Telehealth company Hims & Hers Health (NYSE:HIMS) met Wall Street’s revenue expectations in Q4 CY2025, with sales up 28.4% year on year to $617.8 million. On the other hand, next quarter’s revenue guidance of $612.5 million was less impressive, coming in 5.6% below analysts’ estimates. Its GAAP profit of $0.08 per share was 92.5% above analysts’ consensus estimates.
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Hims & Hers Health (HIMS) Q4 CY2025 Highlights:
- Revenue: $617.8 million vs analyst estimates of $617.9 million (28.4% year-on-year growth, in line)
- EPS (GAAP): $0.08 vs analyst estimates of $0.04 (92.5% beat)
- Adjusted EBITDA: $66.33 million vs analyst estimates of $60.45 million (10.7% margin, 9.7% beat)
- Revenue Guidance for Q1 CY2026 is $612.5 million at the midpoint, below analyst estimates of $649 million
- EBITDA guidance for the upcoming financial year 2026 is $337.5 million at the midpoint, below analyst estimates of $356.1 million
- Operating Margin: 1.5%, down from 3.9% in the same quarter last year
- Free Cash Flow was -$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
“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.
Company Overview
Originally launched with a focus on stigmatized conditions like hair loss and sexual health, Hims & Hers Health (NYSE:HIMS) operates a consumer-focused telehealth platform that connects patients with healthcare providers for prescriptions and wellness products.
Revenue Growth
A company’s long-term performance is an indicator of its overall quality. Any business can have short-term success, but a top-tier one grows for years. Over the last five years, Hims & Hers Health grew its sales at an incredible 73.6% compounded annual growth rate. Its growth beat the average healthcare company and shows its offerings resonate with customers, a helpful starting point for our analysis.
Long-term growth is the most important, but within healthcare, a half-decade historical view may miss new innovations or demand cycles. Hims & Hers Health’s annualized revenue growth of 64.1% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. 
We can dig further into the company’s revenue dynamics by analyzing its number of customers, which reached 2.51 million in the latest quarter. Over the last two years, Hims & Hers Health’s customer base averaged 29.5% year-on-year growth. Because this number is lower than its revenue growth, we can see the average customer spent more money each year on the company’s products and services. 
This quarter, Hims & Hers Health’s year-on-year revenue growth of 28.4% was excellent, and its $617.8 million of revenue was in line with Wall Street’s estimates. Company management is currently guiding for a 4.5% year-on-year increase in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 18.2% over the next 12 months, a deceleration versus the last two years. Still, this projection is commendable and implies the market is baking in success for its products and services.
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Operating Margin
Hims & Hers Health was roughly breakeven when averaging the last five years of quarterly operating profits, lousy for a healthcare business.
On the plus side, Hims & Hers Health’s operating margin rose by 46.8 percentage points over the last five years, as its sales growth gave it operating leverage. Zooming in on its more recent performance, we can see the company’s trajectory is intact as its margin has also increased by 7.9 percentage points on a two-year basis. These data points are very encouraging and show momentum is on its side.
In Q4, Hims & Hers Health generated an operating margin profit margin of 1.5%, down 2.4 percentage points year on year. This contraction shows it was less efficient because its expenses grew faster than its revenue.
Earnings Per Share
We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.
Hims & Hers Health’s full-year EPS flipped from negative to positive over the last five years. This is a good sign and shows it’s at an inflection point.
In Q4, Hims & Hers Health reported EPS of $0.08, down from $0.11 in the same quarter last year. Despite falling year on year, this print easily cleared analysts’ estimates. Over the next 12 months, Wall Street expects Hims & Hers Health’s full-year EPS of $0.51 to grow 44.2%.
Key Takeaways from Hims & Hers Health’s Q4 Results
It was good to see Hims & Hers Health beat analysts’ EPS expectations this quarter. We were also glad its full-year revenue guidance trumped Wall Street’s estimates. On the other hand, its revenue guidance for next quarter missed and its EBITDA guidance for next quarter fell short of Wall Street’s estimates. Overall, this print was mixed but still had some key positives. Investors were likely hoping for more, and shares traded down 2% to $15.34 immediately after reporting.
So do we think Hims & Hers Health is an attractive buy at the current price? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).