HIMS & HERS HEALTH, INC., 10-K filed on 2/23/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity Registrant Name HIMS & HERS HEALTH, INC.    
Entity Incorporation, State or Country Code DE    
Entity File Number 001-38986    
Entity Tax Identification Number 98-1482650    
Entity Address, Address Line One 2269 Chestnut Street, #523    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94123    
City Area Code 415    
Local Phone Number 851-0195    
Title of 12(b) Security Class A common stock, $0.0001 par value per share    
Trading Symbol HIMS    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 10.1
Documents Incorporated by Reference
Portions of the registrant’s definitive proxy statement to be delivered to stockholders in connection with the 2026 annual meeting of stockholders are incorporated by reference in response to Part III of this Annual Report on Form 10-K to the extent stated herein. The 2026 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001773751    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding (in shares)   219,561,143  
Common Class V      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding (in shares)   8,377,623  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location San Francisco, CA
Auditor Firm ID 185
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 228,616 $ 220,584
Short-term available-for-sale investments 348,876 79,667
Inventory 80,128 64,427
Prepaid expenses and other current assets 110,018 31,153
Total current assets 767,638 395,831
Restricted cash 0 856
Long-term available-for-sale investments 351,263 0
Goodwill 278,325 112,728
Property, equipment, and software, net 311,930 82,083
Intangible assets, net 196,116 43,410
Operating lease right-of-use assets 137,046 10,881
Deferred tax assets, net 82,707 61,603
Other long-term assets 29,680 147
Total assets 2,154,705 707,539
Current liabilities:    
Accounts payable 143,278 91,180
Accrued liabilities 78,518 53,013
Deferred revenue 127,160 75,285
Earn-out payable 46,986 0
Earn-out liabilities 3,646 0
Operating lease liabilities 4,843 1,889
Total current liabilities 404,431 221,367
Convertible senior notes, net 972,580 0
Operating lease liabilities 143,167 9,456
Earn-out liabilities 53,009 0
Deferred tax liabilities, net 28,856 0
Other long-term liabilities 11,734 0
Total liabilities 1,613,777 230,823
Commitments and contingencies (Note $14)
Stockholders' equity:    
Common stock – Class A shares, par value $0.0001, 2,750,000,000 shares authorized and 218,867,898 and 212,459,586 shares issued and outstanding as of December 31, 2025 and 2024, respectively; Class V shares, par value $0.0001, 10,000,000 shares authorized and 8,377,623 shares issued and outstanding as of December 31, 2025 and 2024 23 22
Additional paid-in capital 652,383 719,155
Accumulated other comprehensive income (loss) 2,294 (324)
Accumulated deficit (113,772) (242,137)
Total stockholders' equity attributable to the Company 540,928 476,716
Total liabilities and stockholders' equity $ 2,154,705 $ 707,539
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Common Class A    
Stockholders' equity:    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,750,000,000 2,750,000,000
Common stock, shares issued (in shares) 218,867,898 212,459,586
Common stock, shares outstanding (in shares) 218,867,898 212,459,586
Common Class V    
Stockholders' equity:    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, shares issued (in shares) 8,377,623 8,377,623
Common stock, shares outstanding (in shares) 8,377,623 8,377,623
v3.25.4
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 2,347,637 $ 1,476,514 $ 872,000
Cost of revenue 614,259 303,379 157,051
Gross profit 1,733,378 1,173,135 714,949
Operating expenses:      
Marketing 919,296 678,844 446,435
Operations and support 286,444 185,802 119,857
Technology and development 149,301 78,819 48,227
General and administrative 272,724 167,767 129,883
Total operating expenses 1,627,765 1,111,232 744,402
Income (loss) from operations 105,613 61,903 (29,453)
Other income (expense):      
Change in fair value of equity securities 4,437 0 0
Change in fair value of liabilities (9,255) 0 (1,075)
Other income, net 23,129 9,808 8,957
Total other income, net 18,311 9,808 7,882
Income (loss) before income taxes 123,924 71,711 (21,571)
Benefit from (provision for) income taxes 4,441 54,327 (1,975)
Net income (loss) 128,365 126,038 (23,546)
Other comprehensive income (loss) 2,618 (200) 153
Total comprehensive income (loss) $ 130,983 $ 125,838 $ (23,393)
Net income (loss) per share attributable to common stockholders, Class A and Class V:      
Basic (in USD per share) $ 0.57 $ 0.58 $ (0.11)
Diluted (in USD per share) $ 0.51 $ 0.53 $ (0.11)
Weighted average shares outstanding, Class A and Class V:      
Basic (in shares) 224,959,268 215,939,037 209,344,712
Diluted (in shares) 258,230,547 236,808,876 209,344,712
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022   208,429,312      
Beginning balance at Dec. 31, 2022 $ 311,741 $ 21 $ 656,626 $ (277) $ (344,629)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes (in shares)   3,472,456      
Payments for taxes related to net share settlement of equity awards (14,096)   (14,096)    
Exercise of vested stock options (in shares)   1,222,548      
Exercise of vested stock options 2,322   2,322    
Issuance of common stock under employee stock purchase plan (in shares)   594,885      
Issuance of common stock under employee stock purchase plan 2,298   2,298    
Stock repurchased and retired during period (in shares)   (237,458)      
Repurchases and retirement of common stock (1,999)   (1,999)    
Stock-based compensation 67,156   67,156    
Other comprehensive income (loss) 153     153  
Net income (loss) (23,546)       (23,546)
Ending balance (in shares) at Dec. 31, 2023   213,481,743      
Ending balance at Dec. 31, 2023 344,029 $ 21 712,307 (124) (368,175)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes (in shares)   4,404,420      
Payments for taxes related to net share settlement of equity awards (52,501)   (52,501)    
Exercise of vested stock options (in shares)   6,734,549      
Exercise of vested stock options 26,651 $ 1 26,650    
Issuance of common stock under employee stock purchase plan (in shares)   617,563      
Issuance of common stock under employee stock purchase plan 3,901   3,901    
Stock repurchased and retired during period (in shares)   (5,768,042)      
Repurchases and retirement of common stock (83,039)   (83,039)    
Stock-based compensation 94,608   94,608    
Other comprehensive income (loss) (200)     (200)  
Exercise of Class A common stock warrants (in shares)   271,291      
Exercise of Class A common stock warrants 333   333    
Issuance of common stock for acquisition-related earn-out consideration (in shares)   119,344      
Issuance of common stock for acquisition-related earn-out consideration 1,396   1,396    
Issuance of common stock for acquisition of businesses (in shares)   976,341      
Issuance of common stock for acquisition of business 15,500   15,500    
Net income (loss) 126,038       126,038
Ending balance (in shares) at Dec. 31, 2024   220,837,209      
Ending balance at Dec. 31, 2024 476,716 $ 22 719,155 (324) (242,137)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes (in shares)   4,413,800      
Payments for taxes related to net share settlement of equity awards (116,669)   (116,669)    
Exercise of vested stock options (in shares)   3,434,284      
Exercise of vested stock options 11,033 $ 1 11,032    
Issuance of common stock under employee stock purchase plan (in shares)   502,332      
Issuance of common stock under employee stock purchase plan 6,440   6,440    
Stock repurchased and retired during period (in shares)   (2,234,910)      
Repurchases and retirement of common stock (89,960)   (89,960)    
Stock-based compensation 138,828   138,828    
Other comprehensive income (loss) 2,618     2,618  
Issuance of common stock for acquisition of assets   292,806      
Issuance of common stock for acquisition of assets 12,760   12,760    
Common stock to be issued for asset acquisition indemnification holdback 6,380   6,380    
Purchases of capped calls related to convertible senior notes, net of tax (35,583)   (35,583)    
Net income (loss) 128,365       128,365
Ending balance (in shares) at Dec. 31, 2025   227,245,521      
Ending balance at Dec. 31, 2025 $ 540,928 $ 23 $ 652,383 $ 2,294 $ (113,772)
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 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) 0 0
Change in fair value of liabilities 9,255 0 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 0 0
Non-cash operating lease cost 12,413 2,546 1,922
Non-cash acquisition-related costs 5,893 0 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 0 (2,825) 0
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 0 725 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) 0
Purchase of equity securities (20,000) 0 0
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 0 0
Purchases of capped calls related to convertible senior notes (47,800) 0 0
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) 0 0
Payments for acquisition-related earn-out consideration 0 (3,190) 0
Proceeds from exercise of Class A common stock warrants 0 333 0
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 0 856 856
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 0 0
Common stock to be issued for asset acquisition indemnification holdback 6,380 0 0
Common stock issued, contingent consideration, additional consideration payable, and liabilities assumed in connection with acquisition of businesses 200,267 16,000 0
Issuance of common stock for acquisition-related earn-out consideration $ 0 $ 1,396 $ 0
v3.25.4
Organization
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
Hims & Hers Health, Inc. (the “Company” or “Hims & Hers”), incorporated in Delaware, is a consumer-first platform transforming the way customers fulfill their health and wellness needs. The Company’s mission is to help the world feel great through the power of better health. The Company has operations in the United States, the United Kingdom, Canada, and the European Union (in Germany, the Republic of Ireland, France, and Spain). The Hims & Hers platforms (collectively, the Company’s “platform”) include access to a highly-qualified and technologically-capable provider network, a clinically-focused electronic medical records system, digital prescriptions, cloud-enabled pharmacy fulfillment, and personalization capabilities. The Company’s digital platform enables access to treatments for a broad range of conditions, including primarily those related to sexual health, hair loss, hormone health, weight loss, dermatology, and mental health, as well as services such as comprehensive laboratory testing. Hims & Hers connects patients to licensed healthcare professionals who can prescribe medications when appropriate. Prescriptions are fulfilled online through licensed pharmacies, making accessing treatments simple, affordable, and straightforward. Through the Hims & Hers mobile applications, consumers can access a range of educational programs, wellness content, community support, and other services that promote lifelong health and wellness.

