Doximity Stock DOCS
Doximity operates the largest professional network for U.S. Doximity stock (DOCS): Quarterly and annual results since 2024 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 08/2026, quarterly reporting. Stock analysis by NadirAlpha. Doximity stock (DOCS): listed on NYSE. NadirAlpha has evaluated 36 original documents, cross-checked every figure automatically and linked each to its source; sources as of 08/2026. Revenue Q1 FY2027 (Apr to Jun 2026): USD 157 million (+7% year on year). Latest reported (Q1 FY2027 (Apr to Jun 2026)): Net revenue retention rate, Workflow active prescriber growth, Registered members. Latest reading: Net income halved, Revenue accelerating, Margin compressing, Guidance raised.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
Doximity Current Status
Summary of the most recent reporting period of Doximity (Q1 FY2027): core figures, drivers and management statements, every figure with a source number. NadirAlpha methodology
Assessment by NadirAlpha, as of Q1 FY2027 (Apr to Jun 2026).
“We're proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”
Doximity Stock: Key Figures ($ million)
The core financial figures of Doximity stock in three views: fiscal years up to FY2027, half-years and quarters up to Q1 FY2027, in $ million, most recent period first. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Calendar quarter | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | EPS adj. ($) | EBITDA (adj.) | OCF | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| FY2026 | Q2/2025–Q1/2026 | 644.9 | 214.9 | 349.9 | 196.1 | 0.98 | 1.52 | 357.82 | 326.5 | 27 |
| FY2025 | Q2/2024–Q1/2025 | 570.4 | 227.8 | 307.4 | 223.2 | 1.11 | 1.42 | 0.31 | 273.3 | 19 |
| FY2024 | Q2/2023–Q1/2024 | 475.4 | 163.9 | 224.8 | 147.6 | 0.72 | 0.95 | 230.46 | 184.1 | 12 |
Quarters
| Period | Calendar quarter | Published | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | EPS adj. ($) | EBITDA (adj.) | FCF | Cash | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2027-Q1* | Q2/2026 | 2026-08-06 | 156.6 | 33.6 | – | 24.3 | 0.13 | 0.29° | 74.8 | 41.9 | 273.6 | 29 |
| 2026-Q4* | Q1/2026 | 2026-05-13 | 145.4 | 24.8 | 63.6 | 19.1 | 0.10*≈ | 0.25≈ | 65.8 | – | 219.2 | 127 |
| 2026-Q3* | Q4/2025 | 2026-02-05 | 185.1 | 71.9 | 109.3 | 61.6 | 0.31 | 0.46 | 111.4 | – | 64.8 | 126 |
| 2026-Q2* | Q3/2025 | 2025-11-06 | 168.5 | 63.7 | 99 | 62.1 | 0.31 | 0.45 | 100.8 | – | 169.2 | 124 |
| 2026-Q1* | Q2/2025 | 2025-08-07 | 145.9 | 54.5 | 78 | 53.3 | 0.27 | 0.36 | 79.8 | 62.1 | 137.3 | 21 |
| 2025-Q4* | Q1/2025 | 2025-05-15 | 138.3 | 48.7 | 68 | 62.5 | 0.31*≈ | 0.39≈ | 69.7 | 98.5 | 209.6 | 19 |
| 2025-Q3* | Q4/2024 | 2025-02-06 | 168.6 | 79.9 | 100.4 | 75.2 | 0.37 | 0.45 | 102 | 65.2 | 165.3 | 17 |
| 2025-Q2* | Q3/2024 | 2024-11-07 | 136.8 | 53.1 | 74.6 | 44.2 | 0.22 | 0.30 | 76.1 | 68.3 | 184.2 | 15 |
| 2025-Q1* | Q2/2024 | 2024-08-08 | 126.7 | 46.1 | 64.4 | 41.4 | 0.21 | 0.28 | 65.9 | 41.2 | 111.4 | 13 |
| 2024-Q4* | Q1/2024 | 2024-05-16 | 118.1 | 41.9 | 55 | 40.6 | 0.20*≈ | 0.25≈ | 56.5 | 63.9 | 96.8 | 11 |
| 2024-Q3* | Q4/2023 | 2024-02-08 | 135.3 | 58.6 | 71.8 | 48 | 0.24 | 0.29 | 73.3 | 50 | 123.1 | 9 |
| 2024-Q2* | Q3/2023 | 2023-11-09 | 113.6 | 33.8 | 52.8 | 30.6 | 0.15 | 0.22 | 54.2 | 12.9 | 108.4 | 7 |
| 2024-Q1* | Q2/2023 | 2023-08-08 | 108.5 | 29.7 | 45.2 | 28.4 | 0.13 | 0.19 | 46.6 | 57.1 | 306.7 | 5 |
Doximity Balance Sheet & Cash Flow ($ million)
Point-in-time balance sheet items of Doximity (cash, financial debt) and cash flow items per fiscal year, half-year and quarter, derived values with their formula in the popover. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
| Period | Calendar quarter | Published | Cash | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|
| FY2026 | Q2/2025–Q1/2026 | 2026-05-13 | 219.2 | 14.4 | 326.5 | 0 | 326.5 | 27 |
| FY2025 | Q2/2024–Q1/2025 | 2025-05-15 | 209.6 | 10.7 | 273.3 | 0 | 273.3 | 19 |
| FY2024 | Q2/2023–Q1/2024 | 2024-05-16 | 96.8 | 10.3 | 184.1 | 0.1 | 183.9 | 11 |
Quarters
| Period | Calendar quarter | Published | Cash | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|
| 2027-Q1 | Q2/2026 | 2026-08-06 | 273.6 | 4.3 | 42 | 0.1 | 41.9 | 29 |
