Doximity, Inc. (DOCS) Q4 2026 Earnings Call Transcript – Image for illustrative purposes only (Image credits: Pixabay)
San Francisco-based healthcare technology company Doximity reported its results for the fourth quarter and full fiscal year 2026 on May 13. Revenue reached $145.4 million for the quarter, marking a 5 percent increase from the same period a year earlier. The full-year total climbed to $645 million, up 13 percent year over year.[1]
Key Financial Metrics
The company posted non-GAAP diluted earnings per share of $0.26, slightly below analyst expectations of $0.28. Adjusted EBITDA came in at $65.8 million, representing a margin of 45.3 percent. Operating cash flow rose 11 percent to $109.5 million, while free cash flow increased to $107.3 million.[2] These figures reflect continued expansion in the company’s core digital platform for physicians, even as certain cost items weighed on profitability. Gross margin on a non-GAAP basis stood at 89 percent for the quarter.
Full-Year Performance and Capital Returns
For the full fiscal year, Doximity generated $317 million in free cash flow, an increase of 19 percent. The company used a portion of that cash to repurchase $432 million worth of its own shares across the year, including $91 million in the fourth quarter alone.[3] Management highlighted steady adoption of its tools among healthcare professionals and noted that revenue growth remained positive despite a more measured spending environment among some customers.
Forward Outlook
Looking ahead, Doximity provided first-quarter fiscal 2027 revenue guidance of $151 million to $152 million. The projection implies continued single-digit growth and positions the company to build on its established base of recurring revenue.[4] Investors reacted to the results with an initial decline in the stock price, reflecting focus on the modest earnings miss and margin trends. The company continues to emphasize its strong balance sheet and cash-generation capability as it navigates the current market.
