What is Doximity's operating income?

Doximity's total operating income in 2026 was $214.92 million, based on the following breakdown: Total Gross Profit: $574.54 million Total Operating Expenses: $359.62 million

Doximity (DOCS) Financials

$25.05 +0.31 (+1.24%)

As of 10:00 AM Eastern

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Annual Income Statements for Doximity

This table shows Doximity's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	11	22	133	113	148	223	196
Consolidated Net Income / (Loss)	30	50	155	113	148	223	196
Net Income / (Loss) Continuing Operations	30	50	155	113	148	223	196
Total Pre-Tax Income	24	58	114	133	185	264	250
Total Operating Income	22	53	114	125	164	228	215
Total Gross Profit	101	176	304	366	425	515	575
Total Revenue	116	207	344	419	475	570	645
Operating Revenue	116	207	344	419	475	570	645
Total Cost of Revenue	15	31	40	53	51	56	70
Operating Cost of Revenue	15	31	40	53	51	56	70
Total Operating Expenses	79	122	190	240	261	287	360
Selling, General & Admin Expense	7.44	16	36	37	38	46	65
Marketing Expense	39	62	92	124	133	146	164
Research & Development Expense	32	44	62	80	82	93	131
Restructuring Charge	-	-	0.00	0.00	7.94	2.30	0.00
Total Other Income / (Expense), net	1.35	4.47	0.47	8.05	21	36	35
Income Tax Expense	-6.22	7.56	-41	20	38	40	54
Basic Earnings per Share	$0.16	$0.29	$0.82	$0.58	$0.78	$1.19	$1.05
Weighted Average Basic Shares Outstanding	66.76M	74.34M	163.48M	193.18M	190.17M	186.84M	187.01M
Diluted Earnings per Share	$0.13	$0.23	$0.70	$0.53	$0.72	$1.11	$0.98
Weighted Average Diluted Shares Outstanding	81.71M	95.13M	191.02M	213.43M	205.73M	201.21M	199.05M
Weighted Average Basic & Diluted Shares Outstanding	-	-	193.11M	194.67M	185.43M	187.83M	182.87M

This table shows Doximity's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	48	41	41	44	75	62	53	62	62	19	24
Consolidated Net Income / (Loss)	48	41	41	44	75	62	53	62	62	19	24
Net Income / (Loss) Continuing Operations	48	41	41	44	75	62	53	62	62	19	24
Total Pre-Tax Income	63	48	53	62	90	58	64	73	81	32	40
Total Operating Income	59	42	46	53	80	49	55	64	72	25	34
Total Gross Profit	123	105	113	123	154	124	130	152	166	126	133
Total Revenue	135	118	127	137	169	138	146	169	185	145	157
Operating Revenue	135	118	127	137	169	138	146	169	185	145	157
Total Cost of Revenue	12	13	14	14	14	14	16	16	19	19	24
Operating Cost of Revenue	12	13	14	14	14	14	16	16	19	19	24
Total Operating Expenses	65	64	67	70	74	75	76	88	94	101	99
Selling, General & Admin Expense	9.64	9.97	9.26	10	14	13	12	19	18	16	16
Marketing Expense	35	34	35	34	38	38	36	39	42	46	45
Research & Development Expense	20	20	23	23	22	25	27	30	35	39	38
Total Other Income / (Expense), net	4.48	6.10	7.12	9.03	9.92	9.71	9.63	9.26	8.90	7.30	6.72
Other Income / (Expense), net	-	-	7.12	9.03	9.92	-	9.63	9.26	8.90	-	6.72
Income Tax Expense	15	7.34	12	18	15	-4.06	11	11	19	13	16
Basic Earnings per Share	$0.26	$0.21	$0.22	$0.24	$0.40	$0.33	$0.28	$0.33	$0.33	$0.11	$0.13
Weighted Average Basic Shares Outstanding	186.31M	190.17M	185.61M	186.25M	187.16M	186.84M	187.98M	187.71M	187.48M	187.01M	182.57M
Diluted Earnings per Share	$0.24	$0.20	$0.21	$0.22	$0.37	$0.31	$0.27	$0.31	$0.31	$0.09	$0.13
Weighted Average Diluted Shares Outstanding	200.46M	205.73M	199.22M	200.41M	202.23M	201.21M	201.16M	200.75M	199.22M	199.05M	191.17M
Weighted Average Basic & Diluted Shares Outstanding	186.55M	185.43M	185.66M	186.69M	187.64M	187.83M	187.30M	188.27M	184.71M	182.87M	178.25M

This table details how cash moves in and out of Doximity's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Change in Cash & Equivalents	15	18	46	45	-61	113	9.56
Net Cash From Operating Activities	26	83	127	180	184	273	326
Net Cash From Continuing Operating Activities	26	83	127	180	184	273	326
Net Income / (Loss) Continuing Operations	30	50	155	113	148	223	196
Consolidated Net Income / (Loss)	30	50	155	113	148	223	196
Depreciation Expense	0.90	3.70	5.04	10	10	11	14
Amortization Expense	4.63	7.08	14	12	3.63	-1.69	5.90
Non-Cash Adjustments To Reconcile Net Income	4.30	5.39	34	52	56	77	124
Changes in Operating Assets and Liabilities, net	-13	17	-82	-7.81	-33	-36	-14
Net Cash From Investing Activities	-13	-70	-641	-60	31	-29	147
Net Cash From Continuing Investing Activities	-13	-70	-641	-60	31	-29	147
Purchase of Property, Plant & Equipment	-4.24	-4.61	-5.70	-6.18	-5.80	-6.53	-8.90
Acquisitions	0.00	-32	0.00	-54	0.00	0.00	-27
Purchase of Investments	-79	-79	-1,317	-191	-473	-676	-389
Sale and/or Maturity of Investments	70	41	682	190	510	653	572
Net Cash From Financing Activities	1.72	5.41	560	-74	-277	-131	-464
Net Cash From Continuing Financing Activities	1.72	5.41	560	-74	-277	-131	-464
Repurchase of Common Equity	0.00	-3.49	-6.68	-85	-281	-120	-432
Issuance of Common Equity	0.00	8.90	568	15	16	23	14
Other Financing Activities, net	1.72	0.00	-0.82	-3.82	-12	-34	-46
Cash Income Taxes Paid	1.24	5.97	0.21	5.23	51	56	22

