DOXIMITY, INC., 10-Q filed on 11/6/2025
Quarterly Report
v3.25.3
COVER - shares
 6 Months Ended
Sep. 30, 2025
Oct. 30, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-40508  
Entity Registrant Name Doximity, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 27-2485512  
Entity Address, Address Line One 500 3rd St.  
Entity Address, Address Line Two Suite 510  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94107  
City Area Code 650  
Local Phone Number 549-4330  
Title of 12(b) Security Class A common stock, $0.001 par value per share  
Trading Symbol DOCS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001516513  
Current Fiscal Year End Date --03-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   137,373,858
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   50,897,411
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
Current assets:    
Cash and cash equivalents $ 169,249 $ 209,614
Marketable securities 709,118 706,050
Accounts receivable, net of allowance for doubtful accounts of $1,508 and $1,937 at September 30, 2025 and March 31, 2025, respectively 129,306 128,354
Prepaid expenses and other current assets 84,527 44,602
Total current assets 1,092,200 1,088,620
Property and equipment, net 15,712 13,656
Deferred income tax assets 15,074 60,014
Operating lease right-of-use assets 7,982 8,886
Intangible assets, net 39,143 23,072
Goodwill 84,973 67,940
Other assets 2,025 2,121
Total assets 1,257,109 1,264,309
Current liabilities:    
Accounts payable 4,391 1,356
Accrued expenses and other current liabilities 33,722 38,405
Deferred revenue, current 100,034 114,285
Operating lease liabilities, current 2,123 2,211
Total current liabilities 140,270 156,257
Deferred revenue, non-current 263 280
Operating lease liabilities, non-current 9,146 10,185
Contingent earn-out consideration liability, non-current 0 5,579
Other liabilities, non-current 11,899 9,383
Total liabilities 161,578 181,684
Commitments and contingencies (Note 13)
Stockholders' Equity    
Preferred stock, $0.001 par value; 100,000 shares authorized as of September 30, 2025 and March 31, 2025, respectively; zero shares issued and outstanding as of September 30, 2025 and March 31, 2025, respectively 0 0
Class A and Class B common stock, $0.001 par value; 1,500,000 shares authorized as of September 30, 2025 and March 31, 2025, respectively; 188,090 and 188,875 shares issued and outstanding as of September 30, 2025 and March 31, 2025, respectively 188 189
Additional paid-in capital 936,176 894,225
Accumulated other comprehensive income 1,477 1,323
Retained earnings 157,690 186,888
Total stockholders’ equity 1,095,531 1,082,625
Total liabilities and stockholders’ equity $ 1,257,109 $ 1,264,309
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
Statement of Financial Position [Abstract]    
Accounts receivable, allowance for doubtful accounts $ 1,508 $ 1,937
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized (in shares) 100,000,000 100,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 1,500,000,000 1,500,000,000
Common stock, issued (in shares) 188,090,000 188,875,000
Common stock, outstanding (in shares) 188,090,000 188,875,000
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenue $ 168,525 $ 136,832 $ 314,438 $ 263,508
Cost of revenue 16,425 13,676 32,218 27,226
Gross profit 152,100 123,156 282,220 236,282
Operating expenses:        
Research and development 30,202 23,240 57,001 45,814
Sales and marketing 39,168 34,367 75,533 69,611
General and administrative 19,049 10,103 31,488 19,358
Impairment charge 0 2,304 0 2,304
Total operating expenses 88,419 70,014 164,022 137,087
Income from operations 63,681 53,142 118,198 99,195
Other income, net 9,258 9,029 18,888 16,145
Income before income taxes 72,939 62,171 137,086 115,340
Provision for income taxes 10,880 18,017 21,707 29,809
Net income $ 62,059 $ 44,154 $ 115,379 $ 85,531
Net income per share attributable to Class A and Class B common stockholders:        
Basic (in dollars per share) $ 0.33 $ 0.24 $ 0.61 $ 0.46
Diluted (in dollars per share) $ 0.31 $ 0.22 $ 0.57 $ 0.43
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:        
Basic (in shares) 187,705 186,252 187,844 185,933
Diluted (in shares) 200,745 200,407 200,952 199,818
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 62,059 $ 44,154 $ 115,379 $ 85,531
Other comprehensive income        
Change in unrealized gain on available-for-sale-securities, net of tax provision of $99, $1,246, $52, and $1,803, respectively 294 3,684 154 5,340
Comprehensive income $ 62,353 $ 47,838 $ 115,533 $ 90,871
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Change in unrealized gain (loss) on available-for-sale-securities, tax benefit (provision) $ (99) $ (1,246) $ (52) $ (1,803)
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income
Retained Earnings
Beginning balance (in shares) at Mar. 31, 2024   186,562      
Beginning balance at Mar. 31, 2024 $ 901,397 $ 187 $ 823,885 $ (2,664) $ 79,989
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 33,089   33,089    
Exercise of stock options and common stock warrants (in shares)   2,225      
Exercise of stock options and common stock warrants 10,256 $ 2 10,254    
Vesting of restricted stock units, net of shares withheld for taxes (in shares)   532      
Tax withholding on shares under stock-based compensation awards (8,222)   (8,222)    
Repurchase and retirement of common stock, including excise tax (in shares)   (2,593)      
Repurchase and retirement of common stock, including excise tax (70,302) $ (2)     (70,300)
Common stock warrant expense 2,685   2,685    
Issuance of common stock in connection with the employee stock purchase plan (in shares)   55      
Issuance of common stock in connection with the employee stock purchase plan 1,422   1,422    
Other comprehensive income (loss) 5,340     5,340  
Net income 85,531       85,531
Ending balance (in shares) at Sep. 30, 2024   186,781      
Ending balance at Sep. 30, 2024 961,196 $ 187 863,113 2,676 95,220
Beginning balance (in shares) at Jun. 30, 2024   185,704      
Beginning balance at Jun. 30, 2024 913,580 $ 186 841,470 (1,008) 72,932
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 16,992   16,992    
Exercise of stock options and common stock warrants (in shares)   1,441      
Exercise of stock options and common stock warrants 7,708 $ 1 7,707    
Vesting of restricted stock units, net of shares withheld for taxes (in shares)   321      
Tax withholding on shares under stock-based compensation awards (5,828)   (5,828)    
Repurchase and retirement of common stock, including excise tax (in shares)   (740)      
Repurchase and retirement of common stock, including excise tax (21,866)       (21,866)
Common stock warrant expense 1,350   1,350    
Issuance of common stock in connection with the employee stock purchase plan (in shares)   55      
Issuance of common stock in connection with the employee stock purchase plan 1,422   1,422    
Other comprehensive income (loss) 3,684     3,684  
Net income 44,154       44,154
Ending balance (in shares) at Sep. 30, 2024   186,781      
Ending balance at Sep. 30, 2024 $ 961,196 $ 187 863,113 2,676 95,220
Beginning balance (in shares) at Mar. 31, 2025 188,875 188,875      
Beginning balance at Mar. 31, 2025 $ 1,082,625 $ 189 894,225 1,323 186,888
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 47,569   47,569    
Exercise of stock options and common stock warrants (in shares)   1,081      
Exercise of stock options and common stock warrants 4,826 $ 2 4,824    
Vesting of restricted stock units, net of shares withheld for taxes (in shares)   722      
Tax withholding on shares under stock-based compensation awards (24,493)   (24,493)    
Repurchase and retirement of common stock, including excise tax (in shares)   (2,621)      
Repurchase and retirement of common stock, including excise tax (144,580) $ (3)     (144,577)
Common stock warrant expense 2,685   2,685    
Issuance of common stock in connection with the employee stock purchase plan (in shares)   33      
Issuance of common stock in connection with the employee stock purchase plan 1,816   1,816    
Equity awards included in purchase consideration 9,550   9,550    
Other comprehensive income (loss) 154     154  
Net income $ 115,379       115,379
Ending balance (in shares) at Sep. 30, 2025 188,090 188,090      
Ending balance at Sep. 30, 2025 $ 1,095,531 $ 188 936,176 1,477 157,690
Beginning balance (in shares) at Jun. 30, 2025   187,453      
Beginning balance at Jun. 30, 2025 1,025,595 $ 187 907,115 1,183 117,110
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 26,484   26,484    
Exercise of stock options and common stock warrants (in shares)   580      
Exercise of stock options and common stock warrants 2,428 $ 1 2,427    
Vesting of restricted stock units, net of shares withheld for taxes (in shares)   379      
Tax withholding on shares under stock-based compensation awards (12,566)   (12,566)    
Repurchase and retirement of common stock, including excise tax (in shares)   (355)      
Repurchase and retirement of common stock, including excise tax (21,479)       (21,479)
Common stock warrant expense 1,350   1,350    
Issuance of common stock in connection with the employee stock purchase plan (in shares)   33      
Issuance of common stock in connection with the employee stock purchase plan 1,816   1,816    
Equity awards included in purchase consideration 9,550   9,550    
Other comprehensive income (loss) 294     294  
Net income $ 62,059       62,059
Ending balance (in shares) at Sep. 30, 2025 188,090 188,090      
Ending balance at Sep. 30, 2025 $ 1,095,531 $ 188 $ 936,176 $ 1,477 $ 157,690
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 115,379 $ 85,531
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,263 5,175
Deferred income taxes 0 204
Stock-based compensation, net of amounts capitalized 51,339 34,958
Non-cash lease expense 904 951
Accretion of discount on marketable securities, net (4,687) (5,368)
Amortization of deferred contract costs 6,772 4,759
Impairment of long-lived assets 0 2,304
Other (114) (122)
Changes in operating assets and liabilities:    
Accounts receivable (985) (23,478)
Prepaid expenses and other assets 3,451 19,948
Deferred contract costs (4,549) (3,216)
Accounts payable, accrued expenses and other liabilities (2,333) (5,546)
Deferred revenue (14,268) (5,457)
Operating lease liabilities (1,127) (1,054)
Net cash provided by operating activities 156,045 109,589
Cash flows from investing activities    
Cash paid for acquisition, net of cash acquired (26,528) 0
Internal-use software development costs (4,335) (3,247)
Purchases of marketable securities (268,200) (367,808)
Maturities of marketable securities 270,031 417,913
Sales of marketable securities 0 7,241
Net cash provided by (used in) investing activities (29,032) 54,099
Cash flows from financing activities    
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants 4,796 10,243
Proceeds from issuance of common stock in connection with the employee stock purchase plan 1,816 1,422
Taxes paid related to net share settlement of equity awards (24,493) (8,222)
Repurchase of common stock (144,248) (74,198)
Payment of contingent consideration related to a business combination (5,249) (5,470)
Net cash used in financing activities (167,378) (76,225)
Net increase (decrease) in cash and cash equivalents (40,365) 87,463
Cash and cash equivalents, beginning of period 209,614 96,785
Cash and cash equivalents, end of period 169,249 184,248
Supplemental disclosures of cash flow information    
Cash paid for taxes, net of refunds 19,347 21,985
Non-cash financing and investing activities    
Equity awards included in purchase consideration $ 9,550 $ 0
v3.25.3
Description of Business
 6 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Doximity, Inc. (the “Company”) was incorporated in the state of Delaware in April 2010 as 3MD Communications, Inc. and is headquartered in San Francisco, California. The Company subsequently changed its name to Doximity, Inc. in June 2010. The Company provides an online platform, which enables physicians and other healthcare professionals to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. The Company’s customers primarily include pharmaceutical companies and health systems that connect with healthcare professionals through the Company’s digital Marketing, Hiring, and Workflow Solutions. Marketing Solutions provide customers with the ability to share tailored content on the network. Hiring Solutions enable customers to identify, connect with, and hire from the network of both active and passive potential medical professional candidates. Workflow Solutions allow customers to securely initiate voice and video calls with patients, manage on-call scheduling, and leverage the artificial intelligence (“AI”) writing assistant for administrative tasks and clinical decision support.
v3.25.3
Summary of Significant Accounting Policies
 6 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
There have been no material changes to the significant accounting policies of the Company during the six months ended September 30, 2025 as compared to those described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and filed with the SEC on May 20, 2025.
