Revenue accelerated 38.2% YoY to $753.2M in 2026Q2, but gross margin compressed to 63.8% from 73.8% a year earlier, and operating income swung to a -$97.2M loss as SG&A consumed 56.8% of revenue.
Hims & Hers Health, Inc. (HIMS) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 2.58B | 2.35B | 1.48B | 872M | 526.92M | 271.88M | 148.76M | 82.56M |
| Revenue Growth % | 28.04% | 59% | 69.33% | 65.49% | 93.81% | 82.77% | 80.18% | - |
| Cost of Goods Sold | 910.53M | 614.26M | 303.38M | 157.05M | 118.19M | 67.38M | 39.31M | 37.95M |
| COGS % of Revenue | - | 26.16% | 20.55% | 18.01% | 22.43% | 24.78% | 26.42% | 45.97% |
| Gross Profit | 1.67B | 1.73B | 1.17B | 714.95M | 408.72M | 204.49M | 109.45M | 44.6M |
| Gross Margin % | 64.68% | 73.83% | 79.45% | 81.99% | 77.57% | 75.22% | 73.58% | 54.03% |
| Gross Profit Growth % | - | 47.76% | 64.09% | 74.92% | 99.87% | 86.84% | 145.38% | - |
| Operating Expenses | 1.76B | 1.63B | 1.11B | 744.4M | 477.42M | 319.54M | 124.59M | 119.02M |
| OpEx % of Revenue | - | 69.34% | 75.26% | 85.37% | 90.61% | 117.53% | 83.76% | 144.16% |
| Selling, General & Admin | 1.39B | 1.19B | 846.61M | 576.32M | 370.78M | 249.56M | 113.36M | 119.02M |
| SG&A % of Revenue | - | 50.78% | 57.34% | 66.09% | 70.37% | 91.79% | 76.2% | 144.16% |
| Research & Development | 128.47M | 149.3M | 78.82M | 48.23M | 29.24M | 22.38M | 11.24M | 0 |
| R&D % of Revenue | - | 6.36% | 5.34% | 5.53% | 5.55% | 8.23% | 7.55% | - |
| Other Operating Expenses | 2M | 286.44M | 185.8M | 119.86M | 77.4M | 47.59M | 0 | 0 |
| Operating Income | -92.67M | 105.61M | 61.9M | -29.45M | -68.7M | -115.04M | -15.14M | -74.41M |
| Operating Margin % | -3.59% | 4.5% | 4.19% | -3.38% | -13.04% | -42.31% | -10.18% | -90.14% |
| Operating Income Growth % | - | 70.61% | 310.18% | 57.13% | 40.29% | -659.65% | 79.65% | - |
| EBITDA | -5.48M | 160.12M | 78.99M | -19.94M | -61.22M | -110.97M | -14.09M | -74.15M |
| EBITDA Margin % | -0.21% | 6.82% | 5.35% | -2.29% | -11.62% | -40.81% | -9.47% | -89.82% |
| EBITDA Growth % | -103.54% | 102.7% | 496.18% | 67.43% | 44.83% | -687.73% | 81% | - |
| D&A (Non-Cash Add-back) | 87.19M | 54.5M | 17.09M | 9.52M | 7.47M | 4.08M | 1.06M | 260K |
| EBIT | -163.61M | 123.92M | 71.71M | -21.57M | -65.71M | -110.8M | -15.14M | -71.61M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | -10K | -369K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 369K |
| Other Income/Expense | -70.94M | 18.31M | 9.81M | 7.88M | 2.99M | 4.25M | -2.84M | 2.44M |
| Pretax Income | -163.61M | 123.92M | 71.71M | -21.57M | -65.71M | -110.8M | -17.99M | -71.97M |
| Pretax Margin % | -6.35% | 5.28% | 4.86% | -2.47% | -12.47% | -40.75% | -12.09% | -87.18% |
| Income Tax | -21.58M | -4.44M | -54.33M | 1.98M | -31K | -3.14M | 127K | 90K |
| Effective Tax Rate % | 13.19% | -3.58% | -75.76% | -9.16% | 0.05% | 2.83% | -0.71% | -0.13% |
| Net Income | -142.03M | 128.37M | 126.04M | -23.55M | -65.68M | -107.66M | -18.11M | -72.06M |
| Net Margin % | -5.51% | 5.47% | 8.54% | -2.7% | -12.46% | -39.6% | -12.18% | -87.29% |
| Net Income Growth % | -173.36% | 1.85% | 635.28% | 64.15% | 38.99% | -494.34% | 74.86% | - |
| Net Income (Continuing) | -142.03M | 128.37M | 126.04M | -23.55M | -65.68M | -107.66M | -18.11M | -72.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.61 | 0.51 | 0.53 | -0.11 | -0.32 | -0.58 | -0.51 | -2.07 |
| EPS Growth % | -178.32% | -3.77% | 581.82% | 65.63% | 44.83% | -13.73% | 75.36% | - |
| EPS (Basic) | - | 0.57 | 0.58 | -0.11 | -0.32 | -0.58 | -0.51 | -2.07 |
| Diluted Shares Outstanding | 231.75M | 258.23M | 236.81M | 209.34M | 204.52M | 186.78M | 35.35M | 34.76M |
| Basic Shares Outstanding | 231.75M | 224.96M | 215.94M | 209.34M | 204.52M | 186.78M | 35.35M | 34.76M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying HIMS stock.
