Doximity (DOCS) FY2025 results: revenue $570 million, up 20.0% on the year

Doximity, Inc. (DOCS) reported revenue of $570 million for fiscal 2025, the year ended 31 March 2025, up 20.0% on the year before. Net income was $223 million, up 51.2%, and diluted earnings per share $1.11. The figures are the company's own, from the 10-K it filed with the SEC on 20 May 2025.

Revenue

$570 million

+20.0% on the year

FY2020FY2025

Operating margin

39.9%

34.5% a year earlier

FY2020FY2025

Net income

$223 million

+51.2% on the year

FY2020FY2025

Diluted EPS

$1.11

+54.2% on the year

FY2020FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	570	475	419	+20.0%
Cost of revenue	55.9	50.7	53.5	+10.3%
Gross profit	515	425	366	+21.1%
Gross margin	90.2%	89.3%	87.2%
Research and development	93.0	82.0	80.2	+13.5%
Operating income	228	164	125	+39.0%
Operating margin	39.9%	34.5%	29.9%
Pre-tax income	264	185	133	+42.3%
Income tax	40.4	37.6	20.3	+7.4%
Effective tax rate	15.3%	20.3%	15.3%
Net income	223	148	113	+51.2%
Net margin	39.1%	31.0%	26.9%
Diluted EPS	$1.11	$0.72	$0.53	+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

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	273	184	180	+48.4%
Capital expenditure	0.0	0.1	1.7
Free cash flow	273	184	178	+48.6%
Free cash flow margin	47.9%	38.7%	42.5%
Cash from investing	-29.3	31.2	-59.9
Cash from financing	-131	-277	-74.5
Depreciation and amortisation	10.7	10.3	10.3	+3.8%
Share-based compensation	72.4	51.1	47.8	+41.7%
Buybacks	120	281	85.3	-57.1%
Diluted shares, weighted	201m	206m	213m	-2.2%
Shares outstanding at period end	189m	187m	194m	+1.2%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	1,083	901	966	+20.1%
Redeemable equity	n/a	0.0	0.0
Debt	0.0	0.0	0.0
Operating lease liabilities	10.2	12.4	13.9	-17.8%
Other liabilities	171	166	157	+3.6%
Total liabilities and equity	1,264	1,079	1,137	+17.1%
Fixed assets	13.7	12.3	11.3	+10.9%
Goodwill	67.9	67.9	67.9	0.0%
Intangible assets	23.1	27.3	31.8	-15.5%
Securities held for sale or to maturity	706	666	809	+6.0%
Cash and equivalents	210	96.8	158	+116.6%
Receivables	128	101	107	+26.7%
Other assets	116	108	n/a	+7.5%
Total assets	1,264	1,079	1,137	+17.1%

10-K for the year ended 31 March 2025, filed 20 May 2025: the filing.