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Doximity (DOCS) investor relations material
Doximity Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
Q2 revenue reached $169M, up 23% year-over-year, exceeding guidance and driven by AI-optimized programs and platform engagement.
Net income for the quarter was $62.1M, up from $44.2M, with a net margin of 36.8%.
Adjusted EBITDA was $100.8M (60% margin), up 32% year-over-year.
Free cash flow increased 37% year-over-year, reaching $91.6M, with strong performance from AI-optimized programs.
Record engagement: all-time high in quarterly active subscribers and workflow tool users, with AI Scribe and DoxGPT user base growing over 50% sequentially.
Financial highlights
Subscription revenue accounted for 95% of total revenue; Q2 revenue was $168.5M, up 23% year-over-year.
Net revenue retention rate was 118% (trailing 12 months), with 121 customers contributing at least $500K each in subscription revenue, up 16% year-over-year.
Non-GAAP gross margin was 92%, with GAAP gross margin at 90.3%.
Adjusted EBITDA: $100.8M (60% margin), up from $76.1M (56%) last year.
Free cash flow: $91.6M in Q2; $151.7M for six months, both up 37% year-over-year.
Outlook and guidance
Q3 revenue expected: $180M–$181M; Adjusted EBITDA: $103M–$104M.
FY26 revenue expected: $640M–$646M; Adjusted EBITDA: $351M–$357M.
Guidance reflects strong pharma upsell season, increased adoption of integrated AI-optimized programs, and continued investment in AI.
Q3 growth rate impacted by earlier upsell timing; more even revenue distribution expected.
Management expects existing cash and investments to support operations and capital needs for at least the next 12 months.
How AI tool adoption impacts physician productivity?
What drives net revenue retention rate fluctuations?
Why is FY26 EBITDA margin guidance lower than Q2?
AI's impact on client ROI and integrated programs?
What policy changes cause budget uncertainty?
Health system AI adoption growth runway?
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Frequently asked questions
Doximity, the professional medical network, is a healthcare platform for physicians in the United States. Doximity curates content written by physicians and delivers it through a mobile app accessed by over 90% of doctors in the U.S. Doximity’s app also gives doctors access to crucial tools like an address book for referring care and product recommendations for practicing medicine efficiently. With over 90% of doctors in the US on Doximity, it is aiming at becoming the first place to connect with other physician professionals.
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