Exhibit 99.1
Doximity Announces Fourth Quarter and Fiscal Year 2026 Financial Results
Fiscal year 2026 total revenues of $644.9 million, up 13% year-over-year
Fiscal year 2026 operating cash flows of $326.5 million, up 19% year-over-year
Fiscal year 2026 free cash flow of $317.5 million, up 19% year-over-year

SAN FRANCISCO, Calif., May 13, 2026 -- Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2026 fourth quarter and fiscal year ended March 31, 2026.
“We’re thrilled to announce that we reached a new engagement record of over 800,000 active prescribers using our workflow tools in Q4. Nearly half of those providers used our clinical AI last quarter, while our prompts per user nearly doubled from January to April alone,” said Jeff Tangney, co-founder and CEO of Doximity.
“Our new partnerships with Aledade and Photon build on that momentum, bringing our Clinical AI Suite to thousands of independent practices and enabling seamless in-workflow prescribing for the first time. I'm also thrilled to welcome Matt Sonefeldt as our new CFO and Dr. Steve Zatz as our new President, two exceptional leaders whose experience and relationships will be instrumental as we continue to scale.”
Fiscal 2026 Fourth Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended March 31, 2025.
•Revenue: Revenue of $145.4 million, versus $138.3 million, an increase of 5% year-over-year.
•Net income and non-GAAP net income: Net income of $19.1 million, versus $62.5 million, representing a margin of 13.1%, versus 45.2%. Non-GAAP net income of $49.8 million, versus $77.7 million, representing a margin of 34.2%, versus 56.2%.
•Adjusted EBITDA: Adjusted EBITDA of $65.8 million, versus $69.7 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 45.3%, versus 50.4%.
•Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.10, versus $0.31, while non-GAAP diluted net income per share was $0.26, versus $0.38.
•Operating cash flow and free cash flow: Operating cash flow of $109.5 million, versus $98.5 million, an increase of 11% year-over-year, and free cash flow of $107.3 million, versus $97.0 million, an increase of 11% year-over-year.
Fiscal Year 2026 Financial Highlights
All comparisons, unless otherwise noted, are to the fiscal year ended March 31, 2025.
•Revenue: Revenue of $644.9 million, versus $570.4 million, an increase of 13% year-over-year.
•Net income and non-GAAP net income: Net income of $196.1 million, versus $223.2 million, representing a margin of 30.4%, versus 39.1%. Non-GAAP net income of $302.7 million, versus $286.1 million, representing a margin of 46.9%, versus 50.2%.
•Adjusted EBITDA: Adjusted EBITDA of $357.8 million, versus $313.8 million, an increase of 14%, representing adjusted EBITDA margins of 55.5%, versus 55.0%.
•Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.98, versus $1.11, while non-GAAP diluted net income per share was $1.52, versus $1.42.
•Operating cash flow and free cash flow: Operating cash flow of $326.5 million, versus $273.3 million, an increase of 19% year-over-year, and free cash flow of $317.5 million, versus $266.7 million, an increase of 19% year-over-year.
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Financial Outlook
Doximity is providing guidance for its fiscal first quarter ending June 30, 2026 as follows:
•Revenue between $151 million and $152 million.
•Adjusted EBITDA between $68.5 million and $69.5 million.
Doximity is providing guidance for its fiscal year ending March 31, 2027 as follows:
•Revenue between $664 million and $676 million.
•Adjusted EBITDA between $323 million and $335 million.
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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 85% 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 current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. With new AI-powered clinical reference and search capabilities, Doximity also helps doctors access trusted, peer-reviewed information and medical literature. 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, 2025. Additional information will be provided in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026. 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.
