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Doximity (DOCS) investor relations material

Doximity Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary5 Feb, 2026

Executive summary

  • Q3 revenue reached $185.1 million, up 10% year-over-year, with record engagement in newsfeed, workflow, and AI products.

  • Net income was $61.6 million (33% margin), down from $75.2 million (44.6% margin) in the prior year quarter.

  • Adjusted EBITDA was $111.4 million (60% margin), up 9% year-over-year and above guidance.

  • Surpassed 3 million registered members, with over 85% of US physicians and two-thirds of NPs/PAs on the platform.

  • Over 300,000 unique prescribers used AI products in Q3; 100+ top health systems purchased AI suite.

Financial highlights

  • Net revenue retention rate was 112% (trailing twelve months); top 20 customers at 117%.

  • 126 customers contributed at least $500,000 in subscription revenue, up 10% year-over-year and accounting for 84% of total revenue.

  • Non-GAAP gross margin was 91%, down from 93% due to increased AI infrastructure investment.

  • Free cash flow was $58.5 million for the quarter; cash, equivalents, and marketable securities totaled $735 million.

  • $196.8 million in share repurchases during Q3; $83 million remains in current program, with new $500 million authorization approved.

Outlook and guidance

  • Q4 revenue expected at $143–$144 million; Adjusted EBITDA $63.5–$64.5 million.

  • FY26 revenue expected at $642.5–$643.5 million; Adjusted EBITDA $355.5–$356.5 million.

  • Lower Q4 revenue and higher AI investment due to increased usage; annual outlook midpoint unchanged.

  • Expect double-digit growth exiting calendar 2026, driven by delayed budget releases and new AI products.

  • Maintain 50%+ adjusted EBITDA margin floor despite ongoing AI investments.

What drives the significant sequential Q4 revenue drop?
How will repurchases impact declining operating cash flow?
Monetization strategy for 300K+ AI users.
AI commercialization plan and market impact?
Drivers for calendar 2026 growth acceleration?
AI investment impact on long-term margins?
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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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