HIMS Hims & Hers Health, Inc.

Overview and Growth

In fiscal 2025, Hims & Hers Health, Inc. recorded $2.35B of revenue, net income of $128.37M, and an operating cash inflow of $300.01M. Revenue of $2.35B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 59.0% above fiscal 2024 revenue of $1.48B, marking a year-over-year increase. Diluted earnings per share were $0.51, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 3.8% from $0.53 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Revenue equaled 1.09x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $1.73B as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 73.8% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced $105.61M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 4.5% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $128.37M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 5.5%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $123.92M of earnings, providing a bridge between the operating result and final net income. Pretax income represented 5.3% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported tax benefit was $4.44M, favorably bridging the pretax and after-tax results. Relative to positive pretax income, the tax benefit measured 3.6%. The relationship between net income and period-end equity was 23.7%, indicating the profitability achieved on book capital. The net-income-to-assets relationship measured 6.0%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

At period end, the $2.15B asset base was financed through $1.61B of liabilities and $540.93M of equity. Current assets were $767.64M against $404.43M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 1.9x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $228.62M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 56.5%, excluding receivables and other current assets. Liabilities represented 74.9% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 10.6%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 204.5% from $707.54M in fiscal 2024, leaving current total assets higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $300.01M, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 2.34x, showing the relationship between accrual earnings and operating cash. Capital spending was $242.60M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 80.9% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $57.41M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 2.4%, showing how much sales converted into cash after investment. Free cash flow equaled 2.7% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.