In addition, the Company offers access to a range of health and wellness products designed to meet individual needs, which can include curated prescription and non-prescription products. The Company’s products and services are available for purchase directly by customers on the Company’s websites and mobile applications. Additionally, Hims & Hers non-prescription products can be found in tens of thousands of top retail locations in the United States.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared pursuant to accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and variable interest entities in which it is the primary beneficiary. All intercompany transactions and balances have been eliminated in the consolidated financial statements herein.

For the year ended December 31, 2025, the Company had operations in the United States, the United Kingdom, the European Union, and Canada. For the years ended December 31, 2024 and 2023, the Company had operations in the United States and the United Kingdom.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the financial statements and accompanying notes. The more significant estimates, judgments, and assumptions by management include, among others, valuation and recognition of stock-based compensation expense, initial and subsequent valuation of contingent consideration in business combinations or asset acquisitions, purchase price allocation for business combinations, valuation of assets acquired in an asset acquisition, estimates used in determining the useful lives of intangible assets, valuation of deferred tax assets, estimating the net realizable value of inventory, valuation of refund reserve, and estimates used in the capitalization of website development and internal-use software costs. Management believes that the estimates, judgments, and assumptions upon which it relies are reasonable based upon information available to it at the time that these estimates, judgments, and assumptions were made. Actual results experienced by the Company may differ from management’s estimates. To the extent that there are material differences between these estimates and actual results, the Company’s consolidated financial statements will be affected.

Risks and Uncertainties

The Company’s business, operations, and financial results are subject to various risks and uncertainties, including adverse United States and international economic conditions, legal restrictions, changes to the regulatory environment, changing laws for medical services and prescription products, decisions to outsource or modify portions of its supply chain, and competition in its industry, any of which could adversely affect its business, financial condition, results of operations, and cash flows. These
significant factors, among others, could cause the Company’s future results to differ materially from the consolidated financial statements.

Concentration Risk

The Company’s financial instruments that are potentially exposed to concentrations of credit risk consist primarily of cash and cash equivalents, available-for-sale investments, and accounts receivable.

The Company maintains its cash and cash equivalents, as well as a significant majority of its available-for-sale investments, with high-quality financial institutions with investment-grade ratings. The majority of the cash balances are with U.S. banks and are in excess of amounts insured by the Federal Deposit Insurance Corporation.

The prescription products ordered on the Hims & Hers platform are primarily fulfilled by the wholly-owned pharmacies and Partner Pharmacies (as defined below). If any of the pharmacies were to stop fulfilling orders, it could significantly slow prescription product sales until fulfillment volume is redistributed to other operating pharmacies. The Company maintains agreements with these pharmacies and is continuing to invest in expanding internal fulfillment capabilities to mitigate any such risk.

Certain offerings on the Hims & Hers platform are primarily fulfilled by one supplier. If this supplier stops fulfilling purchase orders, it could significantly slow the Company’s ability to fulfill these orders until new suppliers are onboarded and internal manufacturing capabilities are expanded. The Company maintains agreements with suppliers and is continuing to invest in expanding internal manufacturing capabilities and diversifying fulfillment partners to mitigate any such risk.

As of December 31, 2025, one customer or partner individually represented more than 10% of accounts receivable. As of December 31, 2024, four customers or partners individually represented more than 10% of accounts receivable. For the years ended December 31, 2025, 2024, and 2023, no single customer or partner represented more than 10% of revenue. In addition, revenue related to sales in foreign countries was less than 10% of revenue for each of those years.

Foreign Currency Translation

The Company’s consolidated financial statements are presented in U.S. dollars. The functional currency of the Company’s non-U.S. subsidiaries is the local currency. Asset and liability balances denominated in non-U.S. dollar currencies are translated into U.S. dollars using period-end exchange rates, while revenue and expenses are translated using average exchange rates. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are presented as foreign currency translation adjustments, a component of other comprehensive income (loss) on the consolidated statements of operations and comprehensive income (loss).

Business Combinations

The Company accounts for its business combinations using the acquisition method of accounting. The purchase price is attributed to the fair value of the assets acquired and liabilities assumed. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of the purchase price of acquisition over the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of acquisition.

When the Company issues stock-based or cash awards to an acquired company’s shareholders, the Company evaluates whether the awards are consideration or compensation for post-acquisition services. The evaluation includes, among other things, whether the vesting of the awards is contingent on the continued employment of the acquired company’s stockholders beyond the acquisition date. If continued employment is required for vesting, the awards are treated as compensation for post-acquisition services and recognized as expense over the requisite service period.

Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments,
economic conditions, and competition. In connection with determination of fair values, the Company may engage a third-party valuation specialist to assist with the valuation of intangible and certain tangible assets acquired and certain assumed obligations.

Asset Acquisitions

The Company accounts for a transaction as an asset acquisition when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, or the acquisition otherwise does not meet the definition of a business. Asset acquisitions are measured and recognized based on the cost to acquire the assets, which is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Direct costs related to the acquisition are capitalized as part of the assets or liabilities acquired. Goodwill is not recognized in an asset acquisition with any consideration in excess of net assets acquired allocated to acquired nonfinancial assets on a relative fair value basis.

Segment Reporting

The Company is managed as a single operating segment on a consolidated basis, inclusive of acquisitions. The Company determines its operating segments based on how the chief operating decision maker (“CODM”) makes decisions regarding the allocation of resources and operational strategy, assesses performance, and manages the organization at a consolidated level. The Chief Executive Officer (“CEO”), is the CODM. The products and services from which this segment derives its revenues are described below in the discussion of revenue recognition.

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid investments purchased with an original maturity or remaining maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash and cash equivalents with financial institutions.

The restricted cash balance as of December 31, 2024 comprised cash collateral that was held by the Company’s primary financial institution to secure letters of credit issued as security deposits for certain of the Company’s facilities. As of December 31, 2025, these letters of credit no longer require cash collateral and there is no restricted cash balance.

Investments

Available-for-sale debt instruments with original maturities at the date of purchase greater than three months and remaining maturities of less than one year are classified as short-term available-for-sale investments on the consolidated balance sheets. Available-for-sale debt instruments with original maturities at the date of purchase and remaining maturities of greater than one year are classified as long-term available-for-sale investments on the consolidated balance sheets. The Company intends to sell such investments, if any, at or close to maturity. The available-for-sale investments are reported at fair value, with unrealized gains and losses, net of tax, recorded in other comprehensive income (loss) on the consolidated statements of operations and comprehensive income (loss), except for credit losses. The Company determines the cost of the investment sold based on specific identification at the individual security level. The Company records the interest income and realized gains and losses on the sale of these instruments within other income, net on the consolidated statements of operations and comprehensive income (loss).

Equity securities which the Company currently does not intend to sell within one year are classified as long-term investments and are included within other long-term assets on the consolidated balance sheets. Equity securities are reported at fair value, with unrealized gains and losses, net of tax, recorded in change in fair value of equity securities on the consolidated statements of operations and comprehensive income (loss).

Credit Losses

The Company considers whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on the Company’s available-for-sale securities for the years ended December 31, 2025, 2024, or 2023 were caused by fluctuations in market value and interest rates as a result of the economic environment. The Company concluded that an allowance for credit losses for its available-for-sale securities was unnecessary as of December 31, 2025 and 2024 because the decline in the market value was attributable to changes in market conditions and not credit quality, and that it is neither management’s intention to
sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value. There were no material realized gains or losses on available-for-sale securities in the periods presented.

