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Doximity (DOCS) FY2026 results: revenue $645 million, up 13.1% on the year

Doximity, Inc. (DOCS) reported revenue of $645 million for fiscal 2026, the year ended 31 March 2026, up 13.1% on the year before. Net income was $196 million, down 12.2%, and diluted earnings per share $0.98. The figures are the company's own, from the 10-K it filed with the SEC on 19 May 2026.

Revenue
$645 million
+13.1% on the year
FY2020FY2026
Operating margin
33.3%
39.9% a year earlier
FY2020FY2026
Net income
$196 million
-12.2% on the year
FY2020FY2026
Diluted EPS
$0.98
-11.7% on the year
FY2020FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 4 new.

  • Fiscal 2026 revenue grew 13%: Fiscal 2026 revenue was $644.9 million, up from $570.4 million. Fourth quarter revenue was $145.4 million, up 5% from $138.3 million.
  • Fiscal 2026 adjusted EBITDA rose 14%: Fiscal 2026 adjusted EBITDA was $357.8 million at a 55.5% margin. Fourth quarter adjusted EBITDA was $65.8 million, down 6%, at a 45.3% margin.
  • Record workflow tool engagement: Management called the fourth-quarter count of providers using workflow tools a new engagement record.
  • Clinical AI use and prompts rising: Nearly half of the active providers used clinical AI in the prior quarter. Prompts per user nearly doubled from January to April, according to management.
  • Aledade and Photon partnerships: The partnerships bring the Clinical AI Suite to independent practices and enable in-workflow prescribing for the first time, according to management.
Read the Q4 FY2026 earnings call summary

From this 10-K

Doximity runs an online professional network and set of work tools for U.S. physicians and other medical professionals, free for them to join and use. It makes its money from pharmaceutical manufacturers and health systems, which pay to reach those members with sponsored content, to recruit them, and to give their clinicians its workflow and AI tools. As of March 31, 2026 it had over 3 million registered members. The company states that they include more than 85% of U.S. physicians, two-thirds of U.S. nurse practitioners and physician assistants, and approximately 90% of graduating U.S. medical students.

Doximity, Inc., the 10-K for 2026

Doximity runs an online professional network and set of work tools for U.S. physicians and other medical professionals, free for them to join and use. It makes its money from pharmaceutical manufacturers and health systems, which pay to reach those members with sponsored content, to recruit them, and to give their clinicians its workflow and AI tools. As of March 31, 2026 it had over 3 million registered members. The company states that they include more than 85% of U.S. physicians, two-thirds of U.S. nurse practitioners and physician assistants, and approximately 90% of graduating U.S. medical students.

What members get

Each member has a verified professional profile that works like a digital curriculum vitae, covering training, hospital affiliations, certifications, specialty and published research, and the system suggests connections such as co-residents, co-authors and colleagues from the same hospital. Members can search for other professionals by name, specialty, affiliation or location. Career tools include job listings, a Salary Map of compensation by county and specialty, and Residency Navigator for students comparing residency programs. A personalized newsfeed, selected by algorithms and clinical editors, carries medical articles, videos, peer updates, discussions and Op-Med articles written by clinicians.

The clinical tools

Ask, formerly DoxGPT, is an AI assistant that answers clinical questions and includes a drug reference covering over 3,200 drug monographs. Scribe listens during patient visits and generates structured notes ready for the electronic health record. Dialer is a voice and video telehealth product. Members can also send secure messages, send and receive faxes, sign documents electronically and send prescriptions to patients. Health systems can buy Dialer Enterprise, the AMiON on-call scheduling tool, and the Clinical AI Suite, which combines Ask, Scribe and Dialer. The company states that more than 140 U.S. health systems have adopted the Clinical AI Suite.

What customers buy

These solutions are sold on a predominantly subscription basis. Marketing Solutions let pharmaceutical manufacturers, brand by brand, and health systems, by service line, target members by specialty, credential and location with sponsored modules placed in the newsfeed, in the workflow tools and in members' messages. Hiring Solutions sell job posts and direct messages to health systems and medical recruiting firms. Curative Talent, its staffing firm, adds recruiters who fill locum tenens and permanent positions for health systems.

How it sells and who it competes with

A direct sales organization, segmented mainly by customer type, sells to pharmaceutical manufacturers and health systems, and also reaches them through their marketing agencies. For members it competes with LinkedIn, Facebook, X and Google. For marketing budgets it competes with outlets such as WebMD's Medscape and newer companies such as OpenEvidence, and for health system IT budgets with Zoom Video Communications, Microsoft Teams, Teladoc Health, American Well and QGenda.

Corporate

The company was incorporated in Delaware in April 2010 as 3MD Communications and changed its name to Doximity in June 2010. Its headquarters are in San Francisco, and it has always worked as a geographically distributed team. None of its employees is represented by a labor union.

From Doximity's annual report on Form 10-K for the year ended 31 March 2026. The filing

Written from the 10-K filed 19 May 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue645570475+13.1%
Cost of revenue70.355.950.7+25.9%
Gross profit575515425+11.7%
Gross margin89.1%90.2%89.3%
Research and development13193.082.0+40.5%
Operating income215228164-5.7%
Operating margin33.3%39.9%34.5%
Pre-tax income250264185-5.1%
Income tax54.040.437.6+33.6%
Effective tax rate21.6%15.3%20.3%
Net income196223148-12.2%
Net margin30.4%39.1%31.0%
Diluted EPS$0.98$1.11$0.72-11.7%
$ million except per share.
Read moreFree 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

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow326273184+19.5%
Capital expenditure0.00.00.1
Free cash flow326273184+19.5%
Free cash flow margin50.6%47.9%38.7%
Cash from investing147-29.331.2
Cash from financing-464-131-277
Depreciation and amortisation14.410.710.3+34.9%
Share-based compensation12272.451.1+68.0%
Buybacks432120281+258.8%
Diluted shares, weighted199m201m206m-1.1%
Shares outstanding at period end183m189m187m-3.1%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity9511,083901-12.2%
Redeemable equityn/an/a0.0
Debt0.00.00.0
Operating lease liabilities8.110.212.4-20.7%
Other liabilities165171166-3.9%
Total liabilities and equity1,1241,2641,079-11.1%
Fixed assets18.113.712.3+32.4%
Goodwill85.067.967.9+25.1%
Intangible assets35.323.127.3+53.1%
Securities held for sale or to maturity529706666-25.0%
Cash and equivalents21921096.8+4.6%
Receivables145128101+12.8%
Other assets91.9116108-20.5%
Total assets1,1241,2641,079-11.1%

10-K for the year ended 31 March 2026, filed 19 May 2026: the filing.