Filing Flows

Filing Flows › Technology › Doximity (DOCS)

Doximity (DOCS) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 5, 2026 · Doximity (DOCS) Q2 FY27 earnings results →

Q2 FY27 Revenue up 4% year over year to $175M · 20¢ of every $1 of revenue kept as net profit · operating margin 25.2%

Doximity made $175M in Q2 FY27 (+4% Y/Y): Subscription $163M, Other $11.9M. Operating margin 25.2%, net earnings $34.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$175M
Year over year+4%
Operating margin25.2%
Net earnings$34.7M
Operating cash flow$93.3M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $174.5M in Q2 FY27, up 4% year over year and up 11% from the previous quarter. Subscription was the largest line at 93% of revenue. Subscription added $3.1M year over year (up 2%), 52% of the total change.

Gross margin was 85.5%, down 4.8 points from Q2 FY26. Operating profit was $43.9M, a 25.2% margin (down 12.6 points year over year). Operating profit fell $19.8M even though revenue rose $6.0M versus Q2 FY26, so costs grew faster than sales. Operating expenses grew 19% against revenue growth of 4%. The fastest-growing cost line was Research & development (+39%). Net earnings were $34.7M, down 44% year over year. The effective tax rate was 31.0%.

Operating cash flow was $93.3M (down 1% year over year), 269% of net earnings. Non-cash charges added back $4.4M of depreciation and amortization and $40.6M of share-based compensation. Working capital and other items added $13.6M. After internal-use software development costs ($2.0M), free cash flow as the company reports it was $91.3M.

Quarterly history

Doximity revenue by quarterDoximity revenue by quarter$138MQ4 FY25$146MQ1 FY26$169MQ2 FY26$185MQ3 FY26$145MQ4 FY26$157MQ1 FY27$175MQ2 FY27
Doximity net earnings by quarterDoximity net earnings by quarter$62.5MQ4 FY25$53.3MQ1 FY26$62.1MQ2 FY26$61.6MQ3 FY26$19.1MQ4 FY26$24.3MQ1 FY27$34.7MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 5, 2026$175M+4%25.2%$34.7M$93.3M
Q1 FY2710-QAug 6, 2026$157M+7%21.5%$24.3M$42.0M
Q4 FY2610-KMay 19, 2026$145M+5%17.1%$19.1M$110M
Q3 FY2610-QFeb 5, 2026$185M+10%38.9%$61.6M$60.9M
Q2 FY2610-QNov 6, 2025$169M+23%37.8%$62.1M$93.9M
Q1 FY2610-QAug 7, 2025$146M+15%37.4%$53.3M$62.1M
Q4 FY2510-KMay 20, 2025$138M+17%35.2%$62.5M$98.5M

Charts

Doximity: revenue growth, year over year and quarter over quarterDoximity: revenue growth, year over year and quarter over quarterY/YQ/Q+17%Q4 FY25+15%+6%Q1 FY26+23%+15%Q2 FY26+10%+10%Q3 FY26+5%-21%Q4 FY26+7%+8%Q1 FY27+4%+11%Q2 FY27
Latest (Q2 FY27): Y/Y +4%, Q/Q +11%.
Doximity: where the cash came from (+) and went (−), TTM to Q2 FY27Doximity: where the cash came from (+) and went (−), TTM to Q2 FY27Buybacks−$433MOperating cash flow$306MOther investing$205MCash drawn (+) / kept (−)−$49.4MTaxes on employees’ shares−$33.3MShares issued$9.0MOther financing−$4.0MCapital spending−$62K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Doximity: profit against cash, quarter by quarterDoximity: profit against cash, quarter by quarterNet incomeOperating cash flow$75.2M$65.2MQ3 FY25$62.5M$98.5MQ4 FY25$53.3M$62.1MQ1 FY26$62.1M$93.9MQ2 FY26$61.6M$60.9MQ3 FY26$19.1M$110MQ4 FY26$24.3M$42.0MQ1 FY27$34.7M$93.3MQ2 FY27
Latest (Q2 FY27): Net income $34.7M, Operating cash flow $93.3M.
Doximity: diluted shares by fiscal year (split-adjusted)Doximity: diluted shares by fiscal year (split-adjusted)190MFY21191MFY22213MFY23206MFY24201MFY25199MFY26
+4.6% since FY21: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY22.
Doximity in its industry: growth against margin (17 companies, SIC 7371)Doximity in its industry: growth against margin (17 companies, SIC 7371)revenue growth, year over year →↑ operating marginmedian +5%median -1%CTSHEPAMZSVRSNRDNWIANIXXBMTMRGTISBIGCYCUBTLNCYNANKMDSFTSensei Harbor Corp.DOCS (+4%, 25%)
Services-Computer Programming Services; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

