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Health Care · NYSE: HIMS

Hims & Hers: how the business works

Hims & Hers runs websites and apps where people see licensed providers online and get prescription treatments, mostly by subscription, earning $2.35 billion of revenue in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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Hims & Hers Health, Inc. · San Francisco, California · Founded 2017

Updated for Q2 FY2026 · checked

Revenue, FY2025
$2.35B
Net income, FY2025
$128M
Subscribers, Jun 30, 2026
2.89 million
Employees, Dec 31, 2025
2,442
CEO's share of votes, Apr 16, 2026
87.73%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Hims & Hers in 5 points

  1. 1 · What it sells

    Hims & Hers gives people online access to licensed providers and prescription treatments for sexual health, hair loss, weight loss, dermatology, mental health and hormone health, earning $2,347.6 million of revenue in FY2025.

    More: what it sells

  2. 2 · Who pays it

    Online customers paid 98.5% of Hims & Hers' FY2025 revenue and retailers buying its non-prescription products paid 1.5%, with insurers not paying in most places.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, Hims & Hers kept $5.4 as net income, helped by $18.3 million of other income and a $4.4 million tax benefit, while operating income was $4.5 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Hims & Hers reports one segment and no profit by treatment or country; company-wide operating income was $105.6 million in FY2025, followed by a $97.2 million operating loss in Q2 FY2026.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    At Jun 30, 2026 Hims & Hers owed $1,402.5 million of convertible note principal and $703.0 million of deferred acquisition payments, and held $841.0 million of cash and short-term investments.

    More: the one thing to watch

Sources: From Hims & Hers' FY2025 10-K, Q2 FY2026 10-Q and Q2 FY2026 earnings release · checked

See the full receipt and the management scorecard below

01Where the money goes · FY2025

Where does $100 of Hims & Hers' money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Hims & Hers · FY2025

Receipt for every $100

Where $100 of Hims & Hers' money went in FY2025
Marketing (mostly advertising)$38.9
Cost of revenue$26.0
Operations and support$12.1
General and administrative$11.5
Technology and development$6.3
Income tax (a benefit in FY2025)−$0.2
Kept as net income$5.4
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue $2,347.6 million + other income $18.3 million = $2,365.9 million): each line = line ÷ $2,365.9 million × 100. Tax shows as a minus because FY2025 had a $4.4 million tax benefit, which lifts the profit line. Depreciation and amortization ($54.5 million) and stock-based pay ($135.2 million) sit inside the cost lines. Operating income was $4.5 per $100 of revenue.

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02The business in one line

What does Hims & Hers do?

Customers pay Hims & Hers, mostly by subscription, for online access to providers and the treatments they prescribe; most of the money goes on marketing and the cost of the products, and what's left is profit.

  • Online customers paid 98.5% of the $2,347.6 million of revenue in FY2025; retailers buying its non-prescription products paid the other 1.5%.
  • Marketing cost $919.3 million in FY2025, more than the $614.3 million cost of revenue. Net income was $128.4 million, then the first half of 2026 brought a $178.4 million net loss.

03Who pays it

Who pays Hims & Hers?

  • People buying online

    99%

    of revenue

    Customers who pay for treatments, products and services on the Hims & Hers websites and apps, many by subscription. Online revenue was $2,311.4 million in FY2025.

  • Retailers (wholesale)

    2%

    of revenue

    Stores that buy Hims & Hers' non-prescription products to resell. Wholesale revenue was $36.2 million in FY2025.

  • People buying online99%
  • Retailers (wholesale)2%

How spread out the customers are

Customers are mostly individuals, so no single customer is large. In most places insurers and government programs do not pay; customers pay themselves. Hims & Hers stopped reporting the online and wholesale split from Q1 FY2026.

04Why it makes money

Why does Hims & Hers make money?

Subscriptions bring repeat revenue, so as customers grew, marketing took a smaller share of each $100 and operating income turned positive.

Subscribers rose from 554 thousand at the end of FY2021 to 2,511 thousand at the end of FY2025. Marketing fell from $50.0 to $39.2 per $100 of revenue. Gross margin fell from 82.0% in FY2023 to 73.8% in FY2025, and the filings do not split it by treatment.

Operating income per $100 of revenue

−$42.3$4.5

FY2021 to FY2025

  1. Advertising brings people to the Hims & Hers websites and apps
  2. A licensed provider reviews each case online and may prescribe
  3. Mostly its own pharmacies fill and ship the treatment
  4. Subscribers are billed and sent products on a recurring basis
  5. Repeat revenue spreads marketing, technology and overhead costs
  6. New treatments and countries add customers to the same platform

↺ Step 6 feeds back into step 1.

05The numbers · Consolidated · US$

How has Hims & Hers done?

