Doximity reported a strong close to its fiscal year 2025, underscored by revenue of $138.3 million for Q4, up 17% year over year, and full-year revenue of $570.4 million, up 20% YoY. The company continues to benefit from a shift to multi-module integrated offerings, driving larger deals and earlier program launches in January, which contributed to upside in fiscal 2025 guidance. Management highlighted robust retention metrics, with trailing twelve-month net revenue retention at 119% and a top-20 customer NRR at 123%, signaling deepening client relationships and stickiness across its platform. Doximity also reported strong profitability and cash generation, with non-GAAP gross margin of 91% in Q4 and an annual non-GAAP gross margin of 92%, adjusted EBITDA margins of 50% in Q4 and 55% for the full year, and free cash flow of $97 million in Q4 and $266.7 million for the year. The balance sheet remains exceptionally strong, with approximately $916 million in cash, cash equivalents and marketable securities, and a remaining $424 million in the share repurchase program. Management reaffirmed optimism on AI as a growth lever, noting accelerated adoption of Doximity GPT tools, expanded portal capabilities, and a strategic shift toward AI-enabled integrated programs. Looking ahead, the company guided for fiscal Q1 2026 revenue of $139–$140 million (about 10% growth) and full-year revenue of $619–$631 million (about 10% growth), with Adj. EBITDA of $333–$345 million (approx. 54% margin). The guidance reflects a prudent stance on macro uncertainty and the expectation of continued acceleration in AI investments and share gains through high-ROI programs.

Key Performance Indicators

Revenue

Increasing

138.29M

QoQ: -17.98% | YoY: 17.14%

Gross Profit

Increasing

123.82M

89.54% margin

QoQ: -19.82% | YoY: 17.38%

Operating Income

Increasing

48.68M

QoQ: -39.09% | YoY: 16.31%

Net Income

Increasing

62.46M

QoQ: -16.94% | YoY: 53.77%

EPS

Increasing

0.33

QoQ: -17.50% | YoY: 50.00%

Revenue Trend

Margin Analysis

Revenue and growth
- Q4 2025 revenue: $138.3 million, up 17% year over year; full-year 2025 revenue: $570.4 million, up 20% YoY. This reflects the strategic shift to multi-module integrated offerings that expand deal sizes and enable earlier January launches.
- QoQ revenue progression: prior-quarter growth represented by the 17% YoY figure; management notes a transition year dynamic in 2025 and a more predictable cadence in 2026 due to January start launches.
Gross profit and margins
- Non-GAAP gross margin: Q4 2025 at 91%; full-year non-GAAP gross margin at 92% vs 91% prior year, reflecting scale benefits from the integrated offerings.
- EBITDA and margins: Q4 2025 adjusted EBITDA of $69.7 million, margin 50%; full-year adjusted EBITDA of $313.8 million, margin 55%.
Profitability and cash flow
- Free cash flow (FCF): Q4 2025 FCF of $97 million, up 56% YoY; full-year FCF of $266.7 million, up 50% YoY.
- Net income and earnings per share: Q4 2025 net income $62.5 million; basic EPS $0.33; diluted EPS $0.31.
Balance sheet and liquidity
- Cash and marketable securities: year-end cash, cash equivalents and marketable securities of approximately $916 million.
- Share repurchase: $26.8 million of shares repurchased in Q4; $116.2 million for the full year; $424 million remaining under the repurchase program.
Customer engagement and retention
- Net Revenue Retention (NRR): 119% trailing twelve months; top 20 customers NRR at 123%; 116 customers each contributing at least $500k in subscription revenue (TTM), up ~17% from a year ago and representing 84% of total revenue.
Product and user metrics
- Newsfeed and engagement: unique active users and articles read/tapped reached record highs; more than 1 million unique prescribers used the newsfeed in the period; AI tools growth accelerated more than 5x year over year; 620k unique active prescribers using workflow tools.
Guidance highlights
- Q1 FY2026: revenue guidance $139–$140 million (midpoint +10%), adjusted EBITDA $71–$72 million (about 51% margin).
- Full-year FY2026: revenue guidance $619–$631 million (midpoint +10%), adjusted EBITDA $333–$345 million (about 54% margin).
Strategic implications
- Management emphasized a durable advantage from AI-enabled, integrated programs that deliver ROI and higher customer lifetime value, supported by an expanding client portal that tracks ROI and informs upsell decisions.

Doximity Inc (DOCS) Q4 2025 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Metric	Value	YoY Change	QoQ Change
Revenue	138.29M	17.14%	-17.98%
Gross Profit	123.82M	17.38%	-19.82%
Operating Income	48.68M	16.31%	-39.09%
Net Income	62.46M	53.77%	-16.94%
EPS	0.33	50.00%	-17.50%