Doximity (DOCS) Q4 2025 earnings summary

Executive summary

• Q4 revenue reached $138.3M, up 17% year-over-year; full-year revenue was $570.4M, up 20% year-over-year, exceeding guidance.

• Adjusted EBITDA margin for Q4 was 50.4% ($69.7M); full-year adjusted EBITDA margin was 55% ($313.8M), both showing significant margin expansion.

• Free cash flow for Q4 was $97M (up 56% YoY); full-year free cash flow was $266.7M (up 50% YoY).

• Record engagement and strong adoption of newsfeed, workflow, and AI tools contributed to performance.

• Q4 net income was $62.5M (45.2% margin); FY2025 net income was $223.2M (39.1% margin), both up significantly year-over-year.

Financial highlights

• Q4 subscription revenue was $131.9M, up 17% year-over-year; FY2025 subscription revenue was $543.8M, up 21%.

• Top 20 clients grew revenue 23% in FY25; net revenue retention rate was 119% overall and 123% for top 20 customers.

• 116 customers contributed at least $500K each in subscription revenue, up 17% from last year, accounting for 84% of total revenue.

• Non-GAAP gross margin for Q4 was 91%; full-year non-GAAP gross margin was 92.1%.

• Q4 non-GAAP net income was $77.7M (56.2% margin); FY2025 non-GAAP net income was $286.1M (50.2% margin).

Outlook and guidance

• FY26 revenue expected at $619M–$631M (10% growth at midpoint); adjusted EBITDA expected at $333M–$345M (54% margin).

• Q1 FY26 revenue guidance is $139M–$140M; adjusted EBITDA $71M–$72M (51% margin).

• Early January launches in integrated programs create tougher YoY comps for FY26 but improve long-term revenue predictability.

• About 70% of initial subscription revenue guidance is under contract; guidance assumes cautious upsell due to macro uncertainty.

• Pharma business expected to grow at roughly twice the market rate, remaining the fastest-growing segment.