| 2026-Q4 | Q1/2026 | 2026-05-13 | 219.2 | 4.1 | 109.5 | – | – | 127 |
| 2026-Q3 | Q4/2025 | 2026-02-05 | 64.8 | 4 | 60.9 | – | – | 126 |
| 2026-Q2 | Q3/2025 | 2025-11-06 | 169.2 | 3.5 | 93.9 | – | – | 124 |
| 2026-Q1 | Q2/2025 | 2025-08-07 | 137.3 | 2.8 | 62.1 | 0 | 62.1 | 21 |
| 2025-Q4 | Q1/2025 | 2025-05-15 | 209.6 | 2.8 | 98.5 | 0 | 98.5 | 19 |
| 2025-Q3 | Q4/2024 | 2025-02-06 | 165.3 | 2.7 | 65.2 | 0 | 65.2 | 17 |
| 2025-Q2 | Q3/2024 | 2024-11-07 | 184.2 | 2.6 | 68.3 | 0 | 68.3 | 15 |
| 2025-Q1 | Q2/2024 | 2024-08-08 | 111.4 | 2.6 | 41.2 | 0 | 41.2 | 13 |
| 2024-Q4 | Q1/2024 | 2024-05-16 | 96.8 | 2.5 | 63.9 | 0 | 63.9 | 11 |
| 2024-Q3 | Q4/2023 | 2024-02-08 | 123.1 | 2.5 | 50.1 | 0 | 50 | 9 |
| 2024-Q2 | Q3/2023 | 2023-11-09 | 108.4 | 2.6 | 12.9 | 0 | 12.9 | 7 |
| 2024-Q1 | Q2/2023 | 2023-08-08 | 306.7 | 2.6 | 57.2 | 0.1 | 57.1 | 5 |
Doximity Guidance Tracking (latest per metric/period · 10/22)
NadirAlpha records 22 guidance statements of Doximity neutrally: annual and quarterly targets, direction of change and outcome as a dot with legend, with no estimate of our own. NadirAlpha methodology
Actuals: revenue in $m
Direction: confirmedinitiatedraised Verdict: beatpending
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2027 | 2026-08-06 | Revenue | 671–681 | – | 30 | ||
| FY2027 | 2026-08-06 | EBITDA (adjusted) | 309–329 | – | 30 | ||
| 2027-Q2 | 2026-08-06 | Revenue | 170–171 | – | 30 | ||
| 2027-Q2 | 2026-08-06 | EBITDA (adjusted) | 80.5–81.5 | – | 30 | ||
| FY2026 | 2026-02-05 | Revenue | 642.5–643.5 | 644.9 | 26 | ||
| FY2026 | 2026-02-05 | EBITDA (adjusted) | 355.5–356.5 | 357.82 | 26 | ||
| 2026-Q4 | 2026-02-05 | Revenue | 143–144 | 145.4 | 26 | ||
| 2026-Q4 | 2026-02-05 | EBITDA (adjusted) | 63.5–64.5 | 65.8 | 26 | ||
| 2026-Q2 | 2025-08-07 | Revenue | 157–158 | 168.5 | 22 | ||
| 2026-Q2 | 2025-08-07 | EBITDA (adjusted) | 87–88 | 100.8 | 22 | ||
| FY2025 | 2024-11-07 | Revenue | 535–540 | 570.4 | 16 | ||
| FY2025 | 2024-11-07 | EBITDA (adjusted) | 274–279 | 0.31 | 16 | ||
| 2025-Q3 | 2024-11-07 | Revenue | 152–153 | 168.6 | 16 | ||
| 2025-Q3 | 2024-11-07 | EBITDA (adjusted) | 83–84 | 102 | 16 | ||
| 2025-Q2 | 2024-08-08 | Revenue | 126.5–127.5 | 136.8 | 14 | ||
| 2025-Q2 | 2024-08-08 | EBITDA (adjusted) | 62.5–63.5 | 76.1 | 14 | ||
| FY2024 | 2024-02-08 | Revenue | 473.3–474.3 | 475.4 | 10 | ||
| FY2024 | 2024-02-08 | EBITDA (adjusted) | 224.5–225.5 | 230.46 | 10 | ||
| 2024-Q4 | 2024-02-08 | Revenue | 115.9–116.9 | 118.1 | 10 | ||
| 2024-Q4 | 2024-02-08 | EBITDA (adjusted) | 50.5–51.5 | 56.5 | 10 | ||
| 2024-Q2 | 2023-08-08 | Revenue | 108.5–109.5 | 113.6 | 6 | ||
| 2024-Q2 | 2023-08-08 | EBITDA (adjusted) | 44–45 | 54.2 | 6 |
Doximity Stock: Price & Chart
Chart and key figure trend of Doximity stock: the TradingView chart starts only on click, the key figure chart comes from the core tables up to Q1 FY2027. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
Doximity Event Timeline
What happened at Doximity since 2024: events from the filings, grouped by quarter, with the source date and a clickable source number. NadirAlpha methodology
2027 · 4 events
Revenue rose 7% year-over-year to 156.6 million, led by an $8.4 million increase in subscription revenue from new and expanded customers 29 30
Gross margin decreased 4 percentage points to 85%, driven by higher hosting and software costs supporting AI initiatives 29
Doximity raised FY2027 revenue guidance to $671 to 681 million and adjusted EBITDA guidance to $309 to 329 million 30
2026 · 11 events
“We're thrilled to announce that we reached a new engagement record of over 800,000 active prescribers using our workflow tools in Q4. Nearly half of those providers used our clinical AI last quarter, while our prompts per user nearly doubled from January to April alone. Our new partnerships with Aledade and Photon build on that momentum, bringing our Clinical AI Suite to thousands of independent practices and enabling seamless in-workflow prescribing for the first time. I'm also thrilled to welcome Matt Sonefeldt as our new CFO and Dr. Steve Zatz as our new President, two exceptional leaders whose experience and relationships will be instrumental as we continue to scale.”