Fair Value of Financial Instruments

The fair value of a financial instrument is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities subject to ongoing fair value measurement are categorized and disclosed into one of the three categories depending on observable or unobservable inputs employed in the measurement. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities, are as follows:

•Level 1: Inputs that are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
•Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
•Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Inventory

Inventory primarily consists of finished goods and raw materials that are located at Company-managed and third-party fulfillment warehouses, pharmacies, and storage facilities. Inventory is stated at the lower of cost and net realizable value and inventory cost is determined by the weighted average cost method. The Company reserves for expired, slow-moving, and excess inventory by estimating the net realizable value based on the potential future use of such inventory. Management monitors inventory to identify events that would require impairment due to slow-moving, expired, or obsolete inventory and reduces the value of inventory when required.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of balances related to prepayments or vendor deposits for insurance, marketing, software, inventory and other operating costs, income taxes, and trade and other accounts receivables. Prepaid expenses are recorded when payment has been made in advance for goods and services. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Receivables are stated at amounts estimated by management to be equal to their net realizable values. The allowance for doubtful accounts, if any, is the Company's best estimate of the amount of expected credit losses on its accounts receivable. The expectation of collectability is based on the Company's review of credit profiles of customers, contractual terms and conditions, current economic trends, and historical payment experience. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and an allowance is recorded accordingly. Account balances are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Accounts receivable comprises receivables, net, which primarily consists of Platform Partner trade receivables, wholesale trade receivables, income tax refund receivables, and other receivables, net. As of December 31, 2025 and 2024, receivables, net totaled $32.1 million and $6.1 million, respectively. There were no write-offs of any balances within receivables, net for the years ended December 31, 2025 and 2024. There were immaterial write-offs of balances within receivables, net for the year ended December 31, 2023. As of December 31, 2025 and 2024, the Company had no material allowances for doubtful accounts.

The Company does not have any off-balance sheet credit exposure related to its customers.
Property, Equipment, and Software, Net

Property, equipment, and software consist of purchased and internal-use software and website development, facility equipment and other tangible property, leasehold improvements, and assets not placed in service, which are assets that are not yet considered available for use at their intended location and are not yet being depreciated or amortized. Property, equipment, and software are depreciated or amortized using the straight-line method over the estimated useful lives ranging from two to ten years, with leasehold improvements depreciated over the shorter of their useful life or the related lease term. Property and equipment are recorded at cost, less accumulated depreciation and amortization. Maintenance and repair costs are charged to expense as incurred, and expenditures that extend the useful lives of assets are capitalized.

Capitalizable website and mobile application development and internal-use software costs are recorded at cost, less amortization. The costs incurred during the website application and infrastructure stages as well as costs incurred during the graphics and content development stages are capitalized; all other costs are expensed as incurred. In addition, the Company incurs costs to develop software for internal use. The costs incurred during the application development phase are capitalized until the project is completed and the asset is ready for intended use. All costs that relate to the preliminary project and post-implementation operation phases of development are expensed as incurred.

The following table summarizes the estimated amortization of website development and internal-use software costs subsequent to December 31, 2025 (in thousands):

2026$13,305 
20279,163 
20284,515 
Total$26,983 

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination. Goodwill balances denominated in non-U.S. dollar currencies are translated into U.S. dollars each reporting period using period-end exchange rates. Goodwill is not amortized but is tested for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate that the asset may be impaired. As of October 1, 2025, the date of the most recent goodwill impairment test, the Company operated as one reporting unit. When testing goodwill for impairment, the Company may first perform an optional qualitative assessment. If the Company determines it is not more likely than not the reporting unit’s fair value is less than its carrying value, then no further analysis is necessary. If the Company determines that it is more likely than not that the fair value of its reporting unit is less than its carrying amount, then the quantitative impairment test will be performed. Under the quantitative impairment test, if the carrying amount of the Company’s reporting unit exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill. Goodwill of $165.3 million was acquired in relation to business combinations during 2025. No goodwill impairment was recorded for the years ended December 31, 2025, 2024, and 2023.

Intangible Assets, Net

Intangible assets, net primarily includes platform partnerships, trade names, the 503B pharmacy license, customer relationships, and developed technology. The Company amortizes such definite-lived intangible assets on a straight-line basis over the assets’ estimated useful lives of over one year and up to twelve years, within operating expenses on the consolidated statements of operations and comprehensive income (loss).

Impairment of Long-Lived Assets

Long-lived assets include property, equipment, and software and intangible assets subject to amortization. Long-lived assets, including acquired assets from a business combination, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such cases, recoverability of an asset group to be held and used is assessed by comparing the carrying amount of the asset group with its future underlying net undiscounted cash flows without interest charges. If such asset group is considered to be impaired, an impairment is recognized
as the amount by which the carrying amount of the asset group exceeds the estimated fair values of the asset group. The Company recognized immaterial impairment charges on long-lived assets during each of the years ended December 31, 2025, 2024, and 2023. These charges are included in operating expenses on the consolidated statements of operations and comprehensive income (loss). As a result of recent acquisitions, the Company consisted of three asset groups as of December 31, 2025.

Operating Leases

The Company determines if an arrangement contains a lease at inception based on whether there is identified property, plant, or equipment and whether the Company controls the use of the identified asset throughout the period of use. The Company leases facilities for fulfillment and corporate purposes under non-cancelable operating leases with expiration dates between fiscal years 2026 and 2041, including renewal options the Company is reasonably certain to exercise.

The Company's operating leases are reflected in the operating lease right-of-use (“ROU”) assets and in the operating lease liabilities in the accompanying consolidated balance sheets. The operating lease ROU assets represent the Company’s right to use the underlying assets for the lease terms and the lease liabilities represent the Company’s obligation to make lease payments arising from the leases. The operating lease ROU assets and lease liabilities are recognized at each lease’s inception date based on the present value of lease payments over the lease term discounted based on the more readily determinable of (i) the rate implicit in the lease or (ii) the Company’s incremental borrowing rate, which is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. Because the Company’s operating leases do not provide an implicit rate, the Company estimates its incremental borrowing rate at the lease commencement date for borrowings with a similar term.

The Company’s operating lease ROU assets are measured based on the corresponding operating lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred, and (iii) tenant incentives under the lease. The Company does not assume renewals or early terminations unless it is reasonably certain to exercise these options at commencement. The Company monitors for events or changes in circumstances that require a reassessment of its leases. When a reassessment results in the remeasurement of a lease liability, an adjustment is made to the carrying amount of the corresponding ROU asset.

The Company does not allocate consideration between lease and non-lease components. The Company's lease agreements contain variable costs such as common area maintenance, operating expenses, or other costs. Variable lease payments are recognized in the period in which the obligation for those payments are incurred. In addition, the Company does not recognize ROU assets or operating lease liabilities for leases with a term of 12 months or less of all asset classes. Operating lease expense is recognized on a straight-line basis over each lease term.

Convertible Notes

The Company has issued the 2030 Convertible Notes (as defined in Note 13 – Debt) which are recorded at their carrying value on the consolidated balance sheets. The 2030 Convertible Notes will be classified as long-term liabilities until they are scheduled to mature within one year of the balance sheet date or become repayable within one year of the balance sheet date. Amortization of debt discount and issuance costs, along with contractual interest expense, if any, is recorded over the term of the 2030 Convertible Notes using the effective interest method. The Company evaluates conversion features to determine if they are required to be accounted for separately as embedded derivatives. The 2030 Convertible Notes are considered participating securities for purposes of calculating diluted net income (loss) per share. The dilutive effect is calculated under the if-converted method whereby the numerator is adjusted to add back the amortization of debt discount and issuance costs and the denominator is adjusted to add the gross number of Class A common stock shares issuable upon conversion as if converted at the beginning of the period (or at the time of issuance, if later).

Capped Calls

The Company has entered into the Capped Calls (as defined in Note 13 – Debt) in connection with the issuance of the 2030 Convertible Notes. The Capped Calls meet certain accounting criteria to be classified as equity, and premiums paid for the Capped Calls are recorded as a reduction to additional paid-in capital within stockholders’ equity, net of the deferred tax impact. The Capped Calls are not accounted for as derivatives and will not be remeasured as long as they continue to meet the conditions for equity classification. The Capped Calls are expected to reduce the potential dilution to the Company’s Class A common stock upon conversion of the 2030 Convertible Notes. As such, their effect on diluted net income (loss) per share would be anti-dilutive and they are excluded from the calculation.
Revenue Recognition

The Company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services.

The Company’s consolidated revenue primarily comprises online sales of health and wellness products and services through the Company’s websites and mobile applications, including prescription and non-prescription products. In certain contracts that contain prescription products prescribed as the result of a consultation, revenue also includes medical consultation services and post-consultation service, if applicable. Additionally, the Company offers a range of health and wellness products through wholesale partners, with such revenue not considered significant.
 
The following table presents revenues disaggregated by geography, based on the jurisdiction in which the Company’s consolidated legal entities operate (in thousands):
 Year Ended December 31,
 202520242023
United States Revenue$2,213,648 $1,449,671 $854,494 
Rest of the World Revenue133,989 26,843 17,506 
Total revenue$2,347,637 $1,476,514 $872,000 

For both United States Revenue and Rest of the World Revenue, a significant majority of customers are individuals who purchase products and/or services through the Company’s websites or mobile applications. The transaction price in the Company’s contracts with customers is the total amount of consideration to which the Company expects to be entitled in exchange for transferring products or services to the customer.