For fiscal year 2025, Hims & Hers Health, Inc. (HIMS) reported total revenue of $2.35B. This represents a 2743.6% increase compared to $82.6M in 2019.
Hims & Hers Health, Inc. (HIMS) is profitable, generating $128.4M in net income for the fiscal year ending 2025 with a net profit margin of 5.5%.
Hims & Hers Health, Inc. (HIMS) reported an operating income of $105.6M, resulting in an operating profit margin of 4.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Hims & Hers Health, Inc. (HIMS) generated $1.73B in gross profit for the year, representing a gross profit margin of 73.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
GLP-1 regulatory overhang
Metrics are mathematically derived from official filings.
Accelerating Growth Amidst Volatility
Revenue surged 38.2% year-over-year to $753.2M in 2026Q2, per the latest quarterly report, marking a sharp acceleration from the prior quarter's 3.8% growth, driven by sustained demand for GLP-1 offerings.
The 2026Q2 revenue jump to $753.2M from $608.1M in 2026Q1 represents a 23.9% sequential increase, a notable rebound after a deceleration in early 2026. This suggests that the company's strategic focus on weight management and personalized treatments is gaining traction, though the sustainability of this pace depends on regulatory clarity around compounded GLP-1s. Investors should monitor whether this growth is broad-based or concentrated in a few high-demand categories.
Gross Margin Compression Signals Mix Shift
Gross margin fell to 63.8% in 2026Q2 from 73.8% a year earlier, as reported in financial statements, indicating a significant shift toward lower-margin wholesale or compounded products, which may pressure profitability if not offset by scale.
The 10-percentage-point decline in gross margin from 2025Q2's 76.4% to 2026Q2's 63.8% is a critical red flag. This likely reflects increased sales of compounded medications, which carry higher COGS due to specialized ingredients and production costs. While this may enhance product differentiation, it erodes the historical high-margin advantage. The company must achieve operating leverage to compensate for this structural margin shift.
Operating Leverage Elusive as Costs Outpace Revenue
Operating income swung to a -$97.2M loss in 2026Q2 from a $26.7M profit in 2025Q2, per income statement data, as SG&A surged 50% year-over-year, indicating that revenue growth is not yet translating into bottom-line leverage.
Despite a 38% revenue increase, operating margin deteriorated to -12.9% from 4.9% in the prior-year quarter. The spike in SG&A to $427.6M, up from $285.1M, suggests aggressive marketing spend to fuel growth, particularly in competitive GLP-1 markets. This implies that the company is prioritizing market share over profitability, and investors should watch for a slowdown in spend growth to see if operating leverage can materialize.
Earnings Quality Clouded by SBC and Tax Anomalies
Net loss of $86.3M in 2026Q2 includes $42.1M in stock-based compensation, as disclosed in financial statements, and a tax benefit that inflated 2024Q3 net income to $75.6M, suggesting reported EPS may overstate underlying cash profitability.
SBC represents a significant drag on earnings, consuming nearly half of the operating loss in 2026Q2. Additionally, the 2024Q3 net income of $75.6M on operating income of $22.4M implies a large tax benefit, which is non-recurring and inflates historical EPS. Adjusting for these items, the company's core profitability is weaker than headline numbers suggest, warranting caution when comparing EPS growth.
SG&A Dominates Cost Structure, R&D Minimal
SG&A reached $427.6M in 2026Q2, representing 56.8% of revenue, while R&D was negligible, as per the income statement, highlighting a marketing-heavy model that may face diminishing returns as competition intensifies.
The company's cost structure is heavily skewed toward sales and marketing, which is typical for DTC subscription businesses but raises concerns about customer acquisition efficiency. R&D spending is minimal, suggesting limited investment in proprietary technology or clinical validation, which could be a long-term vulnerability. The lack of R&D may also indicate reliance on third-party formulations, increasing regulatory risk.
2026Q2 Marks a Pivotal Inflection Point
The 2026Q2 quarter stands out as a turning point, with revenue jumping to $753.2M and gross margin dropping to 63.8%, per reported figures, signaling a strategic pivot toward compounded GLP-1s that reshapes the financial profile.
This quarter represents a clear inflection: revenue growth accelerated dramatically, but profitability deteriorated sharply, and gross margin compressed. The shift likely reflects the scaling of compounded medications, which carry higher COGS but offer differentiation. The lasting impact is a new cost structure that requires higher volume to achieve profitability, making operating leverage the key metric to watch. If the company can manage SG&A growth, this pivot could prove value-accretive.
The Bear Case: Margin Erosion and Regulatory Risk
Short-sellers would highlight the 10-point gross margin decline and the swing to a -$97.2M operating loss in 2026Q2, as per financial statements, questioning whether the GLP-1 pivot can ever achieve sustainable profitability.
The aggressive spend-to-grow strategy, combined with regulatory uncertainty around compounded GLP-1s, poses a significant risk. If the FDA removes GLP-1s from the shortage list, the company's ability to sell compounded versions could be curtailed, undermining a key growth driver. Additionally, the rising SG&A as a percentage of revenue suggests that customer acquisition costs are not declining, which could lead to a cash burn if growth stalls. Investors should monitor these risks closely.