Revenue has experienced a severe downturn, culminating in a -21.3% year-over-year decline in 2026Q1, while gross margins have compressed to 28.1% due to limited operational scalability.
| Sales/Revenue | 301.71M | 322.2M | 616.56M | 624.29M | 440.52M | 318.72M | 94.09M | 48.3M |
| Revenue Growth % | -42.03% | -47.74% | -1.24% | 41.72% | 38.21% | 238.74% | 94.81% | - |
| Cost of Goods Sold | 212.57M | 223.44M | 402.98M | 428.91M | 285.79M | 208.97M | 62.74M | 35.11M |
| COGS % of Revenue | - | 69.35% | 65.36% | 68.7% | 64.88% | 65.57% | 66.68% | 72.69% |
| Gross Profit | 89.15M | 98.76M | 213.57M | 195.38M | 154.72M | 109.75M | 31.35M | 13.19M |
| Gross Margin % | 29.55% | 30.65% | 34.64% | 31.3% | 35.12% | 34.43% | 33.32% | 27.31% |
| Gross Profit Growth % | - | -53.76% | 9.31% | 26.28% | 40.98% | 250.1% | 137.67% | - |
| Operating Expenses | 199.76M | 187.91M | 184.89M | 180.33M | 132.89M | 94.39M | 46.1M | 33.95M |
| OpEx % of Revenue | - | 58.32% | 29.99% | 28.89% | 30.17% | 29.62% | 49% | 70.3% |
| Selling, General & Admin | 31.21T | 158.69M | 157.41M | 153.04M | 116.94M | 83.56M | 39.41M | 28.55M |
| SG&A % of Revenue | - | 49.25% | 25.53% | 24.51% | 26.55% | 26.22% | 41.88% | 59.11% |
| Research & Development | 13.63M | 13.56M | 11.59M | 10.86M | 5.38M | 3.32M | 1.19M | 1.22M |
| R&D % of Revenue | - | 4.21% | 1.88% | 1.74% | 1.22% | 1.04% | 1.26% | 2.53% |
| Other Operating Expenses | 2M | 15.66M | 15.88M | 16.43M | 10.57M | 7.51M | 5.51M | 4.18M |
| Operating Income | -110.61M | -89.16M | 28.69M | 15.05M | 21.83M | 15.36M | -14.76M | -20.76M |
| Operating Margin % | -36.66% | -27.67% | 4.65% | 2.41% | 4.96% | 4.82% | -15.68% | -42.99% |
| Operating Income Growth % | - | -410.77% | 90.56% | -31.04% | 42.16% | 204.06% | 28.92% | - |
| EBITDA | -96.06M | -73.5M | 44.57M | 31.49M | 32.4M | 22.87M | -9.25M | -16.58M |
| EBITDA Margin % | -31.84% | -22.81% | 7.23% | 5.04% | 7.35% | 7.18% | -9.83% | -34.33% |
| EBITDA Growth % | -772.73% | -264.89% | 41.56% | -2.81% | 41.66% | 347.23% | 44.21% | - |
| D&A (Non-Cash Add-back) | 14.55M | 15.66M | 15.88M | 16.43M | 10.57M | 7.51M | 5.51M | 4.18M |
| EBIT | -93.86M | -89.16M | 29.68M | 15.05M | 21.83M | 20.56M | -14.76M | -20.76M |
| Net Interest Income | -687.56K | -1.01M | -1.93M | 1.68M | 762.68K | -763.03K | -204.63K | -545.87K |
| Interest Income | 0 | 0 | 236.95K | 1.68M | 762.68K | 0 | 0 | 545.87K |
| Interest Expense | 687.56K | 1.01M | 2.17M | 0 | 0 | 763.03K | 204.63K | 0 |
| Other Income/Expense | -78.77M | -98.34M | -939.72K | 1.24M | 950.26K | 4.44M | 125.91K | -428.28K |
| Pretax Income | -189.38M | -187.5M | 27.75M | 16.29M | 22.78M | 19.8M | -14.63M | -21.19M |
| Pretax Margin % | -62.77% | -58.19% | 4.5% | 2.61% | 5.17% | 6.21% | -15.55% | -43.87% |
| Income Tax | 12.61M | 8.87M | 14.39M | 6.24M | -7.96M | 615.7K | 167.44K | 47.03K |
| Effective Tax Rate % | -6.66% | -4.73% | 51.85% | 38.33% | -34.95% | 3.11% | -1.14% | -0.22% |
| Net Income | -187.76M | -182.4M | 19.99M | 6.86M | 34.58M | 23.74M | -14.36M | -20.21M |
| Net Margin % | -62.23% | -56.61% | 3.24% | 1.1% | 7.85% | 7.45% | -15.26% | -41.84% |
| Net Income Growth % | -29208.66% | -1012.36% | 191.5% | -80.17% | 45.66% | 265.35% | 28.95% | - |
| Net Income (Continuing) | -201.99M | -196.37M | 13.36M | 10.05M | 30.74M | 19.18M | -14.8M | -21.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -21.1M | -18.14M | -5.74M | 4.38M | 5.7M | 7.48M | 11.95M | 10.89M |
| EPS (Diluted) | -1.90 | -1.84 | 0.18 | 0.06 | 0.34 | 0.25 | -0.14 | -0.20 |
| EPS Growth % | -16508.7% | -1122.22% | 177.35% | -80.91% | 36% | 278.57% | 30% | - |
| EPS (Basic) | - | -1.84 | 0.20 | 0.07 | 0.34 | 0.30 | -0.14 | -0.20 |
