UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the fiscal year ended
Commission File Number:
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered |
|---|---|---|
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of December 31, 2025, the registrant had
Auditor name:
Form type: 10-K
Period end: 2025-12-31
Hims & Hers Health, Inc. is a public reporting company classified under Services-Offices & Clinics of Doctors of Medicine. Hims & Hers Health, Inc. is a public reporting company classified under Services-Offices & Clinics of Doctors of Medicine. The Company's principal products and services consist of [COMPLETE: description of principal products and services], which it offers to customers in [COMPLETE: description of principal markets served]. Our strategy is centered on [COMPLETE: description of business strategy and growth priorities]. This annual report on Form 10-K covers the period ending 2025-12-31, and Dudum Andrew serves as our Principal Executive Officer.
For the fiscal year ended December 31, 2025, we generated revenue of $2,347,637,000, an increase of 59.0% from $1,476,514,000 in the prior year, and net income of $128,365,000. Revenue [revenue]: current $2347637000, prior $1476514000, delta 59.0% Net income: $128365000 Our cost of revenue increased to $614,259,000 from $303,379,000, and selling and marketing expense increased to $919,296,000 from $678,844,000, reflecting the continued expansion of our operations. Cost of revenue [cogs]: current $614259000, prior $303379000, delta 102.5% Selling and marketing [expense]: current $919296000, prior $678844000, delta 35.4% During the year, goodwill increased to $278,325,000 from $112,728,000 and intangible assets, net increased to $196,116,000 from $43,410,000, and we recorded earn out liabilities of $53,009,000 and $3,646,000 in connection with [COMPLETE: description of acquisitions completed during the period]. Goodwill [other_asset]: current $278325000, prior $112728000, delta 146.9% Intangible assets, net [other_asset]: current $196116000, prior $43410000, delta 351.8% Earn out liabilities [accounts_payable]: current $3646000, prior $0, delta n/a% Earn out liability [accounts_payable]: current $53009000, prior $0, delta n/a% We also incurred long-term debt of $972,580,000 and held long-term investments of $351,263,000 and short-term investments of $348,876,000 as of year end, in addition to cash and cash equivalents of $228,616,000. Long-term debt [debt]: current $972580000, prior $0, delta n/a% Long-term investments [investment]: current $351263000, prior $0, delta n/a% Short-term investments [investment]: current $348876000, prior $79667000, delta 337.9% Cash and cash equivalents [cash]: current $228616000, prior $220584000, delta 3.6%
We operate in a competitive environment and are subject to [COMPLETE: description of competition and competitive position]. Our business is subject to extensive regulation, including [COMPLETE: description of healthcare, telehealth, pharmacy, privacy, and other applicable regulatory frameworks]. As of December 31, 2025, we had [COMPLETE: number of employees and description of human capital resources]. The company is involved in legal proceedings arising in the ordinary course of business from time to time. Management does not currently believe any pending matter is material to the financial statements. We have adopted an Insider trading policy, which is filed as an exhibit to this report. Additional information regarding our business, risk factors, and results of operations is set forth elsewhere in this annual report.
