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Sep 30, 2025
Docgo Q3 2025 Earnings Report
DocGo reported a net loss and revenue decline in Q3 2025, driven by the wind-down of migrant-related programs.
Key Takeaways
DocGo posted a $29.7 million net loss in Q3 2025 due to impairment charges and reduced revenue from migrant-related programs. However, excluding those effects, core revenue grew and operational metrics showed strong volume gains. Adjusted EBITDA was negative, but the company maintained strong liquidity and reaffirmed forward guidance.
Total revenue declined to $70.8 million due to the wind-down of migrant-related programs
Net loss was $29.7 million, including $16.7 million in impairment charges
Adjusted EPS excludes $0.17 per share of non-cash impairment charges
Core business volumes reached record highs across all major service lines
Revenue by Segment
Forward Guidance
DocGo reaffirmed full-year 2025 guidance with expected revenue between $315M–$320M and adjusted EBITDA loss of $25M–$28M, while 2026 guidance anticipates no migrant-related revenue and aims for positive adjusted EBITDA run rate by year-end.
Positive Outlook
- Core business expected to grow 12%-20% in 2026
- No assumptions of new contract wins included in 2026 guidance
- Care gap and primary care expansions underway with major payer partners
- Expected decline in investment levels for 2026 as early markets mature
- Acquisition of SteadyMD expands telehealth footprint across all 50 states
Challenges Ahead
- Ongoing net losses projected for full-year 2025 and 2026
- Impairment charges contributed significantly to quarterly loss
- Adjusted EBITDA remains negative through much of forecast period
- Cash position declined following debt repayment
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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