Customers and suppliers named in filings

Buys from

About Doximity

We are the leading physician-first tech company, with over 3 million registered members 1 as of March 31, 2026. Our registered members represent more than 85% of U.S. physicians, spanning all 50 states and every medical specialty, along with two-thirds of U.S. nurse practitioners and physician assistants, and approximately 90% of graduating U.S. medical students. We calculate U.S. physicians as all U.S. physicians (MDs/DOs) who are under the age of 76, not retired, hold an active medical license, and have a physician status on the National Provider Identifier (NPI) registry. As of March 31, 2026, the total number of U.S. physicians was approximately 1 million. To be included in our calculation of registered members as a percentage of U.S. physicians, we include those U.S.

In its own words, from its 10-K, filed May 19, 2026.

Doximity against its Services-Computer Programming Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +6%. Operating margin: 25.2% against the peers' median 12.3%.

CompanyQuarterRevenueY/YOp. margin
DOCS DoximityQ2 FY27$175M+4%25.2%
CTSH Cognizant Technology SolutionsQ3 2026$5.7B+5%15.4%
EPAM Epam SystemsQ3 2026$1.4B+2%12.3%
ZS ZscalerQ4 FY26$898M+25%-1.7%
VRSN VeriSignQ3 2026$443M+6%66.9%
RDNW RideNow GroupQ2 2026$297M-1%6.0%
XTIA XTI AerospaceQ2 2026$32.4M—-28.0%
IA Innovative Solutions & SupportQ3 FY26$26.7M+11%22.6%
NIXX NixxyQ2 2026$16.1M+20%-10.1%

Source: Doximity 10-Q on SEC EDGAR · CIK 1516513 · Services-Computer Programming Services

Guidance and outlook

Doximity Revenue: guidance against what was reportedDoximity Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 FY26$169MQ3 FY26$185MFY26$645MQ4 FY26$145MFY27Q1 FY27$157MQ2 FY27$175MQ3 FY27
Met or beat 9 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Doximity: what its forward-looking statements are about (10-Q filed 2026-11-05)Doximity: what its forward-looking statements are about (10-Q filed 2026-11-05)Other3Demand2Capital spending1
6 statements; tone +0.00 (−1 all cautious, +1 all confident); 1 hedged.
Doximity: outlook statements against the filing beforeDoximity: outlook statements against the filing beforeConfident1Cautious1

13F: who owns DOCS and who is buying

Largest holders of DOCS (13F)Largest holders of DOCS (13F)Vanguard Group$588MBlackRock$297MVanguard Portfolio Management LLC$132MVanguard Capital Management LLC$124MD. E. Shaw$123MTwo Sigma Investments, LP$96.4MState Street$87.3MGoldman Sachs Group$84.8MGeode Capital Management, LLC$79.8MWellington Management Group LLP$65.0M
Funds' net buying of DOCS by quarter (13F)Funds' net buying of DOCS by quarter (13F)$37.8M2024-09−$349M2024-12$597M2025-03−$187M2025-06$34.8M2025-09−$66.1M2025-12$103M2026-03−$14.3M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on DOCS

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

Compare DOCS with

中文版：Doximity（DOCS）财报

Español · Français