Doximity reported a strong start to fiscal 2026 (QQ1), with revenue of $145.9 million, up 15% year over year and beating the upper end of guidance by a modest margin. Non-GAAP gross margin remained elevated at 91%, and adjusted EBITDA reached $79.8 million for a 55% margin, underscoring the company’s ability to scale profitability even as AI investments accelerate. The quarter featured meaningful strategic milestones: (1) the launch of Doximity AI Scribe, growing to over 10,000 beta testers with thousands of patient notes generated, (2) the integration of Pathway, a Montreal AI clinical reference startup, into the Doximity GPT platform, and (3) the rapid development of an AI ecosystem centered on physician productivity (Scribe, GPT, Pathway). Management framed AI as the company’s “third act,” following the Newsfeed (network) and Workflow (practice tools) epics, with deepening clinician engagement and higher ROI for pharma and health systems evident through portal-driven upsell and broad-based momentum across SMB, health systems, and pharma channels. In Q1, net revenue retention was 118%, top customers retained aggressively (NRR for top 20 customers 119%), and 120 customers contributed at least $500k in subscription revenue, representing ~84% of total revenue. Free cash flow was $60.1 million, up 52% YoY, and the company deployed $122.3 million in share repurchases, with $302 million remaining under the current program. Looking ahead, Doximity maintained guidance for FY2026: revenue of $628–$636 million (about 11% growth at midpoint) and adjusted EBITDA of $341–$349 million (55% margin). For Q2, the company guided to $157–$158 million of revenue and $87–$88 million of adjusted EBITDA (about 56% margin). While policy uncertainty remains an overhang, management notes that bookings have continued to run stronger than initially anticipated, reflecting broad-based demand for the expanded product portfolio and AI-enabled workflow enhancements.