Matt Sonefeldt appointed as new CFO and Dr. Steve Zatz appointed as new President 27
New partnerships with Aledade and Photon expand the Clinical AI Suite to independent practices with in-workflow prescribing 27
“We're proud to deliver another quarter of strong profits and record engagement. Our newsfeed had more than 1 million quarterly active prescribers, our workflow products had 720,000 (a record QoQ jump), and our nascent AI products had over 300,000. In short, the addition of AI features across our platform has made us more useful than ever.”
Settlement reached on December 24, 2025 for securities class action litigation; Doximity to pay $31 million covered by insurance 25
“Our platform continues to grow with new AI tools to save physicians' time. In Q2, a record 650,000 prescribers used our workflow tools to better serve their patients, while our AI Scribe and DoxGPT users grew over 50% from the prior quarter.”
Revenue growth accelerated to 23% year-over-year, reaching 168.5 million 23
Adjusted EBITDA margin improved to 60% for the three-month period, up from 56% in the prior year quarter 23
“We began our year with strong profit growth and record engagement across our newsfeed, workflow, and AI products. Our AI suite once again grew the fastest, up 5x year-over-year, while more than 630,000 prescribers used our workflow tools to save time and better serve their patients.”
Revenue grew 15% year-over-year to 145.9 million, below the 20% full-year growth rate of FY2025 21 28
Adjusted EBITDA margin expanded to 55% from 52% in the prior year quarter 21
2025 · 13 events
“We closed out fiscal 2025 on a high note, with record engagement, strong profits, and 20% annual revenue growth. Our newsfeed, workflow, and AI tools all hit fresh highs in Q4, helping doctors save time and provide the best care for their patients.”
FY2025 net income up 51% to USD 223.2 million; Q4 net income USD 62.5 million with margin of 45.2% vs 34.4% prior year 19
Q4 revenue up 17% YoY to USD 138.3 million; FY2025 total revenues up 20% to USD 570.4 million with subscription revenue up 21% to $543.8M 19
FY2026 guidance initiated: revenue $619M-$631M and adjusted EBITDA $333M-$345M; Q1 FY2026 revenue $139M-$140M, adjusted EBITDA $71M-$72M 19
“We're proud to deliver another quarter of record engagement in Q3, with over 610,000 unique providers using our clinical workflow tools. Our AI tools grew the fastest last quarter, up 60% over the prior quarter, while our newsfeed surpassed more than one million unique providers.”
Revenue up 25% YoY to USD 168.6 million driven by $32.8M subscription revenue increase from existing customer expansion 17
“Our clinical workflow tools saw record use in Q2 with over 600,000 unique active prescribers. We're proud to help physicians save time, so they can provide better care for their patients.”
Adjusted EBITDA increased 41% to $76.1M; adjusted EBITDA margin expanded to 56% from 48% YoY 15 16
Revenue up 20% YoY to USD 136.8 million driven by $23.0M subscription revenue increase from new and expanded customers 15
Gross margin expanded to 90% in Q2 from 89% in prior year; H1 gross margin 90% vs 88% prior year 15
Operating cash flow reached USD 68.3 million vs USD 12.9 million in 2024-Q2 (×5.3). 124
“We were pleased to deliver strong profits and record engagement last quarter, as we beat on both our top and bottom lines. Last quarter, a record 590,000 unique providers used our AI, telehealth, messaging, and scheduling workflow tools to save time and better serve their patients.”
Revenue up 17% YoY to USD 126.7 million driven by $18.7M subscription revenue increase from new and expanded customers 13
Adjusted EBITDA margin expanded to 52% from 43% YoY; non-GAAP net income margin improved to 44.1% from 37.5% 14
2024 · 14 events
“We were pleased to beat on our top and bottom lines, as we delivered another quarter of strong profits and record engagement. We're proud to bring AI and automation to clinical workflows, with over 580,000 unique providers using our workflow tools last quarter.”
Doximity launched Doximity GPT, a HIPAA-compliant generative AI writing assistant for physicians and medical professionals 12
Q4 revenue up 6% year-over-year to USD 118.1 million; full-year revenue USD 475.4 million, up 13% year-over-year 11
“We're proud to deliver another quarter of double-digit engagement growth across our entire platform, with a beat and raise on both our top and bottom lines. Our clinical workflow tools continue to drive daily use among doctors, and we now count 17 of the top 22 U.S. hospitals as enterprise software clients.”
Revenue up 17% year-over-year to USD 135.3 million, re-accelerating from Q2's 11% growth rate 9
Adjusted EBITDA margin improved to 54% from 48% in the prior-year quarter 9
FY2024 revenue guidance raised to $473.3-474.3 million and adjusted EBITDA guidance to $224.5-225.5 million 10
“We're proud to make medicine mobile, with another quarter of record engagement across our entire platform. Over 550,000 unique providers used our generative AI, telehealth, messaging, and scheduling workflow tools in Q2 to provide better care for their patients.”
Revenue grew 11% year-over-year to USD 113.6 million, slowing from the prior quarter's 20% growth rate 8
Adjusted EBITDA margin reached 47.7%, up year-over-year, as adjusted EBITDA rose 18% to $54.2 million 8
“We're pleased to report another quarter of record engagement across our entire platform, with over 525,000 unique providers using our workflow tools in Q1. Looking ahead, we are focused on streamlining our client workflows, so we can fully capitalize on our long-term potential.”
Revenue up 20% year-over-year to USD 108.5 million, driven by $17.5 million subscription revenue growth including $4.7 million from new customers and $12.8 million from expansion 5
FY2024 revenue guidance raised to $452-468 million and adjusted EBITDA guidance raised to $193-209 million 6
Workforce reduction of approximately 100 employees, representing 10% of workforce, announced 6
Gross margin declined 1 percentage point to 87%, attributed to headcount growth and U.S. News partnership expenses 4
Full-year revenue USD 419.1 million grew 22% year-over-year, compared to 66% growth in fiscal year 2022 4
Doximity Business Model
The Doximity business model in brief: products, customers and revenue sources as the company itself describes them in its reports. NadirAlpha methodology
Doximity operates the largest professional network for U.S. physicians and healthcare professionals, providing workflow software tools that include secure clinical messaging, telehealth features, a medical career directory, and drug reference resources. Doximity earns revenue primarily through annual subscription agreements with hospitals, health systems, pharmaceutical companies, and medical device manufacturers, who pay for access to the platform's verified physician network and targeted engagement capabilities. Subscription fees represent the dominant revenue stream, structured as enterprise contracts that scale with deployment scope and the modules activated. The platform's verified membership base and resulting data network create recurring enterprise relationships, with a significant portion of revenue derived from a concentrated group of large-spending healthcare enterprise customers.
