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Jun 30
Hims & Hers Q2 2025 Earnings Report
Hims & Hers reported strong revenue growth and significantly improved profitability in the second quarter of 2025.
Key Takeaways
The company posted record revenue of $544.8 million and more than doubled its adjusted EBITDA year-over-year, driven by growth in subscriptions and personalized treatments.
Revenue reached $544.8 million, driven by the online channel.
Net income increased to $42.5 million from $13.3 million in Q2 2024.
Adjusted EBITDA was $82.2 million, more than double the prior year.
Subscriber base surpassed 2.4 million, up 31% YoY.
Hims & Hers
Hims & Hers
Hims & Hers Revenue by Segment
Revenue by Segment
Online Revenue
CapyFin.comWholesale Revenue
CapyFin.com Forward Guidance
Hims & Hers expects continued momentum with Q3 revenue between $570M and $590M and reaffirmed full-year guidance.
Positive Outlook
- Q3 revenue expected between $570M and $590M.
- Q3 adjusted EBITDA projected between $60M and $70M.
- Full-year 2025 revenue guidance reaffirmed at $2.3B–$2.4B.
- Adjusted EBITDA for the year expected between $295M and $335M.
- Planned investments in international growth and pharmacy infrastructure.
Challenges Ahead
- Gross margin declined to 76% from 81% YoY.
- Negative free cash flow of -$69.4M in Q2.
- Increased operating expenses across all departments.
- Wholesale revenue decreased 10% YoY.
- Higher stock-based compensation and related payroll taxes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income