The Company’s contracts primarily include the following performance obligations: access to (i) products, as well as material rights related to medication adjustments, as applicable, (ii) services, primarily consisting of medical consultation services, post-consultation service support, and delivery of laboratory testing results, as applicable. The Company’s contracts that do not contain prescription products primarily have a single performance obligation. Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised product to the customer and, in contracts that contain services, by the provision of consultation services to the customer. The Company satisfies its performance obligation for products at a point in time, which is primarily upon delivery of the products to a third-party carrier. The Company satisfies its performance obligation for consultation services typically within one day and for post-consultation service support over the contract term. The customer obtains control of the products and services upon the Company’s completion of its performance obligations.

For contracts with multiple performance obligations, the transaction price is allocated to each performance obligation on a relative stand-alone selling price basis. The stand-alone selling price is based on the prices at which the Company separately sells the products and services, as well as market and cost plus estimates. For each of the years ended December 31, 2025, 2024, and 2023, service revenue represented less than 10% of consolidated revenues.

To fulfill its promise to customers in the United States for certain contracts that include professional medical consultations, the Company maintains relationships with various “Affiliated Medical Groups,” which are professional corporations or other professional entities owned by licensed physicians and that engage licensed healthcare professionals (physicians, physician assistants, nurse practitioners, and mental health providers; collectively referred to as “Providers” or individually, a “Provider”) to provide consultation services. Refer to Note 11 – Variable Interest Entities. The Company accounts for the Affiliated Medical Groups service revenue as a principal in the arrangement with its customers. This conclusion is reached because (i) the Company determines which Affiliated Medical Group and Provider provides the consultation to the customer; (ii) the Company is primarily responsible for the satisfactory fulfillment and acceptability of the services; (iii) the Company incurs costs for consultation services even for visits that do not result in a prescription and the sale of products; and (iv) the Company, in its sole discretion, sets all listed prices charged on its websites and mobile applications for products and services.

Additionally, with the exception of Platform Partner arrangements (defined below), to fulfill its promise to customers for contracts that include sale of prescription products, the Company utilizes (i) certain third-party pharmacies (“Partner Pharmacies” or individually, a “Partner Pharmacy”) and (ii) wholly-owned pharmacies. The pharmacies, as licensed, fill prescription orders for customers who have received a prescription from a prescribing Provider through the Company’s websites and mobile applications. The Company accounts for prescription product revenue from Partner Pharmacies as a
principal in the arrangement with its customers. This conclusion is reached because (i) the Company has sole discretion in determining which pharmacy fills a customer’s prescription; (ii) the pharmacies fill the prescription based on fulfillment instructions provided by the Company, including using the Company’s branded packaging for generic products, as applicable; (iii) the Company is primarily responsible to the customer for the satisfactory fulfillment and acceptability of the order; (iv) the Company is responsible for refunds of the prescription medication after transfer of control to the customer; and (v) the Company, in its sole discretion, sets all listed prices charged on its websites and mobile applications for products and services.

Further, to provide access to certain products, a substantial majority of which are prescription products, the Company has contracts with third-party platform partners (“Platform Partners”). Under the Platform Partner arrangements, the Company accounts for the provision of access to prescription products as an agent in the arrangement. This conclusion is reached because (i) the Company is contractually restricted in determining which pharmacy fills a customer’s prescription; (ii) the Platform Partner has discretion over how the prescription products are fulfilled, including the packaging used, and the related shipments do not utilize the Company’s branded packaging, as applicable; (iii) the Platform Partner is responsible to the customer for the satisfactory fulfillment and acceptability of the order, with the Platform Partner’s role in the arrangement explicitly disclosed to the customer; (iv) the Platform Partner is responsible for refunds related to fulfillment obligations of the prescription medication after transfer of control to the customer, as applicable; and (v) the Platform Partner has discretion in how the listed prices are displayed on the Company’s websites and mobile applications for its offerings, as applicable.

The Company estimates refunds using the expected value method primarily based on historical refunds granted to customers. The Company updates its estimate at the end of each reporting period and recognizes the estimated amount as contra-revenue with a corresponding refund liability. Sales, value-added, and other taxes are excluded from the transaction price and, therefore, from revenue.

The Company accounts for shipping activities, consisting of direct costs to ship products performed after the control of a product has been transferred to the customer, in cost of revenue.

For sales though Company’s websites and mobile applications, payment for prescription medication and non-prescription products is collected from the customer in accordance with contract terms a few days in advance of product shipment, or in the case of prepaid offerings, upfront with subsequent shipments typically occurring monthly, quarterly, or semi-annually. For service revenue, payment is collected either at the time the service is performed or, for Platform Partner arrangements, in accordance with contractual terms. Contract liabilities are recorded when payments have been received from the customer for undelivered products or services and are recognized as revenue when the performance obligations are later satisfied. Contract liabilities consisting of balances related to customer prepayments are recognized as current deferred revenue on the consolidated balance sheets since the associated revenue will be recognized within the following year. As of December 31, 2025 and 2024, total deferred revenue was $127.2 million and $75.3 million, respectively. The increase of $51.9 million was primarily due to changes in the shipping cadences of the Company’s weight loss offerings.

Cost of Revenue

Cost of revenue consists of costs directly attributable to the products shipped and services rendered, including product costs of purchased and manufactured products, packaging materials, shipping costs, labor costs directly related to revenue generating activities including primarily medical consultation services and manufacturing labor, and overhead costs associated with manufactured products. Costs related to free products where there is no expectation of future purchases from a customer and depreciation and amortization on property, equipment, and software (other than related to manufactured products) are considered to be operating expenses and are excluded from cost of revenue.

Stock-Based Compensation

The fair value of stock options, equity-classified warrants issued to vendors, restricted stock units (“RSUs”), and performance RSUs (“PRSUs”) are measured at the grant date fair value. The fair value of employee stock options and vendor warrants are generally determined using the Black-Scholes Merton (“BSM”) option-pricing model using various inputs, including estimates of expected volatility, term, risk-free rate, and future dividends. Stock options that were granted to the Company’s CEO with performance and market conditions and earn-out RSUs were valued using the Monte Carlo simulation model. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the employee and vendor, which is generally the vesting term of four years for options, warrants, and RSUs that do not have performance or market conditions. Stock options with performance conditions are recognized when it is probable that performance criteria will be achieved and
compensation cost is recognized using the accelerated attribution method. PRSUs and stock options with performance conditions are recognized based on the probable level of achievement against the performance criteria. The Company accounts for forfeitures as they occur.

The Company’s Employee Stock Purchase Plan (“ESPP”) permits eligible employees to purchase the Company’s Class A common stock during pre-specified offering periods at a discount established by the compensation committee. The purchase price is 85% of the lower of the fair market value of the Company’s Class A common stock on the first trading day of the offering period and the fair market value on the purchase date. The ability to purchase shares of the Company’s Class A common stock for a discount represents an option and, therefore, the ESPP is considered a compensatory plan. Accordingly, stock-based compensation expense is determined based on the option’s grant-date fair value as estimated by applying the BSM option-pricing model and is recognized over the requisite service period, which is the withholding period.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax reporting basis of assets and liabilities. These differences are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company recognizes the effect on deferred income taxes of a change in tax rates in the period that includes the enactment date.

The Company provides a valuation allowance, if necessary, to reduce its deferred tax assets to the net amount it believes is more likely than not to be realized. The Company considers both positive and negative evidence, including its historical operating results, forecasts of future taxable income on a jurisdiction-by-jurisdiction basis, and ongoing tax planning strategies, to ascertain the need for a valuation allowance. If and when the Company concludes that it is more likely than not to utilize some or all of its deferred tax assets, the Company releases some or all of its valuation allowance and its tax provision will decrease in the period in which the Company makes such determination, which will cause a corresponding one-time increase to net income.

The Company accounts for uncertain tax positions in accordance with the relevant guidance, which prescribes a two-step approach to recognize and measure uncertain tax positions taken or expected to be taken in the income tax return. The first step is to determine whether it is more likely than not that the tax position will be sustained on the basis of the technical merits of the position. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company's policy is to include interest and penalties related to unrecognized tax benefits, if any, within the provision for taxes on the consolidated statement of operations.

Employee Benefit Plan

The Company has established a 401(k) plan that qualifies as a deferred compensation arrangement under Section 401 of the Internal Revenue Code. As of December 31, 2025, the Company contributes 50% of eligible employee’s elective deferrals up to an annual maximum of three thousand dollars per employee. The Company recognized matching contributions cost of $4.1 million, $2.9 million, and $2.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Advertising

For the years ended December 31, 2025, 2024, and 2023, advertising costs for customer acquisition and content production were $814.9 million, $604.6 million, and $390.3 million, respectively, consisting primarily of customer acquisition expenses (comprising advertising and media costs associated with the Company’s efforts to acquire new customers, promote its brands, and build awareness for its products and services, including advertising in digital media, social media, television, radio, out-of-home media, and various other media outlets and excluding content production costs) of $798.5 million, $594.5 million, and $379.7 million, respectively, which are charged to expense as incurred and recorded within marketing expense on the consolidated statements of operations and comprehensive income (loss). The Company generally defers production costs associated with advertising campaigns until the airing of those campaigns.

