Hims & Hers Health, Inc.
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 23, 2026
HIMS$19.13-16.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In Thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net income (loss) | $128,365 | $126,038 | $(23,546) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 54,502 | 17,088 | 9,515 |
| Stock-based compensation | 135,244 | 92,322 | 66,080 |
| Change in fair value of equity securities | (4,437) | — | — |
| Change in fair value of liabilities | 9,255 | — | 1,075 |
| Net accretion on securities | (2,032) | (4,355) | (5,686) |
| Benefit from deferred taxes | (12,961) | (61,649) | (13) |
| Impairment of long-lived assets | 531 | 114 | 429 |
| Amortization of debt discount and issuance costs | 4,529 | — | — |
| Non-cash operating lease cost | 12,413 | 2,546 | 1,922 |
| Non-cash acquisition-related costs | 5,893 | — | 2,691 |
| Non-cash other | (2,135) | 357 | 195 |
| Changes in operating assets and liabilities: | |||
| Inventory | (13,722) | (41,612) | (902) |
| Prepaid expenses and other current assets | (51,856) | (9,494) | (6,395) |
| Other long-term assets | (518) | (56) | (58) |
| Accounts payable | 30,297 | 43,710 | 7,324 |
| Accrued liabilities | (43,053) | 23,791 | 16,524 |
| Deferred revenue | 51,604 | 67,552 | 6,261 |
| Operating lease liabilities | (1,913) | (2,443) | (1,933) |
| Earn-out payable | — | (2,825) | — |
| Net cash provided by operating activities | 300,006 | 251,084 | 73,483 |
| Investing activities | |||
| Purchases of available-for-sale investments | (725,838) | (160,564) | (157,239) |
| Maturities of available-for-sale investments | 108,698 | 208,940 | 170,051 |
| Proceeds from sales of available-for-sale investments | — | 725 | 1,574 |
| Investment in website development and internal-use software | (16,546) | (11,095) | (9,272) |
| Purchases of property, equipment, and intangible assets | (226,045) | (41,655) | (17,220) |
| Acquisition of businesses, net of cash acquired | (145,227) | (15,399) | — |
| Purchase of equity securities | (20,000) | — | — |
| Net cash used in investing activities | (1,024,958) | (19,048) | (12,106) |
| Financing activities | |||
| Proceeds from issuance of convertible senior notes, net of debt discount | 970,000 | — | — |
| Purchases of capped calls related to convertible senior notes | (47,800) | — | — |
| Proceeds from exercise of vested stock options | 11,033 | 26,651 | 2,322 |
| Payments for taxes related to net share settlement of equity awards | (116,669) | (52,501) | (14,096) |
| Repurchases of common stock | (89,960) | (83,039) | (1,999) |
| Proceeds from employee stock purchase plan | 6,440 | 3,901 | 2,298 |
| Payments for debt issuance costs | (3,424) | — | — |
| Payments for acquisition-related earn-out consideration | — | (3,190) | — |
| Proceeds from exercise of Class A common stock warrants | — | 333 | — |
| Net cash provided by (used in) financing activities | 729,620 | (107,845) | (11,475) |
| Foreign currency effect on cash and cash equivalents | 2,508 | (270) | (11) |
| Increase in cash, cash equivalents, and restricted cash | 7,176 | 123,921 | 49,891 |
| Cash, cash equivalents, and restricted cash at beginning of period | 221,440 | 97,519 | 47,628 |
| Cash, cash equivalents, and restricted cash at end of period | $228,616 | $221,440 | $97,519 |
| Reconciliation of cash, cash equivalents, and restricted cash | |||
| Cash and cash equivalents | $228,616 | $220,584 | $96,663 |
| Restricted cash | — | 856 | 856 |
| Total cash, cash equivalents, and restricted cash | $228,616 | $221,440 | $97,519 |
| Supplemental disclosures of cash flow information | |||
| Cash paid for taxes | $23,162 | $7,916 | $1,109 |
| Non-cash investing and financing activities | |||
| Purchases of property and equipment included in accounts payable and accrued liabilities | 25,244 | 7,781 | 3,383 |
| Right-of-use asset obtained in exchange for lease liability | 132,837 | 2,593 | 6,270 |
| Issuance of common stock in connection with asset acquisition | 12,760 | — | — |
| Common stock to be issued for asset acquisition indemnification holdback | 6,380 | — | — |
| Common stock issued, contingent consideration, additional consideration payable, and liabilities assumed in connection with acquisition of businesses | 200,267 | 16,000 | — |
| Issuance of common stock for acquisition-related earn-out consideration | — | 1,396 | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.