Doximity, Inc. reported significant financial performance in its latest quarterly filing, with revenue reaching $168.5 million for the three months ended September 30, 2025, a 23% increase from $136.8 million in the same period last year. For the six months ended September 30, 2025, revenue totaled $314.4 million, up 19% from $263.5 million in the prior year. The company also reported net income of $62.1 million for the quarter, compared to $44.2 million in the previous year, and $115.4 million for the six-month period, up from $85.5 million. The adjusted EBITDA for the quarter was $100.8 million, reflecting a margin of 60%, while the six-month adjusted EBITDA was $180.6 million, with a margin of 57%.
The company experienced notable changes in its operational metrics, with the number of customers generating over $500,000 in trailing twelve-month subscription revenue increasing to 121, up from 104 a year earlier. Doximity's net revenue retention rate also improved to 118%, compared to 116% in the previous year, indicating strong customer engagement and expansion. The company attributed its revenue growth primarily to an increase in subscription revenue, which rose by $29.8 million in the quarter, driven by both new customer additions and expansion within existing accounts.
Strategically, Doximity completed the acquisition of Pathway Medical Inc. on July 29, 2025, for $36.3 million, aimed at enhancing its platform with AI-based medical knowledge technology. This acquisition is expected to bolster Doximity's capabilities in providing advanced solutions to healthcare professionals. The company also reported an increase in operating expenses, which rose to $88.4 million for the quarter, up from $70.0 million a year ago, primarily due to higher research and development costs and increased stock-based compensation.
In terms of cash flow, Doximity generated $156.0 million from operating activities in the first half of the fiscal year, compared to $109.6 million in the same period last year. However, cash used in investing activities amounted to $29.0 million, primarily due to marketable securities purchases and the acquisition of Pathway Medical. The company also utilized $167.4 million in financing activities, mainly for stock repurchases totaling $144.2 million. As of September 30, 2025, Doximity held $169.2 million in cash and cash equivalents, alongside $709.1 million in marketable securities, indicating a strong liquidity position.
Looking ahead, Doximity remains optimistic about its growth trajectory, emphasizing its commitment to enhancing its platform and expanding its customer base. The company plans to continue investing in its technology and workforce to support its mission of improving productivity for healthcare professionals. However, it also acknowledges potential risks related to market conditions and competition, which could impact future performance.
About Doximity, Inc.
Doximity is a leading digital platform serving U.S. medical professionals, offering a professional network, communication tools, and clinical workflow solutions. It provides members with networking, news, career management, and telehealth services, while enabling pharmaceutical companies and health systems to engage through marketing, hiring, and workflow solutions. Its physician-first approach and extensive network create a trusted ecosystem that enhances clinical productivity and healthcare collaboration.
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