The earnings call presented a largely positive outlook with strong financial performance, significant user growth, and successful product launches. However, there are concerns regarding policy uncertainties and the lack of immediate revenue contribution from recent acquisitions.

Company Guidance

During Doximity's first quarter fiscal 2026 conference call, robust financial performance was highlighted, with revenue reaching $146 million, marking a 15% year-over-year growth and a 4% exceedance of the high-end guidance. The adjusted EBITDA margin was reported at 55%, or $80 million, reflecting an 11% increase over guidance and a 21% year-on-year growth. Free cash flow saw an impressive 52% increase from the previous year. The company's net revenue retention rate stood at 118%, with top 20 customers achieving a 119% retention rate. Looking forward, Doximity set a revenue guidance range of $157 million to $158 million for the second quarter and $628 million to $636 million for the full fiscal year 2026, with respective adjusted EBITDA margins of 56% and 55%. The acquisition of Pathway was discussed, where the cost of integration was expected to have a modest impact on non-GAAP expenses, primarily related to personnel and infrastructure costs.

Strong Financial Performance

Doximity reported $146 million in revenue for the first quarter of fiscal 2026, marking a 15% year-on-year growth and a 4% beat from the high end of their guidance range. The adjusted EBITDA margin was 55%, and free cash flow growth was up 52% year-on-year.

Network Growth and Engagement

Unique active users on a quarterly, monthly, and daily basis all hit fresh highs in Q1, growing double-digit percentages year-on-year. Record highs were also seen in the news feed with over 1 million quarterly active prescribers.

Successful Launch of AI Scribe

The Doximity AI Scribe was launched and has been well received. Over 75% of Scribe users return weekly, and the tool is described as a game changer for reducing note-taking time.

Strategic Acquisition of Pathway AI

Doximity acquired Pathway, a Montreal-based AI clinical reference startup. Pathway has a strong AI model that scored a record high 96% on the U.S. medical licensing exam.

Strong Customer Retention and Growth

Net revenue retention rate was 118% on a trailing 12-month basis, with top 20 customers showing a higher retention rate of 119%. The number of customers contributing at least $500,000 each grew by 17%.

Doximity (DOCS) Earnings, Revenues Date & History

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DOCS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2026 (Q2)	0.37 / -	0.3	―	―	―
Aug 07, 2025	2026 (Q1)	0.30 / 0.36	0.28	28.57% (+0.08)	―
May 15, 2025	2025 (Q4)	0.27 / 0.38	0.25	52.00% (+0.13)	―
Feb 06, 2025	2025 (Q3)	0.34 / 0.45	0.29	55.17% (+0.16)	―
Nov 07, 2024	2025 (Q2)	0.26 / 0.30	0.22	36.36% (+0.08)	―
Aug 08, 2024	2025 (Q1)	0.22 / 0.28	0.19	47.37% (+0.09)	―
May 16, 2024	2024 (Q4)	0.20 / 0.25	0.2	25.00% (+0.05)	―
Feb 08, 2024	2024 (Q3)	0.24 / 0.29	0.22	31.82% (+0.07)	―
Nov 09, 2023	2024 (Q2)	0.17 / 0.22	0.17	29.41% (+0.05)	―
Aug 08, 2023	2024 (Q1)	0.14 / 0.19	0.14	35.71% (+0.05)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DOCS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$58.55	$66.58	+13.71%
May 15, 2025	$58.45	$52.56	-10.08%
Feb 06, 2025	$58.26	$79.23	+35.99%
Nov 07, 2024	$43.42	$58.25	+34.15%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.