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 Hims and Hers brands.

• Net income for 2025 was $128 million and Adjusted EBITDA reached $318 million.

• Expanded offerings in weight loss, labs, hormone therapies, and international markets, including acquisitions of Zava, Livewell, and agreement to acquire Eucalyptus.

• Majority of revenue and profitability driven by non-GLP-1 offerings, with GLP-1s as a growth accelerant but not a core dependency.

• Investments in technology, AI, and infrastructure underpin a consumer-centric, scalable healthcare platform.

Financial highlights

• Q4 2025 revenue: $618 million, up 28% year-over-year; full-year 2025 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 positive free cash flow of $57 million.

• Gross margin in Q4: 72%, down 2 points sequentially due to international mix and new specialty launches; full year gross margin was 74%.

• Marketing spend reduced to 39% of revenue, a 7-point improvement year-over-year.

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; Adjusted EBITDA $35–$55 million.

• International revenue expected to contribute at least $200 million in 2026, with Eucalyptus adding another $200 million post-close.

• New specialties (labs, testosterone, menopause) expected to scale and drive incremental growth.

• Guidance excludes potential contributions from the proposed Eucalyptus acquisition and assumes continued access to compounded semaglutide.