Doximity (DOCS) Q1 2026 earnings summary

Executive summary

• Revenue reached $146 million in Q1 FY26, up 15% year-over-year, with net income of $53.3 million and adjusted EBITDA of $80 million, reflecting strong profitability and growth in core subscription business.

• Free cash flow grew 52% year-over-year to $60.1 million.

• Record engagement in newsfeed, workflow, and AI products, with unique active users and engagement at all-time highs.

• Launched Doximity AI Scribe and completed the Pathway Medical acquisition, expanding AI offerings.

• The company serves over 80% of U.S. physicians, with 120 customers generating at least $500,000 in trailing 12-month subscription revenue, accounting for 84% of total revenue.

Financial highlights

• Q1 revenue: $145.9 million, up 15% year-over-year, with 94% subscription-based revenue.

• Net revenue retention rate: 118% overall, 119% for top 20 customers.

• Adjusted EBITDA: $79.8 million (55% margin), up from $65.9 million (52% margin) prior year.

• Free cash flow: $60.1 million, up from $39.5 million year-over-year.

• Ended quarter with $841 million in cash, cash equivalents, and marketable securities.

Outlook and guidance

• Q2 FY26 revenue expected at $157–$158 million; adjusted EBITDA $87–$88 million.

• FY26 revenue guidance raised to $628–$636 million; adjusted EBITDA $341–$349 million.

• Guidance reflects broad-based business strength and a cautious approach due to policy uncertainty.

• Management expects existing cash and securities to be sufficient for at least the next 12 months.

• The company is evaluating the impact of recent tax law changes but does not expect a material effect on tax expense.