Summary
Doximity closed fiscal 2025 with Q4 revenue of $138.3 million, up 17.1% from $118.1 million in the prior-year quarter. Full-year revenue reached $570.4 million, up 20.0% from $475.4 million. The top line carried through to profit. Q4 net income was $62.5 million, up 53.8% from $40.6 million, and full-year net income was $223.2 million, up 51.2% from $147.6 million. Operating income rose to $48.7 million in Q4, up 16.3% from $41.9 million, while fiscal 2025 operating income was $227.8 million, up 39.0% from $163.9 million. Gross profit was $123.8 million in Q4, up 17.4%, and $514.5 million for the full year, up 21.1%. Gross margin was 89.5% in Q4, up 0.2 percentage points from 89.4%, and 90.2% for the full year, up 0.9 percentage points from 89.3%. Operating margin was 35.2% in Q4, down 0.2 percentage points from 35.5%, but it expanded to 39.9% for the full year, up 5.5 percentage points from 34.5%. Fiscal year diluted EPS was $1.11, up 54.2% from $0.72.
The cash generation profile strengthened. Q4 operating cash flow was $98.5 million, up 54.0% from $63.9 million a year earlier. Fiscal 2025 operating cash flow was $273.3 million, up 48.4% from $184.1 million. Free cash flow, a non-GAAP measure, was $97.0 million in Q4, up 56% from $62.3 million, and $266.7 million for the full year, up 50% from $178.3 million. Deferred revenue was $114.6 million at March 31, 2025, up 15.3% from $99.4 million at March 31, 2024. Capital expenditures were $0.00 million in Q4, flat with the prior-year quarter. For the full year, capital expenditures were $0.00 million, down 100.0% from $0.15 million.
Management pointed to record engagement and fresh highs for the newsfeed, workflow, and AI tools in Q4. The customer base continues to scale. The company tracks customers with trailing 12-month subscription revenue greater than $500,000, and that cohort accounted for approximately 84% of revenue in fiscal 2025. Net revenue retention reflects customer renewals, expansion, contraction, and churn, and the company says the rate is directly tied to its revenue growth rate. Doximity also has a $500 million share repurchase program authorized on May 1, 2024. As of March 31, 2025, it had repurchased and retired 1,875,226 shares of Class A common stock for $76.0 million, leaving $424.0 million available. Risks named in the filing include the impact of macroeconomic uncertainty, the ability to retain existing members or add new members and maintain or grow their engagement, the ability to attract new customers or retain existing customers, breaches in security measures or unauthorized access to member data, and the ability to maintain or manage growth. The timing and scope of anticipated stock repurchases is also listed as a risk factor.
Guidance targets the fiscal first quarter ending June 30, 2025 and the full fiscal year ending March 31, 2026. For the next quarter, revenue is expected between $139 million and $140 million, and adjusted EBITDA is expected between $71 million and $72 million. For the full fiscal year, revenue is guided to between $619 million and $631 million, and adjusted EBITDA to between $333 million and $345 million. Adjusted EBITDA is a non-GAAP measure. On a non-GAAP basis, Q4 adjusted EBITDA was $69.7 million, up 24% from $56.4 million, with a margin of 50.4% versus 47.8%. Fiscal 2025 adjusted EBITDA was $313.8 million, up 36% from $230.5 million, with a margin of 55.0% versus 48.5%. Non-GAAP net income was $77.7 million in Q4 versus $51.0 million, and $286.1 million for the full year versus $195.6 million.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2025 | Q3 FY2025 | QoQ | Q4 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $138.3M | $168.6M | -18.0% | $118.1M | +17.1% |
| Gross profit | $123.8M | $154.4M | -19.8% | $105.5M | +17.4% |
| Gross margin | 89.5% | 91.6% | -2.0 pp | 89.4% | +0.2 pp |
| Research & development | $24.8M | $22.4M | +10.6% | $20.1M | +23.1% |
| Sales & marketing | $37.6M | $38.5M | -2.3% | $33.5M | +12.2% |
| General & administrative | $12.7M | $13.6M | -6.3% | $10.0M | +27.6% |
| Total operating expenses | $75.1M | $74.5M | +0.9% | $63.6M | +18.1% |
| Operating income (loss) | $48.7M | $79.9M | -39.1% | $41.9M | +16.3% |
| Operating margin | 35.2% | 47.4% | -12.2 pp | 35.5% | -0.3 pp |
| Net income (loss) | $62.5M | $75.2M | -16.9% | $40.6M | +53.8% |
| Net margin | 45.2% | 44.6% | +0.6 pp | 34.4% | +10.8 pp |
| Diluted EPS | $0.31 | $0.37 | -$0.06 | $0.72 | -$0.41 |
Risks
Doximity's revenue is concentrated in a small number of key customers and pharmaceutical brands; MD&A reports that 116 customers with at least $500,000 of revenue accounted for approximately 84% of fiscal 2025 revenue. The loss of one or more key customers or brands, or renegotiation of their contracts, could slow revenue growth or cause revenue to decline.
Most pharmaceutical manufacturer customers do not enter long-term contracts and can terminate or move marketing activity to another agency; the filing also notes macroeconomic pressures including inflation, tariffs, and potential recession could cause customers to reduce or delay spending on Doximity's solutions.
Doximity expects increasing competition for medical professionals and customer budgets, including from large technology platforms like LinkedIn, Facebook, Google, and X, and from emerging AI solutions focused on health care; this could cause pricing pressure, loss of market share, or decreased member engagement.
The healthcare regulatory and political framework is uncertain and evolving; if states do not maintain telehealth reimbursement parity or if OCR resumes enforcement, usage of Doximity's network could decline, and state fee-splitting and anti-kickback laws could subject the company or its provider customers to penalties or required business changes.
Doximity uses AI and ML in its platform and workflow tools; proposed and enacted laws governing AI development and use may increase compliance costs, trigger regulatory actions, require business practice changes, or place the company at a competitive disadvantage.
Doximity depends on senior management and key personnel, including its Chief Executive Officer, and faces intense competition for talent, especially in the San Francisco Bay Area; all employees are at-will, and failure to hire, integrate, motivate, and retain personnel could impair growth.
Revenue grew 20% in fiscal 2025 and 13% in fiscal 2024, but the filing says the revenue growth rate has not been consistent and may decline; rapid expansion strains management, personnel, systems, technical performance, and internal controls.
SaaS KPIs
All quarters →Adjusted EBITDA Margin
Free Cash Flow
Net Revenue Retention
Summary, forecast, risks and KPIs are extracted from Doximity, Inc.'s SEC filings for Q4 FY2025 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.