Revenue

$2.3BFY2025

Revenue rose every year, from $271.9 million in FY2021 to $2,347.6 million in FY2025, and reached $753.2 million in Q2 FY2026, which includes Eucalyptus from June 2026.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$272M
FY2022$527M
FY2023$872M
FY2024$1.5B
FY2025$2.3B
Q1 FY2024$278M
Q2 FY2024$316M
Q3 FY2024$402M
Q4 FY2024$481M
Q1 FY2025$586M
Q2 FY2025$545M
Q3 FY2025$599M
Q4 FY2025$618M
Q1 FY2026$608M
Q2 FY2026$753M

Net profit

$128MFY2025

Net income was $126.0 million in FY2024, including a $54.3 million tax benefit, and $128.4 million in FY2025; Q1 and Q2 FY2026 were losses after restructuring, acquisition and legal costs, with a $97.2 million operating loss in Q2.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021−$108M−$0.58
FY2022−$65.7M−$0.32
FY2023−$23.5M−$0.11
FY2024$126M$0.53
FY2025$128M$0.51
Q1 FY2024$11.1M$0.05
Q2 FY2024$13.3M$0.06
Q3 FY2024$75.6M$0.32
Q4 FY2024$26M$0.11
Q1 FY2025$49.5M$0.20
Q2 FY2025$42.5M$0.17
Q3 FY2025$15.8M$0.06
Q4 FY2025$20.6M$0.08
Q1 FY2026−$92.1M−$0.40
Q2 FY2026−$86.3M−$0.37

Profit kept per $100 of revenue

$5.5FY2025

Operating income per $100 of revenue went from a $42.3 loss in FY2021 to $4.5 in FY2025, while gross margin fell from 82.0% in FY2023 to 73.8% in FY2025.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2021−39.6%−40.8%
FY2022−12.5%−11.6%
FY2023−2.7%−2.3%
FY20248.5%5.4%
FY20255.5%6.8%

Free cash flow

$74MFY2025

Free cash flow (cash from operations minus purchases of equipment and intangibles) was $209.4 million in FY2024 and $74.0 million in FY2025, when those purchases rose to $226.0 million; stock-based pay of $135.2 million in FY2025 was more than FY2025 net income of $128.4 million.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021−$34.4M$0.8M−$35.2M
FY2022−$26.5M$2.7M−$29.2M
FY2023$73.5M$17.2M$56.3M
FY2024$251M$41.7M$209M
FY2025$300M$226M$74M
See all yearly numbers
Hims & Hers annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$272M−$111M−$108M−$0.58−$34.4M$0.8M−$35.2M
FY2022$527M−$61.2M−$65.7M−$0.32−$26.5M$2.7M−$29.2M
FY2023$872M−$19.9M−$23.5M−$0.11$73.5M$17.2M$56.3M
FY2024$1.5B$79M$126M$0.53$251M$41.7M$209M
FY2025$2.3B$160M$128M$0.51$300M$226M$74M

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Hims & Hers' fiscal year is the calendar year, so Q2 FY2026 is April–June 2026). Net profit is the share belonging to the company's owners.

Download Hims & Hers's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

06Who runs it

Who runs Hims & Hers, and did they deliver?

  • Andrew Dudum

    Co-founder, Chief Executive Officer and Chair · since 2016

    CEO of Hims, Inc. since September 2016 and of the listed company since January 2021. FY2025 total pay $22,958,907, mostly $10.6 million of stock awards and $11.0 million of option awards. Holds 87.73% of votes.

  • Yemi Okupe

    Chief Financial Officer · since 2022

    Joined in January 2022; earlier CFO of Hipcamp and a divisional CFO at Uber.

  • Mike Chi

    Chief Operating Officer · since 2021

    Joined in April 2021; Chief Commercial Officer from March 2024 to October 2025 and Chief Marketing Officer before that.

  • Deb Autor

    Chief Policy Officer and director · since 2025

    Chief Policy Officer since November 2025; a senior FDA official from 2001 to 2013.

  • Jonathan M. Franklin

    Chief Accounting Officer · since 2026

    Joined Oct 5, 2026 and became principal accounting officer on Oct 9, 2026, replacing Irene Becklund.

  • David Wells

    Lead Independent Director · since 2021

    Director since January 2021; Netflix's CFO from December 2010 to January 2019.

What they said, and what happened

2 delivered · 4 too early to tell

  1. Said on Feb 24, 2025

    Hims & Hers guided FY2025 revenue of $2.3–2.4 billion.

    What happened

    FY2025 revenue was $2,347.6 million, within the range.

    Delivered
  2. Said on Feb 24, 2025

    Hims & Hers guided FY2025 Adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales., a company measure, of $270–320 million.

    What happened

    Reported Adjusted EBITDA of $318.0 million, within the range. GAAP net income was $128.4 million.

    Delivered
  3. Said on Feb 23, 2026

    Hims & Hers guided FY2026 revenue of $2.7–2.9 billion.

    What happened

    Raised to $2.8–3.0 billion on May 11, 2026 and to $3.1–3.3 billion on Aug 10, 2026. Revenue was $1,361.3 million in the first half of 2026.

    Too early to tell
  4. Said on Feb 23, 2026

    Hims & Hers guided FY2026 Adjusted EBITDA, a company measure, of $300–375 million.

    What happened

    Lowered to $275–350 million on May 11, 2026 and to $275–325 million on Aug 10, 2026. Adjusted EBITDA was $104.6 million in the first half of 2026, against a GAAP net loss of $178.4 million.

    Too early to tell
  5. Said on Aug 10, 2026

    Hims & Hers guided Q3 FY2026 revenue of $880–900 million and Adjusted EBITDA of $75–95 million.

    What happened

    Hims & Hers announced that it will report Q3 FY2026 results on Nov 9, 2026, after the market close.

    Too early to tell
  6. Said on May 5, 2025

    Hims & Hers set 2030 targets of at least $6.5 billion of revenue and $1.3 billion of Adjusted EBITDA.

    What happened

    Repeated on Aug 10, 2026. FY2025 revenue was $2,347.6 million.

    Too early to tell

07What could go wrong

What could go wrong for Hims & Hers?