This table details how cash moves in and out of Doximity's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	15	-26	15	73	-19	44	-72	32	-104	154	54
Net Cash From Operating Activities	50	64	41	68	65	98	62	94	61	110	42
Net Cash From Continuing Operating Activities	50	65	41	68	65	98	62	94	61	110	42
Net Income / (Loss) Continuing Operations	48	41	41	44	75	62	53	62	62	19	24
Consolidated Net Income / (Loss)	48	41	41	44	75	62	53	62	62	19	24
Depreciation Expense	2.51	2.55	2.56	2.61	2.66	2.83	2.79	3.47	3.99	4.13	4.29
Amortization Expense	-0.14	0.83	0.37	-0.98	-1.58	0.50	1.41	0.68	0.74	3.08	3.73
Non-Cash Adjustments To Reconcile Net Income	13	13	17	21	20	18	21	30	33	39	36
Changes in Operating Assets and Liabilities, net	-13	7.61	-20	1.30	-31	14	-17	-2.48	-38	44	-27
Net Cash From Investing Activities	40	-76	30	24	-59	-24	2.68	-32	38	138	113
Net Cash From Continuing Investing Activities	40	-76	30	24	-59	-24	2.68	-32	38	138	113
Purchase of Property, Plant & Equipment	-1.32	-1.63	-1.70	-1.54	-1.77	-1.51	-1.97	-2.37	-2.31	-2.25	-2.38
Purchase of Investments	-101	-192	-170	-197	-164	-144	-140	-128	-113	-8.04	-15
Sale and/or Maturity of Investments	143	117	202	223	107	121	145	125	154	148	130
Net Cash From Financing Activities	-76	-14	-57	-20	-25	-30	-137	-30	-204	-93	-101
Net Cash From Continuing Financing Activities	-76	-14	-57	-20	-25	-30	-137	-30	-204	-93	-101
Repurchase of Common Equity	-77	-18	-51	-23	-19	-27	-122	-22	-197	-91	-92
Issuance of Common Equity	2.54	5.09	2.55	9.11	3.66	7.97	2.40	4.21	2.22	4.84	3.08
Other Financing Activities, net	-1.25	-1.42	-7.86	-5.83	-9.60	-11	-17	-13	-8.87	-7.48	-12
Cash Income Taxes Paid	8.93	13	13	9.08	14	20	4.98	14	1.68	0.79	3.99

This table presents Doximity's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025	2026
Period end date	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Total Assets	252	991	1,137	1,079	1,264	1,124
Total Current Assets	209	904	975	913	1,089	944
Cash & Equivalents	66	113	158	97	210	219
Short-Term Investments	76	685	683	666	706	529
Accounts Receivable	50	81	107	101	128	145
Prepaid Expenses	11	19	27	49	45	51
Plant, Property, & Equipment, net	7.60	8.49	11	12	14	18
Total Noncurrent Assets	35	79	150	154	162	161
Goodwill	19	19	68	68	68	85
Intangible Assets	9.60	7.91	32	27	23	35
Noncurrent Deferred & Refundable Income Taxes	2.11	49	35	45	60	32
Other Noncurrent Operating Assets	4.10	3.35	15	14	11	9.06
Total Liabilities & Shareholders' Equity	252	991	1,137	1,079	1,264	1,124
Total Liabilities	104	113	171	178	182	173
Total Current Liabilities	102	111	140	147	156	155
Accounts Payable	1.52	0.46	1.27	2.25	1.36	4.01
Accrued Expenses	16	25	31	44	38	43
Current Deferred Revenue	83	85	105	99	114	106
Other Current Liabilities	0.97	0.64	1.75	2.15	2.21	2.11
Total Noncurrent Liabilities	1.48	1.48	31	31	25	18
Noncurrent Deferred Revenue	0.22	0.08	0.20	0.21	0.28	0.40
Other Noncurrent Operating Liabilities	1.26	1.40	31	31	25	17
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	67	879	966	901	1,083	951
Total Preferred & Common Equity	67	879	966	901	1,083	951
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	67	879	966	901	1,083	951
Common Stock	30	703	762	824	894	1,002
Retained Earnings	36	191	218	80	187	-51
Accumulated Other Comprehensive Income / (Loss)	-0.02	-15	-14	-2.66	1.32	0.03

