DOCS earnings analysis
What we found in DOCS's 10-K: 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
Doximity, Inc. reported a revenue of $644.9 million for the fiscal year ended March 31, 2026, marking a 13% increase over the previous year, primarily driven by growth in subscription revenue from its Marketing Solutions. Despite experiencing a decline in net income of $196.1 million compared to $223.2 million in FY 2025, the company remains profitable. The outlook for FY 2027 suggests continued revenue growth, although concerns are raised about increasing competition and changing regulatory environments.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 13%
- Doximity reported $644.9 million in revenue for FY 2026, up 13% from $570.4 million the previous year.
- High Gross Margin
- Gross margin remained strong at 89% for FY 2026, consistent with the previous fiscal year.
- Strong Cash Position
- As of March 31, 2026, cash and cash equivalents were $219.2 million, with marketable securities at $529.4 million.
- Stock Repurchase Program Completed
- The company completed a $500 million stock repurchase program in FY 2026, repurchasing 11.59 million shares.
- Increase in Stock-Based Compensation
- Stock-based compensation increased by 67% year-over-year to $121.6 million for FY 2026.
- Stable Subscriber Base Expansion
- The expansion of existing customers accounted for $48.4 million in additional revenue, indicative of growing average revenue per user.
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.
- Decreased Net Income
- Net income for FY 2026 dropped to $196.1 million from $223.2 million, reflecting increasing costs and challenges.
- Competitive Pressures
- The company faces heightened competition in the healthcare tech market, which may impact growth and pricing.
- Regulatory Challenges
- Potential changes in healthcare regulations may adversely affect Doximity's operations, impacting revenue streams.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.98
- Gross margin
- 89%
- Operating margin
- 34%
What they said about what is next.
Revenue guidance for FY 2027 is between $664 million and $676 million, deferred from specific numeric guidance in the 10-K.
The filing reads about the same as the one before it.
What came before.
- 10-Q · February 6, 2025
- Doximity reported a strong quarter with revenue of $168,603 (as reported) — up $33,319, or 24.6% versus $135,284 in the prior-year quarter — and materially expanded profitability (gross profit $154,422; operating income…
- 10-Q · August 8, 2024
- Doximity reported strong Q1 results with revenue of $126,676,000 (up $18,207,000 or 16.8% vs. $108,469,000 a year ago) and expanded margins: gross profit was $113,126,000 (≈89.3% gross margin) and income from operations…
- 10-K · May 23, 2024
- Doximity positions itself as the leading physician-first digital platform with over two million registered members as of March 31, 2024, monetizing through Marketing, Hiring, and Productivity Solutions. The company…
- 10-Q · February 8, 2024
- Doximity reported a strong quarter: revenue grew to $135,284,000 (up $20,022,000 or ~17.4% vs. $115,262,000 a year ago) with expanding margins and operating leverage. Gross profit rose to $123,094,000 and operating…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing DOCS makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever