Doximity (DOCS) Q3 FY2025 earnings: revenue $169 million, up 24.6% on the year

Doximity, Inc. (DOCS) reported revenue of $169 million for Q3 FY2025, the quarter ended 31 December 2024, up 24.6% on the same quarter a year earlier. Net income was $75 million, up 56.8% on the year, and diluted earnings per share $0.37. The figures are the company's own, from the 10-Q it filed with the SEC on 6 February 2025.

Revenue$169 millionup 24.6%

Net income$75 millionup 56.8%

Diluted EPS$0.37

QuarterQ3 FY2025ended 31 December 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2025	Q2 FY2025	Q3 FY2024	Change on the year
Revenue	169	137	135	+24.6%
Cost of revenue	14.2	13.7	12.2	+16.3%
Gross profit	154	123	123	+25.5%
Gross margin	91.6%	90.0%	91.0%
Research and development	22.4	23.2	19.9	+12.4%
Operating income	79.9	53.1	58.6	+36.5%
Operating margin	47.4%	38.8%	43.3%
Pre-tax income	89.8	62.2	63.0	+42.5%
Income tax	14.6	18.0	15.1	-2.9%
Effective tax rate	16.3%	29.0%	23.9%
Net income	75.2	44.2	48.0	+56.8%
Net margin	44.6%	32.3%	35.4%
Diluted EPS	$0.37	$0.22	$0.24	+54.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2025	Q2 FY2025	Q3 FY2024	Change on the year
Operating cash flow	65.2	68.3	50.1	+30.2%
Capital expenditure	0.0	0.0	0.0	n/a
Free cash flow	65.2	68.3	50.0	+30.3%
Free cash flow margin	38.7%	49.9%	37.0%
Cash from investing	-58.9	24.2	40.1	n/a
Cash from financing	-25.2	-19.7	-75.5	n/a
Depreciation and amortisation	2.6	2.6	2.5	+4.0%
Share-based compensation	19.4	17.9	11.8	+64.5%
Buybacks	19.3	23.0	76.8	-74.9%
Diluted shares, weighted	202m	200m	200m	+0.9%
Shares outstanding at period end	188m	187m	186m	+0.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2025	Q2 FY2025	Q3 FY2024	Change on the year
Shareholders' equity	1,031	961	865	+19.3%
Operating lease liabilities	10.7	11.3	12.9	-17.4%
Other liabilities	130	146	123	+5.9%
Total liabilities and equity	1,172	1,119	1,001	+17.1%
Fixed assets	13.5	12.8	11.8	+13.8%
Goodwill	67.9	67.9	67.9	+0.0%
Intangible assets	24.1	25.2	28.4	-15.0%
Securities held for sale or to maturity	680	621	596	+14.1%
Cash and equivalents	165	184	123	+34.3%
Receivables	138	125	97.6	+40.9%
Other assets	84.2	82.2	76.2	+10.4%
Total assets	1,172	1,119	1,001	+17.1%

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	114	135	118	127	137	169	138	146	169	185	145	157
Cost of revenue	12.8	12.2	12.6	13.6	13.7	14.2	14.5	15.8	16.4	18.7	19.4	23.7
Gross profit	101	123	105	113	123	154	124	130	152	166	126	133
Gross margin	89%	91%	89%	89%	90%	92%	90%	89%	90%	90%	87%	85%
R&D	20.0	19.9	20.1	22.6	23.2	22.4	24.8	26.8	30.2	34.6	39.1	38.5
Operating income	33.8	58.6	41.9	46.1	53.1	79.9	48.7	54.5	63.7	71.9	24.8	33.6
Operating margin	30%	43%	35%	36%	39%	47%	35%	37%	38%	39%	17%	21%
Pre-tax income	39.7	63.0	48.0	53.2	62.2	89.8	58.4	64.1	72.9	80.8	32.1	40.4
Tax rate	23%	24%	15%	22%	29%	16%	-7%	17%	15%	24%	40%	40%
Net income	30.6	48.0	40.6	41.4	44.2	75.2	62.5	53.3	62.1	61.6	19.1	24.3
Net margin	27%	35%	34%	33%	32%	45%	45%	37%	37%	33%	13%	16%
Diluted EPS	$0.15	$0.24	$0.20	$0.21	$0.22	$0.37	$0.31	$0.27	$0.31	$0.31	$0.10	$0.13
Operating cash flow	12.9	50.1	63.9	41.2	68.3	65.2	98.5	62.1	93.9	60.9	110	42.0
Capital expenditure	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	0.1
Free cash flow	12.9	50.0	63.9	41.2	68.3	65.2	98.5	62.1	n/a	n/a	n/a	41.9
Buybacks	164	76.8	17.7	51.2	23.0	19.3	26.8	122	21.9	197	90.5	91.6
Shares outstanding	189m	186m	187m	186m	187m	188m	189m	187m	188m	185m	183m	180m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2024, filed 6 February 2025, accession 0001516513-25-000012: the filing on EDGAR. All of Doximity, Inc.'s filings: EDGAR company page.

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