DocGo Inc. (DCGO) FY2025 10-K Annual Report
DocGo Inc. (DCGO) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 16, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
DocGo Inc. FY2025 10-K Analysis
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
DocGo Inc. FY2025 Key Financial MetricsXBRL
Revenue
$322M
▼ -47.7% YoY
Net Income
-$182M
▼ -1012.4% YoY
Operating Margin
-55.3%
▼ -5991bp YoY
Net Margin
-56.6%
▼ -5985bp YoY
ROE
-126.7%
▼ -13289bp YoY
Total Assets
$217M
▼ -52.4% YoY
EPS (Diluted)
$-1.84
▼ -1122.2% YoY
Operating Cash Flow
$34M
▼ -51.0% YoY
Source: XBRL data from DocGo Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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