Doximity, Inc. (NYSE: DOCS) is a leading digital platform designed for U.S. medical professionals, boasting a strong network that includes over 80% of U.S. physicians across various specialties. The company provides digital tools tailored to the medical field, enabling professionals to collaborate, access the latest medical news, manage on-call schedules, and streamline documentation.

Doximity’s financial performance reflects a period of growth. For the fourth quarter of fiscal 2025, the company reported revenue of $138.3 million, marking a 17% increase from $118.1 million in the same quarter of fiscal 2024. For the full fiscal year ending March 31, 2025, Doximity achieved total revenue of $570.4 million, up 20% from $475.4 million year-over-year.

The company’s adjusted EBITDA for Q4 reached $69.7 million, representing a margin of 50.4%, a rise from $56.4 million with a margin of 47.8% during Q4 of fiscal 2024. For the entire fiscal year, adjusted EBITDA grew to $313.8 million, reflecting a 36% rise from $230.5 million in fiscal 2024, and yielding a margin of 55% compared to 48.5% the previous year.

Free cash flow also saw significant growth, with $97 million generated in Q4, up 56% from $62.3 million year-over-year. For the full fiscal year, Doximity generated free cash flow of $266.7 million, a 50% increase over $178.3 million in fiscal 2024. The company closed the fiscal year with cash, cash equivalents, and marketable securities totaling $916 million.

The guidance for the first quarter of fiscal 2026 indicates expected revenue between $139 million and $140 million, projecting a 10% growth at the midpoint. Adjusted EBITDA is anticipated to fall between $71 million and $72 million with a 51% adjusted EBITDA margin. For the full fiscal year ending March 31, 2026, Doximity expects revenue to range from $619 million to $631 million, supporting the same mid-range growth projection of 10%. The forecasted adjusted EBITDA for this period will likely span between $333 million and $345 million, corresponding to an adjusted EBITDA margin of 54%.

Doximity’s net revenue retention rate stood at 119% for the trailing twelve months, with the rate rising to 123% for its top 20 customers. The company reported 116 customers contributing at least $500,000 each in subscription-based revenue, representing a 17% increase from 99 customers a year ago, and these clients accounted for 84% of total revenue.

In addition to the robust financials, Doximity reported record growth in user engagement across its various digital tools. The unique newsfeed users reached all-time highs, with articles read/tapped increasing more than 30% year-over-year.

The report and subsequent earnings call indicate a strong performance trajectory, rooted in the company’s strategic offerings and market position among healthcare professionals.