HIMS · Q4 2025 Earnings

Cautious

Hims & Hers

Reported February 23, 2026

30-second summary

30-second take: Q4 revenue of $617.8M (+28% YoY) landed mid-range of the $605–625M guide while adjusted EBITDA of $66.3M (11% margin) beat both the dollar guide ($55–65M) and the margin guide (9–10%) by 100bps — so the Q3 watch-list bet on conservative margin guidance paid off. But FY2026 initial guidance is the headline: revenue of $2.7–2.9B implies ~15–24% growth (midpoint ~19%), a sharp deceleration from FY2025's +59%, and Q1 2026 carries a quantified $65M revenue headwind from 503A fulfillment-cadence changes that management explicitly flagged in Q&A. The growth-investment thesis is intact and EBITDA scaling is real, but the GLP-1-driven top-line story has materially moderated.

Headline numbers

EPS

Q4 FY2025

$0.08

Revenue

Q4 FY2025

$0.62B

+28.4% YoY

Gross margin

Q4 FY2025

72.0%

Free cash flow

Q4 FY2025

$-0.00B

Operating margin

Q4 FY2025

1.5%

Key financials

Q4 FY2025

Metric	Q4 FY2025	YoY	Q3 FY2025	QoQ
Revenue	$0.62B	+28.4%	$0.60B	+3.1%
EPS	$0.08	—	$0.06	+33.3%
Gross margin	72.0%	—	74.0%	-200bps
Operating margin	1.5%	—	2.0%	-48bps
Free cash flow	$-0.00B	—	$0.08B	-103.3%

Guidance

Company beat Q4 FY2025 Adjusted EBITDA expectations and delivered in-line revenue; FY2026 guidance projects 15–24% revenue growth and 94% Adjusted EBITDA growth, signaling significant margin expansion ahead.

Guidance is issued for both next quarter and the full year. Both may appear below.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q4 FY2025	$605 million to $625 million	$617.8 million	in-line	Met
Adjusted EBITDA	Q4 FY2025	$55 million to $65 million	$66.3 million	above guide	Met
Adjusted EBITDA Margin	Q4 FY2025	9% to 10%	11%	+1-2pts above guide	Beat
Revenue	FY2025	$2.335 billion to $2.355 billion	$2.3476 billion	in-line	Met
Adjusted EBITDA	FY2025	$307 million to $317 million	$318.0 million	above guide	Met

New guidance

Metric	Period	Guide	YoY
Revenue	FY2026	$2.7 billion to $2.9 billion	—
Adjusted EBITDA	FY2026	$300 million to $375 million	—
Adjusted EBITDA Margin	FY2026	11% to 13%	—
Revenue	Q1 FY2026	$600 million to $625 million	—
Adjusted EBITDA	Q1 FY2026	$35 million to $55 million	—
Adjusted EBITDA Margin	Q1 FY2026	6% to 9%	—

Segment performance

Q4 FY2025

Segment	Q4 FY2025	YoY
Online Revenue	$0.609B	+29.0%
Wholesale Revenue	$0.009B	-16.0%

Platform metrics

Q4 FY2025

Segment	Q4 FY2025
Subscribers	2,511 thousand
Subscriber Growth YoY	13%
Monthly Revenue per Average Subscriber	$83
Monthly Revenue per Average Subscriber Growth YoY	11%

Profitability

Q4 FY2025

Segment	Q4 FY2025
Adjusted EBITDA	$66.3 million
Adjusted EBITDA Margin	11%
Operating Cash Flow	$61.3 million
Full Year 2025 Adjusted EBITDA	$318.0 million

Other KPIs

Q4 FY2025

Segment	Q4 FY2025	YoY
United States Revenue	$0.554B	+17.0%
Rest of the World Revenue	$0.064B	+825.0%

Management tone

Q2 GLP-1 offboarding air-pocket → Q3 multi-vector expansion announcement → Q4 international/diagnostics commitment with quantified margin trade.

The tone shift from Q3 to Q4 is one of operationalizing the growth-investment thesis rather than expanding its scope. Last quarter Dudum said "we believe Hims and Hers will soon become the largest global consumer health platform" — this quarter the language has settled into execution mode: "we're well on our way to becoming the global leader in consumer health" and "we have the flexibility to invest in scaling new specialties, advancing our technology and infrastructure, and expanding internationally." The 2030 targets ($6.5B revenue, $1.3B EBITDA) are now anchored in every analyst exchange as the framing device, replacing the multi-year roadmap aspiration with a destination commitment.

