Hims & Hers Health Q4 2025 Earnings: Revenue Meets Expectations, Future Guidance Mixed

Telehealth company Hims & Hers Health (NYSE: HIMS) reported fourth-quarter 2025 revenue of $617.8 million, meeting Wall Street’s expectations. This represents a 28.4% increase year-over-year. However, the company’s revenue guidance for the first quarter of 2026, at $612.5 million, fell 5.6% short of analyst estimates. Despite this, Hims & Hers Health posted a GAAP profit of $0.08 per share, significantly exceeding the consensus estimate of $0.04.

Hims & Hers Health (HIMS) Q4 2025 Highlights

• Revenue: $617.8 million (in line with $617.9 million estimates, up 28.4% year-over-year)
• EPS (GAAP): $0.08 (beat estimates of $0.04 by 92.5%)
• Adjusted EBITDA: $66.33 million (beat estimates of $60.45 million by 10.7%, representing a 10.7% margin)
• Q1 2026 Revenue Guidance: $612.5 million (below estimates of $649 million)
• Full-Year 2026 EBITDA Guidance: $337.5 million (below estimates of $356.1 million)
• Operating Margin: 1.5%, down from 3.9% in the same quarter last year
• Free Cash Flow: -$2.57 million (down from $59.5 million in the same quarter last year)
• Customers: 2.51 million (up from 2.47 million in the previous quarter)
• Market Capitalization: $3.56 billion

Company Overview

Hims & Hers Health (NYSE: HIMS) operates a consumer-focused telehealth platform, initially focused on addressing stigmatized conditions such as hair loss and sexual health. The platform connects patients with healthcare providers for prescriptions and wellness products.¹

Revenue Growth

Over the past five years, Hims & Hers Health has demonstrated impressive revenue growth, with a compounded annual growth rate of 73.6%. This growth surpasses the average for healthcare companies, indicating strong customer resonance. Annualized revenue growth over the last two years has been 64.1%, slightly below the five-year trend, but still indicative of healthy demand. The company’s customer base has grown by an average of 29.5% year-over-year over the last two years. The increase in average customer spending suggests successful upselling and cross-selling of products and services.

Operating Margin and Earnings Per Share

Hims & Hers Health has moved from roughly breakeven operating profits over the last five years to a positive trajectory, with a 46.8 percentage point increase in operating margin over that period. However, the Q4 2025 operating margin of 1.5% represents a 2.4 percentage point decrease year-over-year, suggesting increased expenses relative to revenue. The company’s EPS has transitioned from negative to positive over the past five years, signaling a potential inflection point. While Q4 2025 EPS of $0.08 was down from $0.11 in the same quarter last year, it still exceeded analyst expectations.

Looking Ahead

Wall Street analysts anticipate full-year EPS of $0.51 for Hims & Hers Health in the next 12 months, projecting a 44.2% growth rate. However, revenue growth is expected to decelerate to 18.2% over the same period.¹

Key Takeaways

• Hims & Hers Health exceeded EPS expectations in Q4 2025.
• Full-year revenue guidance surpassed Wall Street estimates.
• Q1 2026 revenue guidance and full-year EBITDA guidance fell short of expectations.

“More than 2.5 million subscribers now rely on us for a healthcare experience that is both accessible and deeply personal – and we believe we’re well on our way to becoming the global leader in consumer health,” said Andrew Dudum, co-founder and CEO.¹