Doximity Stock: Share-Price Drivers
What determines the business trajectory of Doximity according to management, summarised from the reports up to Q1 FY2027. NadirAlpha methodology
Doximity reports its Clinical AI Suite has been taken up by 140+ U.S. health systems, deepening clinician engagement that underpins its pharma and hiring monetisation 28
Doximity has launched a Clinical AI Suite adopted by 140+ U.S. health systems, together with the Scribe ambient documentation tool, the Ask (formerly DoxGPT) assistant and a PeerCheck verification layer, pointing to broadening uptake of its AI tools 28
Doximity offers a Dialer telehealth solution with an enterprise option, extending the workflow tools available to clinicians 28
Doximity completed the Pathway Medical acquisition in July 2025 and continues to operate the Curative Talent physician staffing business, broadening its product and hiring footprint 28
Doximity runs the AMiON on-call scheduling tool and the Curative Talent staffing firm, supporting the hiring and workflow modules that sit alongside its core network 28
Doximity posted revenue of 156.6 million with operating income of 33.6 million and free cash flow of 41.9 million in 2027-Q1, with cash of 273.6 million; guidance was raised 28
Doximity has an authorised stock repurchase program that continues to return capital to shareholders 25
Sector trend: Demand in the digital health and healthcare IT sector is tilting toward AI-enabled clinical workflow tools, with Doximity's Clinical AI Suite reaching 140+ U.S. health systems indicating rising clinician adoption of ambient documentation and reference tools 28. The company's product mix of networking, hiring and telehealth modules points to steady utilisation of clinician engagement rather than a narrow single-product dependency 28.
Doximity Products & announcements (10/17 active+recent)
17 product announcements of Doximity since 2024, grouped by year; active means still mentioned in the most recent reports, nothing is deleted. NadirAlpha methodology
Status: PlannedLaunched
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2026 | |||
| AI-powered clinical reference and search capabilities launch | 2026-09 | 26 | |
| Scribe ambient AI documentation tool for clinical notes | 2026 | 28 | |
| Scribe HIPAA-compliant ambient note taking tool | 2026 | 28 | |
| PeerCheck AI feature | 2026 | 28 | |
| Clinical AI Suite adoption by 140+ U.S. health systems | 2026 | 28 | |
| Clinical AI Suite | 2026 | 28 | |
| Ask (formerly DoxGPT) with PeerCheck physician verification layer | 2026 | 28 | |
| Ask (formerly DoxGPT) | 2026 | 28 | |
| 2025 | |||
| Dialer Enterprise telehealth solution launch (2x) | 2025 | 28 | |
| 2024 | |||
| AMiON on-call scheduling tool | 2024 | 28 | |
| 2025 | |||
| Doximity GPT launch | 2025 | 20 | |
| Doctor Finder collaboration with U.S. News & World Report | 2025 | 20 | |
| 2024 | |||
| Residency Navigator tool | 2024 | 20 | |
| Doximity GPT AI writing assistant | 2024 | 12 | |
| Dialer telehealth product | 2024 | 12 | |
| 2023 | |||
| Telehealth platform | 2023-09 | 2 | |
| Workforce reduction plan | 2023-08 | 6 | |
Doximity Transactions & Events (6)
Transactions of Doximity since 2024: acquisitions, disposals, agreements and regulation, deliberately including smaller items; purchase prices only when the company names them. NadirAlpha methodology
Acquisitions by Doximity
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Pathway Medical Acquisition | 2025-07 | Completed | 28 |
| AMiON acquisition contingent consideration payments | 2025-03 | Completed | 29 |
| 2024 | |||
| Curative Talent physician staffing firm | 2024 | Completed | 12 |
| 2022 | |||
| AMiON acquisition | 2022-04 | Completed | 28 |
| 2021 | |||
| Curative Talent acquisition | 2021 | Completed | 28 |
Partnerships and contracts of Doximity
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Partnership with Photon (2x) | 2026 | Agreement | 27 |
Doximity Risks (96 since the annual report of 2026-05-19, 275 tracked in total)
Which risks Doximity has named since the annual report, company-specific first, generic standard risks in the expandable part; first mention refers to the document base from 2023. NadirAlpha methodology
Category: TechnologyMacroLegalFinancialCyberCustomersPeopleRegulatoryStrategyESGMarketCompetitiongeschaeft
| Risk | Category | Last reported |
|---|---|---|
| Doximity: first mention in 10-Q quarterly report of 2026-08-06 (2027-Q1), source 29 | ||
| Substantial ongoing software and hosting costs for generative AI platform usage and inference supporting AI initiatives. | = | |
| Doximity: first mention in 10-Q quarterly report of 2023-08-08 (2024-Q1), source 5 | ||
| Unable to fully offset inflationary cost pressures could harm business and financial condition. | 2027-Q1 2026-08-06 29 | |
| Doximity: first mention in 10-K annual report of 2023-05-26 (FY2023), source 4 | ||
| Shareholder class action litigation addressed in non-GAAP reconciliation; legal fees material to adjusted EBITDA. | 2027-Q1 2026-08-06 29 | |
| Hypothetical 100 basis point rate increase would decrease investment values by $2.6-3.4 million. | 2027-Q1 2026-08-06 29 | |
| Doximity: first mention in 10-K annual report of 2026-05-19 (FY2026), source 28 | ||
| Platform stores sensitive information including protected health information; security breaches could result in data loss, litigation, regulatory actions, and reputational damage. | = | |
| May be liable for privacy and security failures of subcontractors and vendors under HITECH and other data protection requirements. | = | |
| Depend on limited customers and marketing agencies for significant revenue portion | = | |
| Pharmaceutical customers do not typically enter long-term contracts and can terminate relationships | = | |
| Former Chief Financial Officer departed April 2026; Chief Accounting Officer served as interim CFO during search; Matt Sonefeldt appointed CFO May 13, 2026. | = | |
| Member-first decisions may forgo revenue opportunities and harm financial results | = | |
| Dual-class stock structure concentrates voting power with Class B holders limiting minority shareholder influence | = | |
| Numerous pending laws relating to use of AI in healthcare could impact physician platform engagement | = | |
| Complex state fee-splitting laws and corporate practice of medicine restrictions may require business model changes | = | |
| Relies on Amazon Web Services for computing and storage; Google for storage and collaboration tools; service unavailability could increase expenses and impair operations. | = | |