Two quarters ago management was defending GLP-1 unit economics; one quarter ago they were pivoting the narrative toward diagnostics and longevity; this quarter Andrew Dudum re-engaged the regulatory question with a more controlled posture. When asked directly about pill launch, FDA, and DOJ conversations, his response — "probably not too much we can say" — and explicit deferral to ongoing conversations marks the most evasive moment of any HIMS earnings call I've covered. Read against the Q3 silence on Novo terms, this is a pattern: anything touching the live regulatory or commercial GLP-1 negotiation gets routed to "no comment."

The Eucalyptus acquisition mention in the FY2026 framing — "we expect to continue to expand internationally, including in connection with our proposed acquisition of Eucalyptus" — is a tone tell that international M&A is now the explicit growth lever. Last quarter international was framed as a $1B+ TAM with capex deployed; this quarter it's two named acquisitions (YourBio for ~$150M, Eucalyptus pending) plus a $63.7M Rest-of-World revenue line that didn't exist a year ago.

On the FY2026 deceleration, management did not pre-defend the +19% growth midpoint in the press release. The $65M Q1 fulfillment headwind disclosure (per Santangelo Q&A) provides a tactical explanation for Q1 weakness but does not by itself bridge to the full-year +19% midpoint, which implies sub-20% growth even in the back half. The absence of a stronger growth defense — combined with reaffirmation of 2030 targets that imply ~30%+ CAGR from FY2026's midpoint — is the gap to watch.

Q&A highlights

Maria Ripps · Canaccord

Asked about durability and growth profile of US weight loss business given increased scrutiny around compounded GLP-1s, and how marketing needs are evolving as the company expands into less stigmatized health categories with impacts on CAC and LTV.

Management stated weight loss business has increasing assortment beyond compounded GLP-1s, with branded therapies coming to market. Before compounded GLP-1s existed, weight loss offerings scaled to $100M run rate in 7 months. Company expects durable weight loss business even without compounding. Marketing leverage improved substantially in 2025; brand investments drive acquisition efficiency. LTV improvements driven by personalized treatment matching, addressing multiple conditions, and better retention.

Weight loss offerings reached $100M run rate in 7 months before compounded GLP-1sMarketing as % of revenue improved 7 points YoY in Q4 2025 to 39%Dozen or two dozen new weight loss treatments expected in next 2-3 yearsCompany seeing structural improvements in CAC and LTV from broader platform offerings

Craig Hettenbach · Morgan Stanley

Asked about which legacy core offerings will drive 2026 growth, whether there's a specific weight loss range in guidance, and how US business margin expansion helps offset international break-even drag toward 2030 targets.

Management reframed question as domestic vs international rather than core vs non-core given category blending. HIMS brand grew 30% YoY in 2025 with potential from testosterone and daily health offerings. HERS seeing robust growth from labs, menopausal support, and tenured categories. Domestic margin expansion from specialty maturation will offset international break-even investments; expects similar rapid margin expansion pattern internationally as achieved in US market-by-market.

HIMS brand grew 30% YoY in 2025HERS achieved nearly $1B revenue in 2025International markets will run at/near break-even initially, then expand margins market-by-marketPath to 2030: $6.5B revenue and $1.3B adjusted EBITDA

Justin Patterson · KeyBank Capital Markets

Asked about depth of wearables investment, timeline for AI/labs/wearables initiatives, and scaling plans for labs over the next year.

Management stated company will go deep in all three areas (devices, AI, testing) through internal investment or partnerships. Already acquired blood testing device via YourBio. Labs showing early ROI: 70% of lab customers identify treatable conditions on platform, many prediabetic or cardiovascular risk discoveries. Investments will be stage-gated with positive ROI expected and self-funding potential through higher LTV and acquisition efficiency.

70% of lab customers identify treatable conditions on platformYourBio acquisition for ~$150M to enable at-home blood drawsOver 130 biomarkers available through labs offeringInvestments stage-gated for positive ROI and self-funding potential

Glenn Santangelo · Barclays

Asked to reconcile the messaging that compounded GLP-1s are a small part of subscriber base against the $65M revenue headwind in Q1, and sought clarification on compounded GLP-1 contribution as headwind or tailwind to Q4 4% US revenue growth.