This table presents Doximity's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026	Q1 2027
Period end date	12/31/2022	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024	6/30/2025	9/30/2025	12/31/2025	6/30/2026
Total Assets	1,067	1,154	1,026	1,001	1,073	1,119	1,172	1,204	1,257	1,157	1,084
Total Current Assets	899	990	863	841	908	958	1,013	1,034	1,092	993	914
Cash & Equivalents	136	307	108	123	111	184	165	137	169	65	274
Short-Term Investments	665	566	621	587	639	621	680	704	709	670	414
Accounts Receivable	75	93	97	98	121	125	138	142	129	157	178
Prepaid Expenses	17	20	33	27	37	27	30	52	85	102	49
Plant, Property, & Equipment, net	12	12	12	12	13	13	13	14	16	17	19
Total Noncurrent Assets	157	152	151	148	152	148	146	156	149	147	151
Goodwill	68	68	68	68	68	68	68	68	85	85	85
Intangible Assets	33	31	29	28	26	25	24	22	39	37	33
Noncurrent Deferred & Refundable Income Taxes	40	39	39	37	45	44	43	55	15	15	24
Other Noncurrent Operating Assets	16	15	14	14	13	11	11	10	10	9.44	8.43
Total Liabilities & Shareholders' Equity	1,067	1,154	1,026	1,001	1,073	1,119	1,172	1,204	1,257	1,157	1,084
Total Liabilities	137	163	154	136	160	157	141	179	162	178	168
Total Current Liabilities	106	133	123	105	135	132	116	160	140	150	150
Accounts Payable	1.60	0.58	0.71	1.88	1.66	2.77	1.64	1.96	4.39	4.79	6.49
Accrued Expenses	33	32	29	34	28	34	43	38	34	77	33
Current Deferred Revenue	70	98	91	67	103	94	69	117	100	66	109
Other Current Liabilities	1.46	2.05	1.94	2.11	2.19	2.22	2.26	2.17	2.12	2.08	2.14
Total Noncurrent Liabilities	31	30	31	31	25	25	25	19	21	28	17
Noncurrent Deferred Revenue	0.14	0.19	0.24	0.17	0.12	0.15	0.07	0.12	0.26	0.17	0.04
Other Noncurrent Operating Liabilities	31	30	31	25	24	25	25	19	21	28	17
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	930	991	871	865	914	961	1,031	1,026	1,096	979	916
Total Preferred & Common Equity	930	991	871	865	914	961	1,031	1,026	1,096	979	916
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	930	991	871	865	914	961	1,031	1,026	1,096	979	916
Common Stock	746	778	795	808	842	863	879	907	936	957	1,035
Retained Earnings	203	225	85	61	73	95	151	117	158	21	-119
Accumulated Other Comprehensive Income / (Loss)	-19	-12	-8.93	-4.65	-1.01	2.68	1.02	1.18	1.48	1.40	-0.35

This table displays calculated financial ratios and metrics derived from Doximity's official financial filings.

