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Hims & Hers Health
Hims & Hers Health (HIMS) investor relations material
Hims & Hers Health Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Feb, 2026
Executive summary
Achieved $2.35 billion in 2025 revenue, up 59% year-over-year, with over 2.5 million subscribers and strong growth in both U.S. and international markets.
Net income for 2025 was $128 million and Adjusted EBITDA reached $318 million, with subscriber base growing 13% year-over-year.
Expanded offerings in weight loss, labs, hormone therapies, menopause, and diagnostics, with new specialties scaling faster than legacy categories.
International expansion accelerated via acquisitions (Zava, Livewell, Eucalyptus), targeting $1 billion+ in international revenue within three years.
Majority of revenue and profitability driven by non-GLP-1 offerings, with GLP-1s as a growth accelerant but not a core dependency.
Financial highlights
Q4 2025 revenue: $618 million, up 28% year-over-year; full-year revenue: $2.35 billion, up 59%.
Adjusted EBITDA for 2025: $318 million, up nearly 80% year-over-year; margin expanded to 14%.
Net income for 2025: $128 million, with $300 million in operating cash flow and $57 million in free cash flow.
Gross margin in Q4: 72%, down 2 points sequentially and year-over-year due to international mix and new specialty launches.
Marketing spend improved to 39% of revenue, a 7-point year-over-year improvement.
Outlook and guidance
2026 revenue guidance: $2.7–$2.9 billion (15–24% growth); Adjusted EBITDA: $300–$375 million (12% margin at midpoint).
Q1 2026 revenue expected at $600–$625 million, with $35–$55 million Adjusted EBITDA.
2030 target: $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA.
International revenue expected to contribute at least $200 million in 2026, with Eucalyptus adding $200 million more post-close.
Guidance excludes potential contributions from the proposed Eucalyptus acquisition and assumes continued access to compounded semaglutide.
What sustains Rest of World revenue growth rate?
How will gross margin trends evolve in 2026?
How will 2025's heavy investments yield returns?
Detail FY25 FCF decline drivers
International growth's expected margin impact?
Strategy to grow multi-condition subscribers?
International segment's path to 2030 EBITDA
Weight loss strategy beyond compounded GLP-1s
Labs, AI, wearables impact on subscriber LTV
Partial view of Summaries dataset, powered by Quartr API
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Next Hims & Hers Health earnings date
Morgan Stanley Technology, Media & Telecom Conference 20262 Mar, 2026
Hims & Hers Health
Next Hims & Hers Health earnings date
Morgan Stanley Technology, Media & Telecom Conference 20262 Mar, 2026
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Hims & Hers: Bridging Gaps in Telehealth
Hims & Hers was founded in 2016 by Andrew Dudum and has grown into a ~$4 billion company in the telehealth industry in less than a decade.
Frequently asked questions
Healthcare for Him and Her
Hims & Hers Health, Inc. is an American company selling various medications and personal care products online. The company operates in an industry sometimes referred to as telehealth, and sells both prescriptions as well as over-the-counter drugs through its websites and online stores. The company is headquartered in San Francisco, California, and its shares are traded on the NYSE.
Filling a Demand
Founded in 2017 by Andrew Dudum, Jack Abraham, and Hilary Coles, "Hims & Hers" emerged from the growing demand to address specific health issues faced by men and women, which often went untreated due to stigma or lack of accessibility. The company initially began as "Hims", focusing on men's health concerns like hair loss and erectile dysfunction. By offering direct-to-consumer telehealth services, the platform provided a discreet way for men to access medical advice and treatments without a traditional doctor's visit. Recognizing a similar demand in women's health, the brand soon expanded to include "Hers", addressing issues like skincare and sexual health. The company's approach, emphasizing convenience, affordability, and discretion, quickly made it a leading name in the telehealth sector. Today, the company competes in the same sector as Teladoc and American Well, as well as with traditional pharmacies like CVS.
The Offerings
"Hims & Hers Health" offers distinct telehealth solutions tailored for men and women, addressing their unique health needs. In the "Hims" section, the emphasis is placed on concerns commonly faced by men. These include hair loss treatments, medications for erectile dysfunction, mental health resources, and skincare products. Through this platform, men have the opportunity to seek professional consultations and procure FDA-approved treatments discreetly. The "Hers" section, on the other hand, is dedicated to addressing women's health issues. It provides resources for hormonal imbalances, offers a variety of birth control options, and has skincare and hair care products as well. Additionally, it offers services related to sexual wellness and general well-being.
The Business Model
At its core, the platform connects users with licensed medical professionals for online consultations. Following these consultations, if a prescription is deemed necessary, the company offers the convenience of fulfilling these prescriptions directly through its integrated online pharmacy, ensuring a streamlined process from consultation to medication delivery. Additionally, the company has a portfolio of over-the-counter products available for purchase, further diversifying its product offerings. Hims & Hers also offers various types of subscription-based services, ensuring regular deliveries of specific products or medications.
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