Hims & Hers Health (HIMS) Q4 2025 earnings summary

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.