Other Comprehensive Income (Loss)

The Company’s other comprehensive income (loss) is primarily impacted by foreign currency translation and available-for-sale investment fair value adjustments. The impact of foreign currency translation is affected by the translation of assets and
liabilities of the Company’s foreign subsidiaries, which are denominated in Sterling, Euros, and Canadian Dollars. The primary assets and liabilities affecting the adjustments are cash and cash equivalents, inventory, prepaid expenses and other current assets, goodwill, intangible assets, net, accounts payable, accrued liabilities, current and long-term earn-out liabilities, and deferred tax liabilities, net. The impact of available-for-sale securities is primarily affected by unrecognized gains and losses related to fluctuations in the fair market value of the securities.

Liquidity

To date, the Company has financed its operations principally from revenue from the Hims & Hers platform, the sale of its equity, and the issuance of the 2030 Convertible Notes (for more detail regarding the 2030 Convertible Notes see Note 13 – Debt). During the year ended December 31, 2025, the Company had positive cash flows from operating activities of $300.0 million and generated net income of $128.4 million. As of December 31, 2025, the Company had cash and cash equivalents of $228.6 million, short-term available-for-sale investments of $348.9 million, long-term available-for-sale investments of $351.3 million, and an accumulated deficit of $113.8 million.

The Company believes that its existing cash resources, together with its availability under the Revolving Credit Facility (for more detail regarding the Revolving Credit Facility, see Note 13 – Debt), are sufficient for the Company to meet its obligations through at least one year from the date of issuance of the consolidated financial statements. Management considers that there are no conditions or events in the aggregate that raise substantial doubt about the entity’s ability to continue as a going concern for a period of at least one year from the date the consolidated financial statements are issued.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU expand income tax disclosure requirements, primarily through enhanced disclosures related to income taxes paid and the rate reconciliation. ASU 2023-09 is effective for all public entities for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted the ASU for the year ended December 31, 2025 using the prospective approach. As a result of the adoption, the Company began including expanded income tax disclosures within Note 19 – Income Tax. Prior period disclosures have not been adjusted to reflect the new disclosure requirements, and the adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU expand certain expense category disclosure requirements, primarily through enhanced disclosures about inventory purchases, employee compensation, depreciation, amortization, and selling expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which clarified the effective date for ASU 2024-03. The ASU is effective for all public entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. The Company is evaluating the method of adoption and the impact of this ASU on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU remove all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40 to increase the operability of the recognition guidance considering different methods of software development. ASU 2025-06 is effective for all public entities for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted as of the beginning of an annual reporting period. Entities may adopt the amendments using a prospective, modified, or retrospective transition approach. The Company is evaluating the method of adoption and the impact of this ASU on its consolidated financial statements and related disclosures.
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Medici Technologies, Inc

In November 2025, the Company acquired all of the outstanding equity of Medici Technologies, Inc. (“Medici”), a digital health platform registered in Canada. Medici’s financial results also include a consolidated pharmacy as it is entitled to substantially all proceeds upon a liquidation or dissolution of the pharmacy entity. The acquisition established the Company’s presence in the Canadian market and furthers its goal of expanding its global operations and fulfillment capabilities. The purchase price for accounting purposes was CAD 39.1 million, or $27.8 million based on the exchange rate on the closing date, consisting of cash paid upfront of CAD 32.7 million and cash to be paid at a later date of CAD 6.4 million, or $23.2 million and $4.6 million, respectively, based on the exchange rate on the closing date. A maximum additional amount of cash consideration of CAD 40.0 million, or $28.4 million based on the exchange rate on the closing date, is payable to the Medici founders (“Sellers”) upon satisfying certain earn-out conditions, with measurements occurring for each of the 2026 and 2027 fiscal years. This earn-out payment is subject to a continued service condition, as defined in the business combination agreement, by the Sellers, and is therefore accounted for as post-transaction compensation expense when payout becomes probable and is reasonably estimable.

The acquisition was accounted for as a business combination under the acquisition method with the purchase price being allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition date. The purchase price allocation was prepared on a preliminary basis and may be subject to further adjustments as additional information is obtained about the facts and circumstances that existed as of the acquisition date concerning the fair value of the assets acquired and liabilities assumed and any related tax impacts. The Company expects to finalize these amounts as soon as possible, but no later than the fourth quarter of 2026. The following table summarizes the preliminary acquisition date fair values of assets acquired and liabilities assumed based on the exchange rate on the closing date (in thousands):

Customer relationships$5,390 
Developed technology3,475 
Trade name1,419 
Goodwill18,360 
Other net liabilities(892)
Net assets acquired$27,752 

The fair value measurements of the identified intangible assets were based primarily on significant unobservable inputs and thus represent a Level 3 measurement. The fair values of developed technology and trade name were determined using the relief-from-royalty method under the income approach. This involves forecasting avoided royalties, reducing them by taxes, and discounting the resulting net cash flows to a present value using an appropriate discount rate. The fair values of the customer relationships were determined using the multi-period excess earnings method which involves forecasting the net earnings expected to be generated by the asset, reducing them by appropriate returns on contributory assets, and then discounting the resulting net cash flows to a present value using an appropriate discount rate. Judgment was applied for a number of assumptions in valuing the identified intangible assets including revenue and cash flow forecasts, customer churn rate, technology life, royalty rate, and discount rate.

The excess of the consideration paid over the fair value of net assets acquired is recorded as goodwill. The acquired goodwill of $18.4 million represents future economic benefits expected to arise from synergies from combining operations and commercial organizations to market presence and the extension of existing customer relationships as well as utilization of developed technology. The goodwill recognized upon acquisition is not expected to be deductible for income tax purposes.

The Company incurred acquisition costs of $1.0 million directly related to the acquisition, which were recorded within general and administrative expenses on the consolidated statements of operations and comprehensive income (loss).
The acquisition did not have a material impact on the Company’s revenue or earnings generated during the period after the acquisition date, and historical and pro forma disclosures have therefore not been presented.

Zava Global GmbH

In July 2025, the Company acquired all of the outstanding equity of Zava Global GmbH and its subsidiaries (“Zava”), a digital health platform registered in Germany with operations in the United Kingdom and the European Union, to further expand its operations in the United Kingdom and to launch in the European Union. The purchase price for accounting purposes was EUR 219.2 million, or $258.0 million, based on the exchange rate on the closing date, including cash paid upfront of EUR 142.2 million and contingent consideration with an acquisition date fair value of EUR 77.0 million, or $167.3 million and $90.7 million, respectively, based on the exchange rate on the closing date. The contingent consideration primarily relates to a potential earn-out payable in cash of up to EUR 100.0 million, or $117.7 million based on the exchange rate on the closing date, upon achievement of revenue and adjusted EBITDA targets with measurements occurring for each of the 2025, 2026, and 2027 fiscal years, which is recognized as contingent consideration, and which may be paid earlier or later in accordance with certain provisions set forth in the share purchase agreement.

The acquisition was accounted for as a business combination under the acquisition method with the purchase price being allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition date. The purchase price allocation was prepared on a preliminary basis and may be subject to further adjustments as additional information is obtained about the facts and circumstances that existed as of the acquisition date concerning the fair value of the assets acquired and liabilities assumed and any related tax impacts. The Company expects to finalize these amounts as soon as possible, but no later than the third quarter of 2026. The following table summarizes the preliminary acquisition date fair values of assets acquired and liabilities assumed based on the exchange rate on the closing date (in thousands):

Platform partnerships$100,168 
Developed technology23,777 
Customer relationships12,477 
Trade name7,416 
Goodwill141,959 
Other net liabilities(27,811)
Net assets acquired$257,986 

The fair value measurements of the identified intangible assets were based primarily on significant unobservable inputs and thus represent a Level 3 measurement. The fair values of platform partnerships and customer relationships were determined using the multi-period excess earnings method which involves forecasting the net earnings expected to be generated by the asset, reducing them by appropriate returns on contributory assets, and then discounting the resulting net cash flows to a present value using an appropriate discount rate. The fair values of developed technology and trade name were determined using the relief-from-royalty method under the income approach. This involves forecasting avoided royalties, reducing them by taxes, and discounting the resulting net cash flows to a present value using an appropriate discount rate. Judgment was applied for a number of assumptions in valuing the identified intangible assets including revenue and cash flow forecasts, customer churn rate, technology life, royalty rate, and discount rate.

The excess of the consideration paid over the fair value of net assets acquired is recorded as goodwill. The acquired goodwill of $142.0 million represents future economic benefits expected to arise from synergies from combining operations and commercial organizations to market presence and the extension of existing customer and partner relationships as well as utilization of developed technology. The goodwill recognized upon acquisition is not expected to be deductible for income tax purposes.

The Company incurred acquisition costs of $8.0 million directly related to the acquisition, which were recorded within general and administrative expenses on the consolidated statements of operations and comprehensive income (loss).
From the acquisition date through December 31, 2025, revenue recognized related to Zava represented less than 5% of total consolidated revenue for 2025. Earnings generated during the period after the acquisition date were not material, and historical and pro forma disclosures have therefore not been presented.

C S Bio Co.