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025.
The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of the Company’s management, the information contained herein reflects all adjustments necessary for a fair presentation of the Company’s financial position, results of operations, stockholders’ equity, and cash flows. The results of operations for the three and six months ended September 30, 2025, shown in this report are not necessarily indicative of the results to be expected for the full year ending March 31, 2026.
Fiscal Year
The Company’s fiscal year ends on March 31st. Unless otherwise noted, all references to a particular year shall mean the Company’s fiscal year.
Use of Estimates
The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts stated in the condensed consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, revenue recognition, the fair values of acquired intangible assets and goodwill, the useful lives of long-lived assets, fair value of contingent earn-out consideration, and deferred income taxes. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates due to risks and uncertainties, including uncertainty in the current economic environment.
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating. To manage risk exposure, the Company invests cash equivalents and marketable securities in a variety of fixed income securities, including government and investment-grade debt securities and money market funds. The Company places its cash primarily in checking and money market accounts with reputable financial institutions. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits, if any.
Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. The Company’s significant customers that represented 10% or more of revenue or accounts receivable, net for the periods presented were as follows:
RevenueAccounts Receivable, Net
Three Months Ended September 30,Six Months Ended September 30,September 30, 2025March 31, 2025
2025202420252024
Customer A*****12 %
Customer B****12 %*
Customer C****10 %*
Customer D
11 %*11 %***
_______________
* Less than 10%
For the purpose of assessing the concentration of credit risk for significant customers, the Company defines a customer as an entity that purchases the Company’s services directly or indirectly through marketing agencies.
Accounting Pronouncements Recently Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses on an annual and interim basis. The standard was effective for the Company for its fiscal year beginning April 1, 2024, and for interim periods within the fiscal year beginning April 1, 2025. The Company adopted ASU 2023-07 retrospectively during the fiscal year ended March 31, 2025. See Note 17—Segment and Geographic Information in the accompanying notes to the condensed consolidated financial statements for further detail.
Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance annual income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning April 1, 2025, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires the disaggregation of certain expenses in the notes of the financials to provide enhanced transparency into the expense captions presented on the face of the income statement. This ASU is effective for the Company for its fiscal year beginning April 1, 2027, and for interim periods within the fiscal year beginning April 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient related to the estimation of expected
credit losses for current accounts receivable and current contract assets to reduce complexity for the measurement of credit losses arising from transactions accounted for under ASC 606. The practical expedient permits the entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for the Company for its fiscal year beginning on April 1, 2026, with early adoption permitted and any amendments should be applied prospectively. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures and believes that the adoption will not have a material impact on the consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provides modernized guidance for the recognition and disclosure framework for internal-use software costs. This amendment removes all prescriptive and sequential software development stages and clarifies the threshold of when the Company is required to start capitalizing software costs, which commences when management has authorized and committed to funding the project and it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for the Company for its fiscal year beginning on April 1, 2028, with early adoption permitted. The amendments in this ASU should be applied either prospectively, retrospectively, or utilizing a modified transition approach based on status of project. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures.
v3.25.3
Revenue Recognition
 6 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company’s revenue is primarily derived from the sale of subscriptions for the following solutions:
•Marketing Solutions: Hosting of customer-sponsored content on the Doximity platform and providing access to the Company’s professional database of healthcare professionals for referral or marketing purposes during the subscription period.
•Hiring Solutions: Providing customers access to the Company’s professional tools where recruiters can access the Company’s database of healthcare professionals, allowing customers to send messages for talent sourcing and to share job postings during the subscription period.
•Workflow Solutions: Offering health systems and hospitals various tools for telehealth, on-call scheduling, and the AI writing assistant during the subscription period.
The Company recognizes revenue through the following five steps:
1) Identify the contract with a customer
The Company considers the terms and conditions of its contracts and the Company’s customary business practices in identifying its contracts under ASC 606. The Company determines it has a contract with a customer when the contract has been approved by both parties, it can identify each party’s rights regarding the services to be transferred and the payment terms for the services, it has determined that the customer has the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s payment history or, in the case of a new customer, the customer’s credit and financial information.
Contractual terms for Marketing Solutions contracts are generally 12 months or less. Customers are generally billed for a portion of the contract upon contract execution and then billed throughout the remainder of the contract based on various time-based milestones. Certain Marketing Solutions contracts are cancelable with a customary notice period. The Company does not refund customer payments, and customers are responsible for amounts invoiced where payment was not made upon cancellation. The contractual term for Hiring and Workflow Solutions contracts is generally 12 months. Hiring and Workflow Solutions contracts are noncancelable and customers are billed in annual, quarterly, or monthly installments in advance of the service period.
2) Identify the performance obligations in the contract
Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with
other resources that are readily available, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract.
Marketing Solutions customers may purchase a subscription for a specific module to be used over a defined period of time. These customers may purchase more than one module with either the same or different subscription periods. Modules are the core building blocks of the customers’ marketing plan and can be broadly categorized as Newsfeed, Workflow, and Peer. As an example, the Company’s Newsfeed modules may include a sponsored article, short animated videos or other short-form content that is presented to the targeted member.
Each module targets a consistent number of Doximity members per month for the duration of the subscription period. The Company treats each subscription to a specific module as a distinct performance obligation because each module is capable of being distinct as the customer can benefit from the subscription to each module on their own and each subscription can be sold standalone. Furthermore, the subscriptions to individual modules are distinct in the context of the contract as (1) the Company is not integrating the services with other services promised in the contract into a bundle of services that represent a combined output, (2) the subscriptions to specific modules do not significantly modify or customize the subscription to another module, and (3) the specific modules are not highly interdependent or highly interrelated. The subscription to each module is treated as a series of distinct performance obligations because it is distinct and substantially the same, satisfied over time, and has the same measure of progress.
Marketing Solutions customers may also purchase integrated and other subscriptions for a fixed fee that are not tied to a single module per month but allow customers to utilize a given module or combination of modules during the subscription period, subject to limits on the total number of modules launched in a given period of time, active at any given time, and members targeted. These represent stand-ready obligations in that the delivery of the underlying sponsored content is within the control of the customer and the extent of use in any given period does not diminish the remaining services.
Subscriptions to Hiring Solutions provide customers access to the platform to place targeted job postings and send a fixed number of monthly messages. Workflow Solutions subscriptions grant customers access to telehealth tools, on-call scheduling, and the AI writing assistant for a specified number of users throughout the subscription period. Each subscription is treated as a series of distinct performance obligations that are satisfied over time.
3) Determine the transaction price
The transaction price is determined based on the consideration the Company expects to be entitled to in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur.
The Company may generate sales through the use of third-party media agencies that are authorized to enter into contracts on behalf of an end customer. The Company acts as the principal in these transactions since it maintains control prior to transferring the service to the customer and is primarily responsible for the fulfillment that occurs through the Company’s platform. The Company records revenue for the amount to which it is entitled from the third-party media agencies as the Company does not know and expects not to know the price charged by the third-party media agencies to its customers.
Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental entities.
4) Allocate the transaction price to performance obligations in the contract
If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative stand-alone selling price (“SSP”). The determination of a SSP for each distinct performance obligation requires judgment. The Company determines SSP for performance obligations based on historical arrangements sold on a standalone basis. To the extent historical sales are not available or do not provide sufficient evidence, the Company estimates the SSP by taking into account overall pricing objectives, which take into consideration market conditions and customer-specific factors, including a review of internal discounting tables, the type of services being sold, and other factors.
5) Recognize revenue when or as the Company satisfies a performance obligation
Revenue is recognized when or as control of the promised goods or service is transferred to the customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. Subscriptions represent a series of distinct goods or services because the performance obligations are satisfied over time as customers simultaneously receive and consume the benefits related to the services as the Company performs. In the case of module specific subscriptions, a consistent level of service is provided during each monthly period the sponsored content is available on the Company’s platform. The Company commences revenue recognition when the first content is launched on the platform for the initial monthly period and revenue is recognized over time as each subsequent content period is delivered. The Company’s obligation for its integrated and other Marketing Solutions subscriptions is to stand-ready throughout the subscription period; therefore, for these subscriptions, we record revenue ratably over the subscription period commencing with either the beginning of the subscription term or first launch.
The Company treats Hiring and Workflow Solutions subscriptions as a single performance obligation that represents a series of distinct performance obligations that is satisfied over time. Revenue recognition commences when the customer receives access to the services and is recognized ratably over the subscription period.
Other revenue consists of fees earned from the temporary staffing and permanent placement of healthcare professionals. Revenue is recognized when control of these services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.
Revenue Disaggregation
Revenue consisted of the following (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Subscription$159,468 $129,639 $297,344 $249,607 
Other9,057 7,193 17,094 13,901 
Total revenue$168,525 $136,832 $314,438 $263,508 
Contract Balances
Timing of revenue recognition may differ from the timing of invoicing to customers. Marketing Solutions customers are generally billed for a portion of the contract upon contract execution and then billed throughout the remainder of the contract based on various time-based milestones, starting when the tailored content is first shared on the Doximity platform. Hiring and Workflow Solutions contracts are billed in annual, quarterly, or monthly installments in advance of the service period. The Company’s contracts do not contain significant financing components.
The Company records unbilled revenue when revenue is recognized in amounts for which it is contractually entitled but exceeds the amounts the Company has a right to bill as of the end of the period. The Company records unbilled revenue on the condensed consolidated balance sheets within prepaid expenses and other current assets. The Company’s unbilled revenue balances were $5.5 million and $1.7 million as of September 30, 2025 and March 31, 2025, respectively.
Deferred revenue consists of noncancelable customer billings or payments received in advance of revenue recognition. Deferred revenue balances are generally expected to be recognized within 12 months. Since the majority of the Company’s contracts have a duration of one year or less, the Company has elected not to disclose remaining performance obligations in accordance with the optional exemption in ASC 606. Remaining performance obligations for contracts with an original duration greater than one year are not material.
Revenue recognized from amounts included in deferred revenue as of the beginning of the period was $87.7 million and $76.0 million, for the three months ended September 30, 2025 and 2024, respectively, and $102.9 million and $89.9 million for the six months ended September 30, 2025 and 2024, respectively.
Deferred Contract Costs
The Company capitalizes sales compensation that is considered to be an incremental and recoverable cost of obtaining a contract with a customer. The Company pays commissions based on signing new arrangements with customers and upon renewals and expansion of existing contracts with customers.
Deferred compensation is generally amortized over the weighted-average contractual term, ranging from 8 months to 14 months. The portion of deferred compensation expected to be recognized within one year of the balance sheet date is included in prepaid expenses and other current assets, and the remaining portion is recorded as other assets on the condensed consolidated balance sheets. The amortization of deferred contract costs is included in sales and marketing expense in the condensed consolidated statements of operations. Sales compensation that is not considered an incremental cost is expensed in the same period that it was earned.
The Company capitalized contract acquisition costs of $2.6 million and $4.6 million for the three and six months ended September 30, 2025, respectively, and $1.8 million and $3.2 million for the three and six months ended September 30, 2024. Amortization of deferred contract costs was $2.9 million and $6.8 million for the three and six months ended September 30, 2025, respectively, and $2.1 million and $4.8 million for the three and six months ended September 30, 2024. The Company’s current and non-current deferred contract cost balances were $4.8 million and $0.5 million, respectively, as of September 30, 2025, and were $7.0 million and $0.5 million, respectively, as of March 31, 2025.
Deferred contract costs are periodically analyzed for impairment. There were no impairment losses relating to deferred contract costs during the three and six months ended September 30, 2025 and 2024.
v3.25.3
Investments
 6 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The cost, gross unrealized gains and losses, and fair value of investments are as follows (in thousands):
As of September 30, 2025
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Cash equivalents:
Commercial paper$34,977 $— $(4)$34,973 
Money market funds92,194 — — 92,194 
Total cash equivalents127,171 — (4)127,167 
Marketable securities:
Commercial paper30,587 4 (1)30,590 
Corporate notes and bonds515,522 1,442 (46)516,918 
U.S. government and agency securities161,032 583 (5)161,610 
Total marketable securities707,141 2,029 (52)709,118 
Total cash equivalents and marketable securities$834,312 $2,029 $(56)$836,285 
As of September 30, 2025, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):
Fair Value
Due within one year$491,548 
Due in one to two years252,543 
Total$744,091 
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.
The cost, gross unrealized gains and losses, and fair value of investments were as follows (in thousands):
As of March 31, 2025
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Cash equivalents:
Commercial paper$73,055 $— $(8)$73,047 
Money market funds84,475 — — 84,475 
Total cash equivalents157,530 — (8)157,522 
Marketable securities:
Commercial paper42,860 7 (4)42,863 
Corporate notes and bonds501,202 1,373 (131)502,444 
U.S. government and agency securities160,212 532 (1)160,743 
Total marketable securities704,274 1,912 (136)706,050 
Total cash equivalents and marketable securities$861,804 $1,912 $(144)$863,572 
As of September 30, 2025 and March 31, 2025, the Company has recognized accrued interest of $5.8 million and $5.8 million, respectively, which is included in prepaid expenses and other current assets in the condensed consolidated balance sheets.
The unrealized losses associated with the Company’s debt securities were immaterial as of September 30, 2025 and March 31, 2025. As the Company does not intend to sell the securities with unrealized losses and it is more likely than not that the Company will hold these securities until maturity or until the cost basis is recovered, the Company did not recognize any impairment on these securities as of September 30, 2025 or March 31, 2025. The Company did not recognize any credit losses related to the Company’s debt securities as of September 30, 2025 or March 31, 2025. The fair value related to the debt securities with unrealized losses for which no credit losses were recognized was $115.2 million and $177.3 million as of September 30, 2025 and March 31, 2025, respectively.
v3.25.3
Fair Value Measurements
 6 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Available-for-sale debt securities are recorded at fair value on the condensed consolidated balance sheets. The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their respective fair values due to their short maturities.
Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1—Inputs that are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
The following tables present the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands):
As of September 30, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $34,973 $— $34,973 
Money market funds92,194 — — 92,194 
Total cash equivalents92,194 34,973 — 127,167 
Marketable securities:
Commercial paper— 30,590 — 30,590 
Corporate notes and bonds— 516,918 — 516,918 
U.S. government and agency securities158,598 3,012 — 161,610 
Total marketable securities158,598 550,520 — 709,118 
Total cash equivalents and marketable securities$250,792 $585,493 $— $836,285 
Liabilities:
Contingent earn-out consideration liability$— $— $5,752 $5,752 
Total contingent earn-out consideration liability$— $— $5,752 $5,752 
As of March 31, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $73,047 $— $73,047 
Money market funds84,475 — — 84,475 
Total cash equivalents84,475 73,047 — 157,522 
Marketable securities:
Commercial paper— 42,863 — 42,863 
Corporate notes and bonds— 502,444 — 502,444 
U.S. government and agency securities157,727 3,016 — 160,743 
Total marketable securities157,727 548,323 — 706,050 
Total cash equivalents and marketable securities$242,202 $621,370 $— $863,572 
Liabilities:
Contingent earn-out consideration liability$— $— $11,493 $11,493 
Total contingent earn-out consideration liability$— $— $11,493 $11,493 
During the six months ended September 30, 2025 and 2024, the Company had no transfers between levels of the fair value hierarchy.
Contingent Earn-out Consideration Liability
The following table summarizes the changes in the contingent earn-out consideration liability (in thousands):
Six Months Ended September 30,
20252024
Beginning fair value$11,493 $16,813 
Additions in the period— — 
Change in fair value259 423 
Payments(6,000)(6,000)
Ending fair value$5,752 $11,236 
The contingent earn-out consideration liability relates to the AMiON acquisition, which closed on April 1, 2022. The fair value of the liability is remeasured at each reporting date until the related contingency is resolved, with any changes to the fair value recognized as sales and marketing expense in the condensed consolidated statements of operations.
To determine the fair value of the contingent earn-out consideration liability, the Company used the discounted cash flow method. The significant inputs used in the fair value measurement of the contingent earn-out consideration liability are the discount rate and the timing and amounts of the future payments, which are based upon estimates of future achievement of the performance metrics. As these inputs are not based on observable market data, they represent a Level 3 measurement within the fair value hierarchy. Changes in the significant inputs used would significantly impact the fair value of the contingent earn-out consideration liability.
v3.25.3
Property and Equipment, Net
 6 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
September 30, 2025March 31, 2025
Furniture and equipment$1,977 $2,140 
Computers and software505 689 
Leasehold improvements816 816 
Internal-use software development costs40,196 34,958 
Total property and equipment43,494 38,603 
Less: accumulated depreciation and amortization(27,782)(24,947)
Total property and equipment, net$15,712 $13,656 
Depreciation and amortization expense on property and equipment was $1.9 million and $3.7 million for the three and six months ended September 30, 2025, respectively, and $1.6 million and $3.1 million for the three and six months ended September 30, 2024, respectively. Included in these amounts was amortization expense for internal-use software development costs of $1.7 million and $3.4 million for the three and six months ended September 30, 2025, respectively, and $1.4 million and $2.7 million for the three and six months ended September 30, 2024, respectively. The amortization of the internal-use software development costs is included in cost of revenue in the condensed consolidated statements of operations.
The Company capitalized internal-use software development costs of $3.4 million and $5.9 million, respectively, during the three and six months ended September 30, 2025, and $2.0 million and $4.0 million, respectively, during the three and six months ended September 30, 2024. Internal-use software development costs are included in property and equipment, net in the condensed consolidated balance sheets.
During the three and six months ended September 30, 2024, an immaterial impairment charge was recognized on property and equipment in connection with a sublease. See Note 12—Impairment Charge for further details. No impairment was recognized on property and equipment during the three and six months ended September 30, 2025.
v3.25.3
Accrued Expenses and Other Current Liabilities
 6 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
September 30, 2025March 31, 2025
Accrued commissions$4,808 $7,053 
Accrued payroll, bonus, and related expenses9,734 10,761 
Employee contributions under employee stock purchase plan659 587 
Rebate liabilities2,684 7,172 
Sales and other tax liabilities1,782 1,357 
Current portion of contingent earn-out consideration liability5,752 5,914 
Other8,303 5,561 
Total accrued expenses and other current liabilities$33,722 $38,405 
v3.25.3
Business Combinations
 6 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
Pathway Acquisition
On July 29, 2025, the Company completed the acquisition of all outstanding shares of Pathway Medical Inc. (“the Pathway acquisition”), an AI-based medical knowledge platform, primarily to enhance our platform with the acquired technology and engineering workforce. The acquisition-date fair value of the consideration was $36.3 million. This included cash consideration of $26.7 million. Additionally, the Company granted certain Pathway employees joining the Company $23.9 million of restricted stock units ("RSUs"), which vest quarterly over 5 years. A portion of these RSUs with an estimated fair value of $9.6 million, which vest up to the second anniversary of the acquisition date, are guaranteed and not contingent on future events or activities, and, as a result, the related cost is included in the total purchase consideration. The remaining tranches are subject to continuing service with the Company. The related expense is accounted for as post-acquisition stock-based compensation expense.
In connection with the acquisition, the Company granted $4 million of performance-based restricted stock units (“PSUs”) and $1 million of RSUs to certain Pathway employees joining the Company. The PSUs will vest in full on November 15, 2026, subject to both service and performance-based vesting conditions. The aggregate grant date fair value of these awards is accounted for as post-acquisition stock-based compensation expense on a straight-line basis, to the extent the performance metrics are achieved. The RSUs vest quarterly over 4 years, the related expense of which is also accounted for as post-acquisition stock-based compensation expense on a straight-line basis.
The Company also committed to issue an additional $8 million of PSUs over the next two fiscal years, beginning in fiscal 2027. The performance targets will be established in the beginning of each fiscal year. These awards are subject to both service and performance-based vesting conditions. As of September 30, 2025, these PSUs are not considered granted from an accounting perspective as the performance targets have not been established.
The Pathway acquisition was accounted for as a business combination. The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill as shown below. The purchase consideration allocation was as follows (in thousands):
Assets acquired:
Cash
$196 
Accounts receivable
148 
Prepaid expenses
494 
Deferred taxes
94 
Developed technology18,700 
Total assets acquired$19,632 
Liabilities assumed:
Accrued expenses and other current liabilities
$391 
Net assets acquired, excluding goodwill19,241 
Goodwill$17,033 
Total purchase consideration$36,274 
Goodwill generated from the Pathway acquisition represents the future benefits from the developed technology and the assembled workforce. Goodwill from this business combination is deductible for income tax purposes.
Intangible assets acquired are comprised of Pathway’s developed technology with an estimated useful life of 5 years. The developed technology was valued using a replacement cost approach, which is based on the cost of a market participant to reconstruct a substitute asset of comparable utility. The results of operations of this business combination have been included in the consolidated financial statements from the acquisition date.
The acquisition-related costs were not material and were recorded as general and administrative expense in the consolidated statements of operations.
Separate operating results and pro forma results of operations for Pathway have not been presented as the effect of this acquisition was not material to the Company’s financial results.
v3.25.3
Intangible Assets and Goodwill
 6 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
Intangible Assets
Intangible assets, net consisted of the following (in thousands):
September 30, 2025March 31, 2025
Customer relationships$37,069 $37,069 
Developed technology
18,700 — 
Other intangibles1,531 1,531 
Total intangible assets57,300 38,600 
Less: accumulated amortization(18,157)(15,528)
Total intangible assets, net$39,143 $23,072 
Amortization expense for intangible assets was $1.6 million and $1.0 million for the three months ended September 30, 2025 and 2024, respectively, and $2.6 million and $2.1 million for the six months ended September 30, 2025 and 2024, respectively.
No impairment charges on intangible assets were recorded during the three and six months ended September 30, 2025 and 2024.
