TLDR
- HIMS rises on fundamentals: 2025 revenue hit $2.35B, up 59% YoY.
- Subscribers reached 2.5M in 2025, while ARPU climbed to $83 monthly.
- Profitability improved: $128M net income and $318M adjusted EBITDA in 2025.
- 2026 guidance calls for $2.7–$2.9B revenue and up to $375M EBITDA.
- Expansion continues: new specialties, global growth, and 2030 targets reaffirmed.
Hims & Hers Health (HIMS) shares closed at $15.51, down 0.77%, after the company reported strong 2025 growth and a solid 2026 outlook. The company posted higher revenue, expanded its subscriber base, and improved profitability while navigating market volatility. The update positioned the platform for continued scale as demand for digital health services strengthened.
Hims & Hers Health, Inc., HIMS
Revenue Growth Strengthens Platform Scale
Hims & Hers Health reported 2025 revenue of $2.35 billion, which marked a 59% increase from the prior year. The company expanded online operations and pushed international growth while raising average monthly revenue per subscriber.Domestic and international gains supported further momentum across multiple specialties.
United States revenue reached $2.21 billion, and the figure reflected strong customer adoption across established categories. Rest of World revenue rose sharply and reached $134 million as the company broadened its reach. Online revenue reached $2.31 billion and continued to drive most of the company’s activity.
Fourth quarter revenue totaled $617.8 million, and the result exceeded the prior year despite a lower gross margin. The company posted a 72% gross margin, which declined from 2024 yet remained supportive of subscription expansion. Adjusted EBITDA rose to $66.3 million as specialty growth lifted engagement.
Subscription Growth Supports Expanding Health Portfolio
The company ended 2025 with 2.5 million subscribers, which represented 13% year-over-year growth. Monthly revenue per average subscriber increased to $83, and engagement improved as new services gained adoption. The rollout of hormone therapies, diagnostics, and Labs supported broader usage across the platform.
The firm advanced its personalized care strategy and expanded offerings across more conditions. It continued to build international operations and scaled infrastructure to support sustained growth. The company increased online interactions as customers adopted accessible treatment options.
The 2025 full-year net income reached $128 million, and adjusted EBITDA rose to $318 million. Operating cash flow increased to $300 million, while free cash flow totaled $57.4 million for the period. Free cash flow weakened in the fourth quarter as the firm invested in new capabilities.
2026 Outlook Targets Higher Revenue and Profitability
Hims & Hers issued 2026 revenue guidance of $2.7 billion to $2.9 billion. The company projected full-year adjusted EBITDA of $300 million to $375 million, supported by continued subscriber expansion. First-quarter revenue guidance ranged from $600 million to $625 million.
The guidance excluded contributions from the proposed Eucalyptus acquisition, which is expected to close mid-2026. The firm also assumed continued access to compounded semaglutide on its platform. Management outlined plans to advance new specialties while supporting long-term international expansion.
The company reaffirmed its 2030 targets of at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA. It emphasized platform diversification as a core driver of its long-term strategy. Steady engagement across key categories supported confidence in future performance.
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