Doximity Announces Fiscal 2026 Second Quarter Financial Results
Doximity, Inc., the leading digital platform for U.S. medical professionals, has released its financial results for the fiscal 2026 second quarter, which ended on September 30, 2025. The company reported significant growth in several key financial metrics, reflecting its continued expansion and operational efficiency.
Financial Highlights
For the second quarter of fiscal 2026, Doximity reported total revenues of $168.5 million, marking a 23% increase compared to the same period last year. The company's net income rose to $62.1 million, up from $44.2 million, representing a net income margin of 36.8%. Non-GAAP net income also saw a substantial increase, reaching $90.0 million, up from $61.1 million, with a non-GAAP net income margin of 53.4%.
Adjusted EBITDA for the quarter was $100.8 million, a 32% year-over-year increase, with adjusted EBITDA margins improving to 59.8%. Diluted net income per share was $0.31, compared to $0.22 in the previous year, while non-GAAP diluted net income per share was $0.45, up from $0.30.
Operating cash flow for the quarter was $93.9 million, a 37% increase year-over-year, and free cash flow also grew by 37% to $91.6 million.
Business and Operational Highlights
CEO Jeff Tangney highlighted the growth of Doximity's platform, noting that a record 650,000 prescribers used the company's workflow tools in Q2. Additionally, the number of users for AI Scribe and DoxGPT grew by over 50% from the previous quarter, showcasing the increasing adoption of Doximity's AI tools designed to enhance physician productivity.
Strategic Initiatives and Corporate Developments
Doximity continues to focus on expanding its digital tools and AI capabilities to better serve medical professionals. The company also reported a significant increase in intangible assets and goodwill, reflecting its ongoing investments in technology and acquisitions to bolster its platform.
Management's Perspective
Jeff Tangney, co-founder and CEO of Doximity, expressed optimism about the company's growth trajectory, emphasizing the role of new AI tools in saving physicians' time and improving patient care. He noted the record usage of Doximity's workflow tools and the substantial growth in AI Scribe and DoxGPT users as key indicators of the platform's expanding reach and impact.
Future Outlook
Looking ahead, Doximity provided guidance for its fiscal third quarter ending December 31, 2025, with expected revenues between $180 million and $181 million and adjusted EBITDA between $103 million and $104 million. For the fiscal year ending March 31, 2026, the company anticipates revenues between $640 million and $646 million and adjusted EBITDA between $351 million and $357 million.
Original SEC Filing: Doximity, Inc. [ DOCS ] - 8-K - Nov. 06, 2025