Metric	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	184,708,958.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	184,708,958.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	1.06
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	77.76%	66.05%	21.98%	13.45%	19.98%	13.05%
EBITDA Growth	0.00%	136.03%	94.21%	16.68%	28.17%	36.89%	-0.66%
EBIT Growth	0.00%	145.68%	97.35%	16.80%	39.09%	42.32%	-5.65%
NOPAT Growth	0.00%	65.29%	232.73%	-31.23%	23.20%	47.71%	-12.63%
Net Income Growth	0.00%	68.85%	208.27%	-27.11%	30.81%	51.23%	-12.16%
EPS Growth	0.00%	76.92%	204.35%	-24.29%	35.85%	54.17%	-11.71%
Operating Cash Flow Growth	0.00%	216.70%	52.55%	41.89%	2.50%	48.44%	19.47%
Free Cash Flow Firm Growth	0.00%	0.00%	95.10%	-22.65%	91.01%	40.29%	-18.95%
Invested Capital Growth	0.00%	0.00%	1,320.17%	55.46%	10.69%	20.55%	21.13%
Revenue Q/Q Growth	0.00%	0.00%	8.52%	4.31%	1.51%	3.68%	1.11%
EBITDA Q/Q Growth	0.00%	0.00%	5.32%	9.02%	16.78%	18.50%	-19.64%
EBIT Q/Q Growth	0.00%	0.00%	4.41%	10.79%	19.59%	19.28%	-22.21%
NOPAT Q/Q Growth	0.00%	0.00%	11.00%	-7.75%	6.58%	9.75%	-18.54%
Net Income Q/Q Growth	0.00%	0.00%	10.92%	-5.10%	7.23%	10.85%	-18.11%
EPS Q/Q Growth	0.00%	0.00%	2.94%	-5.36%	7.46%	11.00%	-18.33%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	8.03%	-0.18%	10.38%	14.47%	3.50%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	4.07%	20.39%	14.22%	-10.51%
Invested Capital Q/Q Growth	0.00%	0.00%	9.84%	-3.17%	-10.29%	-10.32%	-17.17%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	87.20%	84.92%	88.42%	87.24%	89.34%	90.20%	89.09%
EBITDA Margin	24.95%	33.13%	38.75%	37.07%	41.88%	47.78%	36.47%
Operating Margin	19.04%	25.76%	33.05%	29.86%	34.47%	39.94%	33.33%
EBIT Margin	20.20%	27.92%	33.18%	31.78%	38.96%	46.21%	33.33%
Profit (Net Income) Margin	25.55%	24.27%	45.05%	26.92%	31.04%	39.13%	30.40%
Tax Burden Percent	126.47%	86.92%	135.77%	84.73%	79.69%	84.68%	78.42%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	116.32%
Effective Tax Rate	-26.47%	13.08%	-35.77%	15.27%	20.31%	15.32%	21.58%
Return on Invested Capital (ROIC)	0.00%	1,635.02%	357.86%	103.11%	99.08%	126.30%	91.30%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	1,629.58%	357.73%	102.28%	96.96%	122.69%	87.99%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-1,567.26%	-327.72%	-90.88%	-83.27%	-103.80%	-72.02%
Return on Equity (ROE)	0.00%	67.76%	30.15%	12.23%	15.81%	22.50%	19.28%
Cash Return on Invested Capital (CROIC)	0.00%	1,435.02%	184.18%	59.69%	88.93%	107.66%	72.19%
Operating Return on Assets (OROA)	0.00%	22.95%	18.34%	12.51%	16.71%	22.49%	18.00%
Return on Assets (ROA)	0.00%	19.95%	24.90%	10.60%	13.32%	19.05%	16.42%
Return on Common Equity (ROCE)	0.00%	30.52%	27.76%	12.23%	15.81%	22.50%	19.28%
Return on Equity Simple (ROE_SIMPLE)	0.00%	75.23%	17.62%	11.68%	16.37%	20.62%	0.00%
Net Operating Profit after Tax (NOPAT)	28	46	154	106	131	193	169
NOPAT Margin	24.08%	22.39%	44.87%	25.30%	27.47%	33.82%	26.14%
Net Nonoperating Expense Percent (NNEP)	0.00%	5.45%	0.14%	0.83%	2.12%	3.61%	3.31%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	17.82%	17.73%
Cost of Revenue to Revenue	12.80%	15.08%	11.58%	12.76%	10.66%	9.80%	10.91%
SG&A Expenses to Revenue	6.39%	7.97%	10.41%	8.77%	7.96%	8.01%	10.12%
R&D to Revenue	27.87%	21.21%	18.15%	19.14%	17.24%	16.31%	20.27%
Operating Expenses to Revenue	68.16%	59.16%	55.37%	57.38%	54.87%	50.27%	55.77%
Earnings before Interest and Taxes (EBIT)	24	58	114	133	185	264	215
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	29	69	133	155	199	273	235
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	9.08	11.34	6.49	5.57	10.06	4.53
Price to Tangible Book Value (P/TBV)	0.00	15.85	11.70	7.24	6.23	10.98	5.18
Price to Revenue (P/Rev)	5.21	2.93	29.01	14.96	10.56	19.09	6.67
Price to Earnings (P/E)	55.94	28.10	74.78	55.56	34.02	48.79	21.95
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.79%	3.56%	1.34%	1.80%	2.94%	2.05%	4.56%
Enterprise Value to Invested Capital (EV/IC)	0.00	96.12	113.91	43.38	30.74	59.73	17.58
Enterprise Value to Revenue (EV/Rev)	0.00	2.63	26.68	12.95	8.95	17.48	5.51
Enterprise Value to EBITDA (EV/EBITDA)	0.00	7.95	68.86	34.94	21.38	36.59	15.12
Enterprise Value to EBIT (EV/EBIT)	0.00	9.43	80.41	40.76	22.99	37.84	16.54
Enterprise Value to NOPAT (EV/NOPAT)	0.00	11.76	59.47	51.20	32.60	51.70	21.09
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	6.57	72.43	30.22	23.13	36.50	10.89
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	13.40	115.56	88.45	36.32	60.65	26.68
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-0.96	-0.92	-0.89	-0.86	-0.85	-0.82
Leverage Ratio	0.00	1.70	1.21	1.15	1.19	1.18	1.17
Compound Leverage Factor	0.00	1.70	1.21	1.15	1.19	1.18	1.37
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	54.96%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	45.04%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	5.80	54.98	23.93	18.89	38.19	16.92
Noncontrolling Interest Sharing Ratio	0.00%	54.96%	7.93%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	2.05	8.12	6.99	6.20	6.97	6.09
Quick Ratio	0.00	1.89	7.90	6.80	5.87	6.68	5.76
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	41	79	61	117	164	133
Operating Cash Flow to CapEx	617.32%	1,799.85%	2,221.78%	2,904.30%	3,173.52%	4,187.97%	3,667.66%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.82	0.55	0.39	0.43	0.49	0.54
Accounts Receivable Turnover	0.00	4.11	5.23	4.46	4.56	4.97	4.72
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	27.23	42.71	42.40	40.30	43.92	40.64
Accounts Payable Turnover	0.00	20.59	40.23	61.66	28.75	30.96	26.22
Days Sales Outstanding (DSO)	0.00	88.77	69.80	81.93	79.99	73.49	77.30
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	17.73	9.07	5.92	12.70	11.79	13.92
Cash Conversion Cycle (CCC)	0.00	71.05	60.73	76.01	67.29	61.70	63.38
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	5.67	80	125	138	167	202
Invested Capital Turnover	0.00	73.02	7.98	4.08	3.61	3.73	3.49
Increase / (Decrease) in Invested Capital	0.00	5.67	75	45	13	28	35
Enterprise Value (EV)	0.00	545	9,167	5,427	4,257	9,973	3,555
Market Capitalization	606	606	9,966	6,268	5,020	10,889	4,304
Book Value per Share	$0.00	$0.90	$4.59	$4.99	$4.83	$5.77	$5.15
Tangible Book Value per Share	$0.00	$0.51	$4.45	$4.48	$4.32	$5.28	$4.50
Total Capital	0.00	148	879	966	901	1,083	951
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-143	-798	-841	-763	-916	-749
Capital Expenditures (CapEx)	4.24	4.61	5.70	6.18	5.80	6.53	8.90
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-35	-5.26	-5.05	2.79	17	41
Debt-free Net Working Capital (DFNWC)	0.00	107	793	836	766	932	789
Net Working Capital (NWC)	0.00	107	793	836	766	932	789
Net Nonoperating Expense (NNE)	-1.71	-3.88	-0.64	-6.82	-17	-30	-28
Net Nonoperating Obligations (NNO)	0.00	-143	-798	-841	-763	-916	-749
Total Depreciation and Amortization (D&A)	5.53	11	19	22	14	8.97	20
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-17.00%	-1.53%	-1.21%	0.59%	2.93%	6.31%
Debt-free Net Working Capital to Revenue	0.00%	51.89%	230.78%	199.49%	161.06%	163.46%	122.40%
Net Working Capital to Revenue	0.00%	51.89%	230.78%	199.49%	161.06%	163.46%	122.40%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.82	$0.58	$0.78	$1.19	$1.05
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	163.48M	193.18M	190.17M	186.84M	187.01M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.70	$0.53	$0.72	$1.11	$0.98
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	191.02M	213.43M	205.73M	201.21M	199.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	193.11M	194.67M	185.43M	187.83M	182.87M
Normalized Net Operating Profit after Tax (NOPAT)	16	46	79	106	137	195	169
Normalized NOPAT Margin	13.33%	22.39%	23.13%	25.30%	28.80%	34.16%	26.14%
Pre Tax Income Margin	20.20%	27.92%	33.18%	31.78%	38.96%	46.21%	38.77%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	6.95%	4.32%	75.63%	190.21%	53.90%	220.17%

