Live: Hims & Hers Earnings Coverage

The call centered around Hims & Hers’ push beyond treatment into proactive and personalized health management. Dudum confirmed plans to launch whole-body lab testing before year-end, followed by a new longevity specialty in 2026 offering peptides, coenzymes, and GLP/GIP therapies to promote long-term wellness and prevention.

“Historically, people have come to us to manage existing conditions. Soon, we’ll help them take a more proactive role in managing their health,” Dudum said.

The company also reaffirmed its commitment to democratizing access through partnerships and vertical integration. Management highlighted ongoing talks with Novo Nordisk to offer Wegovy injections and oral formulations once approved, a partnership with Marius Pharmaceuticals for an oral testosterone launch in 2026, and a strategic investment in GRAIL, whose multi-cancer early detection test aligns with Hims & Hers’ preventive care ambitions.

Weight Loss and Hormone Health Growth Engines

Weight loss remains a key growth pillar. The company recently lowered prices on compounded GLP-1 plans by up to 20% and introduced microdosing options to enhance patient experience. Dudum said these efforts are supported by expanded sterile compounding infrastructure that will exceed 1 million square feet by year-end.

At the same time, Hims & Hers is entering new verticals in hormone and women’s health. Its low-testosterone offering has seen strong initial demand, and the perimenopause/menopause program aims to close what Dudum described as “one of the biggest gaps in women’s health.” The Hers brand is now on track to surpass $1 billion in annual revenue by 2026.

Financials and Outlook

CFO Yemi Okupe outlined steady progress toward long-term targets, citing improved marketing leverage and cash generation. Marketing spend dropped to 39% of revenue, down six points year-over-year, and operating cash flow reached $149 million, with free cash flow of $79 million and over $1.1 billion in cash and investments on the balance sheet.

For Q4 2025, Hims & Hers expects $605–$625 million in revenue and $55–$65 million in adjusted EBITDA (≈10% margin). Full-year guidance calls for $2.335–$2.355 billion in revenue and $307–$317 million in adjusted EBITDA (~13% margin).

A $20–$25 million revenue headwind in Q4 is anticipated due to the migration of GLP-1 fulfillment to 503(a) sterile facilities, but management expects normalization in the second half of 2026. Longer term, Hims & Hers reiterated its 2030 goal of $6.5 billion+ in revenue and $1.3 billion in adjusted EBITDA.

Global Expansion on Deck

The company’s international push is gaining traction following its ZAVA acquisition, now enabling operations across the U.K., Germany, France, Ireland, and Spain. A Canadian launch is next, expanding its North American footprint and positioning Hims & Hers for what management sees as a $1 billion+ annual global opportunity.

Earnings call will be live shortly and will post updates on this page.

Hormonal health and lab testing launches remain on track.
CEO Andrew Dudum framed them as the next leg of platform expansion, tapping markets like menopause, testosterone care, and at-home diagnostics worth tens of billions.

These verticals are early but strategically critical.

The GLP-1 weight-loss program remains a cornerstone.
Management reaffirmed $725 M FY25 revenue from the category and cited steady retention after offboarding commercial dosages.

The pivot to oral semaglutide appears to be sticking with customers.

Hims’ quarter underscored a healthy business transitioning from hyper-growth to sustainable scale. The slight revenue miss reflects mix and timing, not demand erosion, while margins and cash flow continue to expand. With AI personalization, hormonal care, and global expansion still ahead, the long-term story remains intact, even if the stock needed a pause after its 2025 rally.

“We’re building a comprehensive digital care system for millions of people seeking personalized, accessible medicine.” – CEO Andrew Dudum

Dudum highlighted the company’s expansion into preventative care and biomarker-based programs while keeping gross margins above 75 %. He framed AI and lab testing as the next stage of Hims’ “health membership” strategy.

Shares are down 5.77 % after hours as investors digest a mixed print that pairs strong subscriber growth with softer-than-expected top-line momentum.

Headline results

Flat guidance lookout – Management reaffirmed full-year guidance of roughly $2.35 B in revenue and $0.58 EPS, suggesting continued margin progress but a more measured topline trajectory into Q4.

HIMS delivered another profitable quarter, but the modest revenue miss relative to Street expectations took some air out of the post-earnings reaction. Growth in the weight-loss and mental-wellness categories remained robust, yet the market likely wanted stronger evidence that hormonal-health and lab-testing initiatives are already translating into incremental dollars. The reaffirmed outlook implies management is prioritizing durable margin expansion over chasing near-term revenue spikes.