Doximity delivered a standout QQ3 2025 performance, underscoring a durable and highly profitable platform with substantial growth levers. Revenue reached $168.6 million, up 25% year over year, and the company reported an adjusted EBITDA margin of 61% on the quarter, reflecting material upsell activity and a favorable mix from higher-margin products. Management highlighted the continued strength of the network effects—NRR at 117% (trailing twelve months)—and the accelerating adoption of new modules outside the core news feed, including point-of-care and formulary tools, which grew more than 100% in Q3 and accounted for more than 20% of pharmaceutical revenue. Free cash flow was strong at $63.4 million, and the balance sheet remains exceptionally solid with $845 million in cash, cash equivalents, and marketable securities and minimal gross debt. The company signaled a robust year-end upsell cycle and an increased full-year outlook, driven by larger multi-module integrated programs, faster launches, and better revenue visibility.
Strategically, Doximity is leveraging AI-driven tooling and a client portal to deepen engagement with pharma brands and health systems. The management commentary consistently framed AI as an additive, non-monetized growth engine with meaningful efficiency gains (e.g., doctors saving time with AI prompts and automation). The near-term guidance implies continued momentum, with Q4 revenue guidance of $132.5–$133.5 million and adjusted EBITDA of $62.5–$63.5 million, alongside a full-year outlook of roughly $565 million in revenue and mid-50% adjusted EBITDA margins. Taken together, the QQ3 results position Doximity as a high-margin software-enabled marketing platform with a large, expanding wallet share among pharma brands and healthcare providers, supported by a robust cash generation profile and a capital-return program.