Hims & Hers Health (HIMS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 111% year-over-year to $586 million, driven by 38% subscriber growth to 2.4 million and expansion into new specialties, with net income up 345% to $49.5 million and Adjusted EBITDA nearly tripling to $91.1 million (16% margin).

• Over 1.4 million subscribers use personalized solutions, and recurring revenue exceeds 90%.

• Strategic partnerships, including with Novo Nordisk, and acquisitions of lab and manufacturing facilities support expansion and vertical integration.

• Strong cash position with $273.7 million in cash, $48.9 million in short-term investments, and no debt as of March 31, 2025.

• Appointment of Nader Kabbani as COO to support operational scaling.

Financial highlights

• Q1 2025 revenue: $586 million, up from $278 million in Q1 2024; Adjusted EBITDA: $91.1 million (16% margin); net income: $49.5 million (8% margin).

• Gross margin declined to 73% from 82% year-over-year due to new product mix and higher costs.

• Free cash flow was $50.1 million, up from $11.9 million in Q1 2024; operating cash flow was $109.1 million.

• Cash and short-term investments at quarter end totaled $323 million.

• Marketing spend improved as a percentage of revenue, with leverage up 800 basis points year-over-year.

Outlook and guidance

• Q2 2025 revenue expected between $530–$550 million; Adjusted EBITDA guidance is $65–$75 million (12–14% margin).

• Full-year 2025 revenue guidance: $2.3–$2.4 billion, up 56–63% year-over-year; Adjusted EBITDA: $295–$335 million (13–14% margin).

• Weight loss revenue projected at a minimum of $725 million in 2025.

• 2030 targets: at least $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA.

• Management expects near-term normalization of monthly online revenue per subscriber due to FDA resolution of the semaglutide shortage.