DCGO earnings analysis
What we found in DCGO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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%.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.16
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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