As of September 30, 2025, future amortization expense is as follows (in thousands):
Year Ending March 31, Amount
Remainder of 2026$3,876 
20277,750 
20287,750 
20297,750 
20307,750 
Thereafter4,267 
Total future amortization expense$39,143 
Goodwill
The changes in the carrying amount of goodwill were as follows (in thousands):
Six Months Ended September 30, 2025
Balance, beginning of period$67,940 
Goodwill acquired17,033 
Balance, end of period$84,973 
No impairment charges on goodwill were recorded during the three and six months ended September 30, 2025 and 2024.
v3.25.3
Equity
 6 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Equity
Preferred Stock
In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 100,000,000 shares of undesignated preferred stock with a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors. As of September 30, 2025 and March 31, 2025, there were no shares of preferred stock issued and outstanding.
Common Stock and Dual-Class Structure
The Company has two classes of common stock authorized: Class A common stock and Class B common stock, and are collectively referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. The Company’s amended and restated certificate of incorporation authorized the issuance of 1,000,000,000 shares of Class A common stock with par value of $0.001 and one vote per share, and 500,000,000 shares of Class B common stock with par value of $0.001 and ten votes per share. The holders of common stock are entitled to receive dividends, as may be declared by the board of directors. Each outstanding share of Class B common stock may be converted at any time at the option of the holder into one share of Class A common stock. As of September 30, 2025, there were 137,192,232 shares of Class A common stock, and 50,897,811 shares of Class B common stock outstanding.
Stock Repurchase Program
On May 1, 2024 the Company’s board of directors authorized a program to repurchase up to $500 million of the Company’s Class A common stock with no expiration date. As of September 30, 2025, the Company repurchased and retired 4,496,467 shares of Class A common stock under this program for an aggregate purchase price of $220.2 million and $279.8 million remained available and authorized for repurchase.
All repurchases are subject to general business and market conditions and other investment opportunities and may be executed through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. Immediately upon the repurchase of any shares of Class A common stock, such shares shall be retired by the Company and shall automatically return to the status of authorized but unissued shares of Class A common stock.
Effective January 1, 2023, the Company’s share repurchases in excess of allowable share issuances are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. As of September 30, 2025, the Company had accrued excise taxes of $0.3 million and nil as of March 31, 2025.
Common Stock Warrants
In October 2021, the Company issued a warrant to U.S. News (the “U.S. News Warrant”) to purchase 516,000 shares of Class A common stock with an exercise price of $12.56 per share in connection with the execution of a commercial agreement with U.S. News. The U.S. News Warrant expires 10 years from the date of grant. The first tranche of the U.S. News Warrant vested on May 1, 2022 and the remainder will vest on a monthly basis over approximately 6 years. The grant-date fair value of the U.S. News Warrant was $34.7 million, which was determined using the Black-Scholes option-pricing model on the date of grant. The fair value of the warrant is recognized as expense in cost of revenue in the condensed consolidated statements of operations on a straight-line basis over its vesting term of 6.48 years. During the six months ended September 30, 2025 and 2024, $2.7 million was recognized as stock-based compensation expense relating to the U.S. News Warrant. As of March 31, 2025, 279,500 shares under the warrant were outstanding. During the six months ended September 30, 2025, 50,167 shares with an intrinsic value of $2.3 million were exercised under the warrant and 229,333 shares under the warrant were outstanding as of September 30, 2025. As of September 30, 2025, unamortized stock-based compensation expense related to the unvested warrants was $13.4 million, which is expected to be recognized over the remaining vesting period of 2.50 years.
Equity Incentive Plans
The Company maintains three equity incentive plans: the 2010 Equity Incentive Plan (the “2010 Plan”), the 2021 Stock Option and Incentive Plan (the “2021 Plan”), and the 2021 Employee Stock Purchase Plan (the “ESPP”). In June 2021, the Company’s board of directors approved the adoption of the 2021 Plan, which became effective upon the Company’s initial public offering and supersedes the 2010 Plan. The 2010 Plan continues to govern the terms of outstanding awards that were granted prior to the termination of the 2010 Plan. The 2021 Plan provides for the granting of incentive stock options, nonstatutory stock options, restricted stock units, and restricted stock awards to employees, non-employee directors, and consultants of the Company.
The Company granted stock options under the terms of the Plans and outside of the Plans, as approved by the board of directors. During fiscal 2018, the Company granted 4,682,582 options outside of the Plans, of which 2,114,582 options were exercised and 2,568,000 were outstanding as of September 30, 2025.
The Company has shares of common stock reserved for issuance as follows (in thousands):
September 30, 2025
Common stock warrants229 
2010 Plan
Options outstanding9,315 
2021 Plan
Awards outstanding
4,658 
Shares available for future grant43,634 
2021 ESPP11,598 
Options outstanding outside the Plans
2,568 
Total72,002 
Stock Options
Stock options granted generally vest over four years with service-based, performance-based, and/or market-based conditions and expire ten years from the date of grant.
Stock option activities within the Plans as well as outside of the Plans were as follows:
Number of Shares
(in thousands)
Weighted-Average
Exercise Price
Average Remaining Contractual Term
(in years)
Aggregate Intrinsic Value
(in thousands)
Balance, March 31, 202513,013 $4.82 4.92$692,422 
Options exercised(1,031)4.07 
Options forfeited or expired(99)6.71 
Balance, September 30, 202511,883 4.87 4.40811,385 
Vested and exercisable as of September 30, 20259,809 4.24 4.20675,959 
Vested and expected to vest as of September 30, 202511,883 4.87 4.40811,385 
The aggregate intrinsic value of options exercised during the six months ended September 30, 2025 and 2024 was $57.4 million and $55.1 million, respectively.
As of September 30, 2025, unamortized stock-based compensation expense related to unvested stock options was $7.3 million, which is expected to be recognized over a weighted-average period of 1.65 years.
The Company has not granted any stock options since the first quarter of fiscal 2022.
Restricted Stock Units (“RSUs”)
The RSUs granted by the Company generally vest over two to four years based on continued service.
The following table summarizes RSU activity (in thousands, except per share information):
Number of Shares
Weighted-
Average
Grant Date Fair Value
Unvested balance, March 31, 20253,347 $31.66 
Granted1,570 60.13 
Vested(1,031)35.73 
Forfeited(242)34.65 
Unvested balance, September 30, 20253,644 42.58 
The total fair value of RSUs vested during the six months ended September 30, 2025 and 2024 was $62.0 million and $21.9 million, respectively.
As of September 30, 2025, total unrecognized stock-based compensation expense related to unvested RSUs was $135.3 million, which is expected to be recognized over a weighted-average period of 2.15 years.
Performance-Based Restricted Stock Units (“PSUs”)
The Company grants PSUs that are subject to both service-based and performance-based vesting conditions that are satisfied upon meeting certain financial performance targets. Certain awards are granted with performance targets to be established in future years. For purposes of the PSUs, grant date cannot occur until performance targets have been clearly established and communicated.
Additionally, for certain awards, participants can earn up to 200% of the target number of shares originally granted. When achievement exceeds 100%, additional shares will be earned when the achievement is affirmed.
As of March 31, 2025, 480,030 PSUs were outstanding. During the six months ended September 30, 2025, 685,500 PSUs were granted, 89,638 PSUs vested, and 61,578 PSUs were forfeited. As of September 30, 2025, 1,014,314 PSUs were outstanding, of which, 866,030 PSUs are considered granted from an accounting perspective as the performance targets have been established.
As of September 30, 2025, the unamortized stock-based compensation expense related to outstanding PSUs for which performance conditions have been established was $28.0 million, which is calculated based on the probable outcome of the performance conditions as of September 30, 2025. The amount of expense to be recognized will be based on the extent the performance metrics are achieved.
In July 2025, the Compensation Committee of the Board of Directors approved an equity award pool of $30 million, subject to both performance-based and service-based vesting conditions. Participants can earn up to 300% of the original pool. Out of the pool, $23 million worth of PSUs have been granted. As of September 30, 2025, we believe 100% achievement is probable. During the six months ended September 30, 2025, $2.3 million was recognized as stock-based compensation expense, net of amount capitalized as internal use software. As the monetary value of the obligation is based on a fixed monetary amount and will be settled in a variable number of shares, the obligation is recorded as a liability in other liabilities, non-current, on the condensed consolidated balance sheets. Subject to actual achievement, the number of shares will become fixed in the fourth quarter of fiscal 2026, at which point the liability will be reclassified to equity. The individual awards will vest on a quarterly basis through the fourth quarter of fiscal 2027.
Stock-Based Compensation Expense
Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Cost of revenue$2,844 $2,661 $5,824 $5,555 
Research and development9,862 5,447 16,511 10,131 
Sales and marketing10,508 6,808 18,218 13,394 
General and administrative6,260 2,952 10,786 5,878 
Total stock-based compensation expense$29,474 $17,868 $51,339 $34,958 
v3.25.3
Net Income Per Share Attributable to Common Stockholders
 6 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Income Per Share Attributable to Common Stockholders Net Income Per Share Attributable to Common Stockholders
The following table presents the reconciliation of the numerator and denominator for calculating basic and diluted net income per share (in thousands, except per share data):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Numerator
Net income$62,059 $44,154 $115,379 $85,531 
Denominator
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic
187,705 186,252 187,844 185,933 
Dilutive effect of stock options11,166 13,162 11,308 13,230 
Dilutive effect of other share-based awards1,874 993 1,800 655 
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted
200,745 200,407 200,952 199,818 
Net income per share attributable to Class A and Class B common stockholders:
Basic$0.33 $0.24 $0.61 $0.46 
Diluted$0.31 $0.22 $0.57 $0.43 
Certain potentially dilutive securities have been excluded from the calculation of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Other share-based awards30 271 160 626 
Common stock warrants237 405 249 460 
Total267 676 409 1,086 
v3.25.3
Impairment Charge
 6 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Impairment Charge Impairment Charge
During the three months ended September 30, 2024, the Company executed a sublease for a portion of its Curative office space in Irving, Texas. The Company evaluated the associated asset group for impairment, which included the right-of-use assets and underlying property and equipment for the lease. The Company compared the expected future undiscounted cash flows to the carrying value and determined the respective asset group was not fully recoverable. The Company calculated the fair value based on the present value of the estimated cash flows from the sublease for the remaining lease term and compared the estimated fair value to its carrying value, which resulted in a $2.3 million impairment charge. The fair value of the operating lease right-of-use assets and associated property and equipment was estimated as of the sublease execution date using level 3 inputs based on an income approach by converting future sublease cash inflows and outflows to a single present value. Estimated cash flows were discounted at a rate commensurate with the inherent risks associated with the asset group to arrive at an estimate of fair value. The impairment charge was included in restructuring and impairment charge in the consolidated statements of operations. No impairment was recognized during the three and six months ended September 30, 2025.
v3.25.3
Commitments and Contingencies
 6 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Contractual Commitments
The Company has contractual commitments that relate mainly to third-party cloud infrastructure agreements and subscription agreements, which are used to facilitate the Company’s operations.
The Company has a web hosting arrangement for 3 years ending December 31, 2027, with an annual commitment of $7 million. As of September 30, 2025, the total remaining commitment was $14 million.
Indemnification
The Company enters into indemnification provisions under agreements with other companies in the ordinary course of business, including, but not limited to, clients, business partners, landlords, and other parties involved in the performance of the Company’s services. Pursuant to these arrangements, the Company has agreed to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The terms of these indemnification agreements are generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. The Company maintains commercial general liability insurance and product liability insurance that may offset certain of its potential liabilities under these indemnification provisions.
In addition, the Company has agreed to indemnify its officers and directors and certain key employees while they are serving in good faith in their respective capacities. To date, there have been no material claims under these indemnification provisions.
