What impact is expected from regulatory scrutiny on GLP-1s, how will risk be reduced from a potential ban on compounded GLP-1s, and what categories can pivot the business away from GLP-1s?

Andrew Dudum emphasized that Hims & Hers has always been more than one treatment, noting that the majority of revenue and profitability is driven by non-weight loss offerings, and compounded GLP-1 users are a small minority of subscribers. The company plans to continue expanding offerings, investing in R&D (e.g., peptides), and growing internationally, highlighting the durability of its growth engines. “When you look into the business today, it's important to remember that the majority of our revenue and profitability is driven by offerings outside of weight loss. And really, the amount of patients that actually are on the compounded GLP-1s is actually quite a small minority of the aggregate subscriber base.”

How should investors think about the durability and growth profile of the U.S. weight loss business given GLP-1 scrutiny, and how is the marketing mix evolving with new categories?

Andrew Dudum stated that the weight loss business has an increasing range of assortment, with a durable business even without compounded GLP-1s, and expects new branded therapies to emerge. Yemi Okupe added that marketing benefits from the breadth of treatments and brand investments, leading to acquisition efficiency. Personalized treatments drive stronger retention and customer lifetime value. “We believe there's a really durable weight business even if you think -- even kind of in a draconian scenario of compounding GLP-1s not being there.”

How deep is the company going into wearables, what is the timeline for these investments, and how will Labs scale?

Andrew Dudum explained the focus on collecting advanced data from wearables, polygenic risk scores, and at-home testing (YourBio acquisition) to transition to proactive preventative care. Labs already show 70% of users identifying treatable risks. Yemi Okupe noted that these stage-gated investments are expected to have a quick ROI through higher LTV and improved acquisition efficiency. “I think that intelligence layer to then help understand how we get ahead of what you are struggling with or what you may struggle with in the future is going to be an increasingly important part of the business.”

HIMS

Hims & Hers (HIMS) Q4 FY25 earnings call: guidance and Q&A

Q: What is the long-term vision for global growth and how will Eucalyptus be integrated to drive synergies?

Andrew Dudum stated the vision for consumer-centric health is global, targeting 10 key markets. The Eucalyptus acquisition, along with ZAVA and Livewell, puts critical pieces in place. The ambition is to unify the Hims & Hers brand across major markets within 1-2 years and achieve over $1 billion in incremental international revenue in the next few years. “At the core of it is to target the 10 key most critical markets and to win them handily over the next 12 to 24 months across acquisitions of ZAVA and Livewell and with the addition of Eucalyptus, I think we have those critical pieces in place.”

Earnings call· Dec 2025 (Q4 FY25)· Health Care· Feb 23, 2026

Source: earnings call transcript

Executive summary

Hims & Hers Q4 FY25 — Strong Growth, International Expansion, and Strategic Investments

Hims & Hers delivered strong Q4 FY25 results, driven by subscriber growth and expansion across specialties, with full-year revenue up 59% and adjusted EBITDA up 80%. The company is strategically investing in international markets, new offerings like Labs and hormonal therapies, and technology, including AI and diagnostics, to build a comprehensive, consumer-centric healthcare platform. While Q1 FY26 guidance reflects near-term headwinds from shipping cadence changes and Super Bowl ad spend, management remains confident in its long-term growth and profitability targets, leveraging its domestic cash flow to fund global expansion and innovation.

Highlights

Subscribers grew to over 2.5 million in 2025, with approximately 1.6 million utilizing personalized treatments.
Q4 FY25 revenue reached $618 million, representing 28% year-over-year growth, contributing to $2.35 billion for the full year (59% YoY growth).
The Hers business displayed triple-digit revenue growth in 2025, accounting for nearly 40% of U.S. revenue.
International revenue grew almost 400% year-over-year to $134 million in FY25.
Adjusted EBITDA for FY25 increased nearly 80% year-over-year to $318 million, achieving a 14% margin.

