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…
Earnings analysis · 10-K
DOCS earnings analysis
Filed May 19, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
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.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
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
- $0.98
What stood out
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Revenue Growth of 13%
Doximity reported $644.9 million in revenue for FY 2026, up 13% from $570.4 million the previous year.
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High Gross Margin
Gross margin remained strong at 89% for FY 2026, consistent with the previous fiscal year.
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Strong Cash Position
As of March 31, 2026, cash and cash equivalents were $219.2 million, with marketable securities at $529.4 million.
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Stock Repurchase Program Completed
The company completed a $500 million stock repurchase program in FY 2026, repurchasing 11.59 million shares.
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Increase in Stock-Based Compensation
Stock-based compensation increased by 67% year-over-year to $121.6 million for FY 2026.
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Stable Subscriber Base Expansion
The expansion of existing customers accounted for $48.4 million in additional revenue, indicative of growing average revenue per user.
What to watch
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Decreased Net Income
Net income for FY 2026 dropped to $196.1 million from $223.2 million, reflecting increasing costs and challenges.
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Competitive Pressures
The company faces heightened competition in the healthcare tech market, which may impact growth and pricing.
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Regulatory Challenges
Potential changes in healthcare regulations may adversely affect Doximity's operations, impacting revenue streams.
Management's outlook
Revenue guidance for FY 2027 is between $664 million and $676 million, deferred from specific numeric guidance in the 10-K.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.