Our business depends on sustaining growth in a competitive and evolving market, and our recent rate of growth may not be indicative of future performance. We are a public reporting company classified under Services-Offices & Clinics of Doctors of Medicine, and for the period ended December 31, 2025 we generated revenue of $2,347,637,000 and net income of $128,365,000. Revenue increased 59.0% from $1,476,514,000 in the prior year, but cost of revenue increased 102.5%, from $303,379,000 to $614,259,000, and continued growth in costs at rates exceeding revenue growth would adversely affect our margins. Selling and marketing expense was $919,296,000, compared to $678,844,000 in the prior year, and if our marketing investments do not attract and retain customers at acceptable costs, our results of operations would suffer. Our revenue remains concentrated in the United States, which accounted for $2,213,648,000 of total revenue, while Rest of the World Revenue grew 399% to $133,989,000; our international expansion exposes us to new regulatory, operational, and competitive risks with which we have limited experience. [COMPLETE: description of regulatory risks specific to telehealth, pharmacy, and healthcare compliance]
We have significantly expanded our balance sheet through acquisitions and borrowings, which introduces financial and integration risks. Goodwill increased from $112,728,000 to $278,325,000 and intangible assets, net increased from $43,410,000 to $196,116,000, and if acquired businesses fail to perform as expected we could be required to record impairment charges. Amortization of intangible assets increased to $23,700,000 from $3,800,000, and we carry earn out liabilities of $53,009,000 and $3,646,000 whose ultimate settlement may differ from current estimates. We had long-term debt of $972,580,000 as of the end of the period, compared to none in the prior year, and total liabilities of $1,613,777,000 against total equity of $540,928,000. This indebtedness could limit our flexibility, require us to dedicate cash flow to debt service, and expose us to covenant restrictions. We have also assumed substantial lease commitments, with noncurrent operating lease liabilities increasing from $9,456,000 to $143,167,000 and property, equipment and software, net increasing from $82,083,000 to $311,930,000, which increases our fixed cost base and reduces our ability to respond to changes in demand. [COMPLETE: description of debt instruments, maturities, and covenant terms]
Our financial position and results are subject to additional risks related to taxes, investments, and legal matters. We recorded deferred tax assets of $82,707,000 and an income tax benefit of $4,441,000 in the current period, following a benefit of $54,327,000 in the prior year; our ability to realize these assets depends on generating sufficient future taxable income, and a change in that assessment could require a valuation allowance and adversely affect reported earnings. We held cash and cash equivalents of $228,616,000, short-term investments of $348,876,000, and long-term investments of $351,263,000, and our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, so declines in interest rates or in the value of our investments could reduce investment income. We do not have material foreign currency or commodity price exposure, although that could change as our international revenue grows. We are involved in legal proceedings arising in the ordinary course of business from time to time, and while management does not currently believe any pending matter is material to the financial statements, an adverse outcome could result in significant costs or reputational harm. Management concluded that our disclosure controls and procedures were effective at the reasonable assurance level and no changes materially affected internal control over financial reporting during the quarter; however, our rapid growth and acquisition activity increase the complexity of our control environment, and any future failure to maintain effective controls could impair our ability to report accurately and on a timely basis.
Hims & Hers Health, Inc. is a public reporting company classified under Services-Offices & Clinics of Doctors of Medicine. Our management primarily uses the Subscribers and Monthly Revenue per Average Subscriber metric to manage and monitor the performance of our business, and increases or decreases in these key business metrics may not correspond with increases or decreases in our revenue; we continually and strategically review our key business metrics to ensure that they are helpful in managing or monitoring the performance of our business as it grows, which may result in changes in our key business metrics over time. Revenue for the year ended December 31, 2025 was $2,347,637,000, compared to $1,476,514,000 for the prior year, an increase of 59.0%, or $871,123,000, driven by [COMPLETE: growth in Subscribers and Monthly Revenue per Average Subscriber for the period]. Cost of revenue increased 102.5% to $614,259,000 from $303,379,000, an increase of $310,880,000 that outpaced revenue growth, such that cost of revenue represented approximately 26.2% of revenue compared to approximately 20.5% in the prior year, reflecting [COMPLETE: drivers of the change in cost of revenue, including product mix and fulfillment costs]. Deferred revenue increased 68.9% to $127,160,000 from $75,285,000, and inventory increased 24.4% to $80,128,000 from $64,427,000, consistent with the growth in the scale of our operations.
