Hims & Hers Health Inc - Class A
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.07%.
Did HIMS Beat Earnings? Q2 2025 Results
Hims & Hers Health posted a mixed second quarter, delivering explosive top-line growth while falling short on both profit and revenue expectations. The telehealth company reported Q2 2025 revenue of $544.83 million, up 72.6% year-over-year but trailing the $552.05 million consensus estimate by 1.31%, while earnings per share of $0.17 missed the $0.23 consensus by 25.83%, weighed down in part by gross margin compression tied to the company's fast-growing but lower-margin weight loss offerings. Subscriber count hit a record 2.4 million, up 31% annually, and net income climbed to $42.51 million from $13.30 million a year ago. The period also saw the acquisition of European digital health provider ZAVA Global, which management expects to contribute at least $50 million in revenue through year-end. The company reaffirmed full-year 2025 guidance of $2.30 billion to $2.40 billion in revenue, though the backdrop darkened somewhat as securities class action lawsuits emerged following Novo Nordisk's termination of its collaboration with the company over compounding practices.
- 73% year-over-year revenue growth driven by new weight loss offerings and continued sustainable growth across existing offerings
- Subscribers grew 31% year-over-year to over 2.4 million
- Monthly online revenue per average subscriber grew 30% YoY to $74
- Nearly 70% of new Q2 subscribers utilized personalized treatment plans
- Marketing leverage improved with GAAP marketing expenses declining from 46% to 40% of revenue
- Adjusted EBITDA more than doubled year-over-year to $82.2 million
- Subscribers utilizing personalized treatment plans for multiple conditions increased nearly 170% year-over-year to over 500 thousand
“It's never been more clear that we are delivering exactly what millions of people have been waiting for: access to personalized, high-quality care that meets people where they are. From the momentum of our business to the results our customers are achieving, we are more confident than ever that our model is helping people optimize their health and realize the benefits of precision medicine.”
Hims & Hers CEO, on the earnings call
Forward Guidance & Outlook
For Q3 2025, the company expects revenue of $570 million to $590 million and Adjusted EBITDA of $60 million to $70 million (11%-12% margin). For full year 2025, the company reaffirms revenue guidance of $2.3 billion to $2.4 billion and Adjusted EBITDA guidance of $295 million to $335 million (13%-14% margin). The company expects at least $50 million of revenue from the ZAVA acquisition through the remainder of 2025 at a positive Adjusted EBITDA margin. International markets are viewed as a long-term annual revenue opportunity of over $1 billion. The company plans to launch hormone health offerings in coming months, introduce standalone lab testing and longevity-focused care in 2026, and enter Canada with generic semaglutide in 2026.
HIMS YoY Financials
HIMS Revenue by Segment
HIMS Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.