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Doximity cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$93.3M in Q2 FY27 · $306M over twelve months

Operating cash flow$93.3M
Free cash flow+$93.3M
Cash / net income2.7×
Cash conversion cycle67 days

Analysis

In Q2 FY27, Doximity generated $93.3M of operating cash flow. That is $659K less than in Q2 FY26 ($93.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $306M; the largest uses were buybacks ($433M), taxes on employees’ shares ($33.3M), other financing ($4.0M); besides operations, cash came from other investing ($205M), shares issued ($9.0M); the cash balance rose by $49.4M.

Operating cash flow was $93.3M against net income of $34.7M — 2.7× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$40.6M, receivables +$11.4M, deferred revenue −$8.8M.

Its cash conversion cycle was 67 days (receivables 91 + inventory 0 − payables 23).

Free cash flow

Doximity: free cash flow by quarterDoximity: free cash flow by quarter$65.2MQ3 FY25$98.5MQ4 FY25$62.1MQ1 FY26$93.9MQ2 FY26$60.9MQ3 FY26$110MQ4 FY26$41.9MQ1 FY27$93.3MQ2 FY27
Operating cash flow less capital spending.
Doximity: operating cash flow against capital spendingDoximity: operating cash flow against capital spendingOperating cash flowCapital spending$65.2M$0Q3 FY25$98.5M$0Q4 FY25$62.1M$0Q1 FY26$93.9M$0Q2 FY26$60.9M$0Q3 FY26$110M$0Q4 FY26$42.0M$62KQ1 FY27$93.3M$0Q2 FY27
Latest (Q2 FY27): Operating cash flow $93.3M, Capital spending $0.

Capital allocation, year by year

Doximity: where the cash came from (up) and went (down), by fiscal yearDoximity: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $127MFY22: Shares issued $567MFY22: Capital spending −$1.9MFY22: Buybacks −$2.7M$693MFY22FY23: Operating cash flow $180MFY23: Shares issued $9.9MFY23: Capital spending −$1.7MFY23: Acquisitions −$53.5MFY23: Buybacks −$85.3M$190MFY23FY24: Operating cash flow $184MFY24: Shares issued $12.9MFY24: Capital spending −$147KFY24: Buybacks −$281M$197MFY24FY25: Operating cash flow $273MFY25: Shares issued $19.7MFY25: Buybacks −$120M$293MFY25FY26: Operating cash flow $326MFY26: Shares issued $9.8MFY26: Acquisitions −$26.5MFY26: Buybacks −$432M$336MFY26
Over these 5 years operating cash flow totalled $1.1B; the largest uses were buybacks ($921M) and acquisitions ($80.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$219M
Debtnone
Net cash$219M

Doximity funds itself: free cash flow was $306M over the last twelve months, with $219M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Doximity: sources (+) and uses (−) of cash, Q2 FY27Doximity: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$93.3MOther investing−$84.0MCash drawn (+) / kept (−)$55.0MBuybacks−$54.2MTaxes on employees’ shares−$9.9MOther financing−$1.0MShares issued$908K
Doximity: sources (+) and uses (−) of cash, TTM to Q2 FY27Doximity: sources (+) and uses (−) of cash, 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 profit to cash

Doximity: net income to operating cash flow, Q2 FY27Doximity: net income to operating cash flow, Q2 FY27Net income$34.7MDepreciation & amortization$4.4MStock-based pay$40.6MGains on investments$254KOther non-cash$358KReceivables$11.4MPayables$4.7MDeferred revenue−$8.8MPrepaid and other assets$5.3MOperating cash flow$93.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2791—2367
Q1 FY2794—2073
Q4 FY2693—2073
Q3 FY2671—2348
Q2 FY2674—1856
Q1 FY2684—1075
Q4 FY2587—977
Q3 FY2572—1457

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$93.3M—−$54.2M$908K$55.0M$93.3M
Q1 FY27$42.0M−$62K−$91.6M$3.1M−$54.4M$41.9M
Q4 FY26$110M—−$90.5M$2.8M−$154M$110M
Q3 FY26$60.9M—−$197M$2.2M$104M$60.9M
Q2 FY26$93.9M—−$21.9M$2.4M−$32.0M$93.9M
Q1 FY26$62.1M—−$122M$2.4M$72.4M$62.1M
Q4 FY25$98.5M—−$26.8M$5.8M−$44.3M$98.5M
Q3 FY25$65.2M—−$19.3M$3.7M$19.0M$65.2M

Doximity: income statement and cash flow

Doximity, Q2 FY27: revenue $175M (+4% year over year), operating margin 25.2%. The chart follows the revenue to costs, profit and cash.

Doximity: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.