Form 8-K

8-K — Doximity, Inc.

Accession: 0001516513-26-000017

Filed: 2026-05-13

Period: 2026-05-13

CIK: 0001516513

SIC: 7371 (SERVICES-COMPUTER PROGRAMMING SERVICES)

Item: Results of Operations and Financial Condition

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Financial Statements and Exhibits

Documents

8-K — docs-20260513.htm (Primary)

EX-99.1 (doximity-2026331xex991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

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0001516513FALSE00015165132026-05-132026-05-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________________________________________________________________________________________________

FORM 8-K

_________________________________________________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 13, 2026

_________________________________________________________________________________________________________________

Doximity, Inc.

(Exact Name of Registrant as Specified in Its Charter)

_________________________________________________________________________________________________________________

Delaware

001-40508

27-2485512

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification Number)

500 3rd St.

Suite 510

San Francisco, CA 94107

(Address of principal executive offices, including zip code)

(650) 549-4330

(Registrant's telephone number, including area code)

_______________________________________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.001 par value per share

DOCS

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 – Results of Operations and Financial Condition

On May 13, 2026, Doximity, Inc. (“Doximity”) issued a press release announcing its financial results for its fiscal quarter and year ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.

The information provided in this Item 2.02 of this Current Report on Form 8-K, and the Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 5.02 - Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

On May 13, 2026, Doximity, Inc. (the “Company”) announced the appointment of Matthew Sonefeldt as Chief Financial Officer of the Company, effective May 13, 2026. In connection with this appointment, Siddharth Sitaram, Chief Accounting Officer, will continue to serve as the Company’s interim Principal Financial Officer through June 7, 2026. Mr. Sonefeldt will formally succeed Mr. Sitaram as the Company’s Principal Financial Officer (within the meaning of the Securities Exchange Act of 1934, as amended) effective June 8, 2026.

Additionally, the Company announced the appointment of Steven L. Zatz, M.D. as President of the Company, effective May 13, 2026.

Matthew Sonefeldt — Chief Financial Officer

Mr. Sonefeldt, age 46, brings 25 years of experience across investment management, investor relations, business operations, and strategy in the public and private venture markets. He has served at several leading public companies, including most recently as Head of Investor Relations at Docusign, Inc. from December 2024 to April 2026. Prior to Docusign, Mr. Sonefeldt served in multiple leadership roles at Atlassian Corporation Plc from December 2019 to January 2023, including Vice President of Investor Relations and Vice President of Strategy and Business Operations. Before Atlassian, he served as Head of Investor Relations at LinkedIn Corporation from 2011 to 2017. Mr. Sonefeldt also held various leadership roles in venture-backed and asset management companies, including Capital Research, Gusto, and Ethic Investments, and operated his own corporate advisory business. Mr. Sonefeldt holds a B.A. from UCLA and an M.B.A. from Presidio Graduate School.

There are no arrangements or understandings between Mr. Sonefeldt and any other persons pursuant to which he was appointed as the Chief Financial Officer of Doximity. There are no family relationships between Mr. Sonefeldt and any director, executive officer or any person nominated or chosen by Doximity to become a director or executive officer. No information is required to be disclosed with respect to Mr. Sonefeldt pursuant to Item 404(a) of Regulation S-K.

In connection with his appointment as Chief Financial Officer, on May 12, 2026, we entered into an offer letter with Mr. Sonefeldt (the “Offer Letter”). The Offer Letter provides for his at-will employment and sets forth his initial annual base salary of $400,000, a $400,000 annual incentive bonus based on performance goals, an initial equity grant of restricted stock units of the Company’s Class A common stock (“RSUs”) valued at $9,000,000 on the grant date, to vest quarterly over three years, and another RSU grant valued at $3,000,000 on the grant date to vest in equal amounts annually over three years based on performance goals to be established each year. In addition, Mr. Sonefeldt is eligible to participate in our employee benefit health and welfare plans. Mr. Sonefeldt also entered into Doximity’s standard form of indemnification agreement.

