Doximity, Inc. DOCS
We are the leading physician-first tech company, with over 3 million registered members1 as of March 31, 2026. Our registered members represent more than 85% of U.S. physicians, spanning all 50 states and every medical specialty, along with two-thirds of U.S. nurse practitioners and physician assistants, and approximately 90% of graduating U.S. medical students. We calculate U.S. physicians as all U.S. physicians (MDs/DOs) who are under the age of 76, not retired, hold an active medical license, and have a physician status on the National Provider Identifier (NPI) registry. As of March 31, 2026, the total number of U.S. physicians was approximately 1 million. To be included in our calculation of registered members as a percentage of U.S. physicians, we include those U.S. physicians who meet the above criteria and have registered on Doximity by claiming their pre-populated profile or creating a new profile.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $644.9M | $570.4M | $475.4M | $419.1M | $343.5M | $206.9M | $116.4M | — |
| Cost of revenue | $70.3M | $55.9M | $50.7M | $53.5M | $39.8M | $31.2M | $14.9M | — |
| Gross profit | $574.5M | $514.5M | $424.8M | $365.6M | $303.8M | $175.7M | $101.5M | — |
| R&D | $130.7M | $93.0M | $82.0M | $80.2M | $62.4M | $43.9M | $32.4M | — |
| SG&A | $65.3M | $45.7M | $37.8M | $36.7M | $35.7M | $16.5M | $7.4M | — |
| Total operating expenses | $359.6M | $286.7M | $260.9M | $240.5M | $190.2M | $122.4M | $79.3M | — |
| Operating income | $214.9M | $227.8M | $163.9M | $125.1M | $113.5M | $53.3M | $22.2M | — |
| Pre-tax income | $250.0M | $263.6M | $185.2M | $133.2M | $114.0M | $57.8M | $23.5M | — |
| Income tax | $54.0M | $40.4M | $37.6M | $20.3M | $40.8M | $7.6M | $6.2M | — |
| Net income | $196.1M | $223.2M | $147.6M | $112.8M | $154.8M | $50.2M | $29.7M | — |
| EPS, basic | 1.05 | 1.19 | 0.78 | 0.58 | 0.82 | 0.29 | 0.16 | — |
| EPS, diluted | 0.98 | 1.11 | 0.72 | 0.53 | 0.70 | 0.23 | 0.13 | — |
| Shares, diluted (wtd. avg.) | $199.0M | $201.2M | $205.7M | $213.4M | $191.0M | $95.1M | $81.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $219.2M | $209.6M | $96.8M | $158.0M | $112.8M | $66.4M | $48.4M | $33.6M |
| Receivables | $144.8M | $128.4M | $101.3M | $107.0M | $81.1M | $50.3M | — | — |
| Total current assets | $944.3M | $1.09B | $912.9M | $975.5M | $904.1M | $209.4M | — | — |
| Property, plant and equipment | $18.1M | $13.7M | $12.3M | $11.3M | $8.5M | $7.6M | — | — |
| Goodwill | $85.0M | $67.9M | $67.9M | $67.9M | $18.9M | $18.9M | — | — |
| Other intangibles | $35.3M | $23.1M | $27.3M | $31.8M | $7.9M | $9.6M | — | — |
| Total assets | $1.12B | $1.26B | $1.08B | $1.14B | $991.4M | $251.7M | — | — |
| Accounts payable | $4.0M | $1.4M | $2.3M | $1.3M | $463.0K | $1.5M | — | — |
| Total current liabilities | $155.0M | $156.3M | $147.2M | $139.5M | $111.3M | $102.0M | — | — |
| Total liabilities | $172.8M | $181.7M | $178.0M | $170.8M | $112.8M | $103.5M | — | — |
| Retained earnings | -$51.1M | $186.9M | $80.0M | $217.9M | $191.1M | $36.3M | — | — |
| Total equity | $950.8M | $1.08B | $901.4M | $966.1M | $878.6M | $66.7M | $1.1M | -$32.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $326.5M | $273.3M | $184.1M | $179.6M | $126.6M | $83.0M | $26.2M | — |
| Depreciation and amortisation | $14.4M | $10.7M | $10.3M | $10.3M | $5.0M | $3.7M | $900.0K | — |
| Stock-based compensation | $121.6M | $72.4M | $51.1M | $47.8M | $31.4M | $7.3M | $2.4M | — |
| Capital expenditure | $0 | $0 | $147.0K | $1.7M | $1.9M | $245.0K | $285.0K | — |
| Investing cash flow | $147.2M | -$29.3M | $31.2M | -$59.9M | -$640.6M | -$70.4M | -$13.1M | — |
| Financing cash flow | -$464.1M | -$131.1M | -$276.5M | -$74.5M | $560.4M | $5.4M | $1.7M | — |
| Buybacks | $431.7M | $120.3M | $280.7M | $85.3M | $2.7M | $2.0M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001516513-26-000032.
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