Hims & Hers Q2 2025: What You Need to Know Ahead of Earnings

Hims & Hers Health HIMS reports Q2 2025 earnings after U.S. markets close on Monday, August 4. Analysts expect revenue of around $552 million, up 75% YoY, and adjusted EPS near $0.15, roughly up 15% YoY. Despite the volatility, shares are up 154% YTD, pushing the forward P/E to roughly 57.

Subscriber growth remains the core engine investors care about. Subscribers increased 38% in Q1, reaching 2.4 million. Weight-loss GLP-1 offerings are a swing factor, but Novo Nordisk NVO ended its partnership on 23 Jun 2025, citing illegal mass compounding and deceptive marketing, which sent Hims down 30%. Analysts estimate that up to half of Hims' projected weight-loss revenue could be at risk. Investors need clarity on FDA scrutiny, formulary access, and whether compounded semaglutide margins can hold.

Marketing spend, revenue per average user, and progress on the ZAVA integration will also be closely watched. Management guides FY25 revenue of $2.32.4 billion and low-teens EBITDA margins. Any uplift to those guides or clean regulatory commentary could keep momentum intact. But with valuation stretched, even a top-line beat may disappoint if churn ticks up or compliance costs bite. Q2 will test whether the telehealth disrupter can scale responsibly before regulators step in.