Legal Matters
Beginning in April 2024, the Company and certain of our directors and officers have been named in lawsuits in the United States District Court for the Northern District of California. The first lawsuit is captioned In re Doximity, Inc. Securities Litigation, No. 5:24-cv-02281 (N.D. Cal.). The operative complaint brings securities law claims on behalf of a putative class of our investors from June 24, 2021 and August 8, 2023 against the Company and our CEO related to our disclosure of user count and engagement rates. Five shareholder derivative lawsuits have also been filed. Two are consolidated under the caption In re Doximity, Inc. Stockholder Derivative Litigation, No. 5:24-cv-02801 (N.D. Cal.). Two were filed in the United States District Court for the District of Delaware, they are captioned Guttman v. Tangney, et al,. 1:24-cv-01387 (D. Del) and Wong v. Tangney, et al., No. 1:25-cv-750 (D. Del.). One was filed in the Court of Chancery of the State of Delaware with the caption, Stern v. Tangney, et al., No. 2025-0661 (Del. Ch.) The complaints assert claims for, among other things, violations of securities law, breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste against certain of our directors and officers on a similar basis to the securities lawsuit. The securities lawsuit is currently proceeding in the discovery phase. Other similar lawsuits or proceedings may be initiated in the future. The defendants intend to defend vigorously against these actions. In light of, among other things, the early stage of the litigation, the Company is unable to predict the outcome of these matters and is unable to reasonably estimate the amount or range of loss, if any, that could result from an unfavorable outcome.
On June 20, 2025, the Company, its Chief Technology Officer and its Director of AI Products were named as defendants in a lawsuit in the U.S. District Court for the District of Massachusetts, captioned OpenEvidence Inc. v. Doximity, Inc. et al., No. 1:25-cv-11802-RGS (D. Mass.). On September 17, 2025, the defendants filed their Answer and Counterclaims, in which they asserted counterclaims against the plaintiff including false advertising in violation of the Lanham Act, the Massachusetts Consumer Protection Law, and common law defamation. On October 29, 2025, the plaintiff amended its Complaint, adding Doximity’s subsidiary Pathway Medical, Inc. and certain other individuals as defendants. In its Amended Complaint, the plaintiff alleges the defendants gained unauthorized access to and launched cyberattacks against the defendant’s AI medical information platform. The Amended Complaint asserts claims for violation of the Computer Fraud and Abuse Act (CFAA), breach of contract, unjust enrichment, and trespass to chattels. The Amended Complaint dropped several previously asserted claims against the defendants, including a trade secrets claim under the Defend Trade Secrets Act (DTSA). The Amended Complaint requests a permanent injunction enjoining defendants from (i) accessing plaintiff’s platform; and (ii) engaging in any further conduct that violates plaintiff’s rights; an order to return or destroy the plaintiff’s information; actual damages, including lost profits; defendants’ profits and unjust enrichment attributable to the alleged misconduct; among other remedies. The
defendants intend to defend vigorously against these claims. In light of, among other things, the early stage of the litigation, the Company is unable to predict the outcome of these matters and is unable to reasonably estimate the amount or range of loss, if any, that could result from an unfavorable outcome.
From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any other matters that, if determined adversely to the Company, would individually or taken together have a material effect on its results of operations, financial position, or cash flows. No material loss contingencies were recorded for the three and six months ended September 30, 2025 and 2024.
v3.25.3
Leases
 6 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
The Company has non-cancelable operating leases for the rental of office space with various expiration dates through 2030.
The components of lease expense were as follows (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Operating lease cost, net of sublease income
$468 $615 $938 $1,246 
Variable lease cost14 3 29 9 
Total lease cost$482 $618 $967 $1,255 
During the three months ended September 30, 2024, the Company executed a sublease for a portion of its Curative office space in Irving, Texas. Any impairment to the associated right-of-use assets and underlying property and equipment as a result of a sublease is recognized in the period the sublease is executed and recorded in the condensed consolidated statements of operations. See Note 12 for further details.
The sublease commenced in November 2024 and has a lease term of approximately 5.5 years. The Company has classified the sublease as an operating lease. Total lease payments under the sublease are $2.4 million over the lease term of the sublease. Sublease income is recognized as a reduction of lease expense in the Company’s consolidated statements of operations. No sublease income was recognized for the three and six months ended September 30, 2024.
Supplemental cash flow information related to leases was as follows (in thousands):
Six Months Ended September 30,
20252024
Cash paid for amounts included in measurement of lease liabilities—Operating cash flows$1,377 $1,350 
Supplemental balance sheet information related to leases was as follows:
September 30, 2025March 31, 2025
Weighted-average remaining lease term (in years)4.725.17
Weighted-average discount rate4.19 %4.19 %
Maturities of operating lease liabilities, excluding sublease income, as of September 30, 2025 were as follows (in thousands):
Remainder of 2026$1,310 
20272,497 
20282,605 
20292,667 
20302,706 
Thereafter679 
Total future lease payments$12,464 
Less: imputed interest(1,195)
Present value of lease liabilities$11,269 
v3.25.3
Other Income, net
 6 Months Ended
Sep. 30, 2025
Other Income and Expenses [Abstract]  
Other Income, net Other Income, net
Other income, net consisted of the following (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Interest income$9,436 $9,112 $19,301 $16,280 
Net gain on sale of marketable securities— 31 — 31 
Other expense(178)(114)(413)(166)
Other income, net$9,258 $9,029 $18,888 $16,145 
v3.25.3
Income Taxes
 6 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. The Company’s effective tax rates for the three and six months ended September 30, 2025 were 14.9% and 15.8%, respectively, and 29.0% and 25.8% for the three and six months ended September 30, 2024, respectively.
The Company's effective tax rate differs from the U.S. federal statutory rate, primarily due to stock-based compensation related tax benefits, which are subject to limitations for certain executive officers under IRC section 162(m), and federal and state research and development tax credits. The Company’s effective tax rate is based on forecasted annual income before income taxes which may fluctuate through the rest of the year.
In July 2025, Congress passed and the President signed into law H.R. 1, the One Big Beautiful Bill Act ("Tax Act") which addresses certain business tax provisions enacted as a part of the 2017 Tax Cuts and Jobs Act including restoration of Section 174 expensing for US-based research. Accounting Standards Codification Topic 740, Income Taxes, (“Topic 740”) requires the tax impacts to be included in the reporting period that includes the date the Tax Act was signed into law. The impacts of the Tax Act are reflected in our results for the fiscal quarter ended September 30, 2025, and there was no material impact to our income tax expense or effective tax rate. Management elected to accelerate the deduction of all remaining unamortized domestic R&D expenses originally capitalized in fiscal years 2023 through 2025 in one year—i.e., in fiscal year 2026. The net deductions benefit increased the Company’s September 30, 2025 prepaid taxes and decreased our deferred tax assets by approximately $40.4 million.
v3.25.3
Segment and Geographic Information
 6 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company has determined that it has one operating and reportable segment. The Chief Operating Decision Maker (“CODM”) is the Company's Chief Executive Officer (“CEO”); he reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company’s operating segment derives revenue in a manner as described in Note 3—Revenue.
The CODM assesses performance for the operating segment and decides how to allocate resources based on the review of consolidated net income, which the CODM uses to monitor budget versus actual results and review historical company
performance trends. Significant segment expenses were determined to include cost of revenues, research and development expenses, sales and marketing expenses, general and administrative expenses, impairment charge, other income, net, and provision for income taxes, all of which are presented in the condensed consolidated statements of operations for the three and six months ended September 30, 2025 and 2024. Significant segment expenses also include stock-based compensation expense and depreciation and amortization expense, which are presented in Note 10—Equity and the condensed consolidated statements of cash flows, respectively for the three and six months ended September 30, 2025 and 2024. All intercompany transactions are eliminated upon consolidation. Assets provided to the CODM are consistent with those reported on the condensed consolidated balance sheets.
Substantially all of the Company’s long-lived assets were based in the United States as of September 30, 2025 and March 31, 2025. For the three and six months ended September 30, 2025 and 2024, no country outside of the United States accounted for more than 10% of total revenue and substantially all of the Company’s revenue was derived in the United States.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025.
Principles of Consolidation
The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of the Company’s management, the information contained herein reflects all adjustments necessary for a fair presentation of the Company’s financial position, results of operations, stockholders’ equity, and cash flows. The results of operations for the three and six months ended September 30, 2025, shown in this report are not necessarily indicative of the results to be expected for the full year ending March 31, 2026.
Fiscal Year
Fiscal Year
The Company’s fiscal year ends on March 31st. Unless otherwise noted, all references to a particular year shall mean the Company’s fiscal year.
Use of Estimates
Use of Estimates
The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts stated in the condensed consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, revenue recognition, the fair values of acquired intangible assets and goodwill, the useful lives of long-lived assets, fair value of contingent earn-out consideration, and deferred income taxes. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates due to risks and uncertainties, including uncertainty in the current economic environment.
Concentrations of Credit Risk
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating. To manage risk exposure, the Company invests cash equivalents and marketable securities in a variety of fixed income securities, including government and investment-grade debt securities and money market funds. The Company places its cash primarily in checking and money market accounts with reputable financial institutions. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits, if any.
Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales.For the purpose of assessing the concentration of credit risk for significant customers, the Company defines a customer as an entity that purchases the Company’s services directly or indirectly through marketing agencies.
Accounting Pronouncements Recently Adopted and Accounting Pronouncements Not Yet Adopted
Accounting Pronouncements Recently Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses on an annual and interim basis. The standard was effective for the Company for its fiscal year beginning April 1, 2024, and for interim periods within the fiscal year beginning April 1, 2025. The Company adopted ASU 2023-07 retrospectively during the fiscal year ended March 31, 2025. See Note 17—Segment and Geographic Information in the accompanying notes to the condensed consolidated financial statements for further detail.
Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance annual income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning April 1, 2025, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires the disaggregation of certain expenses in the notes of the financials to provide enhanced transparency into the expense captions presented on the face of the income statement. This ASU is effective for the Company for its fiscal year beginning April 1, 2027, and for interim periods within the fiscal year beginning April 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient related to the estimation of expected
credit losses for current accounts receivable and current contract assets to reduce complexity for the measurement of credit losses arising from transactions accounted for under ASC 606. The practical expedient permits the entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for the Company for its fiscal year beginning on April 1, 2026, with early adoption permitted and any amendments should be applied prospectively. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures and believes that the adoption will not have a material impact on the consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provides modernized guidance for the recognition and disclosure framework for internal-use software costs. This amendment removes all prescriptive and sequential software development stages and clarifies the threshold of when the Company is required to start capitalizing software costs, which commences when management has authorized and committed to funding the project and it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for the Company for its fiscal year beginning on April 1, 2028, with early adoption permitted. The amendments in this ASU should be applied either prospectively, retrospectively, or utilizing a modified transition approach based on status of project. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures.
Fair Value Measurements Fair Value Measurements
Available-for-sale debt securities are recorded at fair value on the condensed consolidated balance sheets. The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their respective fair values due to their short maturities.
Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1—Inputs that are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
v3.25.3
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Schedule of Significant Customers Representing 10% or more of Revenue or Accounts Receivable, Net The Company’s significant customers that represented 10% or more of revenue or accounts receivable, net for the periods presented were as follows:
RevenueAccounts Receivable, Net
Three Months Ended September 30,Six Months Ended September 30,September 30, 2025March 31, 2025
2025202420252024
Customer A*****12 %
Customer B****12 %*
Customer C****10 %*
Customer D
11 %*11 %***
_______________
* Less than 10%
v3.25.3
Revenue Recognition (Tables)
 6 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Revenue consisted of the following (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Subscription$159,468 $129,639 $297,344 $249,607 
Other9,057 7,193 17,094 13,901 
Total revenue$168,525 $136,832 $314,438 $263,508 
v3.25.3
Investments (Tables)
 6 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments
The cost, gross unrealized gains and losses, and fair value of investments are as follows (in thousands):
As of September 30, 2025
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Cash equivalents:
Commercial paper$34,977 $— $(4)$34,973 
Money market funds92,194 — — 92,194 
Total cash equivalents127,171 — (4)127,167 
Marketable securities:
Commercial paper30,587 4 (1)30,590 
Corporate notes and bonds515,522 1,442 (46)516,918 
U.S. government and agency securities161,032 583 (5)161,610 
Total marketable securities707,141 2,029 (52)709,118 
Total cash equivalents and marketable securities$834,312 $2,029 $(56)$836,285 
The cost, gross unrealized gains and losses, and fair value of investments were as follows (in thousands):
As of March 31, 2025
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Cash equivalents:
Commercial paper$73,055 $— $(8)$73,047 
Money market funds84,475 — — 84,475 
Total cash equivalents157,530 — (8)157,522 
Marketable securities:
Commercial paper42,860 7 (4)42,863 
Corporate notes and bonds501,202 1,373 (131)502,444 
U.S. government and agency securities160,212 532 (1)160,743 
Total marketable securities704,274 1,912 (136)706,050 
Total cash equivalents and marketable securities$861,804 $1,912 $(144)$863,572 
Schedule of Contractual Maturities of Available-For-Sale Debt Securities
As of September 30, 2025, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands):
Fair Value
Due within one year$491,548 
Due in one to two years252,543 
Total$744,091 
v3.25.3
Fair Value Measurements (Tables)
 6 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets Measured on Recurring Basis
The following tables present the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands):
As of September 30, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $34,973 $— $34,973 
Money market funds92,194 — — 92,194 
Total cash equivalents92,194 34,973 — 127,167 
Marketable securities:
Commercial paper— 30,590 — 30,590 
Corporate notes and bonds— 516,918 — 516,918 
U.S. government and agency securities158,598 3,012 — 161,610 
Total marketable securities158,598 550,520 — 709,118 
Total cash equivalents and marketable securities$250,792 $585,493 $— $836,285 
Liabilities:
Contingent earn-out consideration liability$— $— $5,752 $5,752 
Total contingent earn-out consideration liability$— $— $5,752 $5,752 
As of March 31, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Commercial paper$— $73,047 $— $73,047 
Money market funds84,475 — — 84,475 
Total cash equivalents84,475 73,047 — 157,522 
Marketable securities:
Commercial paper— 42,863 — 42,863 
Corporate notes and bonds— 502,444 — 502,444 
U.S. government and agency securities157,727 3,016 — 160,743 
Total marketable securities157,727 548,323 — 706,050 
Total cash equivalents and marketable securities$242,202 $621,370 $— $863,572 
Liabilities:
Contingent earn-out consideration liability$— $— $11,493 $11,493 
Total contingent earn-out consideration liability$— $— $11,493 $11,493 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table summarizes the changes in the contingent earn-out consideration liability (in thousands):
Six Months Ended September 30,
20252024
Beginning fair value$11,493 $16,813 
Additions in the period— — 
Change in fair value259 423 
Payments(6,000)(6,000)
Ending fair value$5,752 $11,236 
v3.25.3
Property and Equipment, Net (Tables)
 6 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
September 30, 2025March 31, 2025
Furniture and equipment$1,977 $2,140 
Computers and software505 689 
Leasehold improvements816 816 
Internal-use software development costs40,196 34,958 
Total property and equipment43,494 38,603 
Less: accumulated depreciation and amortization(27,782)(24,947)
Total property and equipment, net$15,712 $13,656 
v3.25.3
Accrued Expenses and Other Current Liabilities (Tables)
 6 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Schedule Of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
September 30, 2025March 31, 2025
Accrued commissions$4,808 $7,053 
Accrued payroll, bonus, and related expenses9,734 10,761 
Employee contributions under employee stock purchase plan659 587 
Rebate liabilities2,684 7,172 
Sales and other tax liabilities1,782 1,357 
Current portion of contingent earn-out consideration liability5,752 5,914 
Other8,303 5,561 
Total accrued expenses and other current liabilities$33,722 $38,405 
v3.25.3
Business Combinations (Tables)
 6 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Consideration Allocation The purchase consideration allocation was as follows (in thousands):
Assets acquired:
Cash
$196 
Accounts receivable
148 
Prepaid expenses
494 
Deferred taxes
94 
Developed technology18,700 
Total assets acquired$19,632 
Liabilities assumed:
Accrued expenses and other current liabilities
$391 
Net assets acquired, excluding goodwill19,241 
Goodwill$17,033 
Total purchase consideration$36,274 
v3.25.3
Intangible Assets and Goodwill (Tables)
 6 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets, Net
Intangible assets, net consisted of the following (in thousands):
September 30, 2025March 31, 2025
Customer relationships$37,069 $37,069 
Developed technology
18,700 — 
Other intangibles1,531 1,531 
Total intangible assets57,300 38,600 
Less: accumulated amortization(18,157)(15,528)
Total intangible assets, net$39,143 $23,072 
Schedule of Future Amortization Expense
As of September 30, 2025, future amortization expense is as follows (in thousands):
Year Ending March 31, Amount
Remainder of 2026$3,876 
20277,750 
20287,750 
20297,750 
20307,750 
Thereafter4,267 
Total future amortization expense$39,143 
Schedule of Goodwill
The changes in the carrying amount of goodwill were as follows (in thousands):
Six Months Ended September 30, 2025
Balance, beginning of period$67,940 
Goodwill acquired17,033 
Balance, end of period$84,973 
v3.25.3
Equity (Tables)
 6 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Common Stock Reserved for Issuance
The Company has shares of common stock reserved for issuance as follows (in thousands):
September 30, 2025
Common stock warrants229 
2010 Plan
Options outstanding9,315 
2021 Plan
Awards outstanding
4,658 
Shares available for future grant43,634 
2021 ESPP11,598 
Options outstanding outside the Plans
2,568 
Total72,002 
Schedule of Stock Option Activity
Stock option activities within the Plans as well as outside of the Plans were as follows:
Number of Shares
(in thousands)
Weighted-Average
Exercise Price
Average Remaining Contractual Term
(in years)
Aggregate Intrinsic Value
(in thousands)
Balance, March 31, 202513,013 $4.82 4.92$692,422 
Options exercised(1,031)4.07 
Options forfeited or expired(99)6.71 
Balance, September 30, 202511,883 4.87 4.40811,385 
Vested and exercisable as of September 30, 20259,809 4.24 4.20675,959 
Vested and expected to vest as of September 30, 202511,883 4.87 4.40811,385 
Schedule of Restricted Stock Unit Activity
The following table summarizes RSU activity (in thousands, except per share information):
Number of Shares
Weighted-
Average
Grant Date Fair Value
Unvested balance, March 31, 20253,347 $31.66 
Granted1,570 60.13 
Vested(1,031)35.73 
Forfeited(242)34.65 
Unvested balance, September 30, 20253,644 42.58 
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Cost of revenue$2,844 $2,661 $5,824 $5,555 
Research and development9,862 5,447 16,511 10,131 
Sales and marketing10,508 6,808 18,218 13,394 
General and administrative6,260 2,952 10,786 5,878 
Total stock-based compensation expense$29,474 $17,868 $51,339 $34,958 
v3.25.3
Net Income Per Share Attributable to Common Stockholders (Tables)
 6 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Net Income Per Share, Basic and Diluted
The following table presents the reconciliation of the numerator and denominator for calculating basic and diluted net income per share (in thousands, except per share data):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Numerator
Net income$62,059 $44,154 $115,379 $85,531 
Denominator
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic
187,705 186,252 187,844 185,933 
Dilutive effect of stock options11,166 13,162 11,308 13,230 
Dilutive effect of other share-based awards1,874 993 1,800 655 
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted
200,745 200,407 200,952 199,818 
Net income per share attributable to Class A and Class B common stockholders:
Basic$0.33 $0.24 $0.61 $0.46 
Diluted$0.31 $0.22 $0.57 $0.43 
Schedule of Antidilutive Securities Excluded from Computation of Net Income Per Share
Certain potentially dilutive securities have been excluded from the calculation of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Other share-based awards30 271 160 626 
Common stock warrants237 405 249 460 
Total267 676 409 1,086 
v3.25.3
Leases (Tables)
 6 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Components of Lease Expense and Supplemental Cash Flow/Balance Sheet Information Related to Leases
The components of lease expense were as follows (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Operating lease cost, net of sublease income
$468 $615 $938 $1,246 
Variable lease cost14 3 29 9 
Total lease cost$482 $618 $967 $1,255 
Supplemental cash flow information related to leases was as follows (in thousands):
Six Months Ended September 30,
20252024
Cash paid for amounts included in measurement of lease liabilities—Operating cash flows$1,377 $1,350 
Supplemental balance sheet information related to leases was as follows:
September 30, 2025March 31, 2025
Weighted-average remaining lease term (in years)4.725.17
Weighted-average discount rate4.19 %4.19 %
Schedule of Maturities of Operating Lease Liabilities
Maturities of operating lease liabilities, excluding sublease income, as of September 30, 2025 were as follows (in thousands):
Remainder of 2026$1,310 
20272,497 
20282,605 
20292,667 
20302,706 
Thereafter679 
Total future lease payments$12,464 
Less: imputed interest(1,195)
Present value of lease liabilities$11,269 
v3.25.3
Other Income, net (Tables)
 6 Months Ended
Sep. 30, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Income, Net
Other income, net consisted of the following (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Interest income$9,436 $9,112 $19,301 $16,280 
Net gain on sale of marketable securities— 31 — 31 
Other expense(178)(114)(413)(166)
Other income, net$9,258 $9,029 $18,888 $16,145 
v3.25.3
Summary of Significant Accounting Policies - Schedule of Significant Customers Representing 10% or more of Revenue or Accounts Receivable, Net (Details) - Customer Concentration Risk
 3 Months Ended 6 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Mar. 31, 2025
Customer A | Accounts Receivable, Net      
Concentration Risk [Line Items]      
Concentration risk     12.00%
Customer B | Accounts Receivable, Net      