Selling and marketing expense increased 35.4% to $919,296,000 from $678,844,000, an increase of $240,452,000, and grew more slowly than revenue as we continued to invest in customer acquisition. General and administrative expense increased 62.6% to $272,724,000 from $167,767,000, an increase of $104,957,000, reflecting [COMPLETE: drivers of general and administrative growth, including personnel, professional fees, and acquisition-related costs]. Other operating expenses increased 58.0% to $412,045,000 from $260,821,000, an increase of $151,224,000. Amortization of intangible assets increased 523.7% to $23,700,000 from $3,800,000, an increase of $19,900,000, which corresponds with the increase in intangible assets, net, to $196,116,000 from $43,410,000 and the increase in goodwill to $278,325,000 from $112,728,000, together with the recognition of earn out liabilities of $53,009,000 and $3,646,000 that were not present in the prior year. Other income, net, was $18,311,000 compared to $9,808,000 in the prior year, an increase of $8,503,000. We recorded an income tax benefit of $4,441,000 compared to a benefit of $54,327,000 in the prior year, a decrease of $49,886,000, as the prior-year period included [COMPLETE: description of prior-year discrete tax item, such as valuation allowance release]. Net income for the year was $128,365,000, and basic earnings per share was $0.57 on weighted-average basic shares outstanding of 224,959,268. Our accumulated deficit improved to $113,772,000 from $242,137,000, reflecting the net income generated during the year.
As of December 31, 2025, we had cash and cash equivalents of $228,616,000, compared to $220,584,000 as of December 31, 2024, an increase of 3.6%, or $8,032,000. Short-term investments increased 337.9% to $348,876,000 from $79,667,000, and we held long-term investments of $351,263,000 compared to none in the prior year, bringing total cash, cash equivalents and investments to $928,755,000. During the year we incurred long-term debt of $972,580,000, compared to no long-term debt outstanding at the end of the prior year, the proceeds of which were used for [COMPLETE: use of proceeds from debt issuance, including acquisitions and investment purchases]. We also invested in our infrastructure, with property, equipment and software, net, increasing 280.0% to $311,930,000 from $82,083,000, and operating lease right-of-use assets increasing to $137,046,000 from $10,881,000, with corresponding noncurrent operating lease liabilities of $143,167,000 compared to $9,456,000 in the prior year. Accounts payable increased 57.1% to $143,278,000 from $91,180,000, and accrued liabilities were $77,039,000 at year end. Total liabilities were $1,613,777,000 and total stockholders' equity was $540,928,000 as of December 31, 2025. Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and we do not have material foreign currency or commodity price exposure. We believe that our existing cash, cash equivalents and investments, together with cash generated from operations, will be sufficient to meet our working capital, capital expenditure and debt service requirements for at least the next twelve months, although we may seek additional financing to support future growth initiatives.
Management evaluated our disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected our internal control over financial reporting during the quarter. We are involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements. The limitations our key business metrics have as an analytical tool include that they might not accurately predict our future financial results pursuant to U.S. GAAP, and that other companies, including companies in our industry, may calculate our key business metrics or similarly titled measures differently, which reduces their usefulness as comparative measures.