Steven L. Zatz, M.D. — President

Dr. Zatz, age 69, is a physician executive with over two decades of leadership experience in digital health and healthcare information technology. Most recently, he served as Chairman and Chief Executive Officer of HealthCentral Corporation from September 2022 to June 2025. Prior to HealthCentral Corporation, Dr. Zatz served in various leadership roles at WebMD Health Corp. from 1999 to 2018, including as President, Chief Executive Officer, and Director in the period from 2013 through 2019, where he led the company’s advertising and sponsorship business and oversaw its Medscape platform. Earlier in his career, Dr. Zatz held executive roles in healthcare technology, including as Chief Executive Officer of Physicians’ Online and as founder of US Quality Algorithms, Inc. Dr. Zatz received his M.D. from Cornell University Medical College and his undergraduate degree from Yale College.

There are no arrangements or understandings between Dr. Zatz and any other persons pursuant to which he was appointed as President of Doximity. There are no family relationships between Dr. Zatz and any director, executive officer or any person nominated or chosen by Doximity to become a director or executive officer. No information is required to be disclosed with respect to Dr. Zatz pursuant to Item 404(a) of Regulation S-K.

In connection with his appointment as President, on May 12, 2026, we entered into an offer letter with Dr. Zatz (the “Offer Letter”). The Offer Letter provides for his at-will employment and sets forth his initial annual base salary of $400,000, a $500,000 annual incentive bonus, to be paid quarterly, based on established performance goals, an initial equity grant of restricted stock units of the Company’s Class A common stock (“RSUs”) valued at $1,000,000 on the grant date, to vest quarterly over one year, and another RSU grant valued at $1,700,000 on the grant date to vest in one year based on established performance goals. In addition, Dr. Zatz is eligible to participate in our employee benefit health and welfare plans. Dr. Zatz also entered into Doximity’s standard form of indemnification agreement.

Item 9.01 – Financial Statements and Exhibits

(d) Exhibits

Exhibit Number Description

99.1

Press Release entitled “Doximity Announces Fourth Quarter and Fiscal Year 2026 Financial Results dated May 13, 2026”

104 Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 13, 2026

DOXIMITY, INC.

By:

/s/ Siddharth Sitaram

Siddharth Sitaram

Chief Accounting Officer

(Principal Accounting Officer and Interim Principal Financial Officer)

EX-99.1

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Document

Exhibit 99.1

Doximity Announces Fourth Quarter and Fiscal Year 2026 Financial Results

Fiscal year 2026 total revenues of $644.9 million, up 13% year-over-year

Fiscal year 2026 operating cash flows of $326.5 million, up 19% year-over-year

Fiscal year 2026 free cash flow of $317.5 million, up 19% year-over-year

SAN FRANCISCO, Calif., May 13, 2026 -- Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2026 fourth quarter and fiscal year ended March 31, 2026.

“We’re thrilled to announce that we reached a new engagement record of over 800,000 active prescribers using our workflow tools in Q4. Nearly half of those providers used our clinical AI last quarter, while our prompts per user nearly doubled from January to April alone,” said Jeff Tangney, co-founder and CEO of Doximity.

“Our new partnerships with Aledade and Photon build on that momentum, bringing our Clinical AI Suite to thousands of independent practices and enabling seamless in-workflow prescribing for the first time. I'm also thrilled to welcome Matt Sonefeldt as our new CFO and Dr. Steve Zatz as our new President, two exceptional leaders whose experience and relationships will be instrumental as we continue to scale.”

Fiscal 2026 Fourth Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended March 31, 2025.

•Revenue: Revenue of $145.4 million, versus $138.3 million, an increase of 5% year-over-year.

•Net income and non-GAAP net income: Net income of $19.1 million, versus $62.5 million, representing a margin of 13.1%, versus 45.2%. Non-GAAP net income of $49.8 million, versus $77.7 million, representing a margin of 34.2%, versus 56.2%.

