Hims & Hers, a direct-to-consumer telehealth company that sells treatments and services across multiple health categories through a recurring billing model, reported full-year 2025 results on February 23, 2026 and issued guidance for both Q1 and full-year 2026.

For FY2025, the company reported $2.35B in revenue, up 59% year over year, and $318M in adjusted EBITDA. It ended the year with 2.511M subscribers, up 13%, and reported monthly revenue per average subscriber of $83, up from $65 in FY2024. For subscription operators, that “revenue per subscriber” metric is a direct read on how effectively the business is expanding value per customer relationship over time.

In its shareholder materials, Hims defines “subscribers” as customers with one or more subscriptions who have agreed to be automatically billed on a recurring cadence. Customers who make one-time purchases are excluded. The company also notes that subscribers can cancel or snooze between billing periods and can reactivate later. In FY2025, Hims & Hers generated about 98.5% of total revenue from its online channel, and the company says the majority of that online revenue is subscription-based, though it does not break out subscription revenue as a separate line item.

Looking ahead, Hims guided Q1 2026 revenue to $600M to $625M and Q1 adjusted EBITDA to $35M to $55M. For full-year 2026, it guided revenue to $2.7B to $2.9B and adjusted EBITDA to $300M to $375M. Reuters reported that shares fell about 7% after hours following the release, as investors focused on the Q1 outlook and the company’s stated $65M Q1 headwind tied to changes requiring weight-loss prescriptions to be personalized under U.S. law.

INSIDER TAKE

The clearest operator takeaway is the metric mix: subscriber scale is growing, but monetization per subscriber is growing faster. The market reaction centered on Q1 guidance, underscoring that in regulated subscription models, predictability and continuity often matter as much as growth.

Hims is a useful case study for subscription executives because it shows what “subscription at scale” looks like in a regulated category. The headline results are strong, but the operator-relevant story sits in the mechanics: how the company monetizes each relationship, how it defines the subscriber base, and how quickly external constraints can flow through guidance.

Start with the metric that actually explains the model’s momentum: monthly revenue per average subscriber. Subscriber growth matters, but monetization per relationship is where subscription businesses either compound or stall. The move to $83 in FY2025 signals that Hims is driving more revenue per customer relationship over time, not simply adding new accounts.

Next is definition discipline. Hims’ subscriber metric is explicitly tied to recurring billing cadence and excludes periods where payment does not occur at the contracted cadence. That makes “subscriber count” closer to an in-cycle billing measure than a broad statement about active patients or retained cohorts. It is a solid operating metric, but it should not be read as a complete retention story without additional cohort and reactivation context.

Then there is cadence and constraint. In categories that blend healthcare, fulfillment, and recurring billing, shipping cadence and prescription requirements can quickly become business-model variables. The Q1 headwind tied to weight-loss prescription changes is a reminder that, in regulated subscriptions, the question is not just demand. It is also continuity, eligibility, and the operational friction introduced by compliance shifts.

Net, this update is not simply “subscriber scale plus growth.” It is a clearer example of how a subscription business communicates value creation through monetization per relationship, while also managing volatility that comes with cadence, fulfillment economics, and regulatory dependencies.