This table displays calculated financial ratios and metrics derived from Doximity's official financial filings.

Metric	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026	Q1 2027
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	184,708,958.00	182,872,047.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	184,708,958.00	182,872,047.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.10	0.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.37%	6.39%	16.79%	20.44%	24.63%	17.14%	15.19%	23.16%	9.76%	5.12%	7.34%
EBITDA Growth	41.39%	19.19%	41.34%	48.20%	32.95%	14.99%	21.84%	20.81%	-5.93%	-38.41%	-29.21%
EBIT Growth	52.14%	27.44%	55.15%	57.26%	36.50%	16.31%	20.65%	17.32%	-10.06%	-49.00%	-37.08%
NOPAT Growth	41.61%	29.23%	46.74%	44.87%	50.17%	46.88%	26.44%	43.56%	-18.12%	-71.63%	-55.27%
Net Income Growth	43.29%	32.44%	45.66%	44.28%	56.80%	53.77%	28.86%	40.55%	-18.14%	-69.40%	-54.40%
EPS Growth	50.00%	33.33%	61.54%	46.67%	54.17%	55.00%	28.57%	40.91%	-16.22%	-70.97%	-51.85%
Operating Cash Flow Growth	2.79%	37.10%	-27.90%	429.90%	30.24%	54.02%	50.57%	37.45%	-6.59%	11.20%	-32.39%
Free Cash Flow Firm Growth	179.16%	228.28%	-129.46%	76.84%	81.08%	6.95%	346.77%	-130.97%	-109.16%	-186.86%	-198.34%
Invested Capital Growth	19.48%	10.69%	38.67%	9.90%	20.60%	20.55%	13.20%	39.53%	31.15%	21.13%	23.65%
Revenue Q/Q Growth	19.08%	-12.73%	7.30%	8.02%	23.22%	-17.98%	5.51%	15.50%	9.81%	-21.44%	7.74%
EBITDA Q/Q Growth	64.82%	-25.76%	8.29%	11.84%	47.86%	-35.78%	31.41%	12.78%	10.95%	-62.54%	51.03%
EBIT Q/Q Growth	73.27%	-28.52%	10.04%	15.39%	50.40%	-39.09%	31.77%	13.71%	10.77%	-69.27%	62.58%
NOPAT Q/Q Growth	71.00%	-20.42%	1.10%	5.31%	77.25%	-22.17%	-12.97%	19.57%	1.10%	-73.03%	37.19%
Net Income Q/Q Growth	56.71%	-15.30%	1.87%	6.71%	70.30%	-16.94%	-14.63%	16.39%	-0.81%	-68.95%	27.21%
EPS Q/Q Growth	60.00%	-16.67%	5.00%	4.76%	68.18%	-16.22%	-12.90%	14.81%	0.00%	-70.97%	44.44%
Operating Cash Flow Q/Q Growth	288.08%	27.75%	-35.50%	65.72%	-4.62%	51.08%	-36.95%	51.28%	-35.18%	79.87%	-61.66%
Free Cash Flow Firm Q/Q Growth	44.50%	13.88%	-143.67%	346.05%	47.97%	-32.74%	0.77%	-130.88%	56.21%	-537.46%	-14.09%
Invested Capital Q/Q Growth	9.01%	-10.29%	17.76%	-4.57%	19.62%	-10.32%	10.58%	17.63%	12.44%	-17.17%	12.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	90.99%	89.36%	89.30%	90.01%	91.59%	89.54%	89.18%	90.25%	89.89%	86.65%	84.87%
EBITDA Margin	45.03%	38.31%	38.67%	40.03%	48.04%	37.61%	46.84%	45.74%	46.21%	22.04%	30.89%
Operating Margin	43.28%	35.45%	36.36%	38.84%	47.40%	35.20%	37.36%	37.79%	38.85%	17.08%	21.48%
EBIT Margin	43.28%	35.45%	36.36%	38.84%	47.40%	35.20%	43.96%	43.28%	43.66%	17.08%	25.77%
Profit (Net Income) Margin	35.45%	34.41%	32.66%	32.27%	44.60%	45.17%	36.54%	36.82%	33.27%	13.15%	15.53%
Tax Burden Percent	76.08%	84.70%	77.82%	71.02%	83.70%	106.96%	83.12%	85.08%	76.19%	59.51%	60.24%
Interest Burden Percent	107.65%	114.58%	115.45%	116.99%	112.41%	119.95%	100.00%	100.00%	100.00%	129.38%	100.00%
Effective Tax Rate	23.92%	15.30%	22.18%	28.98%	16.30%	-6.96%	16.88%	14.92%	23.81%	40.49%	39.76%
Return on Invested Capital (ROIC)	108.76%	108.31%	99.50%	95.92%	128.20%	140.62%	105.33%	107.17%	87.73%	35.50%	41.09%
ROIC Less NNEP Spread (ROIC-NNEP)	108.31%	107.67%	98.82%	95.08%	127.13%	139.38%	104.32%	106.23%	86.88%	34.98%	40.56%
Return on Net Nonoperating Assets (RNNOA)	-91.20%	-92.47%	-84.26%	-79.66%	-104.29%	-117.92%	-85.62%	-86.98%	-68.28%	-28.63%	-31.94%
Return on Equity (ROE)	17.56%	15.84%	15.25%	16.26%	23.91%	22.70%	19.71%	20.19%	19.46%	6.87%	9.16%
