Doximity reported a strong close to its fiscal year 2025, underscored by revenue of $138.3 million for Q4, up 17% year over year, and full-year revenue of $570.4 million, up 20% YoY. The company continues to benefit from a shift to multi-module integrated offerings, driving larger deals and earlier program launches in January, which contributed to upside in fiscal 2025 guidance. Management highlighted robust retention metrics, with trailing twelve-month net revenue retention at 119% and a top-20 customer NRR at 123%, signaling deepening client relationships and stickiness across its platform. Doximity also reported strong profitability and cash generation, with non-GAAP gross margin of 91% in Q4 and an annual non-GAAP gross margin of 92%, adjusted EBITDA margins of 50% in Q4 and 55% for the full year, and free cash flow of $97 million in Q4 and $266.7 million for the year. The balance sheet remains exceptionally strong, with approximately $916 million in cash, cash equivalents and marketable securities, and a remaining $424 million in the share repurchase program. Management reaffirmed optimism on AI as a growth lever, noting accelerated adoption of Doximity GPT tools, expanded portal capabilities, and a strategic shift toward AI-enabled integrated programs. Looking ahead, the company guided for fiscal Q1 2026 revenue of $139â$140 million (about 10% growth) and full-year revenue of $619â$631 million (about 10% growth), with Adj. EBITDA of $333â$345 million (approx. 54% margin). The guidance reflects a prudent stance on macro uncertainty and the expectation of continued acceleration in AI investments and share gains through high-ROI programs.