Investor Relations Contact:
Perry Gold
ir@doximity.com
Media Contact:
Amanda Cox
pr@doximity.com



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DOXIMITY, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
March 31, 2026March 31, 2025
Assets
Current assets:
Cash and cash equivalents$219,178 $209,614 
Marketable securities529,423 706,050 
Accounts receivable, net 144,783 128,354 
Prepaid expenses and other current assets50,880 44,602 
Total current assets944,264 1,088,620 
Property and equipment, net18,080 13,656 
Deferred income tax assets31,984 60,014 
Operating lease right-of-use assets7,140 8,886 
Intangible assets, net35,325 23,072 
Goodwill84,973 67,940 
Other assets1,921 2,121 
Total assets$1,123,687 $1,264,309 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$4,009 $1,356 
Accrued expenses and other current liabilities42,804 38,405 
Deferred revenue, current106,050 114,285 
Operating lease liabilities, current2,110 2,211 
Total current liabilities154,973 156,257 
Deferred revenue, non-current400 280 
Operating lease liabilities, non-current8,075 10,185 
Contingent earn-out consideration liability, non-current— 5,579 
Other liabilities, non-current9,402 9,383 
Total liabilities172,850 181,684 
Stockholders' Equity
Preferred stock— — 
Common stock183 189 
Additional paid-in capital1,001,688 894,225 
Accumulated other comprehensive income28 1,323 
Retained earnings (accumulated deficit)(51,062)186,888 
Total stockholders’ equity
950,837 1,082,625 
Total liabilities and stockholders’ equity$1,123,687 $1,264,309 

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DOXIMITY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31,
Fiscal Year Ended March 31,
2026202520262025
Revenue$145,372 $138,288 $644,863 $570,399 
Cost of revenue(1)
19,407 14,467 70,326 55,874 
Gross profit125,965 123,821 574,537 514,525 
Operating expenses(1):
Research and development39,106 24,803 130,702 93,038 
Sales and marketing45,910 37,611 163,648 145,713 
General and administrative16,123 12,727 65,267 45,670 
Impairment charge— — — 2,304 
Total operating expenses101,139 75,141 359,617 286,725 
Income from operations24,826 48,680 214,920 227,800 
Other income, net7,295 9,714 35,085 35,774 
Income before income taxes32,121 58,394 250,005 263,574 
Provision for (benefit from) income taxes13,007 (4,064)53,954 40,389 
Net income$19,114 $62,458 $196,051 $223,185 
Net income per share attributable to Class A and Class B common stockholders:
Basic$0.10 $0.33 $1.05 $1.19 
Diluted$0.10 $0.31 $0.98 $1.11 
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic184,852 188,362 187,014 186,841 
Diluted195,026 202,987 199,048 201,208 
(1) Cost of revenue and operating expenses include stock-based compensation expense as follows (in thousands):
Three Months Ended March 31,
Fiscal Year Ended March 31,
2026202520262025
Cost of revenue$2,957 $2,628 $11,680 $11,001 
Research and development15,994 4,792 46,159 19,394 
Sales and marketing11,253 6,442 39,397 26,323 
General and administrative6,538 4,198 24,391 15,668 
Total stock-based compensation expense$36,742 $18,060 $121,627 $72,386 
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DOXIMITY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended March 31,
Fiscal Year Ended March 31,
2026202520262025
Cash flows from operating activities
Net income$19,114 $62,458 $196,051 $223,185 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization4,131 2,829 14,383 10,659 
Deferred income taxes32,138 (13,788)32,138 (11,592)
Stock-based compensation, net of amounts capitalized36,742 18,060 121,627 72,386 
Non-cash lease expense384 446 1,747 1,838 
Accretion of discount on marketable securities, net(1,130)(2,919)(7,581)(11,655)
Amortization of deferred contract costs4,207 3,423 13,478 9,967 
Impairment of long-lived assets
— — — 2,304 
Other133 (19)314 270 
Changes in operating assets and liabilities:
Accounts receivable11,720 9,258 (16,879)(27,206)
Prepaid expenses and other assets1,105 (18,489)(8,272)2,762 
Deferred contract costs(3,231)(2,982)(14,490)(12,051)
Accounts payable, accrued expenses and other liabilities(35,254)(4,535)4,268 (663)
Deferred revenue39,969 45,295 (8,115)15,210 
Operating lease liabilities(506)(550)(2,211)(2,149)
Net cash provided by operating activities109,522 98,487 326,458 273,265 
Cash flows from investing activities
Cash paid for acquisition— — (26,528)— 
Purchases of intangible assets
— — (62)— 
Internal-use software development costs(2,253)(1,507)(8,901)(6,525)
Purchases of marketable securities(8,037)(143,724)(389,159)(675,557)
Maturities of marketable securities148,267 118,180 561,434 635,401 
Sales of marketable securities— 2,578 10,386 17,383 
Net cash provided by (used in) investing activities137,977 (24,473)147,170 (29,298)
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants
2,767 5,827 9,784 19,732 
Proceeds from issuance of common stock in connection with the employee stock purchase plan2,076 2,147 3,892 3,569 
Taxes paid related to net share settlement of equity awards(7,477)(10,856)(40,839)(27,185)
Repurchase of common stock(90,525)(26,788)(431,652)(120,293)
Payment of contingent consideration related to a business combination— — (5,249)(5,470)
Payment of excise taxes on share repurchases
— — — (1,491)
Net cash used in financing activities(93,159)(29,670)(464,064)(131,138)
Net increase in cash and cash equivalents154,340 44,344 9,564 112,829 
Cash and cash equivalents, beginning of period64,838 165,270 209,614 96,785 
Cash and cash equivalents, end of period
$219,178 $209,614 $219,178 $209,614 
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds
$792 $19,840 $21,814 $55,654 

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Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses the following non-GAAP measures of financial performance:
•Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income margin, and non-GAAP basic and diluted net income per common share: We exclude the effect of acquisition and other related expenses, stock-based compensation expense, amortization of acquired intangible assets, impairment charge, legal fees associated with certain non-ordinary course legal matters including the shareholder class action litigation, and change in fair value of contingent earn-out consideration liability from non-GAAP gross profit, non-GAAP gross margin and non-GAAP operating income. Non-GAAP net income and non-GAAP net income margin are further adjusted for estimated income tax on such adjustments. We calculate income taxes on the adjustments by applying an estimated annual effective tax rate to the adjustments. Non-GAAP basic and diluted net income per common share is non-GAAP net income attributable to common stockholders divided by the weighted average number of shares. For both basic and diluted non-GAAP net income per share, the weighted average shares we use in computing non-GAAP net income per share is equal to our GAAP weighted average shares. Non-GAAP gross margin represents non-GAAP gross profit as a percentage of revenue and non-GAAP net income margin represents non-GAAP net income as a percentage of revenue.
