Short answer
DocGo Inc. (DCGO) filed its fiscal 2025 10-K annual report with the SEC on Mar 16, 2026. It reported revenue of $322M (−47.7% year over year) and net income of −$182M.
- Top risk flagged: Regulatory risk: U.S. Department of Justice and Federal Trade Commission reviews could delay or block acquisitions, impacting DocGo’s growth strategy
FY2025 key financial metrics · XBRL
- Revenue
- $322M
- −47.7% YoY
- Net income
- −$182M
- −1012.4% YoY
- Operating margin
- -55.3%
- −59.9 pp YoY
- EPS (diluted)
- −$1.84
- −1122.2% YoY
- ROE
- -126.7%
- −132.9 pp YoY
- Operating cash flow
- $34M
- −51.0% YoY
Source: XBRL data from the DocGo Inc. (DCGO) FY2025 10-K on SEC EDGAR. USD.
DocGo Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Vertically integrated mobile healthcare platform combining in-home medical services, virtual care, and ambulance transport across US and UK
- New in 2025: Acquisition of 50-state virtual care network with white-label telehealth, plus northeast mobile phlebotomy provider
- Strategic shift: Decreasing reliance on government contracts (73% revenue in 2023 to 48% in 2025) by pivoting to payor partnerships, value-based models, and risk-sharing
- Quantitative highlight: 3,568 total employees as of Dec 31, 2025, delivering 1.3M patient interactions, clinicians traveling 11M miles; Mobile Health segment NPS score 92
- Noteworthy fact: Prevented estimated 91,000 unnecessary ER visits, saving US healthcare system $285M in costs since inception
Management Discussion & Analysis
- Revenue $322.2M in 2025, down 47.7% YoY from $616.6M in 2024, due to 71.3% decline in Mobile Health to $121.4M, Transportation up 3.8% to $200.8M
- Operating margin -55.3% in 2025 vs 4.7% in 2024; cost of revenues ratio 69.4% vs 65.3%; operating expenses 85.9% of revenue vs 30.0% in 2024, driven by impairments
- Best segment: Transportation Services revenue $200.8M (+3.8%), cost ratio improved to 68.4% from 69.1%; Worst segment: Mobile Health Services revenue $121.4M (-71.3%), cost ratio worsened to 70.9% from 63.6%
- No explicit cash flow figures; capital allocation includes 3 acquisitions costing $21.1M in 2025 vs none in 2024; increased legal, technology, and bad debt expenses noted
- Management expects Mobile Health revenues to decline in 2026 due to migrant contract wind-down; inflation and regulatory risks may affect margins and cash flow; plans continued AI & technology investment
Risk Factors
- Regulatory risk: U.S. Department of Justice and Federal Trade Commission reviews could delay or block acquisitions, impacting DocGo’s growth strategy
- Geopolitical risk: Exposure to uncertainty from U.S.-China relations, Ukraine war, Middle East conflict, Taiwan Strait tensions affecting operational costs and expansion
- Operational risk: High upfront labor and supply costs in projects with large healthcare or government clients increase financial strain if economies of scale are not achieved
- Competitive risk: Market disruption risk from large technology companies like Amazon (One Medical acquisition, Feb 2023), CVS (Signify Health acquisition, Mar 2023), Walmart entering telehealth
- Financial risk: Heavy revenue concentration with one customer representing 33% of total revenues in 2025; contracts terminable with as little as 15 days’ notice
Generated from the filing text; verify against the original. How to read a 10-K
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