•Adjusted EBITDA: Adjusted EBITDA of $65.8 million, versus $69.7 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 45.3%, versus 50.4%.

•Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.10, versus $0.31, while non-GAAP diluted net income per share was $0.26, versus $0.38.

•Operating cash flow and free cash flow: Operating cash flow of $109.5 million, versus $98.5 million, an increase of 11% year-over-year, and free cash flow of $107.3 million, versus $97.0 million, an increase of 11% year-over-year.

Fiscal Year 2026 Financial Highlights

All comparisons, unless otherwise noted, are to the fiscal year ended March 31, 2025.

•Revenue: Revenue of $644.9 million, versus $570.4 million, an increase of 13% year-over-year.

•Net income and non-GAAP net income: Net income of $196.1 million, versus $223.2 million, representing a margin of 30.4%, versus 39.1%. Non-GAAP net income of $302.7 million, versus $286.1 million, representing a margin of 46.9%, versus 50.2%.

•Adjusted EBITDA: Adjusted EBITDA of $357.8 million, versus $313.8 million, an increase of 14%, representing adjusted EBITDA margins of 55.5%, versus 55.0%.

•Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.98, versus $1.11, while non-GAAP diluted net income per share was $1.52, versus $1.42.

•Operating cash flow and free cash flow: Operating cash flow of $326.5 million, versus $273.3 million, an increase of 19% year-over-year, and free cash flow of $317.5 million, versus $266.7 million, an increase of 19% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal first quarter ending June 30, 2026 as follows:

•Revenue between $151 million and $152 million.

•Adjusted EBITDA between $68.5 million and $69.5 million.

Doximity is providing guidance for its fiscal year ending March 31, 2027 as follows:

•Revenue between $664 million and $676 million.

•Adjusted EBITDA between $323 million and $335 million.

Conference Call Information

Doximity posted prepared remarks on its investor relations website at https://investors.doximity.com. Doximity will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investors.doximity.com. The archived webcast will be available on the Company’s Investor Relations page shortly after the call.

About Doximity

Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The company's network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. With new AI-powered clinical reference and search capabilities, Doximity also helps doctors access trusted, peer-reviewed information and medical literature. Doximity's mission is to help doctors be more productive so they can provide better care for their patients.

Forward-Looking Statements

Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors including (i) the timing and scope of anticipated stock repurchases; (ii) the impact of uncertainty in the current economic environment and macroeconomic uncertainty; (iii) our ability to retain existing members or add new members to our platform and maintain or grow their engagement with our platform; (iv) our ability to attract new customers or retain existing customers; (v) the impact of our prioritization of our members’ interests; (vi) breaches in our security measures or unauthorized access to members’ data; (vii) our ability to maintain or manage our growth, and other risks and factors that are beyond our control including, without limitation, those set forth in the section entitled “Risk Factors” in the Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2025. Additional information will be provided in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements. The forward-looking statements made in this press release relate only to management’s beliefs and assumptions as of this date. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations Contact:

Perry Gold

ir@doximity.com

Media Contact:

Amanda Cox

pr@doximity.com

DOXIMITY, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

March 31, 2026 March 31, 2025

Assets

Current assets:

Cash and cash equivalents $ 219,178 $ 209,614

Marketable securities 529,423 706,050

Accounts receivable, net 144,783 128,354

Prepaid expenses and other current assets 50,880 44,602

Total current assets 944,264 1,088,620

Property and equipment, net 18,080 13,656

Deferred income tax assets 31,984 60,014

Operating lease right-of-use assets 7,140 8,886

Intangible assets, net 35,325 23,072

Goodwill 84,973 67,940

Other assets 1,921 2,121

Total assets $ 1,123,687 $ 1,264,309

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable $ 4,009 $ 1,356

Accrued expenses and other current liabilities 42,804 38,405

Deferred revenue, current 106,050 114,285

Operating lease liabilities, current 2,110 2,211

Total current liabilities 154,973 156,257

Deferred revenue, non-current 400 280

Operating lease liabilities, non-current 8,075 10,185

Contingent earn-out consideration liability, non-current — 5,579

Other liabilities, non-current 9,402 9,383

Total liabilities 172,850 181,684

Stockholders' Equity

Preferred stock — —

Common stock 183 189

Additional paid-in capital 1,001,688 894,225

Accumulated other comprehensive income 28 1,323

Retained earnings (accumulated deficit) (51,062) 186,888

Total stockholders’ equity

950,837 1,082,625

Total liabilities and stockholders’ equity $ 1,123,687 $ 1,264,309

DOXIMITY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended March 31,

Fiscal Year Ended March 31,

2026 2025 2026 2025

Revenue $ 145,372 $ 138,288 $ 644,863 $ 570,399

Cost of revenue(1)

19,407 14,467 70,326 55,874

Gross profit 125,965 123,821 574,537 514,525

Operating expenses(1):

Research and development 39,106 24,803 130,702 93,038

Sales and marketing 45,910 37,611 163,648 145,713

General and administrative 16,123 12,727 65,267 45,670

Impairment charge — — — 2,304

Total operating expenses 101,139 75,141 359,617 286,725

Income from operations 24,826 48,680 214,920 227,800

Other income, net 7,295 9,714 35,085 35,774

Income before income taxes 32,121 58,394 250,005 263,574

Provision for (benefit from) income taxes 13,007 (4,064) 53,954 40,389

Net income $ 19,114 $ 62,458 $ 196,051 $ 223,185

Net income per share attributable to Class A and Class B common stockholders:

Basic $ 0.10 $ 0.33 $ 1.05 $ 1.19

Diluted $ 0.10 $ 0.31 $ 0.98 $ 1.11

Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:

Basic 184,852 188,362 187,014 186,841

Diluted 195,026 202,987 199,048 201,208

(1) Cost of revenue and operating expenses include stock-based compensation expense as follows (in thousands):

Three Months Ended March 31,

Fiscal Year Ended March 31,

2026 2025 2026 2025

Cost of revenue $ 2,957 $ 2,628 $ 11,680 $ 11,001

Research and development 15,994 4,792 46,159 19,394

Sales and marketing 11,253 6,442 39,397 26,323

General and administrative 6,538 4,198 24,391 15,668

Total stock-based compensation expense $ 36,742 $ 18,060 $ 121,627 $ 72,386

DOXIMITY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Three Months Ended March 31,

Fiscal Year Ended March 31,

2026 2025 2026 2025

Cash flows from operating activities

Net income $ 19,114 $ 62,458 $ 196,051 $ 223,185

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 4,131 2,829 14,383 10,659

Deferred income taxes 32,138 (13,788) 32,138 (11,592)

Stock-based compensation, net of amounts capitalized 36,742 18,060 121,627 72,386

Non-cash lease expense 384 446 1,747 1,838

Accretion of discount on marketable securities, net (1,130) (2,919) (7,581) (11,655)

Amortization of deferred contract costs 4,207 3,423 13,478 9,967

Impairment of long-lived assets

— — — 2,304

Other 133 (19) 314 270

Changes in operating assets and liabilities:

Accounts receivable 11,720 9,258 (16,879) (27,206)

Prepaid expenses and other assets 1,105 (18,489) (8,272) 2,762

Deferred contract costs (3,231) (2,982) (14,490) (12,051)

Accounts payable, accrued expenses and other liabilities (35,254) (4,535) 4,268 (663)

Deferred revenue 39,969 45,295 (8,115) 15,210

Operating lease liabilities (506) (550) (2,211) (2,149)