•Adjusted EBITDA and adjusted EBITDA margin: We define adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization, and as further adjusted for acquisition and other related expenses, stock-based compensation expense, impairment charge, legal fees associated with certain non-ordinary course legal matters including the shareholder class action litigation, change in fair value of contingent earn-out consideration liability, and other income, net. Net income margin represents net income as a percentage of revenue and adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.
•Free cash flow: We calculate free cash flow as cash flow from operating activities less purchases of property and equipment, purchases of intangible assets, and internal-use software development costs.
We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.
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Key Business Metrics
•Net revenue retention rate: Net revenue retention rate is calculated by taking the trailing 12-month (“TTM”) subscription-based revenue from our customers that had revenue in the prior TTM period and dividing that by the total subscription-based revenue for the prior TTM period. For the purposes of this calculation, subscription revenue excludes subscriptions for individuals and small practices and other non-recurring items. Our net revenue retention rate compares our subscription revenue from the same set of customers across comparable periods, and reflects customer renewals, expansion, contraction, and churn. Our net revenue retention rate is directly tied to our revenue growth rate and thus fluctuates as that growth rate fluctuates.
•Customers with trailing 12-month subscription revenue greater than $500,000: The number of customers with TTM subscription revenue greater than $500,000 is a key indicator of the scale of our business, and is calculated by counting the number of customers that contributed more than $500,000 in subscription revenue in the TTM period. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our total customer count for historical periods reflecting these adjustments.
•Quarterly unique active providers using our workflow tools: Quarterly unique active providers1 using our Workflow Tools is a key performance indicator of our platform’s adoption and long-term growth potential among providers on our platform. We calculate the number of unique active providers by counting providers who securely login and use any of the following workflow functions on our technology platform during the quarter: placing phone calls or video calls lasting more than 10 seconds, sending voicemails, or sending secure text messages using our Dialer communications tools; sending or receiving faxes; submitting a prompt on Doximity GPT, our HIPAA‑compliant generative AI clinical research tool and writing assistant; conducting research on prescription drugs; reviewing AI responses for our PeerCheck feature; scheduling via our on-call scheduling tool, Amion; or using our HIPAA-compliant ambient note taking tool, Scribe, for a patient visit. Each provider is counted once per quarter, even if they use multiple tools or use them many times.
1 Providers are health care professionals with clinical / prescribing roles specifically Physicians (MD/DO), Nurse practitioners (NPs), Certified registered nurse anesthetist (CRNAs), Physician assistants (PAs), Pharmacists, and Medical students
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Reconciliation of GAAP to Non-GAAP Financial Measures
The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:
Three Months Ended March 31,
Fiscal Year Ended March 31,
2026202520262025
(unaudited)
(in thousands, except percentages)
Net income$19,114 $62,458 $196,051 $223,185 
Adjusted to exclude the following:
Acquisition and other related expenses— — 1,616 — 
Stock-based compensation36,742 18,060 121,627 72,386 
Depreciation and amortization4,131 2,829 14,383 10,659 
Provision for (benefit from) income taxes13,007 (4,064)53,954 40,389 
Impairment charge— — — 2,304 
Change in fair value of contingent earn-out consideration liability79 167 417 680 
Legal expenses40 — 4,853 — 
Other income, net(7,295)(9,714)(35,085)(35,774)
Adjusted EBITDA$65,818 $69,736 $357,816 $313,829 
Revenue$145,372 $138,288 $644,863 $570,399 
Net income margin13.1 %45.2 %30.4 %39.1 %
Adjusted EBITDA margin45.3 %50.4 %55.5 %55.0 %

Three Months Ended March 31,
