Short answer
Hims & Hers Health, Inc. (HIMS) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $2.3B (+59.0% year over year) and net income of $128M.
- Top risk flagged: Cybersecurity risks reviewed quarterly by Audit Committee with escalation to CTO and executive leadership
FY2025 key financial metrics · XBRL
- Revenue
- $2.3B
- +59.0% YoY
- Net income
- $128M
- +1.8% YoY
- Operating margin
- 4.5%
- +0.3 pp YoY
- Gross margin
- 73.8%
- −5.6 pp YoY
- EPS (diluted)
- $0.51
- −3.8% YoY
- ROE
- 23.7%
- −2.7 pp YoY
- Operating cash flow
- $300M
- +19.5% YoY
Source: XBRL data from the Hims & Hers Health, Inc. (HIMS) FY2025 10-K on SEC EDGAR. USD.
Hims & Hers Health, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Consumer-first digital health platform offering telehealth consultations, personalized prescription and non-prescription products, and laboratory testing
- New 2025 offerings: Testosterone, menopause, perimenopause support, and comprehensive laboratory testing for early health risk identification
- Strategic shift: Accelerated international expansion including pending acquisition of Australia-based Zava, enhancing global footprint across 5 countries
- Quantitative note: Over 50 million telehealth consultations facilitated since founding, with extended operations in US, UK, Canada, EU (Germany, Ireland, France, Spain)
- Noteworthy fact: Integrated ownership of 4 pharmacies and specialty facilities (compounding, peptide manufacturing, lab), reducing costs and improving operational control
Management Discussion & Analysis
- Revenue $2.35B in 2025, up 59% YoY from $1.48B in 2024, driven by U.S. Revenue growth $2.21B (+53%) and Rest of World Revenue $134M (+399%)
- Online Revenue $2.31B in 2025, up 61% YoY from $1.44B; Wholesale Revenue $36.2M down 6% YoY from $38.6M
- Subscribers 2.51M in 2025, up 13% YoY from 2.23M; Monthly Revenue per Average Subscriber $83 (+28%) vs $65
- Operating investments in facilities, marketing, product development; recent acquisitions including Zava (July 2025) and Medici (Nov 2025)
- Forward outlook: 2026 acquisition of Eucalyptus ($1.15B total consideration) to expand international presence; expect continued growth but risks from marketing effectiveness, regulatory changes, and macroeconomic factors
Risk Factors
- Cybersecurity risks reviewed quarterly by Audit Committee with escalation to CTO and executive leadership
- Head of Information Security with 20 years experience, certified CISSP, CCSP, CRISC, CCISO, reporting to CTO
- Dedicated cybersecurity team with industry-recognized credentials maintaining current professional education
Generated from the filing text; verify against the original. How to read a 10-K
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