Doximity Raises Q3 Revenue 10% to $185M, Boosts Buy Rating and $500M Buyback
Doximity’s Q3 fiscal 2026 revenue rose 10% to $185.1M with net income of $61.6M (33% margin) and adjusted EBITDA of $111.4M (60% margin), while active AI users hit 300,000. Canaccord upgraded shares to Buy at $34, and the company authorized a $500M share repurchase and guided Q4 revenue near $643M.
1. Q3 Fiscal 2026 Results
Doximity reported Q3 fiscal 2026 revenue of $185.1 million, up 10% year-on-year, with net income of $61.6 million (33% margin) and adjusted EBITDA of $111.4 million (60% margin). Platform engagement reached record highs with 720,000 active workflow users and over 300,000 users leveraging AI features.
2. Analyst Upgrade and Price Target
Canaccord Genuity upgraded Doximity from Hold to Buy and set a new price target of $34, citing the post-earnings selloff as an overreaction to short-term policy and pricing uncertainties and forecasting significant share upside as pharmaceutical budgets stabilize.
3. Buyback Program and Q4 Guidance
The board authorized a $500 million stock repurchase program to enhance shareholder value and provided guidance for Q4 fiscal 2026, projecting revenue near $643 million and adjusted EBITDA around $356 million, reflecting continued momentum in its digital healthcare offerings.