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Hims & Hers Health (HIMS) FY2025 results: revenue $2.3 billion, up 59.0% on the year

Hims & Hers Health, Inc. (HIMS) reported revenue of $2.3 billion for fiscal 2025, the year ended 31 December 2025, up 59.0% on the year before. Net income was $128 million, up 1.8%, and diluted earnings per share $0.51. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2026.

Revenue
$2.3 billion
+59.0% on the year
FY2019FY2025
Operating margin
4.5%
4.2% a year earlier
FY2019FY2025
Net income
$128 million
+1.8% on the year
FY2019FY2025
Diluted EPS
$0.51
-3.8% on the year
FY2019FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 4 new.

  • Revenue rose 59% for 2025: Full-year 2025 revenue was $2,347.6 million, up from $1,476.5 million in 2024. Management attributed growth to subscriber expansion and higher engagement across specialties.
  • Subscribers passed 2.5 million: Subscribers at year-end 2025 were 2,511 thousand, up 13% from 2,229 thousand a year earlier.
  • Rest of the World revenue grew sharply: Rest of the World revenue was $134.0 million for 2025, up from $26.8 million. Fourth-quarter revenue in this category was $63.7 million, up from $6.9 million.
  • Gross margin fell to 74%: Full-year gross margin was 74%, down from 79%. Fourth-quarter gross margin was 72%, down from 77%. Cost of revenue was $614.3 million for 2025, up from $303.4 million.
  • Adjusted EBITDA margin rose to 14%: Full-year Adjusted EBITDA was $318.0 million, up from $176.9 million, at a 14% margin versus 12%. Fourth-quarter Adjusted EBITDA was $66.3 million, with an 11% margin in both periods.
Read the Q4 FY2025 earnings call summary

From this 10-K

Hims & Hers Health runs an online health and wellness platform, launched in 2017, that connects customers with licensed healthcare professionals who can prescribe medication, with prescriptions filled online through licensed pharmacies. It offers treatments for sexual health, hair loss, hormone health, weight loss, dermatology and mental health, along with laboratory testing. Customers buy through its websites and mobile apps, and many offerings are sold as subscriptions.

Hims & Hers Health, Inc., the 10-K for 2025

Hims & Hers Health runs an online health and wellness platform, launched in 2017, that connects customers with licensed healthcare professionals who can prescribe medication, with prescriptions filled online through licensed pharmacies. It offers treatments for sexual health, hair loss, hormone health, weight loss, dermatology and mental health, along with laboratory testing. Customers buy through its websites and mobile apps, and many offerings are sold as subscriptions.

What it offers

Its offerings focus on conditions usually treated with prescription medication taken on a recurring basis and ongoing care from a provider. It offers certain generic, brand-name and compounded medications, including some sterile compounded medications, and most prescriptions are filled by its own pharmacies. It also sells over-the-counter drugs and devices, cosmetics and supplements, many of them white-labeled products from manufacturers sold under the Hims & Hers name, online and through retail partners. Subscriptions can ship every 30 days or at intervals from 60 to 360 days, and customers can cancel or pause them. In 2025 it added testosterone, menopause and perimenopause offerings and comprehensive laboratory testing.

How care is delivered

Because most U.S. states bar companies from practicing medicine, care in the U.S. is provided by Affiliated Medical Groups, professional entities owned solely by licensed physicians that contract with or employ physicians, nurse practitioners, physician assistants and behavioral health providers. Hims & Hers acts as their administrative services manager for non-clinical work such as technology, billing, customer service and credentialing, for a fixed fee, and the medical groups keep sole control of clinical decisions. It also has relationships with health systems including Ochsner Health, Mount Sinai Health System and Hartford Healthcare, which give its customers access to in-person care.

Pharmacies and facilities

It owns two licensed 503A pharmacies and two pharmacies licensed by the UK General Pharmaceutical Council, a licensed 503B compounding outsourcing facility, a peptide manufacturing facility and a laboratory testing facility. It also uses contracted Partner Pharmacies, generally without exclusivity or minimum orders. It states that it currently uses only 503A compounding pharmacies to fill and dispense compounded GLP-1 products. The filing states that in February 2026 the FDA issued a statement indicating that the agency intends to restrict GLP-1 active ingredients for non-FDA-approved compounded drugs mass-marketed as alternatives to approved drugs, and that the company was directly named.

Outside the U.S.

It has operations in the United Kingdom, parts of the European Union and Canada. Through its acquisition of Zava, it runs online doctor services in the UK, including for Asda and Superdrug customers on those retailers' own platforms. In February 2026 it announced an agreement to acquire Eucalyptus, an Australia-based digital health company operating in Australia, the United Kingdom, Germany, Canada and Japan.

People

At December 31, 2025 it had 2,442 employees, and its corporate functions have been remote-first since June 2020.

From Hims & Hers Health's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 23 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,3481,477872+59.0%
Cost of revenue614303157+102.5%
Gross profit1,7331,173715+47.8%
Gross margin73.8%79.5%82.0%
Operating income10661.9-29.5+70.6%
Operating margin4.5%4.2%-3.4%
Pre-tax income12471.7-21.6+72.8%
Income tax-4.4-54.32.0
Effective tax rate-3.6%-75.8%n/a
Net income128126-23.5+1.8%
Net margin5.5%8.5%-2.7%
Diluted EPS$0.51$0.53-$0.11-3.8%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow30025173.5+19.5%
Capital expenditure24352.826.5+359.5%
Free cash flow57.419847.0-71.0%
Free cash flow margin2.4%13.4%5.4%
Cash from investing-1,025-19.0-12.1
Cash from financing730-108-11.5
Depreciation and amortisation54.517.19.5+218.9%
Share-based compensation13592.366.1+46.5%
Buybacks90.083.02.0+8.3%
Diluted shares, weighted258m237m209m+9.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity541477344+13.5%
Debt9730.00.0
Operating lease liabilities1439.58.7+1,414.0%
Other liabilities49822188.5+125.0%
Total liabilities and equity2,155708441+204.5%
Goodwill278113111+146.9%
Intangible assets19643.418.6+351.8%
Investments70079.7124+778.8%
Cash and equivalents22922196.7+3.6%
Receivables32.16.16.7+426.2%
Inventory80.164.422.5+24.4%
Other assets63918161.6+253.9%
Total assets2,155708441+204.5%

10-K for the year ended 31 December 2025, filed 23 February 2026: the filing.