  • Regulation

    Rules on compounded weight-loss drugs

    Hims & Hers offered compounded GLP-1 weight-loss drugs. The FDA ended the semaglutide shortage on Feb 21, 2025, limiting compounding, and in February 2026 issued a statement on restricting GLP-1 ingredients for unapproved compounded drugs. On Mar 9, 2026 Hims & Hers said it would offer compounded GLP-1s only where a provider finds one clinically necessary.

    Watch FDA actions on compounding, and US revenue growth each quarter.

  • Legal

    FTC lawsuit and other litigation

    The FTC, Utah and Los Angeles County sued on Jul 29, 2026, alleging violations over subscriptions and cancellation, privacy and advertising. Hims & Hers accrued about $60 million at Jun 30, 2026 and says the amount may decrease or increase materially. A securities class action filed Jun 25, 2025 is also pending.

    Watch Court rulings and the legal accrual in each 10-Q.

  • Regulation

    Care runs through medical groups it does not own

    In the US, physician-owned Affiliated Medical Groups, which Hims & Hers consolidates, engage the providers who treat customers. The 10-K names laws on the corporate practice of medicine and the classification of providers as contractors among its risks.

    Watch State law changes and any challenge to these arrangements.

  • Demand

    Growth depends on heavy advertising

    Marketing cost $919.3 million, 39.2% of FY2025 revenue, of which $798.5 million was advertising. The 10-K lists marketing spend and brand reputation among its main risks.

    Watch Marketing per $100 of revenue and subscriber growth each quarter.

  • Execution

    Acquisitions paid partly in shares

    Eucalyptus cost $968.5 million in accounting terms, and goodwill rose from $278.3 million at Dec 31, 2025 to $1,101.7 million at Jun 30, 2026. Deferred payments were $703.0 million, mostly for Eucalyptus, and earn-outs from several deals were $163.0 million. Hims & Hers may pay most Eucalyptus deferred and earn-out payments in Class A shares, capped at 19.9% of Class A.

    Watch Shares outstanding, goodwill and any impairment in each 10-Q.

  • Debt

    Convertible notes

    Hims & Hers owes $1,402.5 million of principal on 0% convertible notes due 2030 and 2032, against stockholders' equity of $324.1 million at Jun 30, 2026. Conversion can add Class A shares; the 2032 notes convert at $29.53 a share.

    Watch Cash and investments next to the notes in each 10-Q.

  • Governance

    CEO voting control

    Class V shares carry 175 votes each, so Andrew Dudum held 87.73% of votes at Apr 16, 2026 and can decide most shareholder votes.

    Watch The votes table in each proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more.

  • Pricing

    Lower gross margin

    Gross margin fell from 82.0% in FY2023 to 73.8% in FY2025 and 64% in Q2 FY2026. The filings do not split costs by treatment.

    Watch Gross margin each quarter.

08Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose every year, from $271.9 million in FY2021 to $2,347.6 million in FY2025.
  • Subscribers reached 2,891 thousand at Jun 30, 2026, up 19% from a year earlier.
  • Q2 FY2026 revenue rose 38% to $753.2 million, with US revenue up 16%.
  • Operating income was $105.6 million in FY2025, after operating losses from FY2021 to FY2023.
  • Adjusted EBITDA, a company measure, of $318.0 million in FY2025 fell within the range Hims & Hers gave in February 2025.

What critics point to

  • The first half of 2026 brought a $178.4 million net loss, including $38.1 million of restructuring and $42.2 million of acquisition costs.
  • Gross margin fell from 82.0% in FY2023 to 64% in Q2 FY2026.
  • At Jun 30, 2026 Hims & Hers owed $1,402.5 million of convertible note principal and $703.0 million of deferred acquisition payments, against equity of $324.1 million.
  • The FTC sued on Jul 29, 2026, alleging violations over subscriptions, privacy and advertising.
  • Andrew Dudum held 87.73% of votes at Apr 16, 2026 through Class V shares with 175 votes each.

09What to watch next

What should you watch next at Hims & Hers?

Next event

Q3 FY2026 results

Nov 9, 2026

Date confirmed by the company

after market close

Add to calendarAnnouncementAll earnings dates

  • Q3 FY2026 against Hims & Hers' outlook

    Hims & Hers said on Aug 10, 2026 that it expected Q3 FY2026 revenue of $880–900 million and Adjusted EBITDA, a company measure, of $75–95 million. It announced that results come on Nov 9, 2026, after the market close.

  • The FTC case

    Court filings in the FTC case filed Jul 29, 2026, and the legal accrual of about $60 million at Jun 30, 2026 in each 10-Q.

  • Eucalyptus payments and share count

    $703.0 million of deferred acquisition payments at Jun 30, 2026 fall due in quarterly installments, mostly payable in Class A shares at Hims & Hers' option. Watch Class A shares outstanding: 224.9 million on Aug 7, 2026.

