Live: Here’s Why Hims & Hers (HIMS) Is Down 10% After Earnings

We’ll post a summary of the call later. Simply leave this page open and if you check later a new update with our thoughts will appear after the call!

Hims & Hers is trading down 9% pretty consistently for the past 20 minutes.

Will that change before tomorrow morning? There are two big factors:

1.) What will Wall Street say?

2.) What will the company say on its earnings call?

Their call begins at 5 p.m. ET and you can listen in here.

HIMS | Hims & Hers Q2’25 Earnings Highlights:

• Adj. EPS: $0.17 ✅; UP +183% YoY
• Revenue: $545M [✅]; UP +73% YoY
• Net Income: $43M [✅]; UP +220% YoY
• Adj. EBITDA: $82M [✅]; UP +109% YoY
• Subscribers: 2.4M [✅]; UP +31% YoY
• Monthly Online Revenue per Avg. Subscriber: $74 [✅]; UP +30% YoY

Outlook:

• Revenue: $2.3B to $2.4B [✅]
  • The company expects to leverage its specialty-specific marketing efforts to drive growth in both new and tenured categories.
  • Continued investment in automation and pharmacy infrastructure is anticipated to support operational efficiency.

Q2 Segment Performance:

• Online Revenue: $537M [✅]; UP +75% YoY
• Wholesale Revenue: $8M [❌]; DOWN -10% YoY

Other Key Q2 Metrics:

• Adj. Operating Income: $26.7M [✅]; UP +142% YoY
• Adj. Operating Expenses: $389.5M [✅]; UP +58% YoY
• Free Cash Flow: $(69)M; DOWN -244% YoY
• Effective Tax Rate: 29.4% (vs. -0.9% YoY)
• Gross Margin: 76% [✅]; DOWN -500 bps YoY

CEO Commentary:

• Andrew Dudum: “Our second quarter results marked healthy progress against making personalized healthcare experiences a reality for millions of customers. We ended the quarter with over 2.4 million subscribers, a year-over-year increase of 31%. This steady adoption allowed us to drive revenue growth of more than 70% while also more than doubling Adjusted EBITDA relative to the prior year.”

Strategic Updates:

• The company is entering the next phase of its platform, moving beyond simply connecting customers to providers, to delivering access to truly personalized care.
• Recent acquisition of ZAVA Global expands Hims & Hers’ presence in Europe, with plans to drive at least $50 million of revenue from ZAVA through the remainder of the year.
• New capabilities like lab testing are expected to enhance the platform’s offerings and improve customer experience.

Here are some upcoming catalysts for Hims & Hers to continue seeing strong revenue growth in the coming quarters:

• Longevity and hormone health products listed as coming to the United States soon
• Weight loss listed as coming to Canada soon.

We are now 8 minutes past Hims & Hers earnings being released and shares have rebounded slightly, but are still down 9.25%

Here’s what Hims & Hers had to say about forward guidance:

For the third quarter 2025, we expect:

• Revenue of $570 million to $590 million.
• Adjusted EBITDA of $60 million to $70 million, reflecting an Adjusted EBITDA margin of 11% to 12%.

For the full year 2025, we expect:

• Revenue of $2.3 billion to $2.4 billion.
• Adjusted EBITDA of $295 million to $335 million, reflecting an Adjusted EBITDA margin of 13% to 14%.

The b0ttom line: At the midpoint that’s $580 million and Wall Street expected $584 million next quarter. Also, there was no raise of full year revenue. 

EPS of $.17 beats Wall Street expectations of $.16 but revenue of $544.9 million is below expectations of $552 million.

It’s an earnings miss – shares are down 11%.

Revenue was below expectations. We’ll keep updating.

Here’s the guidance Hims & Hers issued in their first quarter earnings:

For the second quarter 2025, we expect:

• Revenue of $530 million to $550 million.
• Adjusted EBITDA of $65 million to $75 million, reflecting an Adjusted EBITDA margin of 12% to 14%.

For the full year 2025, we expect:

• Revenue of $2.3 billion to $2.4 billion.
• Adjusted EBITDA of $295 million to $335 million, reflecting an Adjusted EBITDA margin of 13% to 14%.

Wall Street expects Him & Hers to reprot earnings better than the top end of this guidance with expectations of $552 million in second quarter revenue. 

For the third quarter, Wall Street expects Him & Hers to guide toward $584 million in revenue.

HIMS has delivered four consecutive post-earnings rallies, averaging +20.8% over 7 days — one of the most consistent momentum profiles in small-cap health tech.