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Revenue | ||
| Total Revenue | ||
| Cost of revenue | 614,259,000 | 303,379,000 |
| Total COGS | ||
| Gross Profit | ||
| Amortization of intangible assets | ||
| General and administrative | ||
| Other operating expenses | ||
| Selling and marketing | ||
| Total operating expenses | ||
| Operating income | ||
| Other income (expense) | ||
| Other income (expense), net | - | - |
| Income before income taxes | ||
| Income tax expense (benefit) | - | - |
| Net Income | ||
| Basic earnings per share | ||
| Diluted earnings per share | ||
| Weighted average shares outstanding, basic | ||
| Weighted average shares outstanding, diluted | ||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Net income | 128,365,000 | 126,038,000 |
| Other comprehensive income (loss), net of tax | - | |
| Comprehensive income |
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Accounts receivable | 0 | |
| Less: allowance for credit losses | ||
| Cash and cash equivalents | ||
| Inventory | ||
| Prepaid expenses and other current assets | ||
| Short-term investments | ||
| Other current assets (derived) | ||
| Total current assets | ||
| Noncurrent assets | ||
| Deferred tax assets | ||
| Goodwill | ||
| Intangible assets, net | ||
| Finite-lived intangible assets, accumulated amortization | ||
| Long-term investments | 0 | |
| Operating lease right-of-use assets | ||
| Other noncurrent assets | ||
| Property equipment and software net | ||
| Restricted cash, noncurrent | 0 | 856,000 |
| Total noncurrent assets | ||
| Total Assets | ||
| Liabilities | ||
| Current liabilities | ||
| Accounts payable | ||
| Accrued compensation | ||
| Accrued liabilities | 0 | |
| Deferred revenue | ||
| Earn out liabilities | 0 | |
| Operating lease liabilities, current | ||
| Other current liabilities (derived) | 0 | 38,794,000 |
| Taxes payable | ||
| Other current liabilities (derived) | ||
| Total current liabilities | ||
| Noncurrent liabilities | ||
| Deferred tax liabilities | 0 | |
| Earn out liability | 0 | |
| Long-term debt | 0 | |
| Operating lease liabilities, noncurrent | ||
| Other noncurrent liabilities | 0 | |
| Other liabilities (derived) | 0 | |
| Total noncurrent liabilities | ||
| Total Liabilities | ||
| Equity | ||
| Accumulated other comprehensive income (loss) | - | |
| Additional paid-in capital | ||
| Common stock | ||
| Retained earnings (accumulated deficit) | - | - |
| Total Equity | ||
| Total liabilities and equity | ||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Operating activities | ||
| Net income | ||
| Depreciation and amortization | ||
| Stock-based compensation | ||
| Deferred income taxes | - | - |
| Other noncash items, net | - | |
| Change in inventories | - | - |
| Change in prepaid expenses and other assets | - | - |
| Change in accounts payable | ||
| Change in contract liabilities | ||
| Change in accrued liabilities | - | |
| Changes in operating assets and liabilities, net | - | |
| Net cash from operating activities | ||
| Investing activities | ||
| Purchases of available-for-sale securities | - | - |
| Proceeds from sales of available-for-sale securities | ||
| Proceeds from maturities, prepayments and calls of available-for-sale securities | ||
| Other investing activities (derived) | - | - |
| Net cash from investing activities | - | - |
| Financing activities | ||
| Repurchases of common stock | - | - |
| Tax withholding payments for share-based compensation | - | - |
| Proceeds from exercise of stock options | ||
| Other financing activities (derived) | ||
| Net cash from financing activities | - | |
| Effect of exchange rate changes on cash | - | |
| Net change in cash | ||
| Cash at beginning of period | 97,519,000 | |
| Cash at end of period | 221,440,000 | |
| Supplemental cash flow information | ||
| Cash paid for income taxes | ||
| Cash paid for income taxes, federal | 0 | |
| Cash paid for income taxes, state and local | 0 | |
| Cash paid for income taxes, foreign | 0 | |
| Supplemental disclosure of noncash investing and financing activities | ||
| Capital expenditures incurred but not yet paid | ||
| Common stock | Additional paid-in capital | Retained earnings (accumulated deficit) | Accumulated other comprehensive income (loss) | Total | |
|---|---|---|---|---|---|
| Balance at beginning of prior year | 21,000 | 712,307,000 | -368,175,000 | -124,000 | 344,029,000 |
| Net income | |||||
| Other equity movements | 1,000 | 6,848,000 | 0 | -200,000 | 6,649,000 |
| Balance at December 31, 2024 | - | - | |||
| Net income | |||||
| Other equity movements | 1,000 | -66,772,000 | 0 | 2,618,000 | -64,153,000 |
| Balance at December 31, 2025 | - |
Hims & Hers Health, Inc. is a public reporting company classified under Services-Offices & Clinics of Doctors of Medicine. The accompanying interim condensed financial statements are unaudited, have been prepared from the Company's connected books, and the results for the interim period are not necessarily indicative of the results to be expected for a full year. These notes present the Company's financial position as of December 31, 2025 and its results for the period then ended. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected internal control over financial reporting during the quarter. The Company is involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements.