Fiscal Year Ended March 31,
2026202520262025
(unaudited)
(in thousands)
Net cash provided by operating activities$109,522 $98,487 $326,458 $273,265 
Purchases of intangible assets— — (62)— 
Internal-use software development costs(2,253)(1,507)(8,901)(6,525)
Free cash flow$107,269 $96,980 $317,495 $266,740 
Other cash flow components:
Net cash provided by (used in) investing activities$137,977 $(24,473)$147,170 $(29,298)
Net cash used in financing activities$(93,159)$(29,670)$(464,064)$(131,138)



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Three Months Ended March 31,
Fiscal Year Ended March 31,
2026
2025
2026
2025
(unaudited)
(in thousands, except per share data and percentages)
GAAP cost of revenue$19,407 $14,467 $70,326 $55,874 
Adjusted to exclude the following:
Stock-based compensation(2,957)(2,628)(11,680)(11,001)
Amortization of acquired intangibles(935)— (935)— 
Non-GAAP cost of revenue$15,515 $11,839 $57,711 $44,873 
GAAP gross profit$125,965 $123,821 $574,537 $514,525 
Adjusted to exclude the following:
Stock-based compensation2,957 2,628 11,680 11,001 
Amortization of acquired intangibles935 — 935 — 
Non-GAAP gross profit$129,857 $126,449 $587,152 $525,526 
GAAP gross margin86.7 %89.5 %89.1 %90.2 %
Non-GAAP gross margin89.3 %91.4 %91.1 %92.1 %
GAAP research and development expense$39,106 $24,803 $130,702 $93,038 
Adjusted to exclude the following:
Stock-based compensation(15,994)(4,792)(46,159)(19,394)
Amortization of acquired intangibles— — (1,558)— 
Non-GAAP research and development expense$23,112 $20,011 $82,985 $73,644 
GAAP sales and marketing expense$45,910 $37,611 $163,648 $145,713 
Adjusted to exclude the following:
Stock-based compensation(11,253)(6,442)(39,397)(26,323)
Amortization of acquired intangibles(1,005)(1,061)(4,014)(4,244)
Change in fair value of contingent earn-out consideration liability(79)(167)(417)(680)
Non-GAAP sales and marketing expense$33,573 $29,941 $119,820 $114,466 
GAAP general and administrative expense$16,123 $12,727 $65,267 $45,670 
Adjusted to exclude the following:
Acquisition and other related expenses— — (1,616)— 
Stock-based compensation(6,538)(4,198)(24,391)(15,668)
Legal expenses(40)— (4,853)— 
Non-GAAP general and administrative expense$9,545 $8,529 $34,407 $30,002 
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Three Months Ended March 31,
Fiscal Year Ended March 31,
2026
2025
2026
2025
(unaudited)
(in thousands, except per share data and percentages)
GAAP operating expense$101,139 $75,141 $359,617 $286,725 
Adjusted to exclude the following:
Acquisition and other related expenses— — (1,616)— 
Stock-based compensation(33,785)(15,432)(109,947)(61,385)
Amortization of acquired intangibles(1,005)(1,061)(5,572)(4,244)
Change in fair value of contingent earn-out consideration liability(79)(167)(417)(680)
Legal expenses(40)— (4,853)— 
Impairment charge— — — (2,304)
Non-GAAP operating expense$66,230 $58,481 $237,212 $218,112 
GAAP operating income$24,826 $48,680 $214,920 $227,800 
Adjusted to exclude the following:
Acquisition and other related expenses— — 1,616 — 
Stock-based compensation36,742 18,060 121,627 72,386 
Amortization of acquired intangibles1,940 1,061 6,507 4,244 
Change in fair value of contingent earn-out consideration liability79 167 417 680 
Legal expenses40 — 4,853 — 
Impairment charge— — — 2,304 
Non-GAAP operating income$63,627 $67,968 $349,940 $307,414 
GAAP net income$19,114 $62,458 $196,051 $223,185 
Adjusted to exclude the following:
Acquisition and other related expenses— — 1,616 — 
Stock-based compensation36,742 18,060 121,627 72,386 
Amortization of acquired intangibles1,940 1,061 6,507 4,244 
Change in fair value of contingent earn-out consideration liability79 167 417 680 
Legal expenses40 — 4,853 — 
Impairment charge— — — 2,304 
Income tax effect of non-GAAP adjustments (1)
(8,148)(4,050)(28,354)(16,719)
Non-GAAP net income$49,767 $77,696 $302,717 $286,080 
Non-GAAP net income margin34.2 %56.2 %46.9 %50.2 %
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic184,852 188,362 187,014 186,841 
Diluted195,026 202,987 199,048 201,208 
Non-GAAP net income per share attributable to Class A and Class B stockholders:
Basic$0.27 $0.41 $1.62 $1.53 
Diluted$0.26 $0.38 $1.52 $1.42 
(1) For the three months and fiscal years ended March 31, 2026 and 2025, management used an estimated annual effective non-GAAP tax rate of 21.0%.
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