HIMS Q4 2025: International Revenue Jumps 400% as Platform Diversifies Beyond GLP-1s
Hims & Hers delivered a quarter marked by robust platform diversification and a breakout in international revenue, as management doubled down on personalized care and proactive health solutions. The company’s evolving business model now leans on a multi-specialty approach, with new diagnostics, hormonal therapies, and global expansion reshaping its growth profile. Investors face a business shifting from category dependence to a platform strategy, with execution in new markets and specialties as the key watchpoints for 2026 and beyond.
Summary
- Platform Strategy Accelerates: Hims & Hers is scaling new specialties and geographies, reducing reliance on any single treatment.
- International Expansion Takes Center Stage: Acquisitions and organic growth drive a sharp rise in global revenue and future opportunity.
- Personalized Care and Data Investments: Diagnostics, AI, and proactive health offerings are positioned as future growth engines.
Performance Analysis
Hims & Hers posted strong top-line growth, driven by both core U.S. segments and a surge in international business. The platform ended 2025 with over 2.5 million subscribers, with 65% using personalized treatments—solutions tailored to individual patient needs, such as custom dosing, multi-condition regimens, and alternative form factors. This focus on personalization has translated into improved retention and higher customer lifetime value, with average monthly revenue per subscriber up 11% year-over-year.
Revenue momentum was broad-based, with the HIMS brand in the U.S. growing over 30% and the HERS brand now representing nearly 40% of U.S. revenue. Notably, international revenue soared nearly 400% year-over-year to $134 million, reflecting the impact of acquisitions and the early success of the company’s global expansion strategy. Adjusted EBIT and EBITDA margins expanded, even as investments in technology, AI, and new specialties increased. Gross margins came under modest pressure from international mix and new specialty launches, while marketing leverage improved significantly, dropping to 39% of revenue.
- Personalized Solution Penetration: 65% of subscribers now use tailored treatments, underlining the shift to higher-value, stickier offerings.
- International Revenue Inflection: Global sales now account for a meaningful and rapidly growing share of the business, with further upside from pending acquisitions.
- Margin Dynamics: Margin expansion in mature categories is offsetting near-term dilution from new markets and specialties, supporting ongoing investment capacity.
The business is increasingly diversified, with non-GLP-1 categories driving the majority of revenue and cash flow. This platform breadth is enabling a pivot from category risk to multi-engine growth, setting the stage for continued gains as new lines scale.
Executive Commentary
"Our platform puts us at the forefront of that change. Before ever scaling our weight loss offering, we built a platform that surpassed $1 billion in revenue and achieved profitability by scaling offerings like sexual health and dermatology, specialties that continue to grow today with strong unit economics that allow us to fund the next opportunities for growth."
Andrew Dudum, Co-Founder and Chief Executive Officer
"Continued subscriber growth and deepening engagement are translating into financial success. Revenue in the fourth quarter was $618 million, representing a year-over-year growth rate of 28%. For the 2025 fiscal year, revenue was $2.35 billion, representing a year-over-year growth rate of 59%."
Yemi Okupe, Chief Financial Officer
Strategic Positioning
1. Multi-Specialty Platform Evolution
Hims & Hers is evolving from a single-category telehealth provider to a diversified platform addressing multiple health needs. New specialties, including labs, hormone therapies, and menopause support, are scaling faster than legacy lines, with each aiming for $100 million+ annual revenue. The platform’s ability to launch and scale new offerings has accelerated, reducing time-to-scale from years to months.
2. Global Expansion as a Growth Lever
International is now a core pillar, with recent acquisitions (Zava, LiveWell, Eucalyptus) extending reach into Canada, the UK, Europe, Australia, and Japan. Management targets $1 billion in international revenue within three years, with a growth-first, margin-later approach mirroring the U.S. playbook. Integration of acquired brands is expected to unify the platform experience and drive category leadership abroad.
3. Personalized Care and Data Infrastructure
Investment in diagnostics, AI, and at-home testing is central to the next phase. The labs business now offers 130+ biomarkers, with AI-driven insights and proactive messaging increasing engagement and treatment adherence. The YourBio acquisition brings proprietary, pain-free blood sampling technology, supporting a broader move into proactive and preventative care.
