Doximity — Financial Results
Revenue Accelerated to 20% Growth, Led by Existing Customers Spending More
| Metric | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $570.4M | $475.4M | $419.1M |
| Year-over-year growth | 20% | 13% | — |
Revenue growth actually picked up speed this year, reversing a slowdown from FY2023 to FY2024. The vast majority of the gain — $83.3 million of the $95 million increase — came from existing customers spending more, not from signing new ones. The average spend per existing Marketing Solutions customer (pharmaceutical companies and health systems paying to reach doctors) rose 22%, driven by those customers adding new brands and service lines to their programs.
Profitability Jumped Sharply as Costs Grew Far Slower Than Revenue
| Metric | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Net income | $223.2M | $147.6M | $112.8M |
| Net income margin | 39% | 31% | 27% |
| Adjusted EBITDA margin | 55% | 48% | 44% |
Every dollar of revenue is converting into profit at a higher rate than before. Adjusted EBITDA (a measure of operating profitability before non-cash charges like stock compensation) reached $313.8 million, up from $230.5 million. The gross margin (revenue minus direct delivery costs) held at 90%, meaning the business is inherently lean and scaling efficiently.
Customer Expansion Is Broad and Deepening
| Metric | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Customers spending >$500K/year | 116 | 99 | 81 |
| Net revenue retention rate | 119% | 114% | 117% |
The number of large customers — those spending over $500,000 per year — grew from 99 to 116, and this group now accounts for 84% of all revenue. The net revenue retention rate of 119% means that, on average, existing customers spent 19% more this year than last — a strong signal that customers find the platform valuable enough to keep expanding their use of it.
A $915 Million Cash Pile Funds Buybacks With Room to Spare
Doximity ended the year with $915.7 million in cash, equivalents, and marketable securities, and generated $266.7 million in free cash flow (operating cash after software development costs). The company is actively returning money to shareholders through buybacks — a new $500 million repurchase program was authorized in May 2024, of which $76 million was used in FY2025 with $424 million still available. There is no debt mentioned, giving the company significant financial flexibility.
Stock-Based Compensation Rose Notably, Diluting the Earnings Picture Slightly
Stock-based compensation — the cost of paying employees partly in company shares — jumped to $72.4 million in FY2025 from $51.1 million in FY2024, a 42% increase. This is a real cost to shareholders because issuing new shares dilutes existing ones. It is the primary reason adjusted EBITDA margins look considerably better than GAAP (official accounting) net income margins. Investors should be aware that much of the operating expense growth this year was driven by this non-cash item rather than by hiring or other cash spending.