| Diluted Shares Outstanding | 98.75M | 99.07M | 109.42M | 105.62M | 102.98M | 94.86M | 100.22M | 100.22M |
| Basic Shares Outstanding | 98.75M | 99.07M | 102.4M | 103.51M | 101.23M | 80.29M | 100.22M | 100.22M |
| Dividend Payout Ratio | - | - | 6474653.57% | - | - | - | - | - |
Municipal contract concentration risk
As reported in financial statements, DocGo's revenue has experienced a severe downturn, culminating in a -21.3% year-over-year decline in 2026Q1, which underscores the volatility inherent in a business model heavily reliant on the expiration of short-term, project-based government contracts rather than sustainable, recurring service streams.
The consistent quarterly revenue decay from the 2023Q4 peak of $199.2M to $75.6M in 2026Q1 suggests that the company's growth was largely driven by transient pandemic-era demand. Investors should monitor whether the current revenue base can stabilize, as the reliance on municipal assignments leaves the top line vulnerable to political budget cycles.
Based on the provided income statement data, DocGo's gross margin has compressed to 28.1% in 2026Q1, reflecting the inherent difficulty in scaling a labor-intensive medical transportation model that lacks the high-margin software leverage seen in broader digital health peers like Doximity or Hims & Hers.
The inability to maintain gross margins above the 30% threshold suggests that rising clinical labor costs are outpacing the company's pricing power. This structural limitation implies that the business may struggle to achieve profitability without a fundamental shift toward higher-acuity, lower-labor-intensity service offerings.
According to recent SEC filings, DocGo's operating margin has deteriorated to -24.8% in 2026Q1, indicating that the company has failed to achieve the necessary operating leverage to offset its fixed overhead costs as revenue volumes continue to decline across its core municipal service segments.
The persistent gap between gross profit and operating income suggests that SG&A expenses remain stubbornly high relative to the shrinking revenue base. This trend warrants further investigation into whether management can successfully right-size the cost structure to align with the current, lower-volume operational reality.
As evidenced by the transition from positive operating income in 2024Q3 to significant losses, the company's income statement narrative faces a credible challenge regarding its ability to generate self-sustaining cash flows, particularly as the reliance on lumpy, politically sensitive government contracts creates substantial earnings quality concerns.
Short-sellers would likely focus on the rapid erosion of net income and the potential for further contract non-renewals in the New York market. The current financial trajectory suggests that the company may face liquidity constraints if it cannot pivot its infrastructure toward more stable, private-payer revenue streams.
Quick answers to the most common questions about buying DCGO stock.
For fiscal year 2025, DocGo Inc. (DCGO) reported total revenue of $322.2M. This represents a 567.1% increase compared to $48.3M in 2019.
DocGo Inc. (DCGO) reported a net loss of $182.4M for the fiscal year ending 2025.
DocGo Inc. (DCGO) reported an operating income of $-89.2M, resulting in an operating profit margin of -27.7%. This margin reflects the operational efficiency of the business before interest and taxes.
DocGo Inc. (DCGO) generated $98.8M in gross profit for the year, representing a gross profit margin of 30.7%. This demonstrates the company's core pricing power and production efficiency.