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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________________________________________________________________
FORM 8-K
_________________________________________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2026
_________________________________________________________________________________________________________________
Doximity, Inc.
(Exact Name of Registrant as Specified in Its Charter)
_________________________________________________________________________________________________________________
Delaware
001-40508
27-2485512
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)
500 3rd St.
Suite 510
San Francisco, CA 94107
(Address of principal executive offices, including zip code)
(650) 549-4330
(Registrant's telephone number, including area code)
_______________________________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A common stock, $0.001 par value per share
DOCS
The New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 – Results of Operations and Financial Condition
On August 6, 2026, Doximity, Inc. (“Doximity”) issued a press release announcing its financial results for its fiscal quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information provided in this Item 2.02 of this Current Report on Form 8-K, and the Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 – Financial Statements and Exhibits
(d) Exhibits
Exhibit Number Description
99.1
104 Cover Page Interactive Data File (embedded within the inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 6, 2026
DOXIMITY, INC.
By:
/s/ Matthew Sonefeldt
Matthew Sonefeldt
Chief Financial Officer


EX-99.1 2 doximity-2026630xex991.htm EX-99.1 Document

Exhibit 99.1
Doximity Announces Fiscal 2027 First Quarter Financial Results
Total revenues of $156.6 million, up 7% year-over-year
Net income of $24.3 million, margin of 16%
Adjusted EBITDA of $74.8 million, margin of 48%

SAN FRANCISCO, Calif., August 6, 2026 -- Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2027 first quarter ended June 30, 2026.
“We're proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement,” said Jeff Tangney, co-founder and CEO of Doximity. "In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”
Fiscal 2027 First Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.
•Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
•Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
•Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
•Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
•Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.
Financial Outlook
Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:
•Revenue between $170 million and $171 million.
•Adjusted EBITDA between $80.5 million and $81.5 million.
Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:
•Revenue between $671 million and $681 million.
•Adjusted EBITDA between $309 million and $329 million.

For more detailed financial commentary, please refer to the “Modeling Considerations” appendix in our prepared remarks.
1

Conference Call Information
Doximity posted prepared remarks on its investor relations website at https://investors.doximity.com. Doximity will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investors.doximity.com. The recorded webcast will be available on the Company’s Investor Relations page shortly after the call.
About Doximity
Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The company's network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. With new AI-powered clinical reference and search capabilities, Doximity also helps doctors access trusted, peer-reviewed information and medical literature. Doximity's mission is to help doctors be more productive so they can provide better care for their patients.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements are all statements other than statements of historical fact, and specifically include statements regarding guidance and future business and financial results. These statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors including, without limitation, those set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026 and as may be updated in any subsequent Quarterly Reports on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements. The forward-looking statements made in this press release relate only to management’s beliefs and assumptions as of this date. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Perry Gold
ir@doximity.com
Media Contact:
Richard George
pr@doximity.com



2

DOXIMITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, 2026 March 31, 2026
Assets
Current assets:
Cash and cash equivalents $ 273,604  $ 219,178 
Marketable securities 414,185  529,423 
Accounts receivable, net 177,575  144,783 
Prepaid expenses and other current assets 48,614  50,880 
Total current assets 913,978  944,264 
Property and equipment, net 19,243  18,080 
Deferred income tax assets 23,839  31,984 
Operating lease right-of-use assets 6,752  7,140 
Intangible assets, net 33,385  35,325 
Goodwill 84,973  84,973 
Other assets 1,675  1,921 
Total assets $ 1,083,845  $ 1,123,687 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 6,494  $ 4,009 
Accrued expenses and other current liabilities 32,666  42,804 
Deferred revenue, current 109,061  106,050 
Operating lease liabilities, current 2,142  2,110 
Total current liabilities 150,363  154,973 
Deferred revenue, non-current 37  400 
Operating lease liabilities, non-current 7,531  8,075 
Other liabilities, non-current 9,844  9,402 
Total liabilities 167,775  172,850 
Stockholders' Equity
Preferred stock —  — 
Common stock 180  183 
Additional paid-in capital 1,035,282  1,001,688 
Accumulated other comprehensive income (loss) (348) 28 
Accumulated deficit (119,044) (51,062)
Total stockholders’ equity
 916,070  950,837 
Total liabilities and stockholders’ equity $ 1,083,845  $ 1,123,687 

