Hinge Health (HNGE) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with revenue of $588 million (up 51% year-over-year) and Q4 revenue of $171 million (up 46% year-over-year), supported by the highest win rates and commercial momentum.

• Expanded reach to nearly 25 million contracted lives across 2,800+ clients, including 53% of the Fortune 100 and 45% of the Fortune 500, with 22 million self-insured and 2.6 million fully-insured, Medicare Advantage, and FEP.

• Surpassed 100 million lifetime member activity sessions, with member NPS at all-time highs and a 97% annual client retention rate.

• Launched Hinge Select, a high-performance provider network, and rolled out AI-powered care tools, driving efficiency and member satisfaction.

• Began trading on the NYSE and executed a $65 million share repurchase in Q4.

Financial highlights

• Q4 gross margin was 85%; full-year gross margin was 83%, up from 78% in 2024.

• Q4 operating margin reached 28%; full-year operating margin was 20%, up from -7% in 2024.

• Generated $62 million in free cash flow in Q4 (36% margin) and $180 million for the year (31% margin), achieving IPO targets ahead of schedule.

• Rule of 40 metric was 81 for 2025 and 82 in Q4, more than double the industry standard.

• Ended Q4 with $479 million in cash and equivalents.

Outlook and guidance

• Q1 2026 revenue guidance: $171–$173 million (39% year-over-year growth at midpoint); non-GAAP income from operations expected at $30–$32 million (18% margin midpoint).

• Full-year 2026 revenue guidance: $732–$742 million (25% year-over-year growth at midpoint), $39 million above consensus; non-GAAP operating income expected at $151–$156 million (21% margin), 100 basis points improvement over 2025.

• Expect GAAP profitability in 2026 and further reduction in annual dilution.