10Key dates

What are the key dates for Hims & Hers?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Hims & Hers
EventDateSource
Q3 FY2026 resultsAfter the market close, as Hims & Hers announced on Oct 12, 2026.Hims & Hers to Announce Third Quarter 2026 Financial Results on November 9, 2026 (date of the results only)
Eucalyptus deferred paymentsSix quarterly installments over the 18 months after the June 2026 closing; $703.0 million of deferred acquisition payments at Jun 30, 2026, mostly payable in Class A shares at Hims & Hers' option.Not yet statedForm 10-Q for Q2 fiscal 2026
2025 share buyback program expiresUp to $250.0 million of Class A shares, approved Nov 13, 2025.8-K: $250 million 2025 share repurchase program
0% convertible notes due$1,000.0 million principal, issued May 2025.8-K: issuance of $1.0 billion 0% convertible senior notes due 2030
0% convertible notes due$402.5 million principal, issued May 2026; conversion price $29.53 a share.8-K: issuance of $402.5 million convertible senior notes due 2032; Form 10-Q for Q2 fiscal 2026

Learn: How to read a US earnings release: Nvidia's Q2 fiscal 2027

11Key facts

Key facts about Hims & Hers

What does Hims & Hers do?
Hims & Hers Health runs the Hims and Hers websites and apps, where people get online access to licensed healthcare providers who can prescribe treatments for sexual health, hair loss, hormone health, weight loss, dermatology and mental health, plus lab testing. Hims & Hers had $2,347.6 million of revenue in FY2025 and 2,442 employees at Dec 31, 2025.
How does Hims & Hers make money?
Hims & Hers makes most of its money from customers who buy treatments and services online, many of them by subscription: online revenue was $2,311.4 million, or 98.5% of Hims & Hers' FY2025 revenue of $2,347.6 million. The other $36.2 million came from selling non-prescription products to retailers.
What is Hims & Hers' business model?
Hims & Hers sells care directly to consumers: it advertises to win customers, physician-owned medical groups that it consolidates provide care online, and mainly its own pharmacies fill the prescriptions. In FY2025 Hims & Hers spent $919.3 million on marketing and earned operating income of $105.6 million.
Is Hims & Hers profitable?
Hims & Hers had net income of $128.4 million in FY2025 and $126.0 million in FY2024, which included a $54.3 million tax benefit, after net losses from FY2021 to FY2023. In the first half of 2026 Hims & Hers had a net loss of $178.4 million, which included $38.1 million of restructuring costs and $42.2 million of acquisition costs.
What is Hims & Hers' revenue by segment?
Hims & Hers reports a single segment and does not split revenue by treatment. By location, Hims & Hers' FY2025 revenue was $2,213.6 million from the United States (94.3%) and $134.0 million from the rest of the world (5.7%). The rest of the world brought $131.4 million, 17.4% of revenue, in Q2 FY2026.
How many subscribers does Hims & Hers have?
Hims & Hers had 2,891 thousand subscribers at Jun 30, 2026, up 19% from 2,439 thousand a year earlier. Monthly revenue per average subscriber, a Hims & Hers measure, was $92 in Q2 FY2026, up from $76 in Q2 FY2025.
Does Hims & Hers sell weight-loss drugs?
Yes. Hims & Hers has offered weight-loss care since 2023. On Mar 9, 2026 Hims & Hers announced an agreement with Novo Nordisk to offer Wegovy and Ozempic on its platform. Hims & Hers said it would offer compounded GLP-1s only where a provider finds one clinically necessary. Hims & Hers does not report weight-loss revenue.
What is Eucalyptus, and why did Hims & Hers buy it?
Eucalyptus is an online health company with the Juniper and Pilot brands, operating in Australia, the UK, Germany, Ireland, Canada and Japan. Hims & Hers bought it in June 2026 for an accounting purchase price of $968.5 million, mostly paid in later installments. Eucalyptus was about 5% of Hims & Hers' Q2 FY2026 revenue.
Who owns Hims & Hers?
Hims & Hers co-founder and CEO Andrew Dudum held 87.73% of Hims & Hers' votes at Apr 16, 2026, through trusts that hold all Class V shares, which carry 175 votes each. Among Class A holders, BlackRock reported 11.9% at Jun 30, 2026, and the Susquehanna group 6.5%, including options, at Mar 31, 2026.
Does Hims & Hers pay a dividend?
No. Hims & Hers paid no dividends from FY2021 to FY2025, and its credit facility restricts payouts. Hims & Hers bought back $90.0 million of its Class A shares in FY2025.

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Hims & Hers sell?

Hims & Hers sells online doctor visits and the treatments that follow. A customer fills in an online visit, a licensed provider decides whether to prescribe, and a pharmacy ships the medicine. Many customers subscribe, so they are billed and sent products on a recurring basis.
  • Prescription treatments by subscription

    Treatments for sexual health, hair loss, hormone health, weight loss, dermatology and mental health, prescribed by licensed providers after an online visit and shipped to the customer. Subscribers numbered 2,891 thousand at Jun 30, 2026.

  • Weight-loss care

    Offered since 2023. On Mar 9, 2026 Hims & Hers announced an agreement with Novo Nordisk to offer Wegovy and Ozempic on its platform. It said it would offer compounded GLP-1s only where a provider finds one clinically necessary.

  • Lab testing

    Comprehensive laboratory testing as a service. Hims & Hers owns a lab facility and bought YourBio Health, a blood-sampling business, in January 2026 for $153.0 million.

  • Non-prescription products

    Health and wellness products sold on its own sites and, through wholesale, in tens of thousands of US retail stores. Wholesale revenue was $36.2 million in FY2025.

  • Care outside the US

    Zava (UK and EU, bought July 2025), Medici (Canada, November 2025) and Eucalyptus (Australia, UK, Germany, Ireland, Canada and Japan, June 2026).