Cash Return on Invested Capital (CROIC)	68.66%	88.93%	68.75%	93.87%	84.54%	107.66%	104.00%	84.41%	69.20%	72.19%	48.26%
Operating Return on Assets (OROA)	19.61%	15.21%	16.12%	18.72%	24.01%	17.13%	22.76%	22.64%	23.91%	9.22%	14.77%
Return on Assets (ROA)	16.06%	14.76%	14.48%	15.56%	22.59%	21.98%	18.92%	19.26%	18.22%	7.10%	8.90%
Return on Common Equity (ROCE)	17.56%	15.84%	15.25%	16.26%	23.91%	22.70%	19.71%	20.19%	19.46%	6.87%	9.16%
Return on Equity Simple (ROE_SIMPLE)	15.92%	0.00%	17.57%	18.11%	19.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	45	35	36	38	67	52	45	54	55	15	20
NOPAT Margin	32.93%	30.03%	28.29%	27.58%	39.68%	37.65%	31.06%	32.15%	29.60%	10.16%	12.94%
Net Nonoperating Expense Percent (NNEP)	0.45%	0.64%	0.68%	0.84%	1.07%	1.24%	1.01%	0.94%	0.86%	0.52%	0.53%
Return On Investment Capital (ROIC_SIMPLE)	5.15%	-	-	-	6.49%	4.81%	4.42%	4.95%	5.59%	1.55%	2.21%
Cost of Revenue to Revenue	9.01%	10.64%	10.70%	9.99%	8.41%	10.46%	10.82%	9.75%	10.11%	13.35%	15.13%
SG&A Expenses to Revenue	7.13%	8.45%	7.31%	7.38%	8.06%	9.20%	8.52%	11.30%	9.54%	11.09%	10.06%
R&D to Revenue	14.74%	17.07%	17.82%	16.98%	13.30%	17.94%	18.37%	17.92%	18.69%	26.90%	24.57%
Operating Expenses to Revenue	47.71%	53.90%	52.95%	51.17%	44.18%	54.34%	51.81%	52.47%	51.04%	69.57%	63.39%
Earnings before Interest and Taxes (EBIT)	59	42	46	53	80	49	64	73	81	25	40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	61	45	49	55	81	52	68	77	86	32	48
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.03	5.57	5.68	8.42	9.67	10.06	11.23	12.51	8.51	4.53	4.14
Price to Tangible Book Value (P/TBV)	6.79	6.23	6.33	9.32	10.61	10.98	12.31	14.10	9.73	5.18	4.75
Price to Revenue (P/Rev)	11.13	10.56	10.51	15.65	18.12	19.09	19.54	22.05	13.07	6.67	5.79
Price to Earnings (P/E)	37.88	34.02	32.30	46.46	49.50	48.79	49.00	54.15	34.82	21.95	22.70
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.64%	2.94%	3.10%	2.15%	2.02%	2.05%	2.04%	1.85%	2.87%	4.56%	4.40%
Enterprise Value to Invested Capital (EV/IC)	29.17	30.74	27.20	46.80	49.00	59.73	57.85	59.05	31.13	17.58	13.60
Enterprise Value to Revenue (EV/Rev)	9.61	8.95	8.99	14.09	16.58	17.48	18.11	20.64	11.92	5.51	4.74
Enterprise Value to EBITDA (EV/EBITDA)	26.41	21.38	23.09	34.70	39.66	36.59	37.50	43.02	25.97	15.12	14.23
Enterprise Value to EBIT (EV/EBIT)	29.07	22.99	24.61	36.49	41.28	37.84	38.90	44.94	27.51	16.54	16.00
Enterprise Value to NOPAT (EV/NOPAT)	36.75	32.60	31.25	47.44	51.90	51.70	52.78	58.58	36.74	21.09	21.67
Enterprise Value to Operating Cash Flow (EV/OCF)	27.00	23.13	26.38	32.58	38.21	36.50	36.31	40.11	24.10	10.89	10.14
Enterprise Value to Free Cash Flow (EV/FCFF)	46.25	36.32	45.97	52.21	63.37	60.65	59.07	81.49	51.05	26.68	31.17
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.84	-0.86	-0.85	-0.84	-0.82	-0.85	-0.82	-0.82	-0.79	-0.82	-0.79
Leverage Ratio	1.15	1.19	1.17	1.17	1.15	1.18	1.17	1.16	1.16	1.17	1.18
Compound Leverage Factor	1.24	1.36	1.35	1.37	1.29	1.42	1.17	1.16	1.16	1.52	1.18
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	24.62	18.45	21.02	32.48	44.20	37.63	40.32	52.65	29.83	16.37	14.98
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.03	6.20	6.72	7.24	8.74	6.97	6.47	7.79	6.63	6.09	6.08
Quick Ratio	7.71	5.87	6.44	7.03	8.48	6.68	6.14	7.18	5.95	5.76	5.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	19	22	-9.64	24	35	24	24	-7.34	-3.22	-21	-23
Operating Cash Flow to CapEx	3,780.51%	3,913.34%	2,420.36%	4,429.42%	3,680.91%	6,535.30%	3,158.75%	3,965.56%	2,632.56%	4,861.16%	1,761.20%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.43	0.44	0.48	0.51	0.49	0.52	0.52	0.55	0.54	0.57
