change would have affected total revenues by approximately 1.9% and total assets by approximately 0.3%.
What to watch
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Profitability outlook deteriorated
The same-day outlook reduced FY2026 adjusted EBITDA guidance to a loss of $17 million-$22 million from a loss of $5 million-$10 million, although management expects to exit 2026 at a profitable run rate.
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Revenue decline and program wind-down
The migrant-program wind-down and weak consolidated revenue remain material headwinds; Q2 revenue of $73.425 million was approximately 8.2% below the $80 million reported in Q2 2025.
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Labor costs threaten margins
Labor expense represented approximately 77% of 2025 revenue, up from 68% in 2024. The filing warns that wage inflation, clinical labor shortages, temporary staffing costs and potential unionization could materially pressure results and cash flows.
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Customer concentration remains material
Customer concentration remains material despite improvement: two customers represented approximately 13% and 11% of Q2 2026 revenue, while two customers represented approximately 16% and 14% of net accounts receivable as of June 30, 2026.
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FX volatility and no hedging
Foreign-exchange results swung to a loss of $23,730 in Q2 2026 from a gain of $927,462 in Q2 2025. The company does not use hedging strategies for this exposure.
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Limited formal risk-factor changes
The filing states there were no material changes to the 2025 Form 10-K risk factors other than the labor-cost risk update; therefore, the labor-cost and unionization disclosure is the principal risk-factor change identified.
Management's outlook
The supplied 10-Q text does not include numeric guidance. The same-day 8-K narrowed FY2026 revenue guidance to $305 million-$310 million from $300 million-$315 million and lowered adjusted EBITDA guidance to a loss of $17 million-$22 million from a loss of $5 million-$10 million; management still expects to exit 2026 at a profitable run rate.
Earlier filings 4
10-K · March 16, 2026
DocGo describes a vertically integrated, technology-enabled mobile health and non-emergency medical transportation business with a 50-state virtual care network and a fleet spanning the U.S. and U.K. The company…
10-Q · November 10, 2025
DocGo reported revenue of $70,809,635 and a diluted loss per share of $(0.28) for the three months ended September 30, 2025, marking a steep year-over-year revenue decline from $138,684,814 and a swing from operating…
10-Q · November 7, 2024
DocGo reported quarterly revenue of $138,684,814 and diluted EPS of $0.05 for the three months ended September 30, 2024. Revenue declined materially vs. the prior year and prior quarter, but gross margin (36.0%) and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.