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    HIMS
    Earnings call· Dec 2025(Q4 FY25)

    Hims & Hers Health Q4 FY25 earnings call HIMS

    Feb 23, 2026 Source

    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

    5

    • 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

    5

    • 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

    10
    CategoryTargetConfidence
    Q1 FY26 Revenue
    $600 million to $625 million
    high materiality
    High
    Q1 FY26 Adjusted EBITDA
    $35 million to $55 million
    high materiality
    High
    FY26 Revenue
    $2.7 billion to $2.9 billion
    high materiality
    High
    FY26 Adjusted EBITDA
    $300 million and $375 million
    high materiality
    High
    FY26 International Revenue (excluding Eucalyptus)
    at least $200 million
    medium materiality
    High
    FY26 International Revenue (Eucalyptus contribution)
    at least $200 million
    medium materiality
    High
    International Business Breakeven
    within 12 to 18 months
    medium materiality
    Medium
    International Revenue
    more than $1 billion
    high materiality
    High
    2030 Revenue Target
    $6.5 billion
    high materiality
    High
    2030 Adjusted EBITDA Target
    $1.3 billion
    high materiality
    High

    Segment performance

    2
    SegmentRevenueYoYQoQMargin
    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 billionover 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 millionalmost 400%——

    Operational metrics

    29
    Subscribers
    over 2.5 million
    end of 2025

    Total subscribers on the platform.

    Subscribers utilizing personalized treatment
    1.6 million
    end of 2025

    Represents 65% of total subscribers.

    Net new subscribers
    almost 1 million
    since end of 2023

    Added to the platform since the end of 2023.

    Monthly revenue per average subscriber
    $83increased 11% year-over-year
    Q4 FY25

    Reflects deepening engagement and subscriber value.

    Hims brand revenue growth
    over 30%year-over-year
    2025

    Despite headwinds from pivoting away from generic on-demand sexual solutions.

    Hers business revenue growth
    triple-digityear-over-year
    2025

    Continued strong growth for the Hers brand.

    Hers business percentage of U.S. revenue
    nearly 40%
    2025

    Indicates the growing contribution of the Hers brand to domestic revenue.

    Weight loss offering revenue run rate
    $100 millionin less than 7 months after launch
    run rate

    Achieved in less than 7 months after launch, excluding compounded GLP-1s.

    Testosterone support increase in levels
    over 80%average increase
    first 2 months of treatment

    Average increase in testosterone levels for 95% of individuals utilizing the offering within the first two months of treatment.

    Labs customers eligible for treatment
    over 70%
    since launch

    Percentage of Labs customers who may be eligible for treatment plans offered through the platform.

    Weight loss (oral solutions) average weight loss
    approximately 22 pounds
    first year of treatment

    Typical consumer reporting average weight loss in their first year of treatment.

    Weight loss (injectable GLP-1s) average weight loss
    approximately 29 pounds
    first year of treatment

    Typical consumer reporting average weight loss in their first year of treatment.

    Adjusted EBITDA margin
    14%expanded nearly 2 points relative to 2024
    FY25

    Full year adjusted EBITDA margin.

    Adjusted EBITDA margin
    11%
    Q4 FY25

    Adjusted EBITDA margin for the fourth quarter.

    Gross margin
    72%declined approximately 2 points quarter-over-quarter
    Q4 FY25

    Gross margin in the fourth quarter, impacted by international growth, new specialties, and shipping cadences.

    Marketing as percentage of revenue
    39%7-point year-over-year improvement
    Q4 FY25 and FY25

    Reflects marketing leverage and acquisition gains in lower cost channels.

    G&A cost as percentage of revenue
    increased 2 pointsyear-over-year
    Q4 FY25

    Due to increased international headcount and new leadership talent.

    G&A cost as percentage of revenue
    essentially flatrelative to 2024
    FY25

    Full year G&A cost as percentage of revenue.

    Technology and development costs as percentage of revenue
    7%
    Q4 FY25 and FY25

    Investment in engineering and AI talent resulted in modest deleveraging.

    Discretionary CapEx
    over $225 million
    2025

    Invested into operations to drive expanded capacity and new capabilities.

    Pharmacy operations footprint
    over 1 million
    current

    Total square footage across domestic facilities.

    Common stock repurchased
    $90 million
    2025

    Total common stock repurchased in 2025.

    Common stock repurchased
    $80 million
    Q4 FY25

    Repurchased in the fourth quarter at an average price of $39.

    Remaining repurchase authorization
    $225 million
    current

    Remaining on the $250 million repurchase program commenced in November 2025.

    Cash, short-term and long-term investments
    $929 million
    end of year

    Balance sheet position at the end of 2025.

    GLP-1 U.S. injectable price fall
    more than 80%
    last 18 months

    Reflects broader disruption in the U.S. market for injectable GLP-1s.

    Weight logging frequency increase
    more than 50%
    early deployments

    Driven by early deployments of proactive messaging in weight loss, signaling improved customer commitment and engagement.

    Investment in facilities
    more than $300 million
    last 3 years

    Invested in physical infrastructure for personalized care.

    Weight loss subscriber growth
    more than 70%year-over-year
    Q4 FY25

    Despite revenue headwinds, demand for weight loss remains strong.

    Industry KPIs

    3
    MetricValueDetails
    Membership covered lives by lineover 2.5 millionsubscribers
    Segment revenue operating income$2.35 billionUSD
    Adjusted EPS EBITDA leverage guidance$318 millionUSD

    Product announcements

    2
    ProductTypeDetails
    Labs offeringlaunch
    Hormone therapies (low testosterone, menopause, perimenopause)launch

    Deals & partnerships

    4
    ZAVADeepened 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.

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

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

    EucalyptusFurther 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.

    YourBioWill 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

    4
    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 cadencesQ1 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 pressureseveral 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 declineQ4 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

    5

    Q1 FY26 Revenue Growth

    Q1 FY26
    CurrentQ4 FY25 revenue growth 28% YoY
    Target2%-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%.

    Q&A highlights

    6

    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 read6 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    05

    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.

    06

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.