| Increasing focus on ESG matters; failure to achieve ESG commitments could result in criticism and reputational harm. | = | |
| Changes in accounting rules, assumptions, or judgments could materially impact financial statements or require restatement. | = | |
| Volatility in capital markets may affect ability to access capital through equity or debt financing; economic downturns could limit financing availability. | = | |
| Events affecting financial institutions or counterparties could lead to liquidity problems and impair ability to access funds. | = | |
| Incorrect estimates or judgments relating to critical accounting policies could adversely affect results of operations. | = | |
| Debt financing could involve restrictive covenants limiting capital raising and business opportunities. | = | |
| Future equity issuances could cause significant dilution to existing stockholders. | = | |
| Contractual limitations on liability may not be enforceable or provide sufficient protection; insurance coverage may be inadequate. | = | |
| Subject to changes in tax laws, regulations, and administrative practices which could materially affect effective tax rate. | = | |
| Disaster recovery program allows traffic movement to backup data center but may not effectively support timely or complete traffic movement. | = | |
| General economic conditions including inflation and interest rates may adversely impact discretionary customer spending | = | |
| Pandemic, epidemic, or infectious disease could disrupt operations, reduce customer spending, and impair business growth. | = | |
| Federal pricing initiatives and policy changes affect pharmaceutical customer marketing spend decisions | = | |
| Ability to increase sales to new customers and expand to existing customers; customer renewals and terminations; competitor entry; pricing changes. | = | |
| Rapid growth and organizational change strain management and operational infrastructure | = | |
| Laws of foreign countries may not protect intellectual property rights to same extent as U.S. laws; enforcement in foreign jurisdictions costly and difficult. | = | |
| Enforcement of intellectual property rights is expensive and time-consuming; courts may refuse to enforce rights or find rights invalid or unenforceable. | = | |
| Protection of domain names, trademarks, patents, and trade secrets is expensive; efforts may not prevent misappropriation or misuse. | = | |
| Solutions include open source software; failure to comply with open source licenses could require release of proprietary source code or re-engineering. | = | |
| No issued patents obtained; pending patent applications may not result in issued patents; issued patents may not provide competitive advantage. | = | |
| Failure to comply with third-party license agreements could result in damages and loss of critical license rights. | = | |
| HIPAA compliance requirements and healthcare data processing obligations may increase operational costs | = | |
| Acquisitions may involve unanticipated costs, margin impacts, management distraction, and increased legal and accounting compliance costs. | = | |
| Data providers could withdraw data or restrict usage for competitive or legislative reasons; loss of data providers could materially impact solutions. | = | |
| Growth initiatives and operating plans may not achieve expected benefits; implementation may be more costly or time-consuming than anticipated. | = | |
| Increasing dependence on third-party distribution of mobile applications through app stores and super-app environments. | = | |
| Collaborations, in-licensing arrangements, joint ventures, and strategic alliances may not result in commercially viable solutions or significant revenue. | = | |
| Licenses for third-party software and components may not be available on commercially reasonable terms or could be terminated. | = | |
| AI systems may produce inaccurate, incomplete, biased, or misleading outputs including hallucinations reflecting errors or training data bias. | = | |
| AI and ML present ethical issues; controversy about impact on society could result in brand harm, reputational harm, or legal liability. | = | |
| AI development may not achieve expected benefits and creates operational and reputational risks | = | |
| AI-enabled offerings may not perform as expected, may not be adopted, or may fail to improve competitive position. | = | |
| AI-enabled tools may generate materials alleged to infringe third-party intellectual property or privacy rights. | = | |
| AI-enabled tools susceptible to prompt injection, data poisoning, model manipulation, malicious inputs, and unauthorized access to models or training data. | = | |
| Reliance on third-party infrastructure including Amazon Web Services creates dependencies | = | |
| Must continuously improve and upgrade systems and infrastructure while maintaining reliability; failure could impair competitiveness. | = | |
| Success depends on interoperability with third-party technologies, systems, networks, operating systems; loss of interoperability could materially affect growth. | = | |
| Undetected errors or design faults could adversely affect business and financial condition | = | |
| Integration of third-party AI models, platforms, vendors may be inadequate; third parties may change terms, pricing, or data-use practices adversely. | = | |
| Compete with healthcare staffing companies and job boards for recruiting budgets | = | |
| Larger technology companies (LinkedIn, Facebook, Google, X) compete for members | = | |
| Compete with WebMD Medscape and OpenEvidence for pharmaceutical marketing budgets | = | |
| Compete with Zoom, Teams, Teladoc, American Well, QGenda, Abridge, OpenAI | = | |
| Healthcare industry consolidation may increase customer negotiating power and reduce demand | = | |
| Doximity: first mention in 10-Q quarterly report of 2025-11-06 (2026-Q2), source 23 | ||
| OpenEvidence patent infringement suit ongoing in Massachusetts federal court with uncertain outcome | FY2026 2026-05-19 28 | |
| Five shareholder derivative lawsuits pending relating to breach of fiduciary duties and mismanagement | = | |
| Significant portion of acquisition purchase prices allocated to goodwill and intangible assets; if acquisitions underperform, impairment charges could harm results. | FY2026 2026-05-19 28 | |
| Doximity: first mention in 10-K annual report of 2025-05-20 (FY2025), source 20 | ||