Concentration Risk [Line Items]      
Concentration risk   12.00%  
Customer C | Accounts Receivable, Net      
Concentration Risk [Line Items]      
Concentration risk   10.00%  
Customer D | Revenue      
Concentration Risk [Line Items]      
Concentration risk 11.00% 11.00%  
v3.25.3
Revenue Recognition - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Mar. 31, 2025
Disaggregation of Revenue [Line Items]          
Unbilled revenue $ 5,500,000   $ 5,500,000   $ 1,700,000
Deferred revenue expected to be recognized, period (within)     12 months    
Revenue recognized from deferred revenue 87,700,000 $ 76,000,000.0 $ 102,900,000 $ 89,900,000  
Capitalized contract acquisition costs 2,600,000 1,800,000 4,600,000 3,200,000  
Deferred contract costs, amortization 2,900,000 2,100,000 6,772,000 4,759,000  
Capitalized contract cost, net, current 4,800,000   4,800,000   7,000,000.0
Capitalized contract cost, net, noncurrent 500,000   500,000   $ 500,000
Deferred contract costs, impairment losses $ 0 $ 0 $ 0 $ 0  
Deferred Commissions For Marketing Solutions Contracts And For Hiring Solutions Renewal Contracts | Minimum          
Disaggregation of Revenue [Line Items]          
Deferred contract costs, amortization period 8 months   8 months    
Deferred Commissions For Marketing Solutions Contracts And For Hiring Solutions Renewal Contracts | Maximum          
Disaggregation of Revenue [Line Items]          
Deferred contract costs, amortization period 14 months   14 months    
Subscription, Marketing Solutions          
Disaggregation of Revenue [Line Items]          
Contractual term     12 months    
Subscription, Hiring Solutions          
Disaggregation of Revenue [Line Items]          
Contractual term     12 months    
v3.25.3
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 168,525 $ 136,832 $ 314,438 $ 263,508
Subscription        
Disaggregation of Revenue [Line Items]        
Revenue 159,468 129,639 297,344 249,607
Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 9,057 $ 7,193 $ 17,094 $ 13,901
v3.25.3
Investments - Schedule of Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
Cash equivalents:    
Cost or Amortized Cost $ 127,171 $ 157,530
Gross Unrealized Gains 0 0
Gross Unrealized Losses (4) (8)
Total cash equivalents 127,167 157,522
Marketable securities:    
Cost or Amortized Cost 707,141 704,274
Gross Unrealized Gains 2,029 1,912
Gross Unrealized Losses (52) (136)
Fair Value 709,118 706,050
Total cash and cash equivalents and marketable securities, Cost or amortized cost 834,312 861,804
Total cash and cash equivalents and marketable securities, Gross unrealized gains 2,029 1,912
Total cash and cash equivalents and marketable securities, Gross unrealized Losses (56) (144)
Total cash equivalents and marketable securities 836,285 863,572
Commercial paper    
Marketable securities:    
Cost or Amortized Cost 30,587 42,860
Gross Unrealized Gains 4 7
Gross Unrealized Losses (1) (4)
Fair Value 30,590 42,863
Corporate notes and bonds    
Marketable securities:    
Cost or Amortized Cost 515,522 501,202
Gross Unrealized Gains 1,442 1,373
Gross Unrealized Losses (46) (131)
Fair Value 516,918 502,444
U.S. government and agency securities    
Marketable securities:    
Cost or Amortized Cost 161,032 160,212
Gross Unrealized Gains 583 532
Gross Unrealized Losses (5) (1)
Fair Value 161,610 160,743
Commercial paper    
Cash equivalents:    
Cost or Amortized Cost 34,977 73,055
Gross Unrealized Gains 0 0
Gross Unrealized Losses (4) (8)
Total cash equivalents 34,973 73,047
Money market funds    
Cash equivalents:    
Cost or Amortized Cost 92,194 84,475
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Total cash equivalents $ 92,194 $ 84,475
v3.25.3
Investments - Schedule of Contractual Maturities of Available-For-Sale Debt Securities (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Due within one year $ 491,548
Due in one to two years 252,543
Total $ 744,091
v3.25.3
Investments - Narrative (Details) - USD ($)
 6 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Accrued interest $ 5,800,000 $ 5,800,000
Unrealized loss on debt securities 0 0
Impairment on debt securities 0 0
Debt securities credit losses 0 0
Debt securities, available-for-sale, unrealized loss position $ 115,200,000 $ 177,300,000
v3.25.3
Fair Value Measurements - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents $ 127,167 $ 157,522
Total marketable securities 709,118 706,050
Total cash equivalents and marketable securities 836,285 863,572
Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 30,590 42,863
Corporate notes and bonds    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 516,918 502,444
U.S. government and agency securities    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 161,610 160,743
Fair Value, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 127,167 157,522
Total marketable securities 709,118 706,050
Total cash equivalents and marketable securities 836,285 863,572
Liabilities:    
Contingent earn-out consideration liability 5,752 11,493
Total contingent earn-out consideration liability 5,752 11,493
Fair Value, Recurring | Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 30,590 42,863
Fair Value, Recurring | Corporate notes and bonds    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 516,918 502,444
Fair Value, Recurring | U.S. government and agency securities    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 161,610 160,743
Level 1 | Fair Value, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 92,194 84,475
Total marketable securities 158,598 157,727
Total cash equivalents and marketable securities 250,792 242,202
Liabilities:    
Contingent earn-out consideration liability 0 0
Total contingent earn-out consideration liability 0 0
Level 1 | Fair Value, Recurring | Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 0 0
Level 1 | Fair Value, Recurring | Corporate notes and bonds    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 0 0
Level 1 | Fair Value, Recurring | U.S. government and agency securities    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 158,598 157,727
Level 2 | Fair Value, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 34,973 73,047
Total marketable securities 550,520 548,323
Total cash equivalents and marketable securities 585,493 621,370
Liabilities:    
Contingent earn-out consideration liability 0 0
Total contingent earn-out consideration liability 0 0
Level 2 | Fair Value, Recurring | Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 30,590 42,863
Level 2 | Fair Value, Recurring | Corporate notes and bonds    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 516,918 502,444
Level 2 | Fair Value, Recurring | U.S. government and agency securities    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 3,012 3,016
Level 3 | Fair Value, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 0 0
Total marketable securities 0 0
Total cash equivalents and marketable securities 0 0
Liabilities:    
Contingent earn-out consideration liability 5,752 11,493
Total contingent earn-out consideration liability 5,752 11,493
Level 3 | Fair Value, Recurring | Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 0 0
Level 3 | Fair Value, Recurring | Corporate notes and bonds    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 0 0
Level 3 | Fair Value, Recurring | U.S. government and agency securities    
Assets, Fair Value Disclosure [Abstract]    
Total marketable securities 0 0
Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 34,973 73,047
Commercial paper | Fair Value, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 34,973 73,047
Commercial paper | Level 1 | Fair Value, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 0 0
Commercial paper | Level 2 | Fair Value, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 34,973 73,047
Commercial paper | Level 3 | Fair Value, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 0 0
Money market funds    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 92,194 84,475
Money market funds | Fair Value, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 92,194 84,475
Money market funds | Level 1 | Fair Value, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 92,194 84,475
Money market funds | Level 2 | Fair Value, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents 0 0
Money market funds | Level 3 | Fair Value, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Total cash equivalents $ 0 $ 0
v3.25.3
Fair Value Measurements - Schedule of Contingent Earn-Out Consideration Liability (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning fair value $ 11,493 $ 16,813
Additions in the period 0 0
Change in fair value 259 423
Payments (6,000) (6,000)
Ending fair value $ 5,752 $ 11,236
v3.25.3
Property and Equipment, Net - Schedule of Total Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 43,494 $ 38,603
Less: accumulated depreciation and amortization (27,782) (24,947)
Total property and equipment, net 15,712 13,656
Furniture and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 1,977 2,140
Computers and software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 505 689
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 816 816
Internal-use software development costs    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 40,196 $ 34,958
v3.25.3
Property and Equipment, Net - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Property, Plant and Equipment [Abstract]        
Depreciation and amortization expense $ 1,900,000 $ 1,600,000 $ 3,700,000 $ 3,100,000
Amortization of internal-use software development costs 1,700,000 1,400,000 3,400,000 2,700,000
Capitalized internal-use software development costs 3,400,000 2,000,000.0 5,900,000 4,000,000.0
Impairment charges $ 0 $ 0 $ 0 $ 0
v3.25.3
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
Payables and Accruals [Abstract]    
Accrued commissions $ 4,808 $ 7,053
Accrued payroll, bonus, and related expenses 9,734 10,761
Employee contributions under employee stock purchase plan 659 587
Rebate liabilities 2,684 7,172
Sales and other tax liabilities 1,782 1,357
Current portion of contingent earn-out consideration liability 5,752 5,914
Other 8,303 5,561
Total accrued expenses and other current liabilities $ 33,722 $ 38,405
v3.25.3
Business Combinations - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended
Apr. 01, 2026
Jul. 29, 2025
Jul. 31, 2025
Performance-Based Restricted Stock Units      
Business Combination [Line Items]      
Shares originally granted     $ 23.0
Pathway Medical Inc.      
Business Combination [Line Items]      
Consideration transferred   $ 36.3  
Payments to acquire businesses   $ 26.7  
Finite-lived intangibles, useful life   5 years  
Pathway Medical Inc. | Restricted Stock Units (RSUs)      
Business Combination [Line Items]      
Award vesting period   4 years  
Consideration transferred, as stock units   $ 9.6  
Pathway Medical Inc. | Restricted Stock Units (RSUs) | Vesting Quarterly Over 5 Years      
Business Combination [Line Items]      
Shares originally granted   $ 23.9  
Award vesting period   5 years  
Pathway Medical Inc. | Restricted Stock Units (RSUs) | Vesting Quarterly Over 4 Years      
Business Combination [Line Items]      
Shares originally granted   $ 1.0  
Pathway Medical Inc. | Performance-Based Restricted Stock Units | Vesting Quarterly Over 4 Years      
Business Combination [Line Items]      
Shares originally granted   $ 4.0  
Pathway Medical Inc. | Performance-Based Restricted Stock Units | Forecast      
Business Combination [Line Items]      
Shares originally granted $ 8.0    
Award vesting period 2 years    
v3.25.3
Business Combinations - Schedule of Purchase Consideration Allocation (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jul. 29, 2025
Mar. 31, 2025
Liabilities assumed:      
Goodwill $ 84,973   $ 67,940
Pathway Medical Inc.      