Accounts Receivable Turnover	5.43	4.56	4.62	4.66	4.68	4.97	4.49	4.89	4.34	4.72	4.11
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	40.10	40.30	40.28	42.02	43.46	43.92	43.45	43.56	41.78	40.64	39.12
Accounts Payable Turnover	29.72	28.75	45.64	29.84	30.70	30.96	32.13	17.00	20.37	26.22	18.50
Days Sales Outstanding (DSO)	67.20	79.99	79.06	78.39	77.98	73.49	81.27	74.64	84.15	77.30	88.87
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	12.28	12.70	8.00	12.23	11.89	11.79	11.36	21.47	17.92	13.92	19.73
Cash Conversion Cycle (CCC)	54.92	67.29	71.06	66.16	66.09	61.70	69.91	53.16	66.23	63.38	69.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	154	138	163	156	186	167	185	217	244	202	228
Invested Capital Turnover	3.30	3.61	3.52	3.48	3.23	3.73	3.39	3.33	2.96	3.49	3.18
Increase / (Decrease) in Invested Capital	25	13	45	14	32	28	22	62	58	35	44
Enterprise Value (EV)	4,503	4,257	4,436	7,284	9,123	9,973	10,680	12,823	7,602	3,555	3,105
Market Capitalization	5,213	5,020	5,186	8,089	9,967	10,889	11,521	13,701	8,337	4,304	3,793
Book Value per Share	$4.65	$4.83	$4.93	$5.18	$5.52	$5.77	$5.46	$5.85	$5.20	$5.15	$5.01
Tangible Book Value per Share	$4.13	$4.32	$4.42	$4.68	$5.03	$5.28	$4.98	$5.19	$4.55	$4.50	$4.36
Total Capital	865	901	914	961	1,031	1,083	1,026	1,096	979	951	916
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-710	-763	-750	-806	-845	-916	-841	-878	-735	-749	-688
Capital Expenditures (CapEx)	1.32	1.63	1.70	1.54	1.77	1.51	1.97	2.37	2.31	2.25	2.38
Debt-free, Cash-free Net Working Capital (DFCFNWC)	26	2.79	23	20	52	17	33	74	108	41	76
Debt-free Net Working Capital (DFNWC)	736	766	773	825	897	932	874	952	844	789	764
Net Working Capital (NWC)	736	766	773	825	897	932	874	952	844	789	764
Net Nonoperating Expense (NNE)	-3.41	-5.17	-5.54	-6.41	-8.30	-10	-8.00	-7.88	-6.78	-4.34	-4.05
Net Nonoperating Obligations (NNO)	-710	-763	-750	-806	-845	-916	-841	-878	-735	-749	-688
Total Depreciation and Amortization (D&A)	2.37	3.38	2.93	1.64	1.07	3.33	4.20	4.15	4.72	7.21	8.02
Debt-free, Cash-free Net Working Capital to Revenue	5.53%	0.59%	4.60%	3.84%	9.43%	2.93%	5.66%	11.84%	17.01%	6.31%	11.57%
Debt-free Net Working Capital to Revenue	157.18%	161.06%	156.63%	159.70%	163.01%	163.46%	148.28%	153.21%	132.27%	122.40%	116.48%
Net Working Capital to Revenue	157.18%	161.06%	156.63%	159.70%	163.01%	163.46%	148.28%	153.21%	132.27%	122.40%	116.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.26	$0.21	$0.22	$0.24	$0.40	$0.33	$0.28	$0.33	$0.33	$0.11	$0.13
Adjusted Weighted Average Basic Shares Outstanding	186.31M	190.17M	185.61M	186.25M	187.16M	186.84M	187.98M	187.71M	187.48M	187.01M	182.57M
Adjusted Diluted Earnings per Share	$0.24	$0.20	$0.21	$0.22	$0.37	$0.31	$0.27	$0.31	$0.31	$0.09	$0.13
Adjusted Weighted Average Diluted Shares Outstanding	200.46M	205.73M	199.22M	200.41M	202.23M	201.21M	201.16M	200.75M	199.22M	199.05M	191.17M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	186.55M	185.43M	185.66M	186.69M	187.64M	187.83M	187.30M	188.27M	184.71M	182.87M	178.25M
Normalized Net Operating Profit after Tax (NOPAT)	45	35	36	39	67	34	45	54	55	15	20
Normalized NOPAT Margin	32.93%	30.03%	28.29%	28.78%	39.68%	24.64%	31.06%	32.15%	29.60%	10.16%	12.94%
Pre Tax Income Margin	46.59%	40.62%	41.97%	45.44%	53.28%	42.23%	43.96%	43.28%	43.66%	22.10%	25.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	202.18%	190.21%	193.19%	96.91%	55.25%	53.90%	81.42%	75.22%	153.69%	220.17%	240.01%

