Doximity, Inc.: financial statements

DOCSNYSETechnology · Services-Computer Programming Services

Price

$33.34

November 13, 2026Market cap $6.1B

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The full history: 7 fiscal years, from FY2020
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The full analysis, 18 a month
More questions to the chat on its filings
Excel with every year
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Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

FY2024–FY2026 fiscal years

Click a line to see it on the chart.

Revenue

Line	FY2024	FY2025	FY2026
Revenue	$475M	$570M	$645M
Cost of revenue	$51M	$56M	$70M
Gross profit	$425M	$515M	$575M
Operating income	$164M	$228M	$215M
Net income	$148M	$223M	$196M
Earnings per share	$0.72	$1.11	$0.98
Earnings per share, basic	$0.78	$1.19	$1.05
Margins
Gross margin	89.3%	90.2%	89.1%
Operating margin	34.5%	39.9%	33.3%
Net margin	31.0%	39.1%	30.4%

Financial statements

DOCS's revenue, profits and cash flows from FY2020 to FY2023, 4 more fiscal years

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By segment

Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.

Product	FY2024	FY2025	FY2026	Share FY2026
Subscription	$450M	$544M	$608M	94%
Service Other	$25M	$27M	$36M	5.7%

By segment

DOCS's revenue by product line from FY2021 to FY2023, 3 more fiscal years

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From the XBRL of 5 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.

Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$10M Leases21.6% Effective tax rate

Leases

Mar 31, 2026

Operating leases

$10M

Finance leases

–

The liability is the present value of the rent still to pay, at March 31, 2026. It is not counted in the ladder's debt. The filing

Goodwill by segment

Mar 31, 2026

Total goodwill

$85M

The company does not state its goodwill by segment, at March 31, 2026. The filing

From the statutory to the effective tax rate, FY2026

Mar 31, 2026

Statutory rate

21.0%

Effective rate

21.6%

+0.6 pts

The company paid 21.6% in tax on its profit, 0.6 points above the US federal rate (21.0%). Below, the reasons it gives.

Statutory rate

21.0%

Share-based compensation

-5.0 pts

Difference the filing does not itemize

+5.6 pts

Effective rate

21.6%

One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing

Earnings quality

How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.

Where the change in earnings per share came from

Diluted earnings per share went from $1.11 in the fiscal year to Mar 31, 2025 to $0.98 in the year to Mar 31, 2026, a change of -$0.12.

Measured by size, 25.6% of the movement came from outside sales and operating margin: interest and other items, the tax rate, what went to others and the share count.

: +$0.11
: -$0.16
: $0.00
: -$0.08
: +$0.01

Earnings per share is split as sales times operating margin, plus interest and other items, after tax, times the part that goes to the common shareholders, divided by the diluted share count. Each source's part is its average effect over every order in which the six can change, so the parts add up exactly to the change. From the annual reports; net income over the diluted count matches the earnings per share the company filed within 2%.

Receivables and inventory against sales

In the quarter to Sep 30, 2026, sales were +3.6% on the same quarter a year earlier, and receivables +28.5%.

Days of sales in receivables rose more than at nine in ten S&P 500 companies.

a year earlier 70 days: 87 days

Balances at Sep 30, 2026 and Sep 30, 2025, against the sales and cost of sales of the quarter ending on each date; a fourth quarter is the fiscal year less its first nine months. Same quarter against same quarter, so the season is the same.

Allowance for doubtful accounts

The allowance for receivables that may not be collected was 1.0% of gross receivables at Sep 30, 2026, against 1.2% a year earlier.

At last year's share it would be $268.1K larger. A smaller allowance means a smaller charge for bad debts in profit.

a year earlier $1.5M: $1.7M

Taxes: deferred and paid

The deferred part was 59.6% of the tax charge in the year to Mar 31, 2026. The rows show the last 3 years.

Cash taxes paid were 100.0% of the current tax charge in the year to Mar 31, 2026.

Deferred share, year to Mar 31, 2026$32M of $54M: 59.6%
Deferred share, year to Mar 31, 2025-$12M of $40M: -28.7%
Deferred share, year to Mar 31, 2024-$8.6M of $38M: -22.8%
$22M paid, $22M current: 100.0%

When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.

A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.

The full analysis

What do Doximity's filings show?

These are Doximity's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

A fair value range built from the filings
Earnings quality, debt and red flags
Insider and institutional moves
The case for and the case against

Questions about DOCS's financials

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How much revenue did DOCS have in FY2026?

Doximity had revenue of $645M and net income of $196M in fiscal FY2026, a net margin of 30.4%.

How much debt does DOCS have?

On March 31, 2026 Doximity had total assets of $1.1B, debt of – and shareholders' equity of $951M.

How much free cash flow does DOCS have?

In fiscal FY2026 Doximity had cash from operations of $326M and spent – on capital expenditure, leaving $326M of free cash flow.

Where are the figures from?

From Doximity, Inc.'s annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

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The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.