Net cash provided by operating activities 109,522 98,487 326,458 273,265

Cash flows from investing activities

Cash paid for acquisition — — (26,528) —

Purchases of intangible assets

— — (62) —

Internal-use software development costs (2,253) (1,507) (8,901) (6,525)

Purchases of marketable securities (8,037) (143,724) (389,159) (675,557)

Maturities of marketable securities 148,267 118,180 561,434 635,401

Sales of marketable securities — 2,578 10,386 17,383

Net cash provided by (used in) investing activities 137,977 (24,473) 147,170 (29,298)

Cash flows from financing activities

Proceeds from issuance of common stock upon exercise of stock options and common stock warrants

2,767 5,827 9,784 19,732

Proceeds from issuance of common stock in connection with the employee stock purchase plan 2,076 2,147 3,892 3,569

Taxes paid related to net share settlement of equity awards (7,477) (10,856) (40,839) (27,185)

Repurchase of common stock (90,525) (26,788) (431,652) (120,293)

Payment of contingent consideration related to a business combination — — (5,249) (5,470)

Payment of excise taxes on share repurchases

— — — (1,491)

Net cash used in financing activities (93,159) (29,670) (464,064) (131,138)

Net increase in cash and cash equivalents 154,340 44,344 9,564 112,829

Cash and cash equivalents, beginning of period 64,838 165,270 209,614 96,785

Cash and cash equivalents, end of period

$ 219,178 $ 209,614 $ 219,178 $ 209,614

Supplemental disclosures of cash flow information

Cash paid for taxes, net of refunds

$ 792 $ 19,840 $ 21,814 $ 55,654

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses the following non-GAAP measures of financial performance:

•Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income margin, and non-GAAP basic and diluted net income per common share: We exclude the effect of acquisition and other related expenses, stock-based compensation expense, amortization of acquired intangible assets, impairment charge, legal fees associated with certain non-ordinary course legal matters including the shareholder class action litigation, and change in fair value of contingent earn-out consideration liability from non-GAAP gross profit, non-GAAP gross margin and non-GAAP operating income. Non-GAAP net income and non-GAAP net income margin are further adjusted for estimated income tax on such adjustments. We calculate income taxes on the adjustments by applying an estimated annual effective tax rate to the adjustments. Non-GAAP basic and diluted net income per common share is non-GAAP net income attributable to common stockholders divided by the weighted average number of shares. For both basic and diluted non-GAAP net income per share, the weighted average shares we use in computing non-GAAP net income per share is equal to our GAAP weighted average shares. Non-GAAP gross margin represents non-GAAP gross profit as a percentage of revenue and non-GAAP net income margin represents non-GAAP net income as a percentage of revenue.

•Adjusted EBITDA and adjusted EBITDA margin: We define adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization, and as further adjusted for acquisition and other related expenses, stock-based compensation expense, impairment charge, legal fees associated with certain non-ordinary course legal matters including the shareholder class action litigation, change in fair value of contingent earn-out consideration liability, and other income, net. Net income margin represents net income as a percentage of revenue and adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.

•Free cash flow: We calculate free cash flow as cash flow from operating activities less purchases of property and equipment, purchases of intangible assets, and internal-use software development costs.

We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.

Key Business Metrics

•Net revenue retention rate: Net revenue retention rate is calculated by taking the trailing 12-month (“TTM”) subscription-based revenue from our customers that had revenue in the prior TTM period and dividing that by the total subscription-based revenue for the prior TTM period. For the purposes of this calculation, subscription revenue excludes subscriptions for individuals and small practices and other non-recurring items. Our net revenue retention rate compares our subscription revenue from the same set of customers across comparable periods, and reflects customer renewals, expansion, contraction, and churn. Our net revenue retention rate is directly tied to our revenue growth rate and thus fluctuates as that growth rate fluctuates.

•Customers with trailing 12-month subscription revenue greater than $500,000: The number of customers with TTM subscription revenue greater than $500,000 is a key indicator of the scale of our business, and is calculated by counting the number of customers that contributed more than $500,000 in subscription revenue in the TTM period. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our total customer count for historical periods reflecting these adjustments.