Financials Breakdown Chart

Key Financial Trends

Doximity’s latest quarter showed solid profitability and strong cash generation, but revenue growth has clearly slowed from prior years. For the fiscal Q4 2026 quarter, revenue rose to $145.4 million from $138.3 million a year ago, while net income fell to $19.1 million from $62.5 million in the prior-year quarter. The decline in earnings was driven mainly by heavier operating spending, especially marketing and R&D.

On a full-year trend basis, the business is still highly profitable and cash-rich. Doximity continues to generate robust operating cash flow, and its balance sheet remains very strong with over $735 million in cash and short-term investments at the end of Q4 2026, against just $177.7 million in total liabilities. That gives the company a large financial cushion and flexibility for buybacks, product investment, or strategic moves.

Still, the recent pattern suggests margins are under pressure. Revenue in Q4 2026 increased only modestly year over year, while operating expenses jumped to $101.1 million from $75.1 million a year earlier. Marketing expense in particular surged to $45.9 million from $37.6 million, and R&D also climbed to $39.1 million from $24.8 million. That pushed operating income down sharply to $24.8 million from $48.7 million.

Here are the most important takeaways for investors:

Strong balance sheet: Doximity ended Q4 2026 with $735.1 million in cash and short-term investments versus $177.7 million in total liabilities.
Positive and healthy operating cash flow: The company generated $109.5 million in operating cash flow in Q4 2026.
Still profitable: Net income was $19.1 million in the latest quarter, showing the company remains in the black despite higher spending.
High gross margin profile: Q4 2026 gross profit was $126.0 million on $145.4 million of revenue, indicating a strong software-like economics model.
Large equity base: Shareholders’ equity was $979.3 million at the end of Q3 2026, reflecting substantial retained capital.
Investment portfolio provides liquidity: Doximity regularly buys and sells investments, which boosts flexibility but can make quarterly cash flow look volatile.
Share count remains elevated: Diluted weighted average shares were 199.0 million in Q4 2026, so per-share growth depends heavily on future earnings expansion.
Other income still helps results: Non-operating income contributed $7.3 million in Q4 2026, supporting bottom-line profitability.
Revenue growth slowed: Q4 2026 revenue grew about 5% year over year, much slower than the faster growth rates seen in earlier periods.
Operating expense growth outpaced revenue: Higher marketing and R&D spending compressed operating income and net income in the latest quarter.

Looking back over the last several years, Doximity has moved from a fast-growing, highly profitable platform into a more mature company facing tougher growth comparisons. Revenue has grown meaningfully from the 2022-2023 period to the current run rate, but the pace has moderated, while buybacks and operating investments have kept pressure on cash and earnings trends quarter to quarter.

Bottom line: Doximity remains financially strong, profitable, and well-capitalized, which is a big plus for long-term investors. The main question now is whether management can reaccelerate revenue growth without letting expenses continue to outrun sales.

08/26/26 10:01 AM ETAI Generated. May Contain Errors.

Doximity Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Doximity's fiscal year ends in March. Their fiscal year 2026 ended on March 31, 2026.

Doximity's net income appears to be on an upward trend, with a most recent value of $196.05 million in 2026, rising from $29.74 million in 2020. The previous period was $223.19 million in 2025. Check out Doximity's forecast to explore projected trends and price targets.

Doximity's total operating income in 2026 was $214.92 million, based on the following breakdown:

Total Gross Profit: $574.54 million
Total Operating Expenses: $359.62 million

Over the last 6 years, Doximity's total revenue changed from $116.39 million in 2020 to $644.86 million in 2026, a change of 454.1%.

Doximity's total liabilities were at $172.85 million at the end of 2026, a 4.9% decrease from 2025, and a 67.0% increase since 2021.

In the past 5 years, Doximity's cash and equivalents has ranged from $66.39 million in 2021 to $219.18 million in 2026, and is currently $219.18 million as of their latest financial filing in 2026.

Over the last 6 years, Doximity's book value per share changed from 0.00 in 2020 to 5.15 in 2026, a change of 514.8%.

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Financial statements for NYSE:DOCS last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Doximity (DOCS) Financials

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Doximity (DOCS) Financials

Annual Income Statements for Doximity

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Quarterly Balance Sheets for Doximity

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Quarterly Metrics And Ratios for Doximity

Financials Breakdown Chart

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Doximity Financials - Frequently Asked Questions

When does Doximity's financial year end?

How has Doximity's net income changed over the last 6 years?

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How has Doximity's revenue changed over the last 6 years?

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How has Doximity's book value per share changed over the last 6 years?

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