Free cash flow swung to -$55.4M in 2026Q2 from $91.4M in 2025Q3, driven by a -$496.6M working capital swing, while acquisitions consumed $180.2M and CapEx intensity rose to 3.4% of revenue.
Hims & Hers Health, Inc. (HIMS) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 266.84M | 300.01M | 251.08M | 73.48M | -26.53M | -34.41M | -2.48M | -74.87M |
| Operating CF Margin % | - | 12.78% | 17.01% | 8.43% | -5.04% | -12.66% | -1.67% | -90.68% |
| Operating CF Growth % | -56.77% | 19.48% | 241.69% | 376.97% | 22.9% | -1288.14% | 96.69% | - |
| Net Income | -142.03M | 128.37M | 126.04M | -23.55M | -65.68M | -107.66M | -18.11M | -72.06M |
| Depreciation & Amortization | 87.19M | 54.5M | 17.09M | 9.52M | 7.47M | 4.08M | 1.06M | 260K |
| Stock-Based Compensation | 153.64M | 135.24M | 92.32M | 66.08M | 42.82M | 67.21M | 5.83M | 8.03M |
| Deferred Taxes | -25.95M | -12.96M | -61.65M | -13K | -594K | -3.39M | 0 | 0 |
| Other Non-Cash Items | 557.96M | 24.02M | -1.34M | 626K | 3.65M | 1.89M | 4.56M | -1.24M |
| Working Capital Changes | -363.97M | -29.16M | 78.62M | 20.82M | -14.2M | 3.46M | 4.19M | -9.85M |
| Change in Receivables | -328.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 49.4M | -13.72M | -41.61M | -902K | -8M | -9.63M | 674K | -522K |
| Change in Payables | 348.95M | 30.3M | 43.71M | 7.32M | 12.72M | 9.85M | 826K | -6.08M |
| Cash from Investing | -901.98M | -1.02B | -19.05M | -12.11M | 34.7M | -156.27M | -39.7M | -39.3M |
| Capital Expenditures | -180.42M | -226.04M | -41.66M | -17.22M | -2.71M | -832K | -1.74M | -308K |
| CapEx % of Revenue | 7% | 9.63% | 2.82% | 1.97% | 0.52% | 0.31% | 1.17% | 0.37% |
| Acquisitions | -458.24M | -145.23M | -15.4M | 0 | -459K | -46.47M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -21.39M | -16.55M | -11.1M | -9.27M | -4.53M | -4.17M | -2.5M | -1.48M |
| Cash from Financing | 123.95M | 729.62M | -107.84M | -11.47M | -33.13M | 235.04M | 47.74M | 95.32M |
| Debt Issued (Net) | 387M | 918.78M | 0 | 0 | 0 | 1.19M | -1.51M | -6.92M |
| Equity Issued (Net) | -78.69M | -72.49M | -83.04M | -2M | 0 | 250.66M | 51.9M | 102.57M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -113.03M | -89.96M | -83.04M | -2M | 0 | -22.03M | 0 | 0 |
| Other Financing | -184.36M | -116.67M | -24.81M | -9.48M | -33.13M | -16.81M | -2.64M | -333K |
| Net Change in Cash | -515.14M | 8.03M | 123.92M | 49.89M | -25.01M | 44.29M | 5.55M | -18.85M |
| Free Cash Flow | 89.89M | 73.96M | 198.33M | 46.99M | -33.78M | -39.42M | -6.71M | -76.65M |
| FCF Margin % | 3.49% | 3.15% | 13.43% | 5.39% | -6.41% | -14.5% | -4.51% | -92.85% |
| FCF Growth % | -24.79% | -62.71% | 322.07% | 239.12% | 14.31% | -487.29% | 91.24% | - |
| FCF per Share | 0.39 | 0.29 | 0.84 | 0.22 | -0.17 | -0.21 | -0.19 | -2.21 |
| FCF Conversion (FCF/Net Income) | -0.63x | 2.34x | 1.99x | -3.12x | 0.40x | 0.32x | 0.14x | 1.04x |
| Interest Paid | 1.05M | 0 | 0 | 0 | 0 | 0 | 10K | 361K |
| Taxes Paid | 383K | 23.16M | 7.92M | 1.11M | 636K | 338K | 221K | 139K |
Quick answers to the most common questions about buying HIMS stock.