In February 2025, the Company acquired via an asset purchase agreement certain manufacturing assets from C S Bio Co. (the “Seller”), a company located in the United States. The Company entered into the asset purchase agreement in order to strengthen its supply chain capabilities. The total cash and Class A common stock consideration payable and issuable in connection with the closing of the transaction is up to approximately $39.1 million, consisting of: (i) upfront cash and Class A common stock consideration of approximately $32.7 million; and (ii) additional maximum $6.4 million in Class A common stock consideration payable on the one year anniversary of closing in accordance with the terms of the asset purchase agreement. A maximum additional amount of $32.7 million in cash and/or Class A common stock consideration is payable to the Seller upon satisfying certain earn-out conditions. This earn-out payment is subject to a continued service condition, as defined in the asset purchase agreement, by the Seller’s chief executive officer, and is therefore accounted for as post-transaction compensation expense when payout becomes probable and is reasonably estimable. Additionally, as part of the transaction, the Company entered into a transition services agreement with the Seller under which the Company will receive certain services and technical support during the period of transition.

The acquisition was accounted for as an asset acquisition because it does not meet the definition of a business because there were no outputs and no employees joined the Company as part of the acquisition. When determining the fair value of tangible assets acquired, the Company estimated replacement cost, taking into consideration such factors as age, condition, and the economic useful life of the assets. No intangible assets or assumed liabilities were identified. As such, the total purchase price of $41.2 million was primarily comprised of total cash and Class A common stock consideration as described above, as well as capitalized direct acquisition costs of $2.1 million, and was allocated on a relative fair value basis to the various tangible assets acquired. The tangible assets acquired are included as part of property, equipment, and software, net as presented on the Company’s consolidated balance sheets.

Sigmund NJ, LLC, marketed as Trybe Labs

In February 2025, the Company acquired via a purchase agreement all of the membership interests of Sigmund NJ, LLC, marketed as Trybe Labs (“Trybe Labs”), a laboratory testing services business located in the United States, for total cash consideration of $5.1 million. There were no material acquired assets and assumed liabilities and the excess of the consideration paid over the fair value of the net assets assumed of $5.0 million was recorded as goodwill. The acquired goodwill represents future economic benefits expected to arise from having the capacity to add laboratory testing capabilities to the Hims & Hers platform in the future.

MedisourceRx

In September 2024, the Company acquired via a purchase agreement all of the membership interests of Seaview Enterprise LLC
(d/b/a MedisourceRx) (“MedisourceRx”), a 503B outsourcing facility registered with the Food and Drug Administration and located in the United States. The purchase price for accounting purposes was $31.0 million, consisting of cash and Class A common stock not subject to any vesting terms.

The Company also incurred acquisition costs of $1.4 million directly related to the acquisition which were recorded within general and administrative expenses on the consolidated statements of operations and comprehensive income (loss).

The acquisition was accounted for as a business combination under the acquisition method with the purchase price being allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition date. The fair value of the 503B pharmacy license was determined using the income approach. The following table summarizes the acquisition date fair values of assets acquired and liabilities assumed (in thousands):

503B pharmacy license$28,596 
Goodwill1,847 
Other net assets557 
Net assets acquired$31,000 
Amortization expense related to the 503B pharmacy license is recognized on a straight-line basis over the useful life of ten years, within operations and support expense on the consolidated statements of operations and comprehensive income (loss).

The excess of the consideration paid over the fair value of the net assets acquired is recorded as goodwill. The acquired goodwill of $1.8 million represents future economic benefits expected to arise from synergies from combining operations resulting in increased market presence of compounding capabilities and advanced expertise of compounding operations. The $1.8 million of goodwill recognized upon acquisition is expected to be deductible for U.S. income tax purposes.

The acquisition did not have a material impact on the Company’s revenue or earnings generated during the period after the acquisition date, and historical and pro forma disclosures have therefore not been presented.
v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Available-for-sale investments as of December 31, 2025, consist of the following (in thousands):
 
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Government and government agency$180,111 $426 $— $180,537 
Corporate bonds158,471 53 — 158,524 
U.S. Treasury bills9,810 5 — 9,815 
Total short-term available-for-sale investments$348,392 $484 $— $348,876 
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Government and government agency$270,457 $718 $— $271,175 
Corporate bonds79,867 224 (3)80,088 
Total long-term available-for-sale investments$350,324 $942 $(3)$351,263 
 
As of December 31, 2025, the Company also had investments in equity securities with an adjusted cost of $20.0 million, unrealized gains of $4.4 million, and a fair value of $24.4 million, which are recorded within other long-term assets on the consolidated balance sheets.

Available-for-sale investments as of December 31, 2024, consist of the following (in thousands):

Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury bills$60,040 $120 $— $60,160 
Corporate bonds18,058 3 (1)18,060 
Government and government agency1,446 1 — 1,447 
Total short-term available-for-sale investments$79,544 $124 $(1)$79,667 
v3.25.4
Inventory
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventory Inventory
Inventory consists of the following (in thousands):

December 31,
20252024
Raw materials$53,151 $29,350 
Finished goods26,977 35,077 
Total inventory$80,128 $64,427 
As of December 31, 2025 and 2024, inventory classified as work-in-process was not material.
v3.25.4
Prepaid Expenses and Other Current Assets
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
 
December 31,
20252024
Prepaid expenses$37,889 $16,172 
Vendor deposits35,606 8,501 
Receivables, net32,149 6,080 
Other current assets4,374 400 
Total prepaid expenses and other current assets$110,018 $31,153 
v3.25.4
Property, Equipment, and Software, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Equipment, and Software, Net Property, Equipment, and Software, Net
Property, equipment, and software, net consist of the following (in thousands):
 
December 31,
20252024
Facility equipment and other tangible property$83,171 $27,785 
Purchased and internal-use software and website development51,140 34,100 
Leasehold improvements15,925 10,933 
Assets not placed in service214,283 33,764 
Total property, equipment, and software364,519 106,582 
Less: accumulated depreciation and amortization(52,589)(24,499)
Total property, equipment, and software, net$311,930 $82,083 

The increase in assets not placed in service during the year ended December 31, 2025 is primarily related to investments in the Company’s manufacturing and internal fulfillment capabilities.

Depreciation and amortization expense for property, equipment, and software was $30.8 million, $13.3 million, and $6.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Impairment charges for property, equipment, and software were immaterial for each of the years ended December 31, 2025, 2024, and 2023.
v3.25.4
Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Goodwill

The changes in the carrying value of goodwill for the periods presented are as follows (in thousands):

Carrying
Value
Balance at December 31, 2023$110,881 
Addition from acquisitions1,847 
Balance at December 31, 2024112,728 
Addition from acquisitions165,344 
Foreign currency translation adjustments253 
Balance at December 31, 2025$278,325 

Intangible assets, net

Intangible assets, net as of December 31, 2025 consist of the following (in thousands):

Gross
Amount		Accumulated Amortization and ImpairmentNet
Carrying
Value		Weighted
Average
Remaining
Useful Life
(Years)
Platform partnerships$99,964 $(4,165)$95,799 11.5
Trade names33,031 (14,951)18,080 2.3
503B pharmacy license28,596 (3,813)24,783 8.7
Other69,208 (11,754)57,454 3.1
Intangible assets, net$230,799 $(34,683)$196,116 7.8

Intangible assets, net as of December 31, 2024 consist of the following (in thousands):

Gross
Amount		Accumulated Amortization and ImpairmentNet
Carrying
Value		Weighted
Average
Remaining
Useful Life
(Years)
503B pharmacy license$28,596 $(953)$27,643 9.7
Trade names24,170 (9,256)14,914 6.5
Other4,786 (3,933)853 6.0
Intangible assets, net$57,552 $(14,142)$43,410 8.5

Amortization expense for intangible assets was $23.7 million, $3.8 million, and $3.5 million for the years ended December 31, 2025, 2024, and 2023, respectively. There were no impairment charges for the years ended December 31, 2025, 2024, and 2023.
Amortization that will be charged to expense over the remaining life of the intangible assets subsequent to December 31, 2025 is as follows (in thousands):

2026$40,952
202737,394
202823,262
202916,064
203013,667
2031 and thereafter64,777
$196,116
v3.25.4
Accrued Liabilities
 12 Months Ended
Dec. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consist of the following (in thousands):

December 31,
20252024
Marketing$16,745 $21,839 
Payroll16,103 12,067 
Professional services9,860 8,463 
Tax9,636 2,152 
Product and shipping7,309 1,306 
Other accruals18,865 7,186 
Total accrued liabilities $78,518 $53,013 
v3.25.4
Operating Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Operating Leases Operating Leases
The Company has various operating leases for fulfillment and corporate facilities with lease periods expiring between fiscal years 2026 and 2041, including renewal options the Company is reasonably certain to exercise. The operating lease agreements provide for rental payments on a graduated basis and for options to renew, which could increase future minimum lease payments if exercised. The Company utilizes the reasonably certain threshold criteria in determining which options it will exercise.