| Subject to litigation; claims may result in significant defense costs, judgments, settlements, and damage to reputation and customer relationships. | FY2026 2026-05-19 28 | |
| General industry and macroeconomic conditions could adversely impact sales. | FY2026 2026-05-19 28 | |
| Global economic downturn could reduce pharmaceutical and health system spending | FY2026 2026-05-19 28 | |
| Subject to claims alleging intellectual property infringement; defending claims could be costly and divert management resources. | FY2026 2026-05-19 28 | |
| Current protections from third-party content liability under Section 230 of CDA could decrease or change due to proposed amendments. | FY2026 2026-05-19 28 | |
| Healthcare law changes including telehealth parity and HIPAA enforcement resumption after COVID-19 restrictions lift | FY2026 2026-05-19 28 | |
| Internally calculated operational metrics lack independent third-party verification | FY2026 2026-05-19 28 | |
| Doximity: first mention in 10-K annual report of 2024-05-23 (FY2024), source 12 | ||
| Accumulated 3.7 million of state NOLs; ability to use may be limited under Section 382 and 383 if ownership change occurs. | FY2026 2026-05-19 28 | |
| Subject to state laws restricting business relationships between entities and physicians | FY2026 2026-05-19 28 | |
| Subject to stringent, evolving privacy, data protection, and information security laws; failure to comply could result in fines, liability, and reputational harm. | FY2026 2026-05-19 28 | |
| Substantial portion of workforce working remotely increases cybersecurity risk and data accessibility concerns. | FY2026 2026-05-19 28 | |
| Equity incentive plans and future capital raises may dilute existing shareholder ownership percentages | FY2026 2026-05-19 28 | |
| Decrease in member retention could render platform less attractive to customers | FY2026 2026-05-19 28 | |
| Evolving laws governing AI development and use may increase compliance costs and require business practice changes. | FY2026 2026-05-19 28 | |
| Must comply with state medical privacy laws more protective than HIPAA and comprehensive state privacy legislation like CCPA and CPRA. | FY2026 2026-05-19 28 | |
| Significant interruptions or delays in service or undetected errors could adversely affect business, financial condition, and results of operations. | FY2026 2026-05-19 28 | |
| Doximity: first mention in 10-K annual report of 2023-05-26 (FY2023), source 4 | ||
| Members use platform for communications subject to TCPA and other laws; noncompliance could result in fines, penalties, and private rights of action. | FY2026 2026-05-19 28 | |
| Subject to U.S. federal and state income taxes; enactment of One Big Beautiful Bill Act (July 4, 2025) and Inflation Reduction Act changes tax obligations. | FY2026 2026-05-19 28 | |
| Securities and derivative lawsuits filed; settlement agreed for securities class action. | 2026-Q3 2026-02-05 25 | |
| Historical revenue growth of 13% in FY2026 vs 20% in FY2025 may not be sustainable | FY2026 2026-05-19 28 | |
| Risk management policies and procedures may not be fully effective in identifying and mitigating all business risks. | FY2026 2026-05-19 28 | |
| Natural disasters, power disruptions, terrorism, or other catastrophic events could disrupt operations, cause data loss, and impair business continuity. | FY2026 2026-05-19 28 | |
| Doximity: first mention in 10-Q quarterly report of 2023-02-09 (2023-Q3), source 1 | ||
| 83% of revenue from customers with at least $500k trailing twelve-month subscription revenue | FY2026 2026-05-19 28 | |
| Loss of senior management or key employees, particularly CEO, could materially adversely affect business execution and growth. | FY2026 2026-05-19 28 | |
| Securities class action and derivative litigation pending with $31M settlement subject to court approval | FY2026 2026-05-19 28 | |
| As HIPAA Business Associate, faces significant penalties for compliance failures including civil, criminal penalties, and imprisonment. | FY2026 2026-05-19 28 | |
| Completed acquisitions of Curative Talent (fiscal 2021), AMiON (fiscal 2023), and Pathway Medical (July 2025); future acquisitions may fail to integrate or yield expected returns. | FY2026 2026-05-19 28 | |
| Agreements with technology and content providers typically non-exclusive and easily terminable; third parties may underperform or terminate relationships. | FY2026 2026-05-19 28 | |
| Failure to implement and maintain effective internal controls over financial reporting could harm investor confidence and stock price. | FY2026 2026-05-19 28 | |
| Any factor diminishing reputation could make difficult to attract customers and members | FY2026 2026-05-19 28 | |
| Platform allows content exchange exposing company to claims for defamation, misinformation, discrimination, harassment, and intellectual property violations. | FY2026 2026-05-19 28 | |
| Trade secrets difficult to protect; reliance on confidentiality agreements which may be breached or inadequate; competitors may independently develop similar technology. | FY2026 2026-05-19 28 | |
| Trademarks may be challenged, infringed, declared generic, or determined to be infringing on other marks; inability to protect brand could harm business. | FY2026 2026-05-19 28 | |
| Significant legal, accounting, insurance, and compliance costs of being a public company; no longer emerging growth company increases expenses. | FY2026 2026-05-19 28 | |
| Reliance on Apple App Store and Google Play for distribution creates risk to app availability and terms | FY2026 2026-05-19 28 | |
Doximity Reported KPIs (as disclosed) (96)
NadirAlpha collects 96 reported KPIs of Doximity from the filings up to Q1 FY2027; the definition comes from the company, period and source are stated at every value. NadirAlpha methodology
| KPI | Value / change | Source |
|---|---|---|
| Doximity, published 2026-08-06, period 2027-Q1 | ||
| Workflow active prescriber growth | more than 30% | 30 |
| Registered members | over 3 million | 29 |
| Quarterly unique active providers using Workflow Tools YoY growth | 32% | 29 |
| Net revenue retention rate | 107% | 29 |
| Customers with at least $500,000 TTM revenue | 127 | 29 |
| Cash, cash equivalents and marketable securities | 687.8 million | 29 |
| AI Search query growth | over 25% | 30 |
| Doximity, published 2026-05-19, period FY2026 | ||
| US physicians represented % | more than 85% | 28 |
| US nurse practitioners / physician assistants % | two-thirds | 28 |
