Doximity reported Q2 CY2026 revenue of $156.6 million, a 7.3% increase from a year earlier and 3.5% above Wall Street estimates, but non-GAAP profit came in at $0.29 per share, missing analysts’ consensus by 4.2%. For Investors in Doximity, the quarter delivered the kind of split result that gets attention fast: growth was still there, but earnings discipline was not enough to clear the bar set by Wall Street.
That matters now because Doximity sits at the center of a digital platform used by physicians and other healthcare professionals, and the company said more than 80% of U.S. physicians are members of its digital community. Its latest report also showed billings of $159.3 million, with a 6-month CAC payback period, signals that the business is still converting spending into revenue efficiently even as the headline profit line fell short.
The contrast is what makes the quarter harder to read than the revenue beat alone suggests. Doximity is still growing from a large base, with sales up at a 21.9% compounded annual growth rate over the last five years and annualized revenue growth of 15.2% over the last two years, but sell-side analysts now expect revenue to rise only 3.6% over the next 12 months. The company’s next-quarter guide of about $170.5 million is close to analysts’ estimates, which leaves little room for the kind of outperformance that investors have come to prize.
The simplest read is that Doximity is still executing on top-line growth, but the market wants proof that the gains can keep flowing into profit at the same pace. Revenue beat expectations, yet the profit miss and the slower outlook suggest the question has shifted from whether Doximity can grow to how much growth it can still deliver without pressure on margins. That will be the part of the story investors watch in the next quarter, not just the size of the customer base.
