**Bullish Points:**
1. Total revenue for 2025 increased by 59% to $2,347.6 million, showcasing strong growth driven by new offerings and the expansion of personalized services.
2. U.S. revenue grew by 53% to $2,213.6 million, supported by new subscriber growth and sustainable performance in mature offerings.
3. Revenue from the rest of the world surged by 399% to $134.0 million, reflecting successful geographic expansion through recent acquisitions.
4. Net income for 2025 was $128.4 million, maintaining profitability compared to $126.0 million in 2024.
5. Adjusted EBITDA rose by 79% to $318.0 million, with an improved Adjusted EBITDA margin of 14%.
6. Subscriber base grew by 13% to approximately 2,511,000, while Monthly Revenue per Average Subscriber increased by 28% to $83, indicating strong customer engagement and monetization.
7. The company is actively investing in growth areas such as fulfillment, distribution, marketing, and product offerings, which are expected to yield long-term benefits.
8. International expansion plans, including the proposed acquisition of Eucalyptus, aim to strengthen the company’s presence in Australia, Japan, the UK, Germany, and Canada.
**Bearish Points:**
1. The company’s continued investment in growth, including fulfillment, distribution, and marketing, may lead to increased operating expenses in the short term, potentially impacting near-term profitability.
2. The proposed acquisition of Eucalyptus and international expansion efforts carry inherent risks, such as integration challenges and potential regulatory hurdles in new markets.
**Summary:**
Hims & Hers Health, Inc. demonstrated robust financial performance in 2025, with significant revenue growth, increased profitability, and a growing subscriber base. The company’s strategic focus on expanding personalized offerings, geographic reach, and international acquisitions positions it well for long-term growth. However, short-term risks include higher operating expenses and challenges associated with international expansion. Investors should weigh the company’s strong growth trajectory against these potential risks.
For more information, you can read the original text of Hims & Hers Health Inc.'s financial report .
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