What it does

  • Does: Connects customers with licensed providers online, who prescribe when they find it appropriate
  • Does: Fills most prescriptions through its own pharmacies and ships them
  • Does: Bills many customers on a recurring subscription
  • Does: Spends heavily on advertising to find customers: $798.5 million in FY2025

What it does not do

  • Does not: Does not employ the US providers directly: care comes through physician-owned medical groups that Hims & Hers consolidates
  • Does not: Does not bill insurers or government health programs in most places: customers pay themselves
  • Does not: Does not report revenue by treatment, such as weight loss or hair loss
  • Does not: Paid no dividends from FY2021 to FY2025
13How the money flows

13How the money flows · FY2025

How does money flow through Hims & Hers?

Money in

  • Revenue (mostly online sales and subscriptions)$2.3B
  • Other income, net$18.3M

The company

Hims & Hers

$2.4B came in

Money out

  • Marketing (mostly advertising)$919M
  • Cost of revenue (products, packaging, shipping and other costs)$614M
  • Operations and support$286M
  • General and administrative$273M
  • Technology and development$149M
  • Income tax (a benefit in FY2025)−$4.4M
  • Net income$128M
  1. Hims & Hers recorded $2,347.6 million of revenue in FY2025, almost all from customers buying online. Other income added $18.3 million.
  2. Marketing was the largest cost at $919.3 million, of which $798.5 million was advertising.
  3. Cost of revenue, such as products, packaging and shipping, took $614.3 million.
  4. Operations and support took $286.4 million, general and administrative costs $272.7 million and technology $149.3 million, leaving operating income of $105.6 million.
  5. With other income and a $4.4 million tax benefit, net income was $128.4 million.
14What it needs to run

14What it needs to run

What does Hims & Hers need to run?

  • Medical groups and providers

    In the US, physician-owned Affiliated Medical Groups, which Hims & Hers consolidates, engage the licensed providers who treat customers.

  • Pharmacies and production sites

    Two US 503A pharmacies and two UK pharmacies fill most prescriptions, with partner pharmacies. Hims & Hers also owns a 503B outsourcing facility, a peptide facility and a lab facility.

  • Advertising

    Advertising to win customers cost $798.5 million in FY2025, out of $919.3 million of marketing.

  • People and space

    2,442 employees at Dec 31, 2025, up from 1,046 two years earlier. In September 2025 Hims & Hers signed a 15-year lease on a 352,012 square-foot facility in New Albany, Ohio.

15Where it sells

15Where it sells · FY2025

Where does Hims & Hers sell?

  • United States94%
  • Rest of the world (17.4% of revenue in Q2 FY2026, after the Eucalyptus purchase)6%
16Where growth could come from

16Where growth could come from

Where could Hims & Hers' growth come from?

Hims & Hers said on Aug 10, 2026 that it expects FY2026 revenue of $3.1–3.3 billion, up from the $2.8–3.0 billion range it gave in May, and Adjusted EBITDA, a company measure, of $275–325 million, down from $275–350 million. It repeated its 2030 targets of at least $6.5 billion of revenue and $1.3 billion of Adjusted EBITDA.
Management statement, Aug 10, 2026. Reported as a statement, not our forecast.
  • More subscribers

    Working

    2,891 thousand, +19%, Q2 FY2026

    Subscribers grew from 554 thousand at the end of FY2021 to 2,511 thousand at the end of FY2025. Growth slowed to 9% in Q1 FY2026, then rose to 19% in Q2.

    Status: Working, on track against what the company said.

  • Revenue per subscriber

    Working

    $92 a month, Q2 FY2026

    Monthly revenue per average subscriber, a company measure, was $92 in Q2 FY2026, up from $76 a year earlier. The definition changed in Q4 FY2025, so older figures do not compare.

    Status: Working, on track against what the company said.

  • Countries outside the US

    New

    $131.4M revenue, 17.4%, Q2 FY2026

    Hims & Hers bought Zava in July 2025, Medici in November 2025 and Eucalyptus in June 2026. Eucalyptus was about 5% of Q2 FY2026 revenue; Hims & Hers put it at about 15% on a full-quarter (pro forma) basis.

    Status: New, recently announced.

  • US weight loss with branded drugs

    Mixed

    US revenue −8% in Q1 FY2026, +16% in Q2

    After the Mar 9, 2026 shift to FDA-approved GLP-1 drugs, including Novo Nordisk's, restructuring cost $38.1 million in the first half of 2026. Hims & Hers does not report weight-loss revenue.

    Status: Mixed, partly on track.

  • Lab testing and own production

    Early

    YourBio bought for $153.0M, Jan 2026

    Hims & Hers bought peptide manufacturing assets from C S Bio for $41.2 million in February 2025 and YourBio Health, a blood-sampling business, in January 2026. It reports no revenue for either.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

17The company's own measures (non-GAAP)

17The company's own measures · FY2025 and Q2 FY2026

What do Hims & Hers' own measures show?

Adjusted EBITDA, Free Cash Flow, subscribers and revenue per subscriber are Hims & Hers' own measures, shown next to the official (GAAP) number. They are never added together.
  • Official (GAAP): Net income, FY2025

    $128M

    Company's own measure: Adjusted EBITDA, FY2025

    $318M

    Leaves out stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more, depreciation and amortization, acquisition costs, fair-value changes, payroll tax on stock-based pay, impairment, one-time legal settlements, tax and interest.