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DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended June 30,
2026 2025
Revenue $ 156,618  $ 145,913 
Cost of revenue(1)
23,692  15,793 
Gross profit 132,926  130,120 
Operating expenses(1):
Research and development 38,477  26,799 
Sales and marketing 45,049  36,365 
General and administrative 15,756  12,439 
Total operating expenses 99,282  75,603 
Income from operations 33,644  54,517 
Other income, net 6,719  9,630 
Income before income taxes 40,363  64,147 
Provision for income taxes 16,048  10,827 
Net income $ 24,315  $ 53,320 
Net income per share attributable to Class A and Class B common stockholders:
Basic $ 0.13  $ 0.28 
Diluted $ 0.13  $ 0.27 
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic 182,569  187,984 
Diluted 191,169  201,158 
(1) Costs and expenses include stock-based compensation expense as follows (in thousands):
Three Months Ended June 30,
2026 2025
Cost of revenue $ 3,192  $ 2,980 
Research and development 15,559  6,649 
Sales and marketing 12,425  7,710 
General and administrative 5,576  4,526 
Total stock-based compensation expense $ 36,752  $ 21,865 
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DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended June 30,
2026 2025
Cash flows from operating activities
Net income $ 24,315  $ 53,320 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 4,287  2,794 
Stock-based compensation, net of amounts capitalized 36,752  21,865 
Non-cash lease expense 387  450 
Accretion of discount on marketable securities, net (568) (2,488)
Amortization of deferred contract costs 4,300  3,896 
Other (338) (408)
Changes in operating assets and liabilities:
Accounts receivable (33,334) (13,381)
Prepaid expenses and other assets 9,125  (4,234)
Deferred contract costs (2,642) (1,965)
Accounts payable, accrued expenses and other liabilities (2,433) (165)
Deferred revenue 2,648  2,973 
Operating lease liabilities (512) (556)
Net cash provided by operating activities 41,987  62,101 
Cash flows from investing activities
Purchases of property and equipment (62) — 
Internal-use software development costs (2,322) (1,966)
Purchases of marketable securities (14,746) (139,934)
Maturities of marketable securities 126,071  144,579 
Sales of marketable securities 4,049  — 
Net cash provided by investing activities 112,990  2,679 
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants
 3,080  2,398 
Taxes paid related to net share settlement of equity awards (6,974) (11,927)
Repurchase of common stock (91,633) (122,355)
Payment of contingent consideration related to a business combination (5,024) (5,249)
Net cash used in financing activities (100,551) (137,133)
Net increase (decrease) in cash and cash equivalents 54,426  (72,353)
Cash and cash equivalents, beginning of period 219,178  209,614 
Cash and cash equivalents, end of period
$ 273,604  $ 137,261 
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds
 $ 3,990  $ 4,978 

5

Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses the following non-GAAP measures of financial performance:
•Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income margin, and non-GAAP basic and diluted net income per common share: We exclude the effect of acquisition and other related expenses, stock-based compensation expense, amortization of acquired intangible assets, legal fees associated with certain non-ordinary course legal matters including the shareholder class action litigation, and change in fair value of contingent earn-out consideration liability from non-GAAP gross profit, non-GAAP gross margin and non-GAAP operating income. Non-GAAP net income and non-GAAP net income margin are further adjusted for estimated income tax on such adjustments. We calculate income taxes on the adjustments by applying an estimated annual effective tax rate to the adjustments. Non-GAAP basic and diluted net income per common share is non-GAAP net income attributable to common stockholders divided by the weighted average number of shares. For both basic and diluted non-GAAP net income per share, the weighted average shares we use in computing non-GAAP net income per share is equal to our GAAP weighted average shares. Non-GAAP gross margin represents non-GAAP gross profit as a percentage of revenue and non-GAAP net income margin represents non-GAAP net income as a percentage of revenue.
•Adjusted EBITDA and adjusted EBITDA margin: We define adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization, and as further adjusted for acquisition and other related expenses, stock-based compensation expense, legal fees associated with certain non-ordinary course legal matters including the shareholder class action litigation, change in fair value of contingent earn-out consideration liability, and other income, net. Net income margin represents net income as a percentage of revenue and adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.
•Free cash flow: We calculate free cash flow as cash flow from operating activities less purchases of property and equipment, purchases of intangible assets, and internal-use software development costs.
We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.
6

Key Business Metrics
•Net revenue retention rate: Our net revenue retention rate compares our subscription revenue from the same set of customers across comparable periods, and reflects customer renewals, expansion, contraction, and churn. Net revenue retention rate is calculated by taking the trailing 12-month (“TTM”) subscription-based revenue from our customers that had revenue in the prior TTM period and dividing that by the total subscription-based revenue for the prior TTM period. For the purposes of this calculation, subscription revenue excludes subscriptions for individuals and small practices and other non-recurring items. Our net revenue retention rate is directly tied to our revenue growth rate and thus fluctuates as that growth rate fluctuates.
•Customers with trailing 12-month subscription revenue greater than $500,000: The number of customers with TTM subscription revenue greater than $500,000 is a key indicator of the scale of our business and the value we create for large customers, and is calculated by counting the number of customers that contributed more than $500,000 in subscription revenue in the TTM period. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our total customer count for historical periods reflecting these adjustments.
•Quarterly unique active providers using our workflow tools: Quarterly unique active providers1 using our Workflow Tools is a measure of our platform’s usage and adoption among healthcare providers on our platform. We calculate the number of unique active providers by counting providers who securely login and use any of the following workflow functions on our technology platform during the quarter: placing phone calls or video calls lasting more than 10 seconds, sending voicemails, or sending secure text messages using our Dialer communications tools; sending or receiving faxes; submitting a prompt on Ask (formerly DoxGPT), our HIPAA‑compliant generative AI clinical research tool and writing assistant; conducting research on prescription drugs; reviewing AI responses for our PeerCheck feature; scheduling via our on-call scheduling tool, Amion; or using our HIPAA-compliant ambient note taking tool, Scribe, for a patient visit. Each provider is counted once per quarter, even if they use multiple tools or use them many times.
1 Providers are health care professionals with clinical / prescribing roles specifically Physicians (MD/DO), Nurse practitioners (NPs), Certified registered nurse anesthetist (CRNAs), Physician assistants (PAs), Pharmacists, and Medical students
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Reconciliation of GAAP to Non-GAAP Financial Measures
The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:
Three Months Ended June 30,
2026 2025
(unaudited)
(in thousands, except percentages)
Net income $ 24,315  $ 53,320 
Adjusted to exclude the following:
Acquisition and other related expenses —  428 
Stock-based compensation 36,752  21,865 
Depreciation and amortization 4,287  2,794 
Provision for income taxes 16,048  10,827 
Change in fair value of contingent earn-out consideration liability 90  168 
Other income, net (6,719) (9,630)
Adjusted EBITDA $ 74,773  $ 79,772 
Revenue $ 156,618  $ 145,913 
Net income margin 15.5  % 36.5  %
Adjusted EBITDA margin 47.7  % 54.7  %

