DocGo Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data DocGo Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	94.1	319	441	624	617	322
Cost of revenue		452	524
Gross profit		-133	-83.4
Research and development	1.19	3.32	5.38	10.9	11.6	13.6
Selling and marketing	0.75	4.76	4.76	2.8	1.51	1.42
General and administrative	34.9	74.9	103	137	139	133
Operating expenses	109	303	419	609	588	500
Operating income	-14.8	15.4	21.8	15.1	28.7	-178
Interest expense	0.02	0.06	0.12
Interest income			950,264
Other non-operating income	0.3	-0.04	0.95	1.24	-0.94	-9.47
Pre-tax income	-14.6	19.8	22.8	16.3	27.7	-187
Income tax	0.17	0.62	-7.96	6.24	14.4	8.87
Net income to minority interests	-0.44	-4.56	-3.84	3.19	-6.63	-14
Net income	-14.8	23.7	34.6	6.86	20	-182
EBITDA	-9.25	17.7	32.4	31.5	44.6	-162
EPS, basic	-0.25	0.30	0.34	0.07	0.20	-1.84
EPS, diluted	-0.25	0.25	0.34	0.06	0.18	-1.84
Shares, basic (weighted)	58.4	80.3	101	104	102	99.1
Shares, diluted (weighted)	58.4	94.9	103	106	109	99.1

Balance sheet

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	32.4	176	157	59.3	89.2	51
Receivables		78.4	103	262	211	92.9
Other current assets	0	2.11	6.27	17.5	0.34	3.7
Total current assets	58.4	256	271	339	304	152
Property, plant and equipment	9.11	12.7	21.3	16.8	14.9	14.6
Lease right-of-use assets	5	4.2	9.07	9.58	12	11.5
Goodwill	6.61	8.69	38.9	47.5	47.4	0
Intangible assets	10.7	10.7	23	37.7	25.7	0
Other non-current assets	1.32	3.81	3.63	2.57	3.73	3.35
Total assets	100	310	393	490	456	217
Accounts payable	3.95	15.8	21.6	19.8	28.4	11.1
Accrued liabilities	14.3	35.1	31.6	91.3	49.9	42.8
Short-term debt		0.6	0.66	0.03	0.01	0.05
Total current liabilities	23.5	57.9	100	170	122	67.5
Long-term debt	0.59	1.3	1.24	0.04	0.01	0.18
Lease liabilities	3.64	2.98	7.04	7.22	8.6	7.56
Total liabilities	33.2	82.5	114	185	140	91.2
Total debt	0.14	0.6	0.66	0.07	0.02	0.24
Paid-in capital	142	283	301	321	321	325
Retained earnings	-87.3	-63.6	-29	-21.4	-1.4	-184
Other comprehensive income	-0.05	-0.03	0.74	1.48	1.22	2.39
Shareholders' equity	55	220	273	301	321	144
Minority interests	11.9	7.48	5.7	4.38	-5.74	-18.1
Total equity	66.9	227	279	305	315	126
Total liabilities and equity	100	310	393	490	456	217
Shares outstanding	76.5	100	102	104	102	98.6

Cash flow statement

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-14.8	19.2	30.7	10	13.4	-196
Depreciation and amortization	5.51	2.31	10.6	16.4	15.9	15.7
Stock-based compensation		1.38	8.05	21	13.6	17.4
Deferred income tax		0	-9.96	-1.98	3.47	7.75
Change in receivables	-16.2	-58	-8.42	-161	41.3	112
Change in payables	3.01	11.9	3.64	-2.05	8.31	-17.6
Cash from operations	-10.7	-1.95	28.9	-64.5	70.1	34.5
Capital expenditures	-4.36	-4.81	-3.2	-7.31	-3.61	-4.54
Acquisitions		-1.3	-33	-20.2	0	-16.4
Cash from investing	-6.04	-8.59	-38.4	-29.6	-10.7	-39.1
Debt repaid			-1
Stock issued		178	0	0	0.03	0
Share buybacks		0	-3.73	0	-13.8	-10.8
Cash from financing	-0.81	155	-6.18	1.12	-24.2	-50.8
Exchange rate effect	0.2	-0.02	0.76	1.09	-0.19	0.6
Net change in cash	-17.3	145	-15	-91.9	35.1	-54.9
Free cash flow	-15	-6.76	25.7	-71.8	66.5	29.9
Interest paid		0.32	0.2	0.25	2.14	1.71
Income taxes paid	0.12	0.62	1.51	10.3	5.88	6.48

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.35 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-62.2%	Operating income / revenue.
EBITDA margin	-57.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-64.3%	Pre-tax income / revenue.
Net margin	-65.3%	Net income / revenue.
FCF margin	-8.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-7.7%	Cash from operations / revenue.
Return on equity (ROE)	-161.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-103.0%	Net income / average total assets.
Return on invested capital (ROIC)	-153.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.8%	Research and development expense / revenue.
Stock-based pay / revenue	4.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	4.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-47.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-720.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-464.3%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-1,012.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-1,122.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-50.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-55.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	5.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-55.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-19.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	21.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-52.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-18.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-9.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	11.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.66x	Current assets / current liabilities.
Quick ratio	1.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.35x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.1%	Total debt / total assets.
Liabilities / assets	48.7%	Total liabilities / total assets.
Net debt	-$25.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$47.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$117.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.58x	Revenue / average total assets.
Fixed asset turnover	23.2x	Revenue / average property, plant and equipment.
Receivables turnover	3.42x	Revenue / average receivables.
Days sales outstanding	107 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.95	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.98	Revenue / diluted weighted shares.
FCF per share	-$0.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.23	Cash from operations / diluted weighted shares.
Book value per share	$1.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.19	Tangible book value / shares outstanding.
Cash per share	$0.26	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$34.1M	Share price x shares outstanding.
Enterprise value	$9.1M	Market cap + total debt - cash - short-term investments.
P/S	0.12x	Market cap / revenue.
P/B	0.29x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.29x	Market cap / tangible book value, when positive.
EV/Sales	0.03x	Enterprise value / revenue.
FCF yield	-75.8%	Free cash flow / market cap.
Earnings yield	-564.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was DocGo Inc.'s revenue in fiscal 2025?

DocGo Inc. reported revenue of $322.2M for fiscal 2025, 47.7% lower than the year before.

Was DocGo Inc. profitable in fiscal 2025?

No. It reported a net loss of $182.4M.

How much free cash flow did DocGo Inc. generate in fiscal 2025?

Cash from operations of $34.5M minus capital expenditures of $4.5M left free cash flow of $29.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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