  • Official (GAAP): Net loss, Q2 FY2026

    −$86.3M

    Company's own measure: Adjusted EBITDA, Q2 FY2026

    $60.3M

    Definition revised in 2026 to also leave out one-time restructuring charges. The Q2 FY2026 release lists one-time legal contingencies where earlier releases listed legal settlement costs. Left out in Q2 FY2026: a $47.5 million legal accrual, $28.8 million of acquisition costs and $42.1 million of stock-based compensation, among other items.

  • Official (GAAP): Cash from operations, FY2025

    $300M

    Company's own measure: Free Cash Flow (company definition), FY2025

    $57.4M

    Hims & Hers subtracts purchases of property, equipment and intangibles ($226.0 million) and website and internal-use software ($16.5 million). This page's free cash flowCash from operations minus spending on buildings and equipment. Learn more subtracts only the first: $74.0 million.

  • Official (GAAP)

    No official figure measures this; it is the company's own operating measure.

    Company's own measure: Subscribers, Jun 30, 2026

    2,891 thousand

    Customers billed and sent products or services on a recurring basis; up 19% from 2,439 thousand a year earlier.

  • Official (GAAP): Revenue, Q2 FY2026

    $753M

    Company's own measure: Monthly Revenue per Average Subscriber, Q2 FY2026

    92 dollars a month

    Up from $76 in Q2 FY2025. This measure replaced Monthly Online Revenue per Average Subscriber from Q4 FY2025, so figures before that do not compare.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

18Financial strength and debt

18Financial strength · Jun 30, 2026

How much debt does Hims & Hers have?

At Jun 30, 2026 Hims & Hers' convertible notes ($1,365.3 million carrying value) exceeded its $841.0 million of cash and short-term investments by $524.3 million, and it also owed $703.0 million of deferred acquisition payments.
  • Total debt$1.4B
  • Cash and investments$841M
  • Net debt (debt minus cash)$524M
  • Net worth (shareholders' money)$324M
Debt to equity
4.21×
$ of debt for every $1 of shareholders' money
  • Debt is the carrying value of two 0% convertible note issues with $1,402.5 million of principal: $1,000.0 million due May 15, 2030 and $402.5 million due Jun 1, 2032. Net debt of $524.3 million is a Cityfort calculation from the Q2 FY2026 10-Q (notes minus cash and short-term investments).
  • Net debt was $43.8 million at Dec 31, 2025 (Cityfort calculation from the FY2025 10-K, counting long-term investments as cash). Hims & Hers had no borrowings at the end of FY2021 to FY2024.
  • Not counted as debt: $703.0 million of deferred acquisition payments, mostly for Eucalyptus and mostly payable in Class A shares at Hims & Hers' option; $163.0 million of earn-outs from several deals; and $180.9 million of operating lease liabilities.
  • A $175.0 million revolving credit line had no loans at Jun 30, 2026, with $162.4 million available. On Jul 1, 2026 Hims & Hers signed an uncommitted $400.0 million agreement to sell receivables to JPMorgan at a discount.
  • Receivables rose from $32.1 million at Dec 31, 2025 to $375.3 million at Jun 30, 2026, mainly manufacturers' discount and rebate receivables, the 10-Q says. Stockholders' equity fell from $540.9 million to $324.1 million.
  • The notes pay no regular interest, so interest cover is not shown.
19Who owns it

19Who owns it · ownership as of Apr 16, 2026

Who owns Hims & Hers?

Andrew Dudum controls the votes: Class A shares have one vote and Class V shares 175, and trusts affiliated with him hold every Class V share. At Apr 16, 2026, 15 directors and officers as a group held 8.44% of Class A shares and 87.93% of votes, as stated in the 2026 proxy.
Officers and directors (as a group), shares
8.4%
Officers and directors (as a group), votes
87.9%

Shares vs votes by class

Hims & Hers has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes13.3%
  • Class V common stock: share of all votes86.7%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
Hims & Hers share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (Shares on Aug 7, 2026 (10-Q cover). Percentages are a Cityfort calculation from the Q2 FY2026 10-Q cover.)224.91Public and institutional investors; trades on the NYSE as HIMS96.4%13.3%Yes
Class V common stock (Shares on Aug 7, 2026 (10-Q cover). Percentages are a Cityfort calculation from the Q2 FY2026 10-Q cover.)8.4175Trusts affiliated with co-founder and CEO Andrew Dudum hold all of them; each converts into one Class A share3.6%86.7%No
Holders of 5% or more
Hims & Hers holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Andrew Dudum, co-founder, CEO and Chair (% of Class V)100.0%87.7%Apr 16, 2026S7All 8,377,623 Class V shares through affiliated trusts, plus 15,392,714 Class A shares including 5,709,169 options he can exercise within 60 days. The proxy leaves his Class A percentage blank.
BlackRock, Inc. (% of Class A)11.9%–Jul 28, 2026S27, S726,496,218 Class A shares at Jun 30, 2026, from a Schedule 13G/A filed Jul 28, 2026. The proxy listed 10.35% at Apr 16, 2026, with 1.36% of votes.
Susquehanna group (% of Class A)6.5%–May 15, 2026S2814,502,395 Class A shares at Mar 31, 2026, including options on 12,850,900 shares, from a Schedule 13G filed May 15, 2026 by Susquehanna Securities and affiliates.
Vanguard Capital Management (% of Class A)5.0%–Oct 30, 2026S2911,190,115 Class A shares at Sep 30, 2026, from a Schedule 13G/A filed Oct 30, 2026; below 5%.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

20What it does with profit

20What it does with profit

What does Hims & Hers do with its profit?