Revenue for the period was $2,347,637,000 compared with $1,476,514,000 in the prior period, an increase of 59.0%. Cost of revenue was $614,259,000 compared with $303,379,000 in the prior period, an increase of 102.5%. Deferred revenue, representing amounts billed in advance of the satisfaction of performance obligations, was $127,160,000 at period end compared with $75,285,000 in the prior period, and accounts receivable was $32,100,000 at period end. Net income for the period was $128,365,000. Basic earnings per share was $0.57 and diluted earnings per share was $0.51, computed using weighted-average basic shares outstanding of 224,959,268.
Total debt and liabilities at period end were $1,613,777,000. Long-term debt was $972,580,000 at period end, with no comparable balance outstanding in the prior period. The long-term debt bears terms as follows: [COMPLETE: description of debt instruments, interest rates, maturities, and covenants]. Operating lease liabilities consisted of a current portion of $4,843,000 and a noncurrent portion of $143,167,000, with total undiscounted lease payments of $216,974,000, imputed interest of $68,964,000, and a present value of operating lease liabilities of $148,010,000. Undiscounted lease payments due within one year are $12,343,000, followed by $16,340,000 in year two, $16,564,000 in year three, $17,120,000 in year four, $17,429,000 in year five, and $137,178,000 thereafter. The weighted average remaining lease term was 12.3 years and the weighted average discount rate was 6.1%; operating lease cost for the period was $13,500,000, variable lease cost was $1,100,000, and right-of-use assets obtained in exchange for operating lease liabilities were $132,837,000. Operating lease right-of-use assets increased to $137,046,000 from $10,881,000 in the prior period.
Total stockholders' equity was $540,928,000 at period end. Common stock was $23,000 compared with $22,000 in the prior period, and additional paid-in capital was $652,383,000 compared with $719,155,000 in the prior period, a decrease of 9.3%. The accumulated deficit narrowed to $113,772,000 from $242,137,000 in the prior period, and accumulated other comprehensive income was $2,294,000 compared with an accumulated other comprehensive loss of $324,000 in the prior period. The balance at December 31, 2025 reflected common stock of $23,000, additional paid-in capital of $652,383,000, an accumulated deficit of $113,772,000, accumulated other comprehensive income of $2,294,000, and total equity of $540,928,000. Total share-based compensation expense recognized in the period was $135,244,000 compared with $92,322,000 in the prior period.
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the applicable rules and regulations of the Securities and Exchange Commission. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position, results of operations, and cash flows for the periods presented.
The financial statements include the accounts of the Company and its consolidated subsidiaries, if any. All intercompany balances and transactions have been eliminated in consolidation.
The allowance for credit losses reflects expected credit losses over the contractual life of the in-scope financial assets, measured considering historical loss experience, current conditions, and reasonable and supportable forecasts, and is presented as a deduction from the amortized cost basis of the related assets.
Inventories are stated at the lower of cost and net realizable value.
Receivables are recorded at the amounts contractually due from customers and other counterparties, net of any allowance for amounts not expected to be collected.
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. When the carrying amount of an asset or asset group is not recoverable, an impairment loss is recognized for the amount by which the carrying amount exceeds fair value.
The Company determines whether an arrangement is or contains a lease at inception. For leases with terms greater than twelve months, a right-of-use asset and a corresponding lease liability are recognized at the lease commencement date, measured at the present value of the remaining lease payments over the lease term.
Debt is carried at amortized cost. Debt issuance costs and discounts or premiums are presented as an adjustment to the carrying amount of the related debt and amortized to interest expense over the contractual term of the debt.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized when it is more likely than not that some portion of the deferred tax assets will not be realized.