4. Capital Allocation and Profitability Focus
Disciplined capital deployment supports both innovation and shareholder returns. Over $225 million was invested in operational facilities, while $330 million was earmarked for M&A. A $100 million share buyback was completed, with $225 million remaining on the new program. Despite heavy investment, free cash flow remained positive, and the balance sheet ended strong with $929 million in cash and investments.
5. Regulatory and Category Risk Management
Management is actively de-risking dependence on GLP-1s and preparing for regulatory shifts. Only a small minority of subscribers use compounded GLP-1s, and the company is broadening its assortment to include branded, next-gen therapies. The business model is designed to flex with evolving drug pipelines and regulatory environments.
Key Considerations
Hims & Hers is executing a deliberate shift from category concentration to platform resilience, with a focus on scaling new specialties and geographies while investing in technology and data to drive engagement and retention.
Key Considerations:
- Category Diversification: Non-GLP-1 offerings now drive the majority of revenue and profitability, reducing single-category risk.
- International Scaling: Recent deals set the stage for rapid international growth, but integration and local execution remain critical.
- Diagnostics and AI Investment: In-house labs and AI-powered insights are expanding the addressable market and deepening customer relationships.
- Margin Mix and Investment Cycle: Margin expansion in mature U.S. lines is funding aggressive investment in new offerings and markets, with near-term dilution expected internationally.
- Regulatory Vigilance: Ongoing FDA and DOJ scrutiny requires careful navigation, especially around compounded medications and new product launches.
Risks
Regulatory scrutiny of compounded GLP-1s and evolving legal frameworks remain key uncertainties, with the potential to impact revenue timing and category economics. International expansion introduces integration and execution risk, while heavy investment in new specialties and technologies may pressure near-term margins if adoption lags. The company’s ability to maintain acquisition efficiency and retention as it diversifies will be crucial to sustaining its growth trajectory.
Forward Outlook
For Q1 2026, Hims & Hers guided to:
- Revenue of $600 to $625 million
- Adjusted EBITDA of $35 to $55 million (7% margin at the midpoint)
For full-year 2026, management forecast:
- Revenue of $2.7 to $2.9 billion (15% to 24% YoY growth)
- Adjusted EBITDA of $300 to $375 million (12% margin at midpoint)
Key drivers include a $65 million Q1 revenue headwind from weight loss shipping cadence changes, staged investment in new specialties, and at least $200 million in international revenue (plus upside from Eucalyptus pending close). Management expects newer offerings to incrementally scale, with international markets running near break-even in the near term.
Takeaways
Hims & Hers is executing a rapid pivot to a diversified, global, and technology-driven health platform, with category breadth and international scale as the primary growth levers.
- Platform Diversification: The business is no longer defined by a single specialty, with new offerings and geographies expanding the growth runway and reducing risk.
- Growth-First International Playbook: Management is prioritizing scale abroad, accepting near-term margin dilution to build durable market positions.
- Technology and Data Flywheel: Diagnostics, AI, and proactive care are positioned to drive higher engagement, retention, and long-term monetization.
Conclusion
Hims & Hers enters 2026 with a multi-engine growth model, leveraging category expansion, global reach, and technology investment to build a resilient and scalable healthcare platform. The business is positioned for continued growth, but execution in new markets and specialties, as well as regulatory navigation, will be the key determinants of long-term value creation.
Industry Read-Through
Hims & Hers’ results signal a broader shift toward platform-based healthcare models that prioritize personalization, proactive engagement, and international scalability. The rapid scaling of new specialties and geographies demonstrates the viability of consumer-centric health platforms beyond single-category dependence. Competitors in telehealth, digital pharmacy, and direct-to-consumer wellness should note the importance of data infrastructure, AI-driven care, and disciplined capital allocation in sustaining growth and margin expansion. Regulatory vigilance and the ability to flex with evolving drug pipelines will be critical for all players in this fast-evolving sector.