| US medical students % | approximately 90% | 28 |
| Total US physicians | approximately 1 million | 28 |
| Registered trademarks US | 15 | 28 |
| Registered trademarks non-US | 4 | 28 |
| Registered members US physicians % | more than 85% | 28 |
| Registered members | over 3 million | 28 |
| Quarterly unique active providers using Workflow Tools | 0.81 | 28 |
| Pending patent applications US | 14 | 28 |
| Net revenue retention rate | 109% | 28 |
| Granted patents US | 6 | 28 |
| FTE R&D % | more than a third | 28 |
| Customers with at least $500k revenue | 125 | 28 |
| Doximity, published 2026-05-13, period FY2026 | ||
| Quarterly unique active providers using workflow tools | over 800,000 | 27 |
| Providers using clinical AI | nearly half | 27 |
| Doximity, published 2026-02-05, period 2026-Q3 | ||
| Net revenue retention rate | 112% | 25 |
| Customers with at least $500k TTM revenue | 126 | 25 |
| Workflow products active users | 720,000 | 26 |
| Newsfeed quarterly active prescribers | more than 1 million | 26 |
| AI products active users | over 300,000 | 26 |
| Doximity, published 2025-11-06, period 2026-Q2 | ||
| Prescribers using workflow tools | 650,000 | 24 |
| Net revenue retention rate prior year | 116% | 23 |
| Net revenue retention rate | 118% | 23 |
| Customers with at least $500k TTM subscription revenue prior year | 104 | 23 |
| Customers with at least $500k TTM subscription revenue | 121 | 23 |
| AI Scribe and DoxGPT user growth from prior quarter | over 50% | 24 |
| Doximity, published 2025-08-07, period 2026-Q1 | ||
| Net revenue retention rate | 118% | 21 |
| Customers with at least $500,000 of revenue | 120 | 21 |
| Doximity, published 2025-05-20, period FY2025 | ||
| US physicians penetration | over 80% | 20 |
| US nurse practitioners / physician assistants penetration | over 60% | 20 |
| US medical students penetration | over 90% | 20 |
| Unique active providers clinical workflow tools | more than 620,000 | 20 |
| Registered trademarks non-US | four | 20 |
| Registered or applied trademarks US | fifteen | 20 |
| Registered members | over two million | 20 |
| Pending patent applications | twelve | 20 |
| Net revenue retention rate | 119% | 20 |
| Granted patents | four | 20 |
| Customers with at least $500k revenue | 116 | 20 |
| Doximity, published 2025-02-06, period 2025-Q3 | ||
| Unique providers using clinical workflow tools | over 610,000 | 18 |
| Unique providers on newsfeed | more than one million | 18 |
| Net revenue retention rate (prior year) | 115% | 17 |
| Net revenue retention rate | 117% | 17 |
| Customers with at least $500,000 of revenue (prior year) | 94 | 17 |
| Customers with at least $500,000 of revenue | 114 | 17 |
| AI tools growth | up 60% over the prior quarter | 18 |
| Doximity, published 2024-11-07, period 2025-Q2 | ||
| Unique active prescribers | over 600,000 | 16 |
| Net revenue retention rate | 116% | 15 |
| Net income margin | 32% | 15 |
| Customers with at least $500,000 of revenue | 103 | 15 |
| Adjusted EBITDA margin | 56% | 15 |
| Doximity, published 2024-08-08, period 2025-Q1 | ||
| Net revenue retention rate | 114% | 13 |
| Customers with at least $500k revenue | 102 | 13 |
| Unique providers using AI, telehealth, messaging, and scheduling workflow tools | 590,000 | 14 |
| Doximity, published 2024-05-23, period FY2024 | ||
| Unique active providers clinical workflow tools | more than 580,000 | 12 |
| Registered trademarks non-US | four | 12 |
| Registered or applied for trademarks US | fifteen | 12 |
| Registered members | over two million | 12 |
| Physicians in US | more than 80% | 12 |
| Pending international PCT applications | two | 12 |
| Nurse practitioners physician assistants | over 60% | 12 |
| Granted patents US | one | 12 |
| Graduating US medical students | over 90% | 12 |
| Net revenue retention rate | 114% | 12 |
| Customers with at least $500,000 of revenue (FY2024) | 98 | 12 |
| Customers with at least $500,000 of revenue (FY2023) | 80 | 12 |
| Customers with at least $500,000 of revenue (FY2022) | 71 | 12 |
| Customers with at least $100,000 of revenue (FY2024) | 296 | 12 |
| Customers with at least $100,000 of revenue (FY2023) | 294 | 12 |
| Customers with at least $100,000 of revenue (FY2022) | 251 | 12 |
| Doximity, published 2024-05-16, period 2024-Q4 | ||
| Subscription revenue (prior year) | 103.2 million | 11 |
| Subscription revenue (full year) | 450.1 million | 11 |
| Subscription revenue (full year prior) | 389.7 million | 11 |
| Subscription revenue | 112.7 million | 11 |
| Operating cash flow (prior year) | 46.6 million | 11 |
| Operating cash flow (full year) | 184.1 million | 11 |
| Operating cash flow (full year prior) | 179.6 million | 11 |
| Operating cash flow | 63.9 million | 11 |
| Doximity, published 2024-02-08, period 2024-Q3 | ||
| Net revenue retention rate | 115% | 9 |
| Customers with $100k+ revenue | 289 | 9 |
| Doximity, published 2023-11-09, period 2024-Q2 | ||
| Unique providers using generative AI, telehealth, messaging, and scheduling workflow tools | 550,000 | 8 |
| Customers with at least $100,000 revenue | 290 | 7 |
| Net revenue retention rate | 114% | 7 |
| Net income margin | 25% | 7 |
| Adjusted EBITDA margin | 41% | 7 |
| Doximity, published 2023-08-08, period 2024-Q1 | ||
| Net revenue retention rate | 118% | 5 |
| Customers with TTM revenue >$100k | 296 | 5 |
| Unique providers using workflow tools | 525,000 | 6 |
Doximity Development
How Doximity has developed since 2024: one paragraph per period on revenue, earnings, cash flow and drivers, most recent period first, grouped by year. NadirAlpha methodology
FY2027: Doximity
In fiscal first quarter 2027, Doximity generated revenue of 156.6 million, a 7% increase year-over-year driven primarily by an $8.4 million rise in subscription revenue from new and expanded customers 29. Gross margin contracted 4 percentage points to 85% as hosting and software costs rose to support AI initiatives, and adjusted EBITDA declined 6% to $74.8 million with adjusted EBITDA margin compressing to 47.7% from 54.7% in the prior-year period 29 30. Net income fell to 24.3 million, while operating cash flow declined to 42 million 30. Following the quarter, Doximity raised its full-year fiscal 2027 revenue guidance to $671 to 681 million and adjusted EBITDA guidance to $309 to 329 million 30. Quarterly unique active providers using Workflow Tools grew approximately 32% year-over-year, and the company's clinical AI assistant ranked as the top-performing U.S.-based model in the NOHARM benchmark 29 30.
