Pre-earnings brief
Reports
Thu, Nov 5, 2026
Est. EPS
—
Est. revenue
—
Implied move
±22.1%
EPS beat rate
88%
Doximity, Inc. is a healthcare technology company that provides a digital platform for healthcare professionals to connect, collaborate, and share information. With a focus on improving communication in the healthcare sector, Doximity plays a significant role in enhancing patient care and streamlining workflows for medical professionals.
Last quarter
In Q1-2027, Doximity reported an EPS of $0.29, significantly exceeding expectations. However, the stock dropped 4.48% the following day, indicating market skepticism despite the strong earnings surprise.
EPS beat streak
4Q
EPS beat rate
88%
Avg EPS surprise
+50.41%
Avg 1-day reaction
-2.76%
Overall, expectations are mixed as Doximity has a strong track record of beating EPS estimates, yet the stock has often reacted negatively post-earnings. Investors are keen to see if they can maintain their growth trajectory amid market uncertainties.
Bull case
If Doximity continues to show strong user growth and profitability, it could solidify its position as a leader in healthcare technology, leading to a positive market reaction.
Bear case
Conversely, if the company fails to meet growth expectations or if there are concerns about user retention and engagement, the stock could face significant downward pressure.
The print will turn on these.
Q1
What is the current user growth rate compared to last quarter?
User growth is crucial for Doximity's long-term success, and any slowdown could raise concerns about market competitiveness.
Q2
How does management view the competitive landscape in healthcare technology?
Understanding management's perspective on competition can provide insights into Doximity's strategic direction and potential challenges.
Est. EPS
$1.98
Est. Rev
$113.6B
Impl. Move
±4.0%
Why consensus could be wrong
The market may be underestimating Doximity's ability to sustain user growth despite competitive pressures, as evidenced by their strong historical EPS surprises.
Supporting evidence
Doximity has consistently beaten EPS estimates, indicating stronger-than-expected performance.
The options market is pricing a significant move, suggesting heightened expectations that may not align with historical performance.
The company's unique position in the healthcare tech space could provide resilience against competition.
Key risk
If user growth comes in below 5%, it could challenge the bullish narrative surrounding Doximity.
Pre-commit to what would confirm each case.
This quarter's performance hinges on user growth and engagement, which are critical for sustaining revenue and market position.
Bull confirmed if
User growth of 10% or more compared to last quarter would confirm the bullish case.
Bear confirmed if
A decline in user engagement metrics or revenue growth below 5% would support the bearish outlook.
What the market is pricing for the move.
Implied Move
±20.77%
Historical Avg
±3.6%
The options market is pricing in a significant move, suggesting that investors are anticipating volatility around the earnings report.
Options are pricing ±22.1% while DOCS has averaged ±3.6% over the last 8 prints — setup is pricing rich.
ATM IV
0.8%
30d HV
46.7%
Cross-company pattern from 30 similar setups.
Prior-quarter beat + options rich in Health Care
Fade rate: 11 of 30 (37%)
This setup has occurred 30 times across Health Care in the last 2 years. 19 of 30 (63%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 3.3%, with a raw directional average of -0.3% (modestly negative historical bias).
Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.
Bought
$0.00
0 sh
0 insiders
Sold
$92,275.90
3,290 sh
2 insiders
Net
$92,275.90
Net selling
Most Active Insiders· 2 open-market trades
Smart-money positioning from the most recent 13F filings.
Institutional
102.32%
of float
Insider
2.98%
of float
Holders
515
institutions
Top Holders· as of Jun 2026
Blackrock Inc.
14,307,116 sh · $396.2M
11.23%
0.3%
Likely market behavior by outcome. Not investment advice.
Beat & raise
If Doximity beats expectations, history suggests the stock could see an average decline of around 3.25% despite the positive results.
In line / cautious
If results are in line with expectations, the stock may experience muted movement as investors await further guidance.
Miss
Should the company miss expectations, history indicates a potential average drop of around 0.72%, reflecting investor disappointment.
The lines on the call that would change the story.
$57,820.00
Net selling
$34,455.90
Net selling
Recent Transactions
Oct 1, 2026 · @ $28.91
2,000 sh
$57,820.00
Sep 30, 2026 · @ $26.71
1,290 sh
$34,455.90
Open-market trades only (Form 4 codes P/S). Awards, exercises, and tax-withholding excluded as routine compensation noise.
Vanguard Portfolio Management LLC
6,387,099 sh · $176.9M
5.02%
-0.1%
Vanguard Capital Management LLC
5,977,433 sh · $165.5M
4.69%
3.7%
Shaw D.E. & Co., Inc.
5,922,188 sh · $164.0M
4.65%
104.1%
Two Sigma Investments, LP
4,647,309 sh · $128.7M
3.65%
239.2%
13F filings updated quarterly. Position deltas show change in shares vs. the prior quarter.