Management clarified the $65M Q1 headwind is from shift to lower revenue per order due to 503 fulfillment changes affecting timing, not customer demand. GLP-1 ticket sizes larger than core business so revenue/EBITDA impact is material. While GLP-1s were meaningful growth factor over past year, vast majority of revenue from non-GLP-1 business and this trend expected to continue with diversification.

$65M revenue headwind in Q1 2026 from shipping cadence changes (503 fulfillment)Headwind expected to mitigate throughout 2026 as cohorts stackGLP-1 ticket size larger than core business driving material revenue/EBITDA impactMajority of 2025 revenue and profitability from non-GLP-1 offerings

Answers to last quarter's watch list

Does Q4 EBITDA actually print at 9–10% margin, or does the guide prove conservative the way Q3 did? — Q4 printed 11% adjusted EBITDA margin, +100bps above the top of the 9–10% guide. The Q3 watch-list bet on conservative guidance paid off; the structural-margin-compression read is rejected for Q4. However, the Q1 2026 guide of 6–9% and FY2026 guide of 11–13% (vs FY2025's 13.5%) reopen the structural question into 2026. Status: Resolved positively (for Q4); reopens for 2026.

Q4 weight-loss revenue specifically — Company didn't break out a Q4 weight-loss dollar figure. What was disclosed: weight-loss subscriber growth >70% YoY in Q4, US revenue $554M (+17% YoY) suggesting GLP-1 offboarding rolled through, and the prior $725M+ FY weight-loss target was not explicitly affirmed or reaffirmed in the materials available.

Not resolved

Subscriber growth trajectory — Decelerated again to +13% YoY from Q3's +21% (was +31% in Q2). Monetization per subscriber rose to $83 (+11% YoY), partly compensating, but the gap is widening: top-of-funnel weakness is materializing.

Resolved negatively

Novo Wegovy oral disclosure — No commercial partnership terms or FDA approval timeline disclosed. Dudum's "probably not too much we can say" on the broader regulatory topic suggests Novo negotiations remain unsettled or unfavorable.

Resolved negatively

International revenue contribution — Rest-of-World revenue $63.7M in Q4 (+825% YoY), the first material disclosure. The Eucalyptus acquisition was named as a planned continuation of international expansion.

Resolved positively

FY2026 preliminary guidance framing — FY2026 revenue $2.7–2.9B (~+19% midpoint) and EBITDA margin 11–13% vs FY2025's 13.5% — initial guide implies negative operating leverage at the midpoint and ~3x deceleration in revenue growth. The 2030 floor implication is that management is asking investors to underwrite a sharp re-acceleration after 2026.

Resolved negatively

What to watch into next quarter

Does Q1 2026 revenue print at the top of the $600–625M guide or below? A print at $600M or below validates the $65M fulfillment headwind as understated; a print at $620M+ suggests management sandbagged Q1 the way it sandbagged Q4 EBITDA. The implied Q1 YoY growth on the $612.5M midpoint vs Q1 2025 would help size the deceleration, but Q1 2025 wasn't supplied in the input.

Q1 EBITDA margin vs the 6–9% guide — this would be the lowest margin quarter HIMS has guided. A print at 9%+ continues the Q3 and Q4 pattern of conservative margin guidance; a print at 6% confirms the FY2026 11–13% midpoint is the real expectation.

HERS standalone disclosure — Hettenbach extracted "nearly $1B revenue" for HERS in 2025 for the first time. Watch whether HERS becomes a reported segment in Q1 2026 filings; absence after the verbal disclosure would be conspicuous.

Eucalyptus acquisition close and contribution — the named-but-pending deal will reshape international economics. Watch close timing, purchase price, and any disclosed revenue/EBITDA contribution embedded in updated 2026 guidance.

Weight-loss subscriber growth trajectory beyond the +70% Q4 print — this is the only forward-looking GLP-1 unit metric management is volunteering. If Q1 holds above +50%, the durability case Ripps probed is real. If it cracks below +30%, the diversification narrative becomes structurally necessary rather than optional.

Marketing as % of revenue — Q4 ran 39%, down 700bps YoY. Watch whether this leverage holds as the company invests behind new specialties; reversal would compress 2026 margins below the 11–13% guide.

Sources

Hims & Hers Q4 2025 8-K earnings release, filed with SEC: https://www.sec.gov/Archives/edgar/data/1773751/000177375126000019/hims-20251231x8xkearningsr.htm
Q4 2025 earnings call Q&A transcript

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