Doximity (DOCS) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 grew 25% year-over-year to $168.6 million, exceeding guidance by 10%.

• Net income rose to $75.2 million, up 57% year-over-year, with a margin of 44.6%.

• Adjusted EBITDA reached $102 million with a 61% margin, up 39% year-over-year.

• Over 80% of U.S. physicians are served, with 114 customers generating at least $500,000 in trailing 12-month revenue, up 21% year-over-year.

• Record engagement: AI tool usage up 60% sequentially, over 610,000 unique providers used clinical workflow tools.

Financial highlights

• Q3 revenue: $168.6 million, 25% year-over-year growth.

• Adjusted EBITDA: $102 million, 61% margin, up from $73.3 million and 54% margin last year.

• Free cash flow: $63.4 million, up 30% year-over-year.

• Ended Q3 with $845 million in cash, cash equivalents, and marketable securities.

• Non-GAAP gross margin remained at 93% year-over-year.

Outlook and guidance

• Q4 revenue expected at $132.5–$133.5 million, 13% growth at midpoint.

• Q4 adjusted EBITDA expected at $62.5–$63.5 million, 47% margin.

• FY25 revenue guidance raised to $564.6–$565.6 million, 19% growth at midpoint.

• FY25 adjusted EBITDA guidance raised to $306.6–$307.6 million, 54% margin.

• Guidance increase driven by strong pharma upsells, new product traction, and faster revenue recognition.