Three Months Ended June 30,
2026 2025
(unaudited)
(in thousands)
Net cash provided by operating activities $ 41,987  $ 62,101 
Purchases of property and equipment (62) — 
Internal-use software development costs (2,322) (1,966)
Free cash flow $ 39,603  $ 60,135 
Other cash flow components:
Net cash provided by investing activities $ 112,990  $ 2,679 
Net cash used in financing activities $ (100,551) $ (137,133)
8

Three Months Ended June 30,
2026
2025
(unaudited)
(in thousands, except per share data and percentages)
GAAP cost of revenue $ 23,692  $ 15,793 
Adjusted to exclude the following:
Stock-based compensation (3,192) (2,980)
Amortization of acquired intangibles (935) — 
Non-GAAP cost of revenue $ 19,565  $ 12,813 
GAAP gross profit $ 132,926  $ 130,120 
Adjusted to exclude the following:
Stock-based compensation 3,192  2,980 
Amortization of acquired intangibles 935  — 
Non-GAAP gross profit $ 137,053  $ 133,100 
GAAP gross margin 84.9  % 89.2  %
Non-GAAP gross margin 87.5  % 91.2  %
GAAP research and development expense $ 38,477  $ 26,799 
Adjusted to exclude the following:
Stock-based compensation (15,559) (6,649)
Non-GAAP research and development expense $ 22,918  $ 20,150 
GAAP sales and marketing expense $ 45,049  $ 36,365 
Adjusted to exclude the following:
Stock-based compensation (12,425) (7,710)
Amortization of acquired intangibles (1,005) (1,002)
Change in fair value of contingent earn-out consideration liability (90) (168)
Non-GAAP sales and marketing expense $ 31,529  $ 27,485 
GAAP general and administrative expense $ 15,756  $ 12,439 
Adjusted to exclude the following:
Acquisition and other related expenses —  (428)
Stock-based compensation (5,576) (4,526)
Non-GAAP general and administrative expense $ 10,180  $ 7,485 
GAAP operating expense $ 99,282  $ 75,603 
Adjusted to exclude the following:
Acquisition and other related expenses —  (428)
Stock-based compensation (33,560) (18,885)
Amortization of acquired intangibles (1,005) (1,002)
Change in fair value of contingent earn-out consideration liability (90) (168)
Non-GAAP operating expense $ 64,627  $ 55,120 
9

Three Months Ended June 30,
2026
2025
(unaudited)
(in thousands, except per share data and percentages)
GAAP operating income $ 33,644  $ 54,517 
Adjusted to exclude the following:
Acquisition and other related expenses —  428 
Stock-based compensation 36,752  21,865 
Amortization of acquired intangibles 1,940  1,002 
Change in fair value of contingent earn-out consideration liability 90  168 
Non-GAAP operating income $ 72,426  $ 77,980 
GAAP net income $ 24,315  $ 53,320 
Adjusted to exclude the following:
Acquisition and other related expenses —  428 
Stock-based compensation 36,752  21,865 
Amortization of acquired intangibles 1,940  1,002 
Change in fair value of contingent earn-out consideration liability 90  168 
Income tax effect of non-GAAP adjustments (1)
(8,144) (4,927)
Non-GAAP net income $ 54,953  $ 71,856 
Non-GAAP net income margin 35.1  % 49.2  %
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic 182,569  187,984 
Diluted 191,169  201,158 
Non-GAAP net income per share attributable to Class A and Class B stockholders:
Basic $ 0.30  $ 0.38 
Diluted $ 0.29  $ 0.36 
(1) For the three months ended June 30, 2026 and 2025, management used an estimated annual effective non-GAAP tax rate of 21.0%.
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