•Quarterly unique active providers using our workflow tools: Quarterly unique active providers1 using our Workflow Tools is a key performance indicator of our platform’s adoption and long-term growth potential among providers on our platform. We calculate the number of unique active providers by counting providers who securely login and use any of the following workflow functions on our technology platform during the quarter: placing phone calls or video calls lasting more than 10 seconds, sending voicemails, or sending secure text messages using our Dialer communications tools; sending or receiving faxes; submitting a prompt on Doximity GPT, our HIPAA‑compliant generative AI clinical research tool and writing assistant; conducting research on prescription drugs; reviewing AI responses for our PeerCheck feature; scheduling via our on-call scheduling tool, Amion; or using our HIPAA-compliant ambient note taking tool, Scribe, for a patient visit. Each provider is counted once per quarter, even if they use multiple tools or use them many times.

1 Providers are health care professionals with clinical / prescribing roles specifically Physicians (MD/DO), Nurse practitioners (NPs), Certified registered nurse anesthetist (CRNAs), Physician assistants (PAs), Pharmacists, and Medical students

Reconciliation of GAAP to Non-GAAP Financial Measures

The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:

Three Months Ended March 31,

Fiscal Year Ended March 31,

2026 2025 2026 2025

(unaudited)

(in thousands, except percentages)

Net income $ 19,114 $ 62,458 $ 196,051 $ 223,185

Adjusted to exclude the following:

Acquisition and other related expenses — — 1,616 —

Stock-based compensation 36,742 18,060 121,627 72,386

Depreciation and amortization 4,131 2,829 14,383 10,659

Provision for (benefit from) income taxes 13,007 (4,064) 53,954 40,389

Impairment charge — — — 2,304

Change in fair value of contingent earn-out consideration liability 79 167 417 680

Legal expenses 40 — 4,853 —

Other income, net (7,295) (9,714) (35,085) (35,774)

Adjusted EBITDA $ 65,818 $ 69,736 $ 357,816 $ 313,829

Revenue $ 145,372 $ 138,288 $ 644,863 $ 570,399

Net income margin 13.1 % 45.2 % 30.4 % 39.1 %

Adjusted EBITDA margin 45.3 % 50.4 % 55.5 % 55.0 %

Three Months Ended March 31,

Fiscal Year Ended March 31,

2026 2025 2026 2025

(unaudited)

(in thousands)

Net cash provided by operating activities $ 109,522 $ 98,487 $ 326,458 $ 273,265

Purchases of intangible assets — — (62) —

Internal-use software development costs (2,253) (1,507) (8,901) (6,525)

Free cash flow $ 107,269 $ 96,980 $ 317,495 $ 266,740

Other cash flow components:

Net cash provided by (used in) investing activities $ 137,977 $ (24,473) $ 147,170 $ (29,298)

Net cash used in financing activities $ (93,159) $ (29,670) $ (464,064) $ (131,138)

Three Months Ended March 31,

Fiscal Year Ended March 31,

2026

2025

2026

2025

(unaudited)

(in thousands, except per share data and percentages)

GAAP cost of revenue $ 19,407 $ 14,467 $ 70,326 $ 55,874

Adjusted to exclude the following:

Stock-based compensation (2,957) (2,628) (11,680) (11,001)

Amortization of acquired intangibles (935) — (935) —

Non-GAAP cost of revenue $ 15,515 $ 11,839 $ 57,711 $ 44,873

GAAP gross profit $ 125,965 $ 123,821 $ 574,537 $ 514,525

Adjusted to exclude the following:

