DOCS

MKT CAP:$4B

Doximity, Inc.

Market Cap

$4B

Healthcare·Medical - Healthcare Information Services·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$24.26-$19.03 (-43.96%)

Apr 22, 2026

Company Details

Doximity, Inc. operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleague...

CEO

Jeffrey A. Tangney

IPO Date

Jun 24, 2021

Website

www.doximity.com

Key Metrics TTM

Revenue

$638M

+15.9% YoY

Net Income

$239M

EPS (Diluted)

$1.20

Free Cash Flow

$312M

Revenue / Share

$3.20

Gross Margin

89.7%

Operating Margin

37.4%

Net Margin

37.5%

FCF Margin

48.8%

P/S

6.9x

P/E

18.5x

Earnings Reports

Q3 2026

Feb 5, 2026

$185M+9.8%EPS $0.31

Q2 2026

Nov 6, 2025

$169M+23.2%EPS $0.31

Q1 2026

Aug 7, 2025

$146M+15.2%EPS $0.27

FY 2025

May 20, 2025

$570M+20.0%EPS $1.11

Q4 2025

May 20, 2025

$138M+17.1%EPS $0.31

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$94M	$82M	$28M
Q1 23	$91M	$78M	$22M
Q2 23	$102M	$89M	$32M
Q3 23	$115M	$102M	$38M
Q4 23	$111M	$97M	$33M
Q1 24	$108M	$95M	$30M
Q2 24	$114M	$101M	$34M
Q3 24	$135M	$123M	$59M
Q4 24	$118M	$105M	$42M
Q1 25	$127M	$113M	$46M
Q2 25	$137M	$123M	$53M
Q3 25	$169M	$154M	$80M
Q4 25	$138M	$124M	$49M
Q1 26	$146M	$130M	$55M
Q2 26	$169M	$152M	$64M
Q3 26	$185M	$166M	$72M

Valuation

Quarter	P/S	P/E
Q4 22	12.9x	28.6x
Q1 23	12.3x	29.4x
Q2 23	11.5x	31.4x
Q3 23	11.0x	37.3x
Q4 23	10.6x	39.3x
Q1 24	10.1x	37.3x
Q2 24	9.9x	36.0x
Q3 24	9.5x	32.2x
Q4 24	9.3x	30.0x
Q1 25	9.0x	27.6x
Q2 25	8.6x	25.5x
Q3 25	8.1x	22.0x
Q4 25	7.8x	19.9x
Q1 26	7.5x	18.9x
Q2 26	7.1x	17.5x
Q3 26	6.9x	18.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$47M	$45M
Q1 23	$45M	$43M
Q2 23	$40M	$38M
Q3 23	$49M	$47M
Q4 23	$47M	$46M
Q1 24	$57M	$56M
Q2 24	$13M	$12M
Q3 24	$50M	$49M
Q4 24	$64M	$62M
Q1 25	$41M	$40M
Q2 25	$68M	$67M
Q3 25	$65M	$63M
Q4 25	$98M	$97M
Q1 26	$62M	$60M
Q2 26	$94M	$92M
Q3 26	$61M	$63M

Capital Expenditures

Quarter	CapEx
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$1M
Q4 23	$1M
Q1 24	$2M
Q2 24	$1M
Q3 24	$1M
Q4 24	$2M
Q1 25	$2M
Q2 25	$2M
Q3 25	$2M
Q4 25	$2M
Q1 26	$2M
Q2 26	$2M
Q3 26	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+40.4%	+49.9%
Q1 23	+24.7%	+44.3%
Q2 23	+28.8%	+28.8%
Q3 23	+17.8%	+23.7%
Q4 23	+18.5%	+18.9%
Q1 24	+19.7%	+14.3%
Q2 24	+11.2%	+13.9%
Q3 24	+17.4%	-0.1%
Q4 24	+6.4%	-2.5%
Q1 25	+16.8%	+2.3%
Q2 25	+20.4%	+4.8%
Q3 25	+24.6%	+15.6%
Q4 25	+17.1%	+17.6%
Q1 26	+15.2%	+13.4%
Q2 26	+23.2%	+25.3%
Q3 26	+9.8%	+27.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$10M	10.5%
Q1 23	$10M	10.5%
Q2 23	$11M	11.1%
Q3 23	$14M	12.1%
Q4 23	$13M	11.7%
Q1 24	$14M	12.9%
Q2 24	$13M	11.8%
Q3 24	$12M	8.7%
Q4 24	$12M	10.0%
Q1 25	$17M	13.5%
Q2 25	$18M	13.1%
Q3 25	$19M	11.5%
Q4 25	$18M	13.1%
Q1 26	$22M	15.0%
Q2 26	$29M	17.5%
Q3 26	$34M	18.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 22	$17M	$11M	$26M
Q1 23	$19M	$9M	$28M
Q2 23	$19M	$9M	$29M
Q3 23	$21M	$10M	$33M
Q4 23	$22M	$10M	$33M
Q1 24	$22M	$9M	$34M
Q2 24	$20M	$9M	$30M
Q3 24	$20M	$10M	$35M
Q4 24	$20M	$10M	$34M
Q1 25	$23M	$9M	$35M
Q2 25	$23M	$10M	$34M
Q3 25	$22M	$14M	$38M
Q4 25	$25M	$13M	$38M
Q1 26	$27M	$12M	$36M
Q2 26	$30M	$19M	$39M
Q3 26	$35M	$18M	$42M

Revenue Segments

Quarter	Service, Other	Subscription
Q4 22	$8M	$86M
Q1 23	$7M	$84M
Q2 23	$7M	$95M
Q3 23	$8M	$108M
Q4 23	$8M	$103M
Q1 24	$7M	$101M
Q2 24	$7M	$107M
Q3 24	$6M	$129M
Q1 25	$7M	$120M
Q2 25	$7M	$130M
Q3 25	$6M	$162M
Q4 25	$6M	$132M
Q1 26	$8M	$138M
Q2 26	$9M	$159M
Q3 26	$10M	$175M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$113M	$685M	$798M
Q1 23	$110M	$666M	$776M
Q2 23	$74M	$676M	$750M
Q3 23	$136M	$665M	$801M
Q4 23	$158M	$683M	$841M
Q1 24	$307M	$566M	$873M
Q2 24	$108M	$621M	$730M
Q3 24	$123M	$587M	$710M
Q4 24	$97M	$666M	$763M
Q1 25	$111M	$639M	$750M
Q2 25	$184M	$621M	$806M
Q3 25	$165M	$680M	$845M
Q4 25	$210M	$706M	$916M
Q1 26	$137M	$704M	$841M
Q2 26	$169M	$709M	$878M
Q3 26	$65M	$670M	$735M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	216M	-0.2%	+9.3%
Q1 23	215M	-0.4%	+8.9%
Q2 23	214M	-0.5%	-1.3%
Q3 23	212M	-0.9%	-2.0%
Q4 23	213M	+0.3%	-1.4%
Q1 24	212M	-0.2%	-1.2%
Q2 24	209M	-1.6%	-2.3%
Q3 24	200M	-4.1%	-5.5%
Q4 24	201M	+0.3%	-5.5%
Q1 25	199M	-0.9%	-6.2%
Q2 25	200M	+0.6%	-4.1%
Q3 25	202M	+0.9%	+0.9%
Q4 25	203M	+0.4%	+0.9%
Q1 26	201M	-0.9%	+1.0%
Q2 26	201M	-0.2%	+0.2%
Q3 26	199M	-0.8%	-1.5%

Shares Outstanding