Hims & Hers Health Inc - Class A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −6.15%.
Did HIMS Beat Earnings? Q4 2025 Results
Hims & Hers Health closed out fiscal 2025 with a fourth quarter that edged past Wall Street expectations, though the headline beat arrived alongside mounting questions about the company's compounded GLP-1 runway. Revenue reached $617.82 million in Q4, up 28.4% year-over-year and fractionally ahead of the $617.16 million consensus, while adjusted earnings per share of $0.08 cleared the $0.05 estimate by 60.00%. The most consequential number beneath the surface was free cash flow, which swung to negative $2.57 million from positive $59.50 million a year earlier, as the company ramped capital expenditures aggressively into pharmacy automation and infrastructure. Gross margin compressed roughly 500 basis points to 72%, reflecting international scaling costs and weight-loss shipping dynamics. With regulatory scrutiny around compounded semaglutide intensifying, investors are watching whether international expansion, including the pending Eucalyptus acquisition, can sustain momentum. Management guided full-year 2026 revenue of $2.70 billion to $2.90 billion, with Adjusted EBITDA of $300 million to $375 million, assuming continued compounding access.
- Subscriber base grew 13% YoY to over 2.5 million
- Monthly revenue per average subscriber increased 11% YoY to $83
- Hers revenue grew more than 100% year-over-year in 2025
- Hims revenue grew more than 30% year-over-year in 2025
- Weight Loss, Men's Dermatology, Sexual Health, and Women's Dermatology each exceeded $100 million in annual revenue
- More than 1.6 million subscribers using personalized solutions, growing over 30% YoY
- Marketing leverage improved with payback periods trending to 6-7 months
- Over 20% of subscribers addressing multiple conditions through the platform
“More than 2.5 million subscribers now rely on us for a healthcare experience that is both accessible and deeply personal – and we believe we're well on our way to becoming the global leader in consumer health. In 2025, we made it possible for more customers across the world to depend on us for access to care across an expanding range of conditions. From launching hormone therapies and diagnostics, introducing Labs to unlock deeper health insights, and taking meaningful steps to grow internationally, the investments we're making today position us to set a new standard in healthcare for people everywhere. The continued growth and diversification of our platform is helping to create a world where proactive, preventative, and personalized care can feel like a luxury without actually costing like one.”
Hims & Hers CEO, on the earnings call
Forward Guidance & Outlook
For Q1 2026, the company expects revenue of $600 million to $625 million and Adjusted EBITDA of $35 million to $55 million (6%-9% margin). For full year 2026, revenue is expected to be $2.7 billion to $2.9 billion with Adjusted EBITDA of $300 million to $375 million (11%-13% margin). This guidance excludes potential contributions from the proposed Eucalyptus acquisition and assumes ongoing ability to provide access to compounded semaglutide. Long-term 2030 targets are at least $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA. The company expects international markets to contribute more than $1 billion in annual revenue within three years.
HIMS YoY Financials
HIMS Revenue by Segment
HIMS Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.