Stock-based compensation 2,957 2,628 11,680 11,001

Amortization of acquired intangibles 935 — 935 —

Non-GAAP gross profit $ 129,857 $ 126,449 $ 587,152 $ 525,526

GAAP gross margin 86.7 % 89.5 % 89.1 % 90.2 %

Non-GAAP gross margin 89.3 % 91.4 % 91.1 % 92.1 %

GAAP research and development expense $ 39,106 $ 24,803 $ 130,702 $ 93,038

Adjusted to exclude the following:

Stock-based compensation (15,994) (4,792) (46,159) (19,394)

Amortization of acquired intangibles — — (1,558) —

Non-GAAP research and development expense $ 23,112 $ 20,011 $ 82,985 $ 73,644

GAAP sales and marketing expense $ 45,910 $ 37,611 $ 163,648 $ 145,713

Adjusted to exclude the following:

Stock-based compensation (11,253) (6,442) (39,397) (26,323)

Amortization of acquired intangibles (1,005) (1,061) (4,014) (4,244)

Change in fair value of contingent earn-out consideration liability (79) (167) (417) (680)

Non-GAAP sales and marketing expense $ 33,573 $ 29,941 $ 119,820 $ 114,466

GAAP general and administrative expense $ 16,123 $ 12,727 $ 65,267 $ 45,670

Adjusted to exclude the following:

Acquisition and other related expenses — — (1,616) —

Stock-based compensation (6,538) (4,198) (24,391) (15,668)

Legal expenses (40) — (4,853) —

Non-GAAP general and administrative expense $ 9,545 $ 8,529 $ 34,407 $ 30,002

Three Months Ended March 31,

Fiscal Year Ended March 31,

2026

2025

2026

2025

(unaudited)

(in thousands, except per share data and percentages)

GAAP operating expense $ 101,139 $ 75,141 $ 359,617 $ 286,725

Adjusted to exclude the following:

Acquisition and other related expenses — — (1,616) —

Stock-based compensation (33,785) (15,432) (109,947) (61,385)

Amortization of acquired intangibles (1,005) (1,061) (5,572) (4,244)

Change in fair value of contingent earn-out consideration liability (79) (167) (417) (680)

Legal expenses (40) — (4,853) —

Impairment charge — — — (2,304)

Non-GAAP operating expense $ 66,230 $ 58,481 $ 237,212 $ 218,112

GAAP operating income $ 24,826 $ 48,680 $ 214,920 $ 227,800

Adjusted to exclude the following:

Acquisition and other related expenses — — 1,616 —

Stock-based compensation 36,742 18,060 121,627 72,386

Amortization of acquired intangibles 1,940 1,061 6,507 4,244

Change in fair value of contingent earn-out consideration liability 79 167 417 680

Legal expenses 40 — 4,853 —

Impairment charge — — — 2,304

Non-GAAP operating income $ 63,627 $ 67,968 $ 349,940 $ 307,414

GAAP net income $ 19,114 $ 62,458 $ 196,051 $ 223,185

Adjusted to exclude the following:

Acquisition and other related expenses — — 1,616 —

Stock-based compensation 36,742 18,060 121,627 72,386

Amortization of acquired intangibles 1,940 1,061 6,507 4,244

Change in fair value of contingent earn-out consideration liability 79 167 417 680

Legal expenses 40 — 4,853 —

Impairment charge — — — 2,304

Income tax effect of non-GAAP adjustments (1)

(8,148) (4,050) (28,354) (16,719)

Non-GAAP net income $ 49,767 $ 77,696 $ 302,717 $ 286,080

Non-GAAP net income margin 34.2 % 56.2 % 46.9 % 50.2 %

Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:

Basic 184,852 188,362 187,014 186,841

Diluted 195,026 202,987 199,048 201,208

Non-GAAP net income per share attributable to Class A and Class B stockholders:

Basic $ 0.27 $ 0.41 $ 1.62 $ 1.53

Diluted $ 0.26 $ 0.38 $ 1.52 $ 1.42

(1) For the three months and fiscal years ended March 31, 2026 and 2025, management used an estimated annual effective non-GAAP tax rate of 21.0%.

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