Hims & Hers Posts 59% Revenue Growth in 2025, Eyes $6.5B Target by 2030
Event summary
- Hims & Hers reported $2.35B in 2025 revenue, up 59% YoY, with 2.5M subscribers.
- Q4 2025 revenue hit $617.8M, a 28% YoY increase, but gross margin slipped to 72% from 77%.
- 2026 guidance: $2.7B–$2.9B revenue, $300M–$375M Adjusted EBITDA.
- Proposed acquisition of Eucalyptus expected to close mid-2026.
- International revenue surged 399% YoY, driven by EU, UK, and Canada expansions.
The big picture
Hims & Hers is aggressively scaling its telehealth platform, with a focus on international expansion and new specialty offerings. The company's 59% revenue growth in 2025 reflects its success in diversifying its subscriber base and increasing engagement. However, maintaining profitability while investing in growth remains a key challenge. The proposed Eucalyptus acquisition could further bolster its market position, but integration risks loom.
What we're watching
- Execution Risk
- Whether Hims & Hers can sustain its 59% revenue growth amid rising competition and margin pressures.
- International Expansion
- The pace at which international markets contribute to revenue, given the 399% YoY surge in Rest of World revenue.
- Acquisition Integration
- How the proposed Eucalyptus acquisition will impact Hims & Hers' operational and financial performance.
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