Share-based compensation is measured at the grant-date fair value of the award and recognized as expense over the requisite service period of the award.
Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock, except when the effect would be antidilutive.
Advertising and marketing costs are expensed as incurred and are included in operating expenses in the statements of operations.
The financial statements of operations whose functional currency is not the U.S. dollar are translated into U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for revenues and expenses, with the resulting translation adjustments reported as a component of other comprehensive income (loss). Gains and losses arising from transactions denominated in a currency other than the functional currency are recognized in earnings in the period they arise.
Equity instruments issued by the Company are classified in stockholders' equity based on their terms. The components of stockholders' equity and the changes in those components for the periods presented are set forth in the equity note.
The Company evaluates the applicability and impact of Accounting Standards Updates issued by the Financial Accounting Standards Board as they are issued. Adopted updates and updates not yet effective are not expected to have a material effect on the financial statements, except as otherwise described in these notes.
| Current | Prior | |
|---|---|---|
| Long-term debt | 0 | |
| Operating lease liabilities, current | ||
| Operating lease liabilities, noncurrent | ||
| Total debt | 1,120,590,000 | 11,345,000 |
| Current | Prior | |
|---|---|---|
| Gross carrying amount | ||
| Net carrying amount |
| Amount | |
|---|---|
| Next twelve months | |
| Year two | |
| Year three | |
| Year four | |
| Year five | |
| Thereafter |
| Current | Prior | |
|---|---|---|
| Amortization expense | 23,700,000 | 3,800,000 |
| Current | Prior | |
|---|---|---|
| Accumulated other comprehensive income (loss) | - | |
| Additional paid-in capital | ||
| Common stock | ||
| Retained earnings (accumulated deficit) | - | - |
| Total stockholders' equity | 540,928,000 | 476,716,000 |
| Current | Prior | |
|---|---|---|
| Weighted average shares outstanding, basic | ||
| Weighted average shares outstanding, diluted | ||
| Basic earnings per share | 0.57 | 0.58 |
| Diluted earnings per share |
| Amount | |
|---|---|
| Within one year | |
| Year two | |
| Year three | |
| Year four | |
| Year five | |
| Thereafter | |
| Total undiscounted lease payments | |
| Less imputed interest | |
| Present value of operating lease liabilities | |
| Weighted average remaining lease term (years) | |
| Weighted average discount rate |
| Current | Prior | |
|---|---|---|
| Operating lease cost | ||
| Variable lease cost | ||
| Cash paid for amounts included in the measurement of operating lease liabilities | ||
| Right-of-use assets obtained in exchange for operating lease liabilities |
| Current | Prior | |
|---|---|---|
| Current federal | ( | |
| Current state and local | ||
| Current foreign | ||
| Total current | ||
| Deferred federal | ( | ( |
| Deferred state and local | ( | ( |
| Deferred foreign | ( | |
| Total deferred | ( | ( |
| Total income tax expense (benefit) | (4,441,000.00) | (54,327,000.00) |
| Current | Prior | |
|---|---|---|
| Tax at federal statutory rate | ||
| Federal statutory rate | ||
| State and local taxes | ( | |
| State and local rate | ( | |
| Valuation allowance change | ( | |
| Tax contingencies | ||
| Tax contingencies rate | ||
| Nondeductible expense | ||
| Nondeductible share-based compensation | ( | ( |
| Nondeductible share-based compensation rate | ( | |
| Research tax credits | ||
| Research tax credits rate | ||
| Foreign tax credits | ||
| Foreign tax credits rate | ||
| Other cross-border items | ( | |
| Other cross-border items rate | ( | |
| GILTI | ||
| GILTI rate | ||
| Nondeductible expenses | ||
| Nondeductible expenses rate | ||
| Other adjustments | ||
| Effective tax rate | ( |
| Current | Prior | |
|---|---|---|
| Deferred tax assets, gross | ||
| Operating loss carryforwards | ||
| Share-based compensation | ||
| Other deferred tax assets | ||
| Valuation allowance | ||
| Change in valuation allowance | ( | |
| Deferred tax assets, net | ||
| Reserves and accruals | ||
| Goodwill and intangible assets | ||
| State and local operating loss carryforwards | ||