Concerns

Q1 FY26 revenue guidance of $600 million to $625 million implies a significant slowdown to 2%-7% YoY growth.
Q1 FY26 adjusted EBITDA guidance of $35 million to $55 million suggests a margin of 7% at the midpoint, down from 11% in Q4 FY25.
An expected $65 million revenue headwind in Q1 FY26 is attributed to changes in weight loss shipping cadences.
Gross margins in Q4 FY25 declined approximately 2 points quarter-over-quarter to 72% due to international growth, new specialty launches, and shorter weight loss shipping cadences.
The international business is expected to run near breakeven for several years, impacting overall margin expansion.

Guidance & targets

Category	Target	Timeline	Confidence
Q1 FY26 Revenue	$600 million to $625 million high materiality	Q1 · FY26	High
Q1 FY26 Adjusted EBITDA	$35 million to $55 million high materiality	Q1 · FY26	High
FY26 Revenue	$2.7 billion to $2.9 billion high materiality	FY26	High
FY26 Adjusted EBITDA	$300 million and $375 million high materiality	FY26	High
FY26 International Revenue (excluding Eucalyptus)	at least $200 million medium materiality	FY26	High
FY26 International Revenue (Eucalyptus contribution)	at least $200 million medium materiality	H2 FY26	High
International Business Breakeven	within 12 to 18 months medium materiality	12-18 months	Medium
International Revenue	more than $1 billion high materiality	within the next 3 years	High
2030 Revenue Target	$6.5 billion high materiality	2030 · FY30	High
2030 Adjusted EBITDA Target	$1.3 billion high materiality	2030 · FY30	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
U.S. Revenue grew over 50% year-over-year in 2025. Strengthened tenured offerings such as men's dermatology, women's dermatology and sexual health allowed the company to surpass $1 billion in revenue, reach adjusted EBITDA and net income profitability and generate positive free cash flow.	$2.2 billion	over 50%	—	—
International Revenue grew almost 400% year-over-year in 2025. The company expects its international footprint to become a more meaningful portion of revenue in the future.	$134 million	almost 400%	—	—

HIMS operating KPIs by quarter

HIMS operating KPIs stated on its earnings calls, by fiscal quarter
KPI	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Change vs prior quarter
Subscribers	2.5M+ At the end of 2025, over 2.5 million subscribers on our platform were benefiting from our pursuit of this vision. Source: earnings call transcript	<2.6M In the first quarter, revenue grew 4% year-over-year to $608 million, subscribers grew 9% year-over-year to nearly 2.6 million and adjusted EBITDA was $44 million, representing a 7% adjusted EBITDA margin. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Product announcements

Product	Type	Timeline	Details
Labs offering	launch	within a span of 3 months in 2025
Hormone therapies (low testosterone, menopause, perimenopause)	launch	within a span of 3 months in 2025

Deals & partnerships

ZAVA Deepened presence in the U.K. and enabled entry into Germany, France, Ireland and Spain.

Acquisition of ZAVA deepened Hims & Hers' presence in the U.K. and facilitated entry into several European markets in 2025.

Livewell Extended presence into Canada, a market expected to have access to generic semaglutide.

Acquisition of Livewell extended Hims & Hers' presence into Canada in 2025.

Eucalyptus Further strengthen U.K. and European presence and bring Hims & Hers brands into new markets like Australia and Japan. up to $1.15 billion

Agreement signed to acquire Eucalyptus, a leading global health innovator. This is the largest acquisition to date for Hims & Hers. Eucalyptus currently has an annual revenue run rate north of $450 million.

YourBio Will augment diagnostic specialty with a painless at-home offering. approximately $150 million

Acquisition of YourBio closed in 2026 for approximately $150 million. It uses virtually pain-free microneedle blood sampling technology.

Risks & headwinds

Regulatory and legal scrutiny on compounded GLP-1s

Potential ban on compounding GLP-1s

Mitigation:Diversified portfolio with majority of revenue and profitability from non-GLP-1 offerings; expanding new categories like Labs, low-T, menopause; R&D for future treatments like peptides; accelerating international business.

Revenue headwind from weight loss shipping cadences Q1 FY26

$65 million in Q1 FY26 (vs. $40 million in H2 FY25)

Mitigation:Expected to mitigate as cohorts continue to stack throughout the year; affects timing of revenue recognition, not customer demand or engagement.

International business margin pressure several years

Expected to run near breakeven

Mitigation:Growth-oriented approach in new markets to reach as many consumers as possible; expectation for margin expansion in the medium to long term as economies of scale are realized, similar to U.S. domestic operations.

