Hims & Hers Health, Inc. (HIMS) FY2025 10-K Annual Report
Hims & Hers Health, Inc. (HIMS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Hims & Hers Health, Inc. FY2025 10-K Analysis
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
Hims & Hers Health, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$2.3B
▲ +59.0% YoY
Net Income
$128M
▲ +1.8% YoY
Gross Margin
73.8%
▼ -562bp YoY
Operating Margin
4.5%
▲ +31bp YoY
Net Margin
5.5%
▼ -307bp YoY
ROE
23.7%
▼ -271bp YoY
Total Assets
$2.2B
▲ +204.5% YoY
EPS (Diluted)
$0.51
▼ -3.8% YoY
Operating Cash Flow
$300M
▲ +19.5% YoY
Source: XBRL data from Hims & Hers Health, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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