| Foreign tax credit carryforwards | ||
| Inventory | ||
| Domestic operating loss carryforwards | ||
| Foreign operating loss carryforwards | ||
| Research tax credit carryforwards | ||
| Deferred income tax liabilities | ||
| Property and equipment | ||
| Other deferred tax liabilities | ||
| Leasing arrangements | ||
| Intangible assets | ||
| Prepaid expenses | ||
| Unrealized gains on trading securities | ||
| Net deferred tax position |
| Current | Prior | |
|---|---|---|
| Balance at beginning of period | 2,313,000 | |
| Increases for current period tax positions | ||
| Increases for prior period tax positions | ||
| Balance at end of period | 6,011,000 |
| Current | Prior | |
|---|---|---|
| Accrued interest and penalties |
| Current | Prior | |
|---|---|---|
| Domestic | ||
| Foreign | ( | |
| Income before income taxes | 123,924,000 | 71,711,000 |
| Current | Prior | |
|---|---|---|
| Total share-based compensation expense |
| Current | Prior | |
|---|---|---|
| Other nonoperating income (expense), net |
Our management, with the participation of our principal executive officer and principal financial officer, is responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for Hims & Hers Health, Inc. Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving their objectives. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level. [COMPLETE: management to review and formally adopt the foregoing conclusion language, including the specific as-of date of December 31, 2025, before filing.]
Management is also responsible for assessing the effectiveness of our internal control over financial reporting as of the end of the fiscal year. [COMPLETE: management's annual report on internal control over financial reporting as of December 31, 2025, including the framework used for the assessment and management's conclusion.] [COMPLETE: statement regarding the attestation report of the independent registered public accounting firm on the effectiveness of internal control over financial reporting, if applicable.]
No changes materially affected internal control over financial reporting during the quarter. Accordingly, there were no changes in our internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. [COMPLETE: management to confirm this conclusion applies to the fiscal quarter ended December 31, 2025 and to adopt the final conclusion language before filing.]
Hims & Hers Health, Inc. is a public reporting company classified under Services-Offices & Clinics of Doctors of Medicine, and the security of our information systems and the data entrusted to us by our customers is integral to our operations. We operate in a highly regulated, dynamic environment and are subject to an increasing number of laws and regulations as a result of the various components of our existing business, including telehealth, pharmacy, and compounding, our expansion into new areas such as peptide development and laboratory testing services and operations, and our expansion into new markets. Our cybersecurity risk management program is designed to identify, assess, and manage material risks from cybersecurity threats to our systems and data in light of these regulatory requirements. [COMPLETE: description of the cybersecurity program, including the frameworks or standards it is aligned to, the processes used to identify and assess cybersecurity risks, and how those processes are integrated into the company's overall enterprise risk management program]. [COMPLETE: description of the use of third-party assessors, consultants, or auditors in connection with the program, and the processes used to oversee and identify cybersecurity risks associated with third-party service providers].
Our board of directors oversees our management of risk, including risks from cybersecurity threats. [COMPLETE: identification of the board committee, if any, responsible for oversight of cybersecurity risk, the nature of that oversight, and the frequency and manner in which the board or committee is informed about cybersecurity risks and incidents]. [COMPLETE: identification of the management positions or committees responsible for assessing and managing cybersecurity risk, the relevant expertise of those individuals, the processes by which they are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents, and how such information is reported to the board or committee].
