Hims & Hers Health Inc

Latest Results (02.04.2026):

Hims & Hers Health, Inc. reported results for the fourth quarter (Q4) and full year 2025. For the year ended December 31, 2025 the company delivered revenue of $2.35 billion (up 59% YoY), net income of $128.4 million, Adjusted EBITDA of $318.0 million, and ended the period with ~2.51 million subscribers; Q4 2025 revenue was $617.8 million with net income of $20.6 million.

Revenue

Full year 2025 revenue was $2,347.6 million (59% YoY growth). Q4 2025 revenue was $617.8 million (28% YoY). U.S. revenue drove most of the growth ($2.2136B for the year); Rest of World revenue grew rapidly (to $133.99M for the year, +399% YoY).

Profitability

Net income was $128.4 million for full year 2025 (vs. $126.0M in 2024). Adjusted EBITDA was $317.98 million for 2025 (vs. $176.87M in 2024). Q4 Adjusted EBITDA was $66.3 million (vs. $54.1M a year ago).

Subscribers & ARPU

Subscribers at year-end were 2,511 thousand (2.51M), up 13% YoY. Monthly revenue per average subscriber was $83 for 2025 (up 28% YoY), indicating higher spend/engagement per subscriber.

Margins & Costs

Gross margin declined to 74% for the year (79% in 2024); Q4 gross margin was 72% (77% prior year). Operating expenses increased materially (marketing, ops, tech and G&A), with marketing at $919.3M for the year.

Cash Flow & Free Cash Flow

Net cash provided by operating activities was $300.0 million for 2025 (Q4: $61.3M). Free Cash Flow was $57.4 million for 2025 but negative $(2.6) million in Q4, reflecting elevated capex and investments.

Balance Sheet & Financing

Total assets were $2.155 billion at 12/31/2025 (up from $707.5M a year earlier) with cash and cash equivalents of $228.6M and significant available-for-sale investments (~$700M combined short- and long-term). The company issued convertible senior notes (net proceeds ~$970M, convertible senior notes, net ~$972.6M on the balance sheet).

Guidance & Key Assumptions

Hims & Hers provided Q1 2026 guidance of $600M–$625M revenue and Adjusted EBITDA of $35M–$55M. Full year 2026 guidance: $2.7B–$2.9B revenue and $300M–$375M Adjusted EBITDA. Guidance excludes potential contribution from the proposed Eucalyptus acquisition and assumes continued access to compounded semaglutide and current business relationships.

Strategic / Operational Notes

The company highlighted product expansion (hormone therapies, diagnostics, Labs), international expansion (EU, UK, Canada) and ongoing M&A (proposed Eucalyptus). Management emphasized investments to scale specialties, tech and international footprint to reach 2030 targets.