Gross margin decline Q4 FY25

approximately 2 points quarter-over-quarter to 72%

Mitigation:Tailwinds from continued growth in non-weight specialties were offset by growing revenue contributions from international markets, expenses related to the launch of new specialties, and pressure from shorter shipping cadences in weight loss.

What to watch in Q1 FY26

Q1 FY26 Revenue Growth

Q1 FY26

Current Q4 FY25 revenue growth 28% YoY

Target 2%-7% YoY growth

Why it matters

This indicates the immediate impact of weight loss shipping cadence changes and Super Bowl ad spend on top-line growth.

In the first quarter, we are anticipating revenue in the range of $600 million to $625 million, representing a year-over-year increase of 2% to 7%.

Find out whether HIMS delivers this. Inve re-checks your case every morning.

Q&A highlights

What is the long-term vision for global growth and how will Eucalyptus be integrated to drive synergies?

Andrew Dudum stated the vision for consumer-centric health is global, targeting 10 key markets. The Eucalyptus acquisition, along with ZAVA and Livewell, puts critical pieces in place. The ambition is to unify the Hims & Hers brand across major markets within 1-2 years and achieve over $1 billion in incremental international revenue in the next few years.

“At the core of it is to target the 10 key most critical markets and to win them handily over the next 12 to 24 months across acquisitions of ZAVA and Livewell and with the addition of Eucalyptus, I think we have those critical pieces in place.”

asked by Jay (Retail Community) · answered by Andrew Dudum

2 min read 6 chapters

Detailed narrative

Strategic Vision & Consumer-Centric Care

Hims & Hers is committed to democratizing high-quality, personalized healthcare, moving beyond traditional limitations. The company emphasizes its platform's ability to offer customized care across expanding specialties, citing GLP-1s as a case study for market disruption and consumer demand for better access and pricing. This approach aims to leverage technology to make healthcare more accessible and consumer-oriented, similar to how Netflix and Spotify reshaped entertainment.

New Offerings & Market Penetration

The company rapidly launched new offerings in Q4 FY25, including Labs, low testosterone support, and menopause/perimenopause treatments. Early results are highly encouraging, with 70% of Labs customers identifying treatable risks on the platform and over 95% of testosterone users experiencing an average increase of over 80% in testosterone levels within two months.

These new entry points are expected to scale quickly, with each having the potential to exceed a $100 million annual revenue run rate in the near future.

International Expansion & Acquisitions

Hims & Hers is aggressively expanding its global footprint through strategic acquisitions. In 2025, it acquired ZAVA and Livewell, deepening its presence in the UK, Europe, and Canada. Most recently, an agreement to acquire Eucalyptus will further strengthen its UK/European presence and introduce the brand to Australia and Japan.

The company targets over $1 billion in international revenue within the next three years, with the international business expected to break even within 12-18 months post-Eucalyptus integration.

Technology & Infrastructure Investments

The company has invested over $300 million in its facilities over the last three years, expanding its footprint to over 1 million square feet for pharmacy operations, lab testing, and R&D. Key investments include the acquisition of YourBio for painless at-home diagnostics, and significant focus on AI to refine precision treatments, provide proactive conversational support, and streamline administrative processes.

These investments aim to integrate deeper health insights with personalized care at scale.

GLP-1 Strategy & Diversification

While GLP-1s have provided meaningful acceleration, the majority of Hims & Hers' revenue and cash flow is generated from non-GLP-1 offerings. The company emphasizes its diversified portfolio across sexual health, dermatology, and new specialties, noting that compounded GLP-1 users represent a small minority of its subscriber base.

Management is prepared to adapt to evolving treatment landscapes, including the potential for new branded GLP-1 therapies, by continuously broadening its assortment and focusing on consumer demand.

Capital Allocation & Financial Strength

Hims & Hers generated $300 million in operating cash flow in FY25 and ended the year with $929 million in cash and investments. Capital allocation priorities include continued investment in operational facilities, new technologies like YourBio, enhancing the platform's product experience, and strategic M&A for international growth.

The company repurchased $90 million of common stock in 2025, with $225 million remaining on its current program, demonstrating a disciplined approach to capital deployment.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.