Q4 total revenues of $138.3 million, up 17% year-over-year
Q4 operating cash flow of $98.5 million, up 54% year-over-year
Q4 free cash flow of $97.0 million, up 56% year-over-year

Fiscal year 2025 total revenues of $570.4 million, up 20% year-over-year
Fiscal year 2025 operating cash flow of $273.3 million, up 48% year-over-year
Fiscal year 2025 free cash flow of $266.7 million, up 50% year-over-year

SAN FRANCISCO: Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2025 fourth quarter and fiscal year ended March 31, 2025.

“We closed out fiscal 2025 on a high note, with record engagement, strong profits, and 20% annual revenue growth,” said Jeff Tangney, co-founder and CEO of Doximity. “Our newsfeed, workflow, and AI tools all hit fresh highs in Q4, helping doctors save time and provide the best care for their patients.”

Fiscal 2025 Fourth Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended March 31, 2024.

• Revenue: Revenue of $138.3 million, versus $118.1 million, an increase of 17% year-over-year. Subscription revenue of $131.9 million, versus $112.7 million, an increase of 17% year-over-year.

• Net income and non-GAAP net income: Net income of $62.5 million, versus $40.6 million, representing a margin of 45.2%, versus 34.4%. Non-GAAP net income of $77.7 million, versus $51.0 million, representing a margin of 56.2%, versus 43.2%.

• Adjusted EBITDA: Adjusted EBITDA of $69.7 million, versus $56.4 million, an increase of 24% year-over-year, representing adjusted EBITDA margins of 50.4%, versus 47.8%.

• Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.31, versus $0.20, while non-GAAP diluted net income per share was $0.38, versus $0.25.

• Operating cash flow and free cash flow: Operating cash flow of $98.5 million, versus $63.9 million, an increase of 54% year-over-year, and free cash flow of $97.0 million, versus $62.3 million, an increase of 56% year-over-year.

Fiscal Year 2025 Financial Highlights

All comparisons, unless otherwise noted, are to the fiscal year ended March 31, 2024.

• Revenue: Revenue of $570.4 million, versus $475.4 million, an increase of 20% year-over-year. Subscription revenue of $543.8 million, versus $450.1 million, an increase of 21% year-over-year.

• Net income and non-GAAP net income: Net income of $223.2 million, versus $147.6 million, representing a margin of 39.1%, versus 31.0%. Non-GAAP net income of $286.1 million, versus $195.6 million, representing a margin of 50.2%, versus 41.2%.

• Adjusted EBITDA: Adjusted EBITDA of $313.8 million, versus $230.5 million, an increase of 36% year-over-year, representing adjusted EBITDA margins of 55.0%, versus 48.5%.

• Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $1.11, versus $0.72, while non-GAAP diluted net income per share was $1.42, versus $0.95.

• Operating cash flow and free cash flow: Operating cash flow of $273.3 million, versus $184.1 million, an increase of 48% year-over-year, and free cash flow of $266.7 million, versus $178.3 million, an increase of 50% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal first quarter ending June 30, 2025 as follows:

• Revenue between $139 million and $140 million.

• Adjusted EBITDA between $71 million and $72 million.

Doximity is providing guidance for its fiscal year ending March 31, 2026 as follows:

• Revenue between $619 million and $631 million.

• Adjusted EBITDA between $333 million and $345 million.

Conference Call Information

Doximity posted prepared remarks on its investor relations website at https://investors.doximity.com. Doximity will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investors.doximity.com. The archived webcast will be available on the Company’s Investor Relations page shortly after the call.

About Doximity

Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The company's network members include more than 80% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. Doximity's mission is to help doctors be more productive so they can provide better care for their patients.

Forward-Looking Statements

Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors including (i) the timing and scope of anticipated stock repurchases; (ii) the impact of uncertainty in the current economic environment and macroeconomic uncertainty; (iii) our ability to retain existing members or add new members to our platform and maintain or grow their engagement with our platform; (iv) our ability to attract new customers or retain existing customers; (v) the impact of our prioritization of our members’ interests; (vi) breaches in our security measures or unauthorized access to members’ data; (vii) our ability to maintain or manage our growth, and other risks and factors that are beyond our control including, without limitation, those set forth in the section entitled “Risk Factors” in the Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2024. Additional information will be provided in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements. The forward-looking statements made in this press release relate only to management’s beliefs and assumptions as of this date. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

DOXIMITY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)
	Three Months Ended March 31,								Fiscal Year Ended March 31,
	2025				2024				2025				2024
Revenue	$	138,288			$	118,057			$	570,399			$	475,422
Cost of revenue(1)		14,467				12,567				55,874				50,669
Gross profit		123,821				105,490				514,525				424,753
Operating expenses(1):
Research and development		24,803				20,148				93,038				81,983
Sales and marketing		37,611				33,517				145,713				133,129
General and administrative		12,727				9,973				45,670				37,827
Restructuring and impairment charges		—				—				2,304				7,936
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