During the year ended December 31, 2025, the Company executed new operating leases in New Albany, Ohio; Mesa, Arizona; and Menlo Park, California resulting in additions to operating lease ROU assets of $69.4 million, $20.9 million, $31.5 million, respectively, along with corresponding increases to operating lease liabilities. Additionally, the Company accounted for a lease extension for its existing operating lease in New Albany, Ohio as a lease modification. This resulted in the remeasurement of the lease liability and an adjustment of $10.4 million to the carrying amount of the corresponding ROU asset for the existing facility. During the year ended December 31, 2024, a reassessment was triggered due to signing a lease for a new facility which is in close proximity to and also acts as an operational expansion of an existing facility, as well as investment in leasehold improvements in the existing facility. This resulted in the remeasurement of the lease liability and an adjustment of $0.9 million to the carrying amount of the corresponding ROU asset for the existing facility.

For the years ended December 31, 2025, 2024, and 2023, the Company recorded operating lease costs of $13.5 million, $3.0 million, and $2.4 million, respectively, including variable operating lease costs of $1.1 million, $0.5 million, and $0.4 million, respectively.

For the years ended December 31, 2025, 2024 and 2023, operating cash flows used for operating leases were $1.9 million, $2.4 million, and $1.9 million, respectively. The amount presented for the year ended December 31, 2025 is net of tenant improvement allowance reimbursements received during the period. As of December 31, 2025, the weighted average remaining lease term and weighted average discount rate, including for renewal options the Company is reasonably certain to exercise, was 12.3 years and 6.1%, respectively.
Future minimum lease payments under the Company's non-cancelable operating lease with an initial lease term in excess of one year subsequent to December 31, 2025 are as follows (in thousands):

2026$12,343 
202716,340 
202816,564 
202917,120 
203017,429 
2031 and thereafter137,178 
Gross lease payments216,974 
Less: imputed interest(68,964)
Present value of net future minimum lease payments$148,010 

The lease payments above do not include $1.5 million of non-cancelable commitments related to a lease that was signed but had not yet commenced as of December 31, 2025.
v3.25.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
As of December 31, 2025, the variable interest entities (“VIEs”) are the Affiliated Medical Groups. The Company determined that it is the primary beneficiary of these entities for accounting purposes because it has the ability to direct the activities that most significantly affect the entities’ economic performance and has the obligation to absorb the losses. Under the VIE model, the Company presents the results of operations, cash flows, and the financial position of the VIEs as part of the consolidated financial statements of the Company as if the consolidated group were a single economic entity. The assets of the VIEs can only be used to settle the obligations of the VIEs. There is no noncontrolling interest upon consolidation of the entities. The results of operations and cash flows of the VIEs are also included in the Company’s consolidated financial statements.

Apostrophe Pharmacy LLC and XeCare, LLC were VIEs through April 2025 and November 2025, respectively, when, as a result of changes of ownership, they became wholly-owned subsidiaries of the Company and were no longer considered VIEs. Previously, the Company was the primary beneficiary of the entities and consolidated their operations under the VIE model. The change of ownership did not have a material impact on the Company’s consolidated financial statements because they were previously fully consolidated under the VIE model and had no noncontrolling interest.

As of December 31, 2025 and 2024, the Company’s consolidated balance sheets included current and total assets of $6.9 million and $56.1 million, respectively, for the VIEs. As of December 31, 2025 and 2024, current and total liabilities were $6.0 million and $16.6 million, respectively. All amounts are after elimination of intercompany transactions, balances, and non-cash impact of operating leases.

For the years ended December 31, 2025, 2024, and 2023, the VIEs charged $395.3 million, $216.7 million, and $96.3 million, respectively, for services rendered. For the years ended December 31, 2025, 2024, and 2023 operations of the VIEs generated net losses of $13.4 million and $26.2 million and net income of $3.3 million, respectively, inclusive of administrative expenses.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025, is as follows (in thousands):
 
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$90,594 $— $— $90,594 
Short-term available-for-sale investments:
U.S. Treasury bills9,815 — — 9,815 
Government and government agency— 180,537 — 180,537 
Corporate bonds— 158,524 — 158,524 
Prepaid expenses and other current assets:
Short-term indemnification assets
— — 3,730 3,730 
Long-term available-for-sale investments:
Government and government agency— 271,175 — 271,175 
Corporate bonds— 80,088 — 80,088 
Other long-term assets:
Equity securities24,437 — — 24,437 
Long-term indemnification assets
— — 3,047 3,047 
Total assets$124,846 $690,324 $6,777 $821,947 
Liabilities
Earn-out liabilities, long-term— — 50,745 50,745 
Other long-term liabilities:
Other contingent consideration— — 2,003 2,003 
Long-term indemnification liabilities
— — 6,086 6,086 
Total liabilities$— $— $58,834 $58,834 

The Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis as of December 31, 2024, is as follows (in thousands):
 
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$64,717 $— $— $64,717 
Short-term available-for-sale investments:
U.S. Treasury bills60,160 — — 60,160 
Corporate bonds— 18,060 — 18,060 
Government and government agency— 1,447 — 1,447 
Restricted cash:
Money market funds856 — — 856 
Total assets$125,733 $19,507 $— $145,240 

The fair values of cash, accounts receivable, accounts payable, and accrued liabilities approximated their carrying values as of December 31, 2025 and 2024, due to their short-term nature. The fair value of earn-out payable related to the Zava business combination approximated its carrying value as of December 31, 2025, due to the payment amount being fixed. The 2030 Convertible Notes are recorded at their net carrying amount on the consolidated balance sheets rather than their fair value, which is a Level 2 measurement, as the Company has not elected the fair value option (refer to Note 13 – Debt for the 2030
Convertible Notes definition and additional detail, including the fair value as of December 31, 2025). All other financial instruments, with the exception of the earn-out liabilities discussed below, are valued either based on recent trades of securities in active markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. During the years ended December 31, 2025, 2024, and 2023, the Company had no transfers between levels of the fair value hierarchy of its assets measured at fair value.

The Company has earn-out liabilities related to the C S Bio Co. asset acquisition as well as the Zava and Medici business combinations. The fair values of the earn-out liabilities related to the C S Bio Co. asset acquisition, all of which are current, and related to the Medici business combination, all of which are noncurrent, approximated their carrying value as of December 31, 2025, due to all of the earn-out consideration being paid in cash and the timing of their payout being subject to estimation and, therefore, are excluded from the table above. The Medici business combination also includes current and noncurrent holdback liabilities, which approximated their carrying value as of December 31, 2025, because the Company does not expect the settlement amounts to differ materially from their acquisition date balances. The current amount is recorded within accrued liabilities and the noncurrent amount is recorded within other long-term liabilities on the consolidated balance sheets.

The earn-out liabilities related to the Zava business combination, all of which are noncurrent as of December 31, 2025, are classified as Level 3 fair value measurements containing significant unobservable inputs including estimates of achieving certain revenue and adjusted EBITDA targets and, therefore, are included in the table above. At inception, the fair value of the earn-out liabilities associated with the Zava business combination was determined based on revenue and adjusted EBITDA projections and the probability of achieving the respective revenue and adjusted EBITDA targets as evaluated using a Monte Carlo simulation. The following assumptions were used to determine the fair value at inception:

Risk-free rate1.9 %
Revenue volatility21.0 %
Revenue risk-adjusted discount rate9.0 %
Counterparty discount rate6.0 %

The fair value of the earn-out liabilities related to the Zava business combination is remeasured at each reporting period. The change in fair value is recognized within total other income, net on the consolidated statements of operations and comprehensive income (loss). The change in the fair value of the earn-out liabilities related to the Zava business combination is as follows (in thousands):

Balance at December 31, 2024$— 
Zava business combination87,691 
Change in fair value9,255 
Reclassification to earn-out payable(46,986)
Foreign currency translation adjustments785 
Balance at December 31, 2025$50,745 

The Zava business combination also includes contingent consideration for tax loss reimbursements, which is recorded within other long-term liabilities on the consolidated balance sheets.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
2030 Convertible Notes

In May 2025, the Company issued $1.0 billion aggregate principal amount of 0% convertible senior notes due 2030 (the “2030 Convertible Notes”). The 2030 Convertible Notes mature on May 15, 2030, unless earlier repurchased, redeemed, or converted, do not bear regular interest, and their principal amount will not accrete.

The total net proceeds from the issuance of the 2030 Convertible Notes, after deducting initial purchasers' discounts and debt issuance costs, were approximately $968.7 million.
Each $1,000 principal amount of the 2030 Convertible Notes is initially convertible into 14.1493 shares of the Company’s Class A common stock, which represents an initial conversion price of approximately $70.67 per share of the Company’s Class A common stock and is subject to adjustment upon the occurrence of certain events specified in the terms of the notes. As of December 31, 2025, there have been no adjustments to the conversion rate of the 2030 Convertible Notes.