Hims & Hers Health, Inc. (HIMS) generated $300.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hims & Hers Health, Inc. (HIMS) generated $74.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Hims & Hers Health, Inc. (HIMS) spent $226.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Hims & Hers Health, Inc. (HIMS) spent $90.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
GLP-1 regulatory overhang
Metrics are mathematically derived from official filings.
Earnings Quality Clouded by Working Capital Swings
In 2026Q2, operating cash flow of -$35.9M versus a net loss of -$86.3M implies a conversion ratio of 0.42, but a -$496.6M working capital swing distorts the picture, per the cash flow statement.
The negative working capital change in 2026Q2, likely tied to inventory buildup for GLP-1 products, overwhelmed the positive contribution from D&A and SBC, causing operating cash flow to lag net income. This suggests that reported earnings are not yet translating into cash generation, and investors should monitor whether this is a one-time investment or a structural shift.
FCF Volatility Masks Underlying Growth
Free cash flow swung from $91.4M in 2025Q3 to -$55.4M in 2026Q2, with FCF margin dropping from 15.3% to -7.4%, as reported in quarterly filings, reflecting aggressive reinvestment and working capital needs.
The erratic FCF pattern, including a near-zero FCF in 2025Q4, indicates that the company is prioritizing growth over cash generation, consistent with its raised guidance. While revenue is accelerating, the cash flow trajectory is not yet stable, and the negative FCF in 2026Q2 may signal that the GLP-1 expansion requires significant upfront cash outlays.
Capital Intensity Rising with Expansion
CapEx as a percentage of revenue climbed from 0.8% in 2024Q3 to 10.9% in 2025Q3, per the cash flow statement, indicating a shift toward more asset-heavy operations, likely for compounding capacity.
The sharp increase in capital expenditures, from $3.3M to $65.3M in a year, suggests that HIMS is investing heavily in infrastructure to support its personalized medicine strategy. This may be growth-oriented capex, but it also raises the bar for future cash flow generation to justify the increased capital intensity.
Working Capital Swings Signal Inventory Buildup
Working capital changes swung from +$77.2M in 2025Q3 to -$496.6M in 2026Q2, as per the cash flow statement, indicating a massive cash outflow that may be tied to inventory and receivables for GLP-1 products.
The dramatic negative swing in working capital in 2026Q2 is a red flag for cash flow quality, as it suggests that the company is using cash to build inventory or fund receivables ahead of anticipated sales. This could be a strategic move to secure supply, but it also pressures near-term liquidity and may indicate that the growth is not yet self-funding.
Acquisitions and Buybacks Shape Cash Use
Cash outflows for acquisitions reached $180.2M in 2026Q2, while buybacks totaled $23.1M, per the cash flow statement, indicating a shift toward M&A and shareholder returns despite negative operating cash flow.
The significant acquisition spend in 2026Q2, likely for vertical integration or GLP-1 capabilities, suggests management is deploying capital aggressively to secure growth. However, doing so while operating cash flow is negative may strain the balance sheet, and investors should monitor whether these investments generate the expected returns.
Cumulative Earnings vs Cash: A Widening Gap
Over the last ten quarters, cumulative net income is approximately $76M, while cumulative operating cash flow is around $608M, per the cash flow statement, indicating that cash generation has far exceeded reported earnings.
The large cumulative surplus of operating cash flow over net income is primarily due to non-cash charges like SBC and D&A, which have been substantial. This suggests that the company's earnings quality is actually higher than reported, but the recent working capital swings may be eroding this advantage, warranting close monitoring of future cash conversion.
What the Cash Flow Statement Obscures
Stock-based compensation of $42.1M in 2026Q2, as disclosed in the cash flow statement, is added back to operating cash flow, but it represents a real economic cost that may be understating the true cash burn.
While SBC is a non-cash charge, it dilutes existing shareholders and should be considered when evaluating the sustainability of cash generation. Additionally, the large acquisition outflows in 2026Q2 are not captured in operating cash flow, potentially masking the full cash impact of the growth strategy. Investors should adjust for these items to assess the underlying cash profitability.