Hims & Hers paid no dividends from FY2021 to FY2025, and its credit facility restricts payouts. A $250.0 million buyback program approved Nov 13, 2025 runs to Nov 11, 2028. Class A shares still rose from 212.5 million at Dec 31, 2024 to 224.9 million at Aug 7, 2026; stock-based compensation was $135.2 million in FY2025.
  • Buyback · Dec 31, 2023

    Repurchases of Class A shares in FY2023

    $2M

  • Buyback · Dec 31, 2024

    Repurchases of Class A shares in FY2024

    $83M

  • Buyback · Dec 31, 2025

    Repurchases of Class A shares in FY2025, completing the $100.0 million 2024 program

    $90M

  • Money raised · May 13, 2025

    0% convertible senior notes due May 15, 2030 (net proceeds $970.0 million; capped calls to limit share dilution cost $47.8 million)

    $1.0B

  • Money raised · May 21, 2026

    0% convertible senior notes due Jun 1, 2032, convertible at $29.53 a share

    $403M

  • Money raised · Jul 1, 2026

    Uncommitted agreement to sell receivables to JPMorgan at a discount; a sale facility, not a loan

    $400M

21Governance signals

21Governance signals

What do Hims & Hers' governance filings show?

Auditor
KPMG LLP, since 2019
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Hims & Hers' 2026 proxy describes indemnification agreements with directors, officers and other employees. It also lists $2.7 million paid in FY2025 to Vouched, an identity-checking software firm chaired by the spouse of former COO Melissa Baird. That deal stopped counting as a related-party deal on Jul 1, 2025. Trusts affiliated with CEO Andrew Dudum hold all Class V shares.
Credit rating
Not checked for this page

Flags to know about

  • disclosure

    No credit rating named in the filings read

    Checked on Nov 6, 2026: the FY2025 10-K, the Q2 FY2026 10-Q, the 8-Ks for the 2030 and 2032 convertible notes and the credit-agreement 8-Ks. None names a rating agency, rating or outlook. The notes were sold in private offerings, and the credit line is a bank facility.

  • other

    CEO voting control

    Class V shares carry 175 votes each, and trusts affiliated with Andrew Dudum hold all of them. He held 87.73% of votes at Apr 16, 2026, while the Class V shares were 3.6% of all shares.

  • regulatory · Jul 29, 2026

    FTC lawsuit (alleged violations)

    On Jul 29, 2026 the FTC, Utah's Division of Consumer Protection and Los Angeles County filed a complaint alleging violations of the FTC Act and of ROSCA, a law on online subscriptions, covering subscription and cancellation, privacy and advertising practices. It seeks an injunction, money and civil penalties. Hims & Hers says it has meritorious arguments and recorded an accrual of about $60 million at Jun 30, 2026.

  • other

    Securities class action

    A securities class action filed Jun 25, 2025 alleges misleading statements about Hims & Hers' relationship with Novo Nordisk. Hims & Hers does not consider a loss probable. A Novo Nordisk patent suit filed Feb 9, 2026 was dismissed without prejudice on Mar 9, 2026.

  • regulatory

    Australian review of Eucalyptus advertising

    Australia's Therapeutic Goods Administration is investigating Eucalyptus subsidiaries' alleged non-compliance in 2023 and 2024 with Australian rules on online advertising of prescription medicines. Hims & Hers said in its Q2 FY2026 10-Q that, under the Eucalyptus deal terms and subject to their conditions, it is entitled to indemnification from certain warrantors.

  • other · Oct 9, 2026

    Chief accounting officer change

    Irene Becklund told Hims & Hers on Jul 13, 2026 that she would resign as chief accounting officer, effective Oct 9, 2026, and said it was not because of any disagreement over accounting. Jonathan M. Franklin took over as principal accounting officer that day.

  • other

    Shares as loan collateral

    Hims & Hers' insider trading policy bars employees, officers and directors from hedging and from using company shares as collateral for loans.

  • disclosure

    What Hims & Hers does not report

    One segment; no revenue or profit by treatment, including weight loss, and no named competitors. Eucalyptus' earnings were not disclosed, only its share of revenue.

22What the market paid

22What the market paid · price as of Nov 5, 2026

What did the market pay for Hims & Hers on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Hims & Hers' Class A shares closed at $24.06, from Nasdaq's historical price table; the shares are listed on the NYSE. Market value of about $5,614 million = $24.06 × 233,313,413 Class A and Class V shares (Aug 7, 2026) (Cityfort calculation from the Nov 5, 2026 closing price and the Q2 FY2026 10-Q); unlisted Class V shares are counted at the Class A price. P/E is not shown because diluted EPS for the four quarters to Jun 30, 2026 was a loss of $0.63 (Cityfort calculation from the Q3 FY2025 to Q2 FY2026 earnings releases). P/B is market value ÷ stockholders' equity of $324.1 million at Jun 30, 2026: 17.3. Q3 FY2026 results are scheduled for Nov 9, 2026, after this price date.

Share price
$24.06
Market value (market cap)
$5.6B
P/B
17.3×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 233.31 million ($24.06 × 233.31 million shares ≈ $5.6B). Source: Form 10-Q for Q2 fiscal 2026; 2026 proxy statement (DEF 14A)

Source: HIMS historical daily prices, Nasdaq table for an NYSE-listed share (close of Nov 5, 2026: $24.06); Form 10-Q for Q2 fiscal 2026; Third quarter 2025 earnings release (8-K Ex. 99.1) and 3 more

23How it got here

23How it got here

How did Hims & Hers get here?

