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Mar 31, 2025
Hims & Hers Q1 2025 Earnings Report
Hims & Hers reported record growth in revenue, net income, and adjusted EBITDA in Q1 2025.
Key Takeaways
Hims & Hers delivered exceptional financial performance in Q1 2025, more than doubling revenue year-over-year and significantly increasing profitability across key metrics, driven by personalized treatments and expansion in weight loss solutions.
Revenue grew 111% year-over-year to $586 million.
Net income increased to $49.5 million from $11.1 million a year ago.
Adjusted EBITDA surged to $91 million, up 182% year-over-year.
Subscriber base expanded to 2.4 million, up 38% year-over-year.
Revenue by Segment
Forward Guidance
Hims & Hers projects FY2025 revenue of $2.3–$2.4B and adjusted EBITDA of $295–$335M, supported by ongoing subscriber growth and product expansion.
Positive Outlook
- Forecasts >65% YoY growth in Q2 revenue.
- Raised 2025 Adjusted EBITDA guidance to $295–$335M.
- Continued expansion in GLP-1 and personalized treatment offerings.
- New partnership with Novo Nordisk to offer Wegovy.
- Launch of at-home lab testing and plans to enter hormone therapy market.
Challenges Ahead
- Gross margin declined by ~900 bps YoY to 73%.
- Ongoing semaglutide transition may affect near-term weight loss revenue.
- Shift in sexual health strategy slowed new customer growth.
- High marketing expenses including Super Bowl ad.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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