stockrowWhat it does
Hims & Hers is a digital health and wellness company that connects consumers with healthcare professionals and offers treatments and other health products. Founded in 2017, the company is led by Chief Executive Officer Mr. Dudum.
Customers can use its websites and mobile apps to seek care for conditions including sexual health, hair loss, hormone health, weight loss, skin conditions and mental health. Licensed professionals can prescribe medication when appropriate, and prescriptions are filled through licensed pharmacies. The company also offers non-prescription products and access to laboratory testing.
The platform combines consultations, electronic medical records, prescriptions, pharmacy fulfillment and follow-up care. In the United States, clinical services are provided by affiliated medical groups that Hims & Hers contracts with but does not own. Those groups control clinical decisions; Hims & Hers provides administrative and technology support.
The company offers access to generic, brand-name and compounded medications. Compounded medications are prepared by pharmacies or outsourcing facilities under specific regulatory requirements. The majority of prescriptions are filled through pharmacies owned by Hims & Hers. Customers can also find some of its non-prescription products through retail partners.
Its apps provide educational programs, wellness content and community support alongside treatment. Hims & Hers has also introduced an AI-supported care experience for Hers weight-loss customers.
How it makes money
Hims & Hers earns revenue from products and services purchased directly by customers through its websites and apps, as well as from non-prescription products sold through retailers and other third-party platforms. Its offerings generally address conditions that can involve recurring medication and ongoing care.
The majority of online revenue is subscription-based. Customers agree to recurring billing and automatic delivery of products and services; the company also earns online revenue from one-time purchases. Depending on the offering, subscription terms or shipment intervals range from 30 days to 360 days. Customers can cancel or pause subscriptions and later reactivate them. The company also receives fixed administrative fees from its affiliated medical groups for non-clinical services.
In the United States and its other international markets except Canada, Hims & Hers accepts payments from customers rather than insurers or government healthcare programs. In Canada, limited public or private drug coverage applies to certain offerings at the dispensing pharmacy.
In FY2025, United States revenue was $2.2 billion and rest-of-world revenue was $134.0 million; in Q2 2026, total revenue was more than $753 million.
In 2025, personalized offerings accounted for over 70% of United States revenue. These are provider-developed treatment plans tailored to individual customers and can include compounded formulations. A majority of United States revenue came from non-GLP-1 offerings.
In March 2026, the company expanded its selection of branded weight-loss products. Hims & Hers says the shift to monthly billing for branded weight-loss offerings created revenue-recognition headwinds, while subscriber additions helped offset them.
Customers and how it sells
Hims & Hers serves consumers seeking treatment for a range of recurring health needs, including weight loss, sexual health, hair loss and skin conditions. Its direct channels are its websites and mobile apps; non-prescription products also reach customers through retail stores and third-party platforms. In Q2 2026, the company ended the quarter with nearly 3 million subscribers globally.
The United States accounted for 94.3% of revenue in FY2025, while the rest of the world accounted for 5.71%. United States revenue was $2.2 billion and rest-of-world revenue was $134.0 million in that year.
Outside the United States, the company had operations in the United Kingdom, parts of the European Union and Canada. Its affiliated provider model varies by jurisdiction: in the United Kingdom and Ireland, subsidiaries employ physicians directly, while in Canada the company primarily engages nurse practitioners as independent contractors.
Hims & Hers closed its Eucalyptus acquisition in June, deepening its presence in Europe and extending its reach to consumers in Australia and Japan. In Q2 2026, international revenue was $131 million, including approximately $40 million from Eucalyptus.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| United States Revenue | $2.2 billion | 94.3% | 52.7% |
| Rest of the World Revenue | $134.0 million | 5.71% | 399.2% |
Suppliers and costs
Hims & Hers fills most prescriptions through its own pharmacies, while also using contracted licensed partner pharmacies for certain prescription and non-prescription products. Partner pharmacy rates are fixed in their contracts, and changes require mutual agreement. The company is generally not subject to exclusivity or minimum-order requirements with those pharmacies.
Its facilities include pharmacies, a compounding outsourcing facility, a peptide manufacturing facility and a laboratory testing facility. Outside manufacturers and suppliers provide some products and ingredients, including ingredients used in compounded GLP-1s. Some non-prescription products are made by manufacturers and sold under the Hims & Hers brand or a co-brand.