FY2026: Doximity
Doximity reported fiscal year 2026 revenues of 644.9 million, up 13% year-over-year, driven by a $64.6 million increase in subscription revenue with $16.2 million from new customers and $48.4 million from expansion of existing customers 28. Net income declined to 196.1 million from $223.2 million in the prior year, primarily due to increased operating expenses in research and development, sales and marketing, and general and administrative functions, while adjusted EBITDA rose to $357.8 million, up 14% year-over-year 27 28. Operating cash flow reached 326.5 million, up 19% year-over-year, and free cash flow was 326.5 million, also up 19% year-over-year 27. Doximity expanded its platform through the acquisitions of Pathway Medical, Curative Talent, and AMiON, and the Clinical AI Suite was adopted by more than 140 leading U.S. health systems by fiscal year-end 28. Doximity completed its first $500 million share repurchase program and initiated a second $500 million program in February 2026, and reached a $31 million securities class action settlement covered by insurance, with final court approval scheduled for June 10, 2026 28.
FY2025: Doximity
Doximity delivered fiscal 2025 revenue of 570.4 million, up 20% year-over-year, with subscription revenue growing 21% to $543.8 million as new and expanded customer relationships drove the top line 19. Net income rose 51% to 223.2 million and adjusted EBITDA increased 36% to $313.8 million, with the adjusted EBITDA margin expanding to 55% from 48% 19 20. Operating cash flow increased 48% to 273.3 million for the full year, and cash and marketable securities stood at $915.7 million as of March 31, 2025 19 20. Doximity's registered membership exceeded two million providers, including more than 80% of U.S. physicians; strategic additions during the year included Doximity GPT, a HIPAA-compliant generative AI writing assistant, and the AMiON on-call scheduling tool 20.
FY2024: Doximity
Doximity delivered full-year revenue of USD 475.4 million in FY2024, up 13% year-over-year, driven by a $60.3 million increase in subscription revenue 12. Net income increased to USD 147.6 million, up 31% year-over-year 11, and gross margin improved to 89% from 87%, partly supported by cost reductions from the August 2023 workforce restructuring 12. Operating cash flow was USD 184.1 million for the year, with free cash flow of USD 183.9 million 119. Doximity expanded its member network to over two million registered medical professionals by March 31, 2024 and launched Doximity GPT, a HIPAA-compliant generative AI writing assistant for physicians and medical professionals 12.
FY2023: Doximity
Doximity reported full-year fiscal 2023 revenue of USD 419.1 million, up 22% year-over-year, a deceleration from 66% growth in fiscal year 2022 4. Net income was USD 112.8 million, below the prior-year level primarily due to reduced tax deduction benefits from stock option activities compared to the prior year 4. The net revenue retention rate fell to 119% as of December 31, 2022 from 171% a year earlier, reflecting slower expansion within the existing customer base 1. Operating cash flow increased 42% year-over-year to USD 179.6 million 3. Following third-quarter results, Doximity raised its fiscal year 2024 revenue guidance to exceed $500 million with an adjusted EBITDA margin target of 43% or greater 2.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- Op. income (adj.): Adjusted operating income, verbatim and company-defined (non-GAAP), never derived.
- EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
36 sources on Doximity since 2024; the superscript numbers in the chapters refer to these rows, older documents are in the expandable part. NadirAlpha methodology
Older sources (+6)
| # | Document type | Published |
|---|---|---|
| #201 | 10-Q quarterly report | 2021-08-12 |
| #204 | 10-K annual report | 2021-08-12 |
| #205 | 10-Q quarterly report | 2021-08-12 |
| #202 | 10-Q quarterly report | 2021-11-10 |
| #206 | 10-Q quarterly report | 2021-11-10 |
| #203 | 10-Q quarterly report | 2022-02-09 |
Doximity Stock FAQ
Is there a management forecast (guidance) for FY2027?
Yes. Management has issued targets for FY2027, including Revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Which additional key figures does Doximity report?
As reported for Q1 FY2027 (Apr to Jun 2026): Net revenue retention rate, Workflow active prescriber growth, Registered members, Customers with at least $500,000 TTM revenue, AI Search query growth. The chapter Reported KPIs lists every value with its source.
Where can I find the official investor relations documents of Doximity?
NadirAlpha links all 36 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.