Doximity Inc. (NYSE: DOCS) reported its financial results for the fourth quarter and full fiscal year 2025, ending March 31, 2025. For the fourth quarter, the company posted revenues of $138.3 million, a 17% increase year-over-year, with subscription revenue at $131.9 million, also up 17%. Adjusted earnings per share (EPS) reached $0.38, surpassing analyst estimates of $0.27, while GAAP diluted EPS was $0.31. Fourth quarter net income was $62.5 million, with a net income margin of 45.2%. Adjusted EBITDA was $69.7 million, up 24% year-over-year, representing an adjusted EBITDA margin of 50.4%. Operating cash flow for the quarter was $98.5 million, and free cash flow was $97.0 million. For the full fiscal year 2025, Doximity reported total revenues of $570.4 million, up 20% from the previous year. Full-year subscription revenue was $543.8 million, an increase of 21%. Net income for the year was $223.2 million, with a net income margin of 39.1%. Adjusted EBITDA for fiscal 2025 was $313.8 million, up 36% year-over-year, with an adjusted EBITDA margin of 55.0%. Operating cash flow for the year was $273.3 million, and free cash flow was $266.7 million. Doximity's CEO, Jeff Tangney, stated, "We closed out fiscal 2025 on a high note, with record engagement, strong profits, and 20% annual revenue growth." Despite strong financial results, Doximity issued guidance for fiscal year 2026 below market expectations. The company forecasted Q1 2026 revenue between $139 million and $140 million, compared to consensus estimates of $143.4 million, and full-year fiscal 2026 revenue between $619 million and $631 million, below the consensus of $639.4 million. Adjusted EBITDA guidance for fiscal 2026 was set between $333 million and $345 million. Following the release, Doximity's stock declined approximately 20% in after-hours trading.