  1. 2017

    Milestone

    Launched

    Hims & Hers launched in 2017. Andrew Dudum had led Hims, Inc. as CEO since September 2016.

  2. 2021

    Milestone

    Listed on the NYSE through a SPAC merger

    In January 2021 Hims & Hers became a public company by merging with Oaktree Acquisition Corp., a listed shell company formed to buy a private one. The merger and a private placement brought in $272.7 million.

  3. 2023

    Business-model change

    Entered weight loss

    Hims & Hers began offering weight-loss care in 2023.

  4. 2024

    Milestone

    First year of net income

    Net income was $126.0 million in FY2024, including a $54.3 million tax benefit, after losses each year from FY2021 to FY2023.

  5. 2025

    Business-model change

    Convertible notes and first deals abroad

    Hims & Hers sold $1.0 billion of 0% convertible notes in May 2025, then bought Zava (UK and EU) in July and Medici (Canada) in November.

  6. 2026

    Business-model change

    US weight-loss shift

    On Mar 9, 2026 Hims & Hers agreed with Novo Nordisk to offer Wegovy and Ozempic and stopped advertising compounded GLP-1s; Novo dismissed its patent suit. Q1 FY2026 restructuring cost $33.5 million.

  7. 2026

    Business-model change

    Bought Eucalyptus

    The purchase of Eucalyptus, with the Juniper and Pilot brands, closed in June 2026 at an accounting price of $968.5 million.

  8. 2026

    Crisis

    FTC lawsuit

    On Jul 29, 2026 the FTC, Utah and Los Angeles County sued Hims & Hers, alleging violations over subscriptions and cancellation, privacy and advertising. Hims & Hers says it has meritorious arguments.

24Sources and changes

Where every number on this page comes from

Sources (32 documents)
  1. S1Form 10-K for fiscal year 2025 · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 23, 2026
  2. S2Form 10-K for fiscal year 2024 · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2025
  3. S3Form 10-K for fiscal year 2023 · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2024
  4. S4Form 10-K for fiscal year 2022 · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2023
  5. S5Form 10-Q for Q2 fiscal 2026 · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 10, 2026
  6. S6Form 10-Q for Q1 fiscal 2026 · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 11, 2026
  7. S72026 proxy statement (DEF 14A) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
  8. S8Third quarter 2024 earnings release (8-K Ex. 99.1) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2024
  9. S9Fourth quarter and full year 2024 earnings release (8-K Ex. 99.1) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2025
  10. S10First quarter 2025 earnings release (8-K Ex. 99.1) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2025
  11. S11Second quarter 2025 earnings release (8-K Ex. 99.1) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2025
  12. S12Third quarter 2025 earnings release (8-K Ex. 99.1) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2025
  13. S13Fourth quarter and full year 2025 earnings release (8-K Ex. 99.1) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 23, 2026
  14. S14First quarter 2026 earnings release (8-K Ex. 99.1) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 11, 2026
  15. S15Second quarter 2026 earnings release (8-K Ex. 99.1) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 10, 2026
  16. S168-K: agreement to acquire Eucalyptus, with press release (Ex. 99.1) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 19, 2026
  17. S178-K: US weight loss strategy shift and Novo Nordisk collaboration (Ex. 99.1 press release) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 11, 2026
  18. S188-K: pricing of 0% convertible senior notes due 2032 · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 19, 2026
  19. S198-K: issuance of $402.5 million convertible senior notes due 2032 · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 21, 2026
  20. S208-K: Amendment No. 3 to revolving credit agreement (Eucalyptus closing) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 2, 2026
  21. S218-K: master receivables purchase agreement and Amendment No. 4 to credit agreement · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 1, 2026
  22. S228-K: Chief Accounting Officer resignation (Irene Becklund) · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 17, 2026
  23. S238-K: appointment of Jonathan M. Franklin as Chief Accounting Officer · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 7, 2026
  24. S248-K: issuance of $1.0 billion 0% convertible senior notes due 2030 · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 13, 2025
  25. S258-K: 15-year lease of 352,012 sq ft facility in New Albany, Ohio · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 5, 2025
  26. S268-K: $250 million 2025 share repurchase program · Hims & Hers Health, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 17, 2025
  27. S27Schedule 13G/A filed by BlackRock, Inc. (event Jun 30, 2026) · BlackRock, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 28, 2026
  28. S28Schedule 13G filed by Susquehanna group entities (event Mar 31, 2026) · Susquehanna Securities, LLC and affiliates (SEC EDGAR) · Tier 1: company or exchange filing · May 15, 2026
  29. S29Schedule 13G/A filed by Vanguard Capital Management (event Sep 30, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
  30. S30EDGAR filing history, Hims & Hers Health, Inc. (CIK 0001773751) · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Nov 6, 2026
  31. S31HIMS historical daily prices, Nasdaq table for an NYSE-listed share (close of Nov 5, 2026: $24.06) · Nasdaq, Inc. · Tier 2: rating agency or regulator · Nov 5, 2026
  32. S32Hims & Hers to Announce Third Quarter 2026 Financial Results on November 9, 2026 (date of the results only) · Hims & Hers Health, Inc. (investors.hims.com) · Tier 3: context only · Oct 12, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q2 FY2026 (quarter ended Jun 30, 2026). Hims & Hers reports Q3 FY2026 results on Nov 9, 2026. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.