Doximity, Inc. Earnings Recaps
Q4 2026
May 15, 2026
Doximity's stock plunged 23% following Q4 results as investors were spooked by cautious near-term AI revenue guidance and margin pressure linked to elevated AI-related investments, despite solid engagement growth.
Key takeaways
- Q4 revenue grew 5% year-over-year to $145 million; full-year revenue advanced 13% to $645 million.
- Adjusted EBITDA margins compressed to 45% in Q4 from 55% in the full year; management flagged increased R&D, compute, and marketing expenses tied to AI initiatives.
- Free cash flow hit a record $107 million in Q4, contributing to a 19% year-over-year increase in annual free cash flow to $317 million.
- AI engagement accelerated significantly with 800,000 unique quarterly active prescribers (+30% YoY), half of whom used AI tools, but monetization remains nascent with minimal AI revenue anticipated this fiscal year.
- Management emphasized an AI investment year strategy, increasing spending to build long-term AI capabilities and product offerings, but market reaction reflects concern over near-term profitability and cautious AI revenue outlook.
Q3 2026
Feb 6, 2026
Doximity reported strong Q3 2026 results with $185 million in revenue, reflecting a 10% year-over-year growth, and exceeded adjusted EBITDA expectations, signaling solid operational performance amidst increasing engagement and AI adoption.
Key takeaways
- Revenue of $185 million surpassed guidance, marking a 10% YoY growth.
- Adjusted EBITDA margin reached 60%, significantly above expectations at $111 million.
- Surpassed 3 million registered users, capturing over 85% of US physicians on the platform.
- Over 300,000 unique prescribers actively used Doximity's AI tools, indicating robust adoption.
- The Doximity Dialer maintained its position as the top telehealth platform for the fifth consecutive year, underscoring strong competitive standing.