Marketing is a cost of acquiring customers. Gross margin was 64% in that quarter; the company expects gross margins to remain below historical levels as branded weight-loss products and international revenue become a larger share of the business. It also says the expansion of branded weight-loss offerings increased working-capital demands and interrupted operating cash-flow momentum in the quarter.
- Revenue$2.3B
- Cost of revenue−$614.3M
- Research and development−$149.3M
- Selling, general and administrative−$1.2B
- Other operating costs−$286.4M
- Operating income$105.6M
Competitive position
Hims & Hers competes for customers seeking telehealth, medication and other health and wellness services. The company identifies convenience, price, personalization, brand recognition, product quality and safety, breadth of offerings, and relationships with providers and suppliers as factors in its ability to compete. No competitors are named in the supplied company evidence.
Its platform brings together customer acquisition, consultations, prescriptions, pharmacy fulfillment and follow-up care. The company uses marketing across social media, online search, television, radio, retail stores and physical advertising. It also offers products across several health conditions and uses subscriptions to support ongoing treatment.
Our reading: The combination of brand, subscriptions and a range of specialties can support repeat relationships, but customers can cancel or pause subscriptions and competing telehealth options can challenge the platform. The evidence does not establish how difficult it is for rivals to replicate those relationships.
Our reading: Owned pharmacies and facilities, together with the provider and technology network, are another potential source of advantage because they connect several steps of care and fulfillment. Their strength depends on operating those facilities and complying with healthcare rules, while the company also relies on outside providers and suppliers.
Growth opportunities
Hims & Hers plans to add customers, expand treatment options for existing customers and enter additional specialties. Its strategy includes conditions that can be addressed through telehealth and involve recurring relationships. It launched access to testosterone, menopause and perimenopause support in 2025, as well as comprehensive laboratory testing.
The company plans to expand testosterone treatment to injectable and oral options before the end of 2026. It is also developing peptide offerings: Hims & Hers says it is waiting for final FDA rulemaking on peptides discussed at a recent advisory meeting, while planning to offer access to other permitted offerings before year-end.
International expansion is another priority. The Eucalyptus acquisition added reach in Australia and Japan, and the company intends to invest in international markets alongside its existing United States business. Hims & Hers also plans to use testing, screening and technology to support more continuous care and offer customers additional treatments.
The company expects 2026 revenue of $3.1 billion to $3.3 billion and adjusted EBITDA of between $275 million and $325 million. It expects international revenue of at least $600 million in 2026, with the international business operating at or near breakeven on an adjusted EBITDA basis. Its 2030 ambitions are at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA.
- $271.9MFY2021
- $526.9MFY2022
- $872.0MFY2023
- $1.5BFY2024
- $2.3BFY2025
- $3.1BFY2026 guidance
Structural risks
- Compounding and drug promotion: In 2025, the FDA issued Hims & Hers warning letters concerning compounded semaglutide products. In February 2026, the FDA said it intended to restrict certain ingredients used in non-FDA-approved compounded GLP-1 drugs. Further restrictions or enforcement could affect offerings and operations.
- Clinical and telehealth rules: Laws governing medical practice, provider licensing and telehealth vary by jurisdiction. Regulators could challenge the company’s arrangements with its affiliated medical groups, including under corporate-practice or fee-splitting rules.
- Customer trust and data: Acceptance of the platform could be affected by privacy and security concerns, dissatisfaction with billing or pricing, perceived risks of compounded medications, or unsatisfactory AI suggestions.
- Litigation: The FTC filed a complaint against the company in July 2026. It was reported on 28 October 2026 that a lawsuit over its billing and data practices remained pending. Hims & Hers says it intends to defend its position.
- Acquisitions and expansion: Integrating acquired businesses can involve costs, delays, regulatory complexity, acquired liabilities and difficulties combining operations or technology. International operations also face differing laws and limits on replicating the United States business structure.
- Costs and supply: Facilities must meet inventory and fulfillment expectations, while third-party manufacturers must comply with product regulations. Branded weight-loss offerings and international revenue have also contributed to gross-margin pressure.
Bottom line
Our reading
Hims & Hers is a direct-to-consumer health platform whose recurring business connects treatment, pharmacy fulfillment and follow-up care. Its opportunity rests on adding specialties and customers, including internationally, while its economics are changing with branded weight-loss products. The same model depends on clinical partners, customer trust and compliance with rules that can constrain what it offers.