Assets acquired:      
Cash   $ 196  
Accounts receivable   148  
Prepaid expenses   494  
Deferred taxes   94  
Developed technology   18,700  
Total assets acquired   19,632  
Liabilities assumed:      
Accrued expenses and other current liabilities   391  
Net assets acquired, excluding goodwill   19,241  
Goodwill   17,033  
Total purchase consideration   $ 36,274  
v3.25.3
Intangible Assets and Goodwill - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross $ 57,300 $ 38,600
Less: accumulated amortization (18,157) (15,528)
Intangible assets, net 39,143 23,072
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross 37,069 37,069
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross 18,700 0
Other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross $ 1,531 $ 1,531
v3.25.3
Intangible Assets and Goodwill - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 1,600,000 $ 1,000,000.0 $ 2,600,000 $ 2,100,000
Impairment of intangible assets 0 0 0 0
Goodwill impairment $ 0 $ 0 $ 0 $ 0
v3.25.3
Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2026 $ 3,876  
2027 7,750  
2028 7,750  
2029 7,750  
2030 7,750  
Thereafter 4,267  
Intangible assets, net $ 39,143 $ 23,072
v3.25.3
Intangible Assets and Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Details)
$ in Thousands
 6 Months Ended
Sep. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Balance, beginning of period $ 67,940
Goodwill acquired 17,033
Balance, end of period $ 84,973
v3.25.3
Equity - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended 17 Months Ended
Jun. 08, 2021
vote
$ / shares
shares
Jul. 31, 2025
USD ($)
Oct. 31, 2021
USD ($)
$ / shares
shares
Sep. 30, 2025
USD ($)
class
plan
$ / shares
shares
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
class
plan
$ / shares
shares
Sep. 30, 2024
USD ($)
Mar. 31, 2025
USD ($)
$ / shares
shares
Mar. 31, 2018
shares
Sep. 30, 2025
USD ($)
class
plan
$ / shares
shares
May 01, 2024
USD ($)
Jun. 30, 2021
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Preferred stock, authorized (in shares)       100,000,000   100,000,000   100,000,000   100,000,000   100,000,000
Preferred stock, par value (in dollars per share) | $ / shares       $ 0.001   $ 0.001   $ 0.001   $ 0.001   $ 0.001
Preferred stock, outstanding (in shares)       0   0   0   0    
Preferred stock, issued (in shares)       0   0   0   0    
Number of classes of common stock | class       2   2       2    
Common stock, authorized (in shares)       1,500,000,000   1,500,000,000   1,500,000,000   1,500,000,000    
Common stock, par value (in dollars per share) | $ / shares       $ 0.001   $ 0.001   $ 0.001   $ 0.001    
Common stock, outstanding (in shares)       188,090,000   188,090,000   188,875,000   188,090,000    
Stock repurchase program, authorized amount | $                     $ 500,000  
Repurchase and retirement of common stock (in shares)                   4,496,467    
Repurchase and retirement of common stock | $       $ 21,479 $ 21,866 $ 144,580 $ 70,302     $ 220,200    
Stock repurchase program, remaining authorized repurchase amount | $       279,800   $ 279,800       $ 279,800    
Accrued excise taxes | $       $ 300       $ 0        
Number of shares called by warrants (in shares)       229,000   229,000       229,000    
Stock based compensation expense | $       $ 29,474 $ 17,868 $ 51,339 34,958          
Number of equity incentive plans | plan       3   3       3    
Options outstanding in period (in shares)       11,883,000   11,883,000   13,013,000   11,883,000    
Aggregate intrinsic value of options | $           $ 57,400 55,100          
Unamortized compensation expense, option | $       $ 7,300   $ 7,300       $ 7,300    
Stock options                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Unamortized compensation expense, weighted average period of recognition           1 year 7 months 24 days            
Award vesting period (in years)           4 years            
Expiration period from the date of grant (in years)           10 years            
Restricted Stock Units (RSUs)                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Unamortized stock-based compensation expense excluding option | $       $ 135,300   $ 135,300       $ 135,300    
Unamortized compensation expense, weighted average period of recognition           2 years 1 month 24 days            
Total fair value of non-option instrument | $           $ 62,000 21,900          
Other than options granted in period (in shares)           1,570,000            
Forfeited (in shares)           242,000            
Outstanding unvested (in shares)       3,644,000   3,644,000   3,347,000   3,644,000    
Vested (in shares)           1,031,000            
Restricted Stock Units (RSUs) | Minimum                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Award vesting period (in years)           2 years            
Restricted Stock Units (RSUs) | Maximum                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Award vesting period (in years)           4 years            
Performance-Based Restricted Stock Units                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Stock based compensation expense | $           $ 2,300            
Other than options granted in period (in shares)           685,500            
Maximum percentage earned of shares originally granted (percent)   300.00%   200.00%   200.00%       200.00%    
Achievement threshold for additional shares, percent       100.00%   100.00%       100.00%    
Forfeited (in shares)           61,578            
Outstanding unvested (in shares)       1,014,314   1,014,314   480,030   1,014,314    
Vested (in shares)           89,638            
Outstanding unvested (in shares)           866,030            
Unamortized compensation expense, option, non option | $       $ 28,000   $ 28,000       $ 28,000    
Retention and incentive equity award | $   $ 30,000                    
Shares originally granted | $   $ 23,000                    
Probable of achievement shares, percent       100.00%   100.00%       100.00%    
Approved by Board of Directors, Outside of Plans                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Options granted in period (in shares)                 4,682,582      
Options exercised (in shares)       2,114,582   2,114,582       2,114,582    
Options outstanding in period (in shares)       2,568,000   2,568,000       2,568,000    
U.S. News Warrant                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Number of shares called by warrants (in shares)     516,000                  
Exercise price called by warrants (in dollars per share) | $ / shares     $ 12.56                  
Warrants exercised in period , intrinsic value | $           $ 2,300            
Warrant outstanding, (in years)     10 years                  
Warrants outstanding, vesting period (in years)     6 years 5 months 23 days                  
Fair value of warrant | $     $ 34,700                  
Stock based compensation expense | $           $ 2,700 $ 2,700          
Shares exercised under warrant (in shares)           50,167            
Outstanding shares under warrant (in shares)       229,333   229,333   279,500   229,333    
Unamortized stock-based compensation expense excluding option | $       $ 13,400   $ 13,400       $ 13,400    
Unamortized compensation expense, weighted average period of recognition           2 years 6 months            
U.S. News Warrant | Share-Based Payment Arrangement, Subsequent to Tranche One                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Warrants outstanding, vesting period (in years)     6 years                  
Common Class A                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Common stock, authorized (in shares) 1,000,000,000                      
Common stock, par value (in dollars per share) | $ / shares $ 0.001                      
Common stock, number of votes per share | vote 1                      
Common stock, outstanding (in shares)       137,192,232   137,192,232       137,192,232    
Common Class B                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Common stock, authorized (in shares) 500,000,000                      
Common stock, par value (in dollars per share) | $ / shares $ 0.001                      
Common stock, number of votes per share | vote 10                      
Conversion of stock, conversion ratio 1                      
Common stock, outstanding (in shares)       50,897,811   50,897,811       50,897,811    
v3.25.3
Equity - Schedule of Common Stock Reserved for Issuance (Details) - shares
Sep. 30, 2025
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Common stock warrants (in shares) 229,000  
Options outstanding (in shares) 11,883,000 13,013,000
Total (in shares) 72,002,000  
2010 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Options outstanding (in shares) 9,315,000  
2021 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Units outstanding (in shares) 4,658,000  
Shares available for future grant (in shares) 43,634,000  
2021 ESPP    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for future grant (in shares) 11,598,000  
Options outstanding outside the Plans    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Options outstanding (in shares) 2,568,000  
v3.25.3
Equity - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Number of Shares (in thousands)    
Beginning balance (in shares) 13,013  
Options exercised (in shares) (1,031)  
Options forfeited or expired (in shares) (99)  
Ending balance (in shares) 11,883 13,013
Vested and exercisable, at end of period (in shares) 9,809  
Vested and expected to vest, at end of period (in shares) 11,883  
Weighted-Average Exercise Price    
Beginning balance (in dollars per share) $ 4.82  
Exercised (in dollars per share) 4.07  
Forfeited or expired (in dollars per share) 6.71  
Ending balance (in dollars per share) 4.87 $ 4.82
Weighted average exercise price, vested and exercisable at period end (in dollars per share) 4.24  
Weighted average exercise price, vested and expected to vest at period end (in dollars per share) $ 4.87  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Average remaining contractual term, outstanding (in years) 4 years 4 months 24 days 4 years 11 months 1 day
Average remaining contractual term, vested and exercisable at period end (in years) 4 years 2 months 12 days  
Average remaining contractual term, vested and expected to vest at period end (in years) 4 years 4 months 24 days  
Aggregate intrinsic value, outstanding $ 811,385 $ 692,422
Aggregate intrinsic value, vested and exercisable at period end 675,959  
Aggregate intrinsic value, vested and expected to vest at period end $ 811,385  
v3.25.3
Equity - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)
shares in Thousands
 6 Months Ended
Sep. 30, 2025
$ / shares
shares
Number of Shares  
Beginning balance (in shares) | shares 3,347
Granted (in shares) | shares 1,570
Vested (in shares) | shares (1,031)
Forfeited (in shares) | shares (242)
Ending balance (in shares) | shares 3,644
Weighted- Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 31.66
Granted (in dollars per share) | $ / shares 60.13
Vested (in dollars per share) | $ / shares 35.73
Forfeited (in dollars per share) | $ / shares 34.65
Ending balance (in dollars per share) | $ / shares $ 42.58
v3.25.3
Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock based compensation expense $ 29,474 $ 17,868 $ 51,339 $ 34,958
Cost of revenue        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock based compensation expense 2,844 2,661 5,824 5,555
Research and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock based compensation expense 9,862 5,447 16,511 10,131
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock based compensation expense 10,508 6,808 18,218 13,394
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock based compensation expense $ 6,260 $ 2,952 $ 10,786 $ 5,878
v3.25.3
Net Income Per Share Attributable to Common Stockholders - Schedule of Net Income Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator        
Net income $ 62,059 $ 44,154 $ 115,379 $ 85,531
Denominator        
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic (in shares) 187,705 186,252 187,844 185,933
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted (in shares) 200,745 200,407 200,952 199,818
Net income per share attributable to Class A and Class B common stockholders:        
Basic (in dollars per share) $ 0.33 $ 0.24 $ 0.61 $ 0.46
Diluted (in dollars per share) $ 0.31 $ 0.22 $ 0.57 $ 0.43
Stock options        
Denominator        
Dilutive effect of share-based payment (in shares) 11,166 13,162 11,308 13,230
Other share-based awards        
Denominator        
Dilutive effect of share-based payment (in shares) 1,874 993 1,800 655
v3.25.3
Net Income Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Net Income Per Share (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of net income per share (in shares) 267 676 409 1,086
Other share-based awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of net income per share (in shares) 30 271 160 626
Common stock warrants        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of net income per share (in shares) 237 405 249 460
v3.25.3
Impairment Charge (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring and Related Activities [Abstract]        
Impairment charge $ 0 $ 2,304 $ 0 $ 2,304
v3.25.3
Commitments and Contingencies (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Apr. 30, 2024
lawsuit
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]          
Web hosting arrangement, period       3 years  
Annual commitment amount   $ 7,000,000   $ 7,000,000  
Remaining commitments   14,000,000   14,000,000  
Number of lawsuits filed | lawsuit 5        
Loss contingency   $ 0 $ 0 $ 0 $ 0
v3.25.3
Leases - Schedule of Components of Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Operating lease cost, net of sublease income $ 468 $ 615 $ 938 $ 1,246
Variable lease cost 14 3 29 9
Total lease cost $ 482 $ 618 $ 967 $ 1,255
v3.25.3
Leases - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Sep. 30, 2025
Leases [Abstract]      
Lease, term     5 years 6 months
Lease payments to be received     $ 2.4
Sublease income $ 0.0 $ 0.0  
v3.25.3
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]    
Cash paid for amounts included in measurement of lease liabilities—Operating cash flows $ 1,377 $ 1,350
v3.25.3
Leases - Schedule of Supplemental Balance Sheet Information (Details)
Sep. 30, 2025
Mar. 31, 2025
Leases [Abstract]    
Weighted-average remaining lease term (in years) 4 years 8 months 19 days 5 years 2 months 1 day
Weighted-average discount rate 4.19% 4.19%
v3.25.3
Leases - Schedule of Maturities of Lease Liabilities (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Leases [Abstract]  
Remainder of 2026 $ 1,310
2027 2,497
2028 2,605
2029 2,667
2030 2,706
Thereafter 679
Total future lease payments 12,464
Less: imputed interest (1,195)
Present value of lease liabilities $ 11,269
v3.25.3
Other Income, net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Other Income and Expenses [Abstract]        
Interest income $ 9,436 $ 9,112 $ 19,301 $ 16,280
Net gain on sale of marketable securities 0 31 0 31
Other expense (178) (114) (413) (166)
Other income, net $ 9,258 $ 9,029 $ 18,888 $ 16,145
v3.25.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Effective tax rate 14.90% 29.00% 15.80% 25.80%
Increase in prepaid taxes $ 40.4      
Decrease in deferred taxes $ 40.4      
v3.25.3
Segment and Geographic Information (Details)
 6 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1