Doximity’s docs stock got its main lift from Q2 CY2026 revenue of $156.6 million, a 7.3% increase that beat Wall Street expectations. The quarter gave investors a cleaner growth read than the profit line, where non-GAAP earnings still came in below consensus.
For holders of NYSE:DOCS, the headline number is the revenue beat: sales landed 3.5% above Wall Street estimates, while non-GAAP profit was $0.29 per share, 4.2% below analysts’ consensus. That split leaves the stock trading on a growth-versus-margin debate, not a simple earnings beat.
Q2 CY2026 revenue beat
$156.6 million was enough to show Doximity can still add revenue at a 7.3% year-on-year pace, even as the broader software market keeps rewarding companies that pair growth with discipline. The company operates a digital platform for physicians and other healthcare professionals, and the quarter again leaned on that base rather than on a single sharp acceleration.
Over the last five years, Doximity’s sales grew at a 21.9% compounded annual growth rate, and over the last two years annualized revenue growth was 15.2%. Those longer-run figures put this quarter in context: the company is not starting from a low base, so incremental gains now matter more than headline growth alone.
Doximity billings at $159.3 million
$159.3 million in billings was the other important operating print, and it sat above quarterly revenue. Billings growth averaged 7.9% year on year over the last four quarters, a pace that helps explain why revenue can keep moving higher without a dramatic step-change in customer acquisition.
6 months was Doximity’s CAC payback period in Q2 CY2026. CAC, or customer acquisition cost, is the spending needed to bring in a customer; a six-month payback says the company recoups that outlay quickly enough to keep growth funding itself rather than consuming cash for long stretches.
NYSE:DOCS next quarter guide
$170.5 million is Doximity’s next-quarter revenue target, and that points to about 1.2% year-on-year sales growth. The guide is close to analysts’ estimates, which leaves the next move in the stock likely tied to whether revenue keeps outrunning the profit miss rather than whether management can simply clear a low bar.
3.6% is what sell-side analysts expect Doximity revenue to grow over the next 12 months, so the market still sees a business that can expand faster than the broader pace embedded in the company’s guide. The unresolved issue is the same one the quarter raised: why the revenue beat mattered enough to offset a 4.2% profit miss in the stock’s reaction.