Acquisitions and investments could result in operating difficulties, dilution, and other harmful consequences that may adversely impact our business, financial condition, and results of operations, and as we expand internationally, we will face additional business, political, legal, regulatory, operational, financial, and economic risks, any of which could increase our costs and hinder such growth. We consider the effect of these activities on our cybersecurity risk profile as we integrate acquired businesses and enter new markets. [COMPLETE: statement as to whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect the company, including its business strategy, results of operations, or financial condition]. For additional information regarding the risks we face from cybersecurity threats, refer to the risk factors described elsewhere in this Annual Report on Form 10-K.
The Item 408(a) Rule 10b5-1 trading arrangement disclosure renders here from the guided trading arrangement intake on this page. Complete the intake to state whether any director or officer adopted or terminated a trading arrangement during the fourth fiscal quarter. Author any other Item 9B disclosure in this section as well.
Hims & Hers Health, Inc. is a public reporting company classified under Services-Offices & Clinics of Doctors of Medicine, and the following information is furnished with respect to our directors and executive officers for the fiscal year ended 2025-12-31. Our Board of Directors consists of Andrew Dudum, who also serves as our Chief Executive Officer; Deborah M. Autor, who also serves as our Chief Policy Officer; Kare Schultz; and David B. Wells. In addition to Mr. Dudum and Ms. Autor, our executive officers are Oluyemi Okupe, Chief Financial Officer; Soleil Boughton, Chief Legal Officer; Patrick Harrison Carroll, Chief Medical Officer; Michael Chi, Chief Operating Officer; Mohamed Elshenawy, Chief Technology Officer; and Irene Becklund, Principal Accounting Officer. Biographical information for each director and executive officer, including age, business experience during the past five years, and the specific experience, qualifications, attributes, or skills that led the Board to conclude that each director should serve on the Board, is set forth at [COMPLETE: director and executive officer biographies]. Information regarding our audit committee, the identification of our audit committee financial expert, and our code of ethics applicable to our principal executive officer, principal financial officer, and principal accounting officer is set forth at [COMPLETE: audit committee composition, audit committee financial expert determination, and code of ethics disclosure and website location]. Based solely on our review of the Section 16(a) reports filed with the SEC and written representations from our directors and executive officers, we believe that all Section 16(a) filing requirements applicable to our directors, executive officers, and greater than 10% beneficial owners were timely satisfied during fiscal year 2025, and no late or unfiled reports were identified. [COMPLETE: counsel confirmation of Form 3 timeliness for insiders whose became-insider dates are not reflected in company records, as such records were excluded from the Form 3 review.]
The information required by Item 11 with respect to the compensation of our named executive officers and directors, including our Compensation Discussion and Analysis, the Summary Compensation Table and related tabular and narrative disclosure, our compensation committee interlocks and insider participation, the compensation committee report, our pay ratio disclosure, and our pay versus performance disclosure, is set forth at [COMPLETE: executive and director compensation disclosure, including all compensation amounts and equity award information]. The information required by Item 12 regarding the security ownership of certain beneficial owners and management is set forth at [COMPLETE: beneficial ownership table, including number of shares and percentage of class for each director, named executive officer, all directors and executive officers as a group, and each holder of more than 5% of our common stock]. Andrew Dudum, our Chief Executive Officer and a member of our Board of Directors, is a beneficial owner of more than 10% of our outstanding common stock. Information regarding securities authorized for issuance under our equity compensation plans is set forth at [COMPLETE: equity compensation plan information table].
The information required by Item 13 regarding transactions with related persons, our policies and procedures for the review, approval, or ratification of such transactions, and the independence of our directors under applicable listing standards is set forth at [COMPLETE: related person transaction disclosure and director independence determinations for each director]. The information required by Item 14 regarding the fees billed by our independent registered public accounting firm for each of the last two fiscal years, including audit fees, audit-related fees, tax fees, and all other fees, together with our audit committee's pre-approval policies and procedures, is set forth at [COMPLETE: name of independent registered public accounting firm, fee amounts by category for fiscal years 2025 and 2024, and description of pre-approval policy]. Management evaluated our disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected our internal control over financial reporting during the quarter.