The 2030 Convertible Notes are convertible at the option of the holders prior to November 15, 2029 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2025, if the closing price per share of the Company’s Class A common stock exceeds 130% of the conversion price for at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) if the trading price per $1,000 principal amount of 2030 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the closing price per share of the Company’s Class A common stock on such trading day and the conversion rate on such trading day; (3) if the Company calls any or all of the 2030 Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after November 15, 2029 and until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2030 Convertible Notes, at the option of the holder. As of December 31, 2025, the conditions allowing holders of the 2030 Convertible Notes to convert were not met.

Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election. If certain corporate events occur that constitute a “fundamental change” (as defined in the indenture governing the 2030 Convertible Notes), subject to a limited exception for certain cash mergers, holders may require the Company to repurchase for cash all or any portion of their 2030 Convertible Notes, at a cash repurchase price equal to the principal amount of the 2030 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.

In addition, following certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their 2030 Convertible Notes in connection with such corporate event or during the relevant redemption period.

The Company may not redeem the 2030 Convertible Notes prior to May 19, 2028. The Company may redeem for cash all or any portion of the 2030 Convertible Notes, at its option, on or after May 19, 2028 and on or before the 25th scheduled trading day immediately before the maturity date, but only if certain liquidity conditions are satisfied and the closing price of the Company’s Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days, whether or not consecutive, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be a cash amount equal to the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. However, the Company may not redeem less than all of the outstanding 2030 Convertible Notes unless at least $75.0 million aggregate principal amount of 2030 Convertible Notes are outstanding and not called for redemption at the time the redemption notice is sent. No sinking fund is provided for the 2030 Convertible Notes.

Any additional interest that accrues on the 2030 Convertible Notes will accrue at a rate per annum of 0.50% of the principal amount if, on or after six months following the issue date, (i) the Company has not satisfied certain reporting conditions set forth in Rule 144(c) and (i)(2) under the Securities Act, or (ii) the 2030 Convertible Notes are not otherwise freely tradable.

If there is an event of default relating to failures by the Company to comply with certain reporting requirements, the Company may elect, at its option, that the sole remedy to consist exclusively of the right of the noteholders to receive special interest on the 2030 Convertible Notes for up to 365 days at a specified rate per annum of 0.25% of the principal amount for the first 180 days on which the special interest accrues, and thereafter at a rate of 0.50%. However, in no event will special interest, together with any additional interest, accrue at a rate that exceeds 1.00% per annum.

The 2030 Convertible Notes are the Company’s senior, unsecured obligations and are (i) equal in right of payment with the Company’s existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the 2030 Convertible Notes; (iii) effectively subordinated to the
Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries.

There are no requirements for any financial covenant compliance or reporting in connection with the 2030 Convertible Notes.

The net carrying amount of the 2030 Convertible Notes as of December 31, 2025 was as follows (in thousands):

Principal$1,000,000 
Unamortized debt discount and issuance costs(27,420)
Net carrying amount$972,580 

For the year ended December 31, 2025, amortization of debt discount and issuance costs was $3.9 million. The debt discount and issuance costs are being amortized into interest expense within total other income, net on the consolidated statements of operations and comprehensive income (loss) over the term of the 2030 Convertible Notes at an effective interest rate of 0.64%. There were no contractual interest expense payments for any of the periods presented.

As of December 31, 2025, the 2030 Convertible Notes had a principal amount and estimated fair value of $1.0 billion and $866.0 million, respectively. The fair value of the 2030 Convertible Notes, which are Level 2 financial instruments, was determined based on the quoted bid prices of the notes in an over-the-counter market on the last trading day of the reporting period.

Capped Calls

In connection with the issuance of the 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions (collectively the "Capped Calls") with certain financial institutions. The Capped Calls have an initial strike price of approximately $70.67, subject to certain adjustments specified in their terms, which corresponds to the initial conversion price of the 2030 Convertible Notes. The Capped Calls have an initial cap price of $89.95 per share, subject to certain adjustments. The Capped Calls are expected generally to reduce potential dilution to the Company’s Class A common stock upon conversion and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2030 Convertible Notes, with such reduction and/or offsets subject to a cap based on the cap price. The Capped Calls cover, subject to anti-dilution adjustments substantially similar to those applicable to the 2030 Convertible Notes, the aggregate number of shares of the Company’s Class A common stock that initially underlie the 2030 Convertible Notes. The Capped Calls are subject to adjustment upon the occurrence of specified extraordinary events affecting the Company, including certain mergers, tender offers, and public announcement of similar events. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including nationalization, insolvency or delisting, changes in law, failures to deliver, and hedging disruptions.

For accounting purposes, the Capped Calls are treated as a separate transaction from, and not part of the terms of, the 2030 Convertible Notes. As these transactions met certain accounting criteria to be classified as equity, they are not accounted for as derivatives and will not be remeasured as long as they continue to meet the conditions for equity classification. Accordingly, the Company recorded $35.6 million as a reduction to additional paid-in capital, which represents the $47.8 million premium paid for the Capped Calls, net of the deferred tax impact of $12.2 million.

Revolving Credit Facility

In February 2025, the Company entered into a Revolving Credit and Guaranty Agreement (the “Revolving Credit Agreement”) with certain lenders and JPMorgan Chase Bank, N.A., as the administrative and collateral agent, which provides for a three-year $175.0 million senior secured revolving credit facility (the “Credit Facility”). The Credit Facility additionally includes letter of credit and swing line loan sub-limits of $40.0 million and $20.0 million, respectively, and an accordion option, which, if exercised, would allow the Company to increase the aggregate commitment amount by up to $125.0 million, plus additional amounts if the Company is able to satisfy a leverage test and certain other conditions. The obligations under the Credit Facility are secured by a lien on substantially all of the Company’s assets, and are guaranteed by certain of the Company’s material domestic subsidiaries. The commitments under the Credit Facility expire on February 18, 2028.
Loans under the Credit Facility bear interest, at the Company’s election, at either (a) an adjusted term Secured Overnight Financing Rate plus 0.10% plus a margin of 1.50% - 2.00%, depending on the Company’s total leverage ratio, or (b) an alternative base rate plus a margin of 0.50% - 1.00%, depending on the Company’s total leverage ratio. Loans under the Credit Facility may also be made in Canadian Dollars, Euros, and Sterling, at comparable interest rates. The Company is required to pay a fee on the average daily undrawn portion of the aggregate commitments that accrues at 0.20% - 0.30% per annum, depending on the Company’s total leverage ratio.

The Credit Facility also allows the Company to issue letters of credit, which reduce the amount that can be borrowed. The Company is required to pay a commission on any outstanding letters of credit that accrues at 1.50% - 2.00% per annum, depending on the Company’s total leverage ratio, and a fronting fee that accrues at 0.125% per annum.

The Credit Facility contains customary conditions to borrowing, events of default and covenants, including but not limited to negative covenants that restrict the Company’s ability to incur indebtedness, grant liens, make distributions, pay dividends, repurchase shares, make investments and engage in transactions with the Company’s affiliates, in each case subject to certain exceptions. The Credit Facility also requires the Company to maintain a total leverage ratio of no greater than 3.50 to 1.00 and an interest coverage ratio of no less than 3.00 to 1.00.

As of December 31, 2025, the Company had $7.0 million in letters of credit outstanding under the Credit Facility sub-limit and $168.0 million remained available under the Credit Facility. The letters of credit are issued as security deposits for certain of the Company’s facilities. These security deposits are required to be maintained and issued to the respective landlord or service provider. No loans were outstanding under the Credit Facility and the Company was in compliance with all conditions and covenants thereunder as of December 31, 2025.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Obligations

The Company has non-cancelable contractual obligations with remaining terms in excess of one year to make future purchases, primarily related to cloud-based software contracts used in operations. As of December 31, 2025, non-cancelable purchase obligations with remaining terms in excess of one year were $32.0 million, with $14.8 million payable in 2026, $14.6 million payable in 2027, $2.5 million payable in 2028, and $0.1 million payable in 2029.

Lease Commitments

Refer to Note 10 – Operating Leases for discussion of the Company’s future lease commitments.

Indemnifications

The Company has certain stand-ready obligations to provide indemnifications in the normal course of business under various contractual arrangements, which are recorded on the consolidated balance sheets at fair value. As of December 31, 2025, the maximum potential amount of future payments the Company could be required to make under these arrangements was approximately $40 million, and the fair value of these obligations was considered immaterial to the consolidated balance sheets. Historically, there have been no such indemnification claims.

Legal Proceedings

In addition to the legal matters described below, the Company is, from time to time, a party to litigation, various claims, and other legal and administrative proceedings arising in the ordinary course of business. Some of these claims, lawsuits, and other proceedings may involve highly complex issues that are subject to substantial uncertainties, and could result in damages, fines, penalties, non-monetary sanctions, or relief. Management is not currently aware of any matters that are reasonably likely to have a material adverse impact on the Company’s business, financial position, results of operations, or cash flows.

In October 2023, the Federal Trade Commission (the “FTC”) issued to the Company a Civil Investigative Demand requesting information regarding the Company’s privacy, advertising, and cancellation practices as part of a non-public investigation. The Company believes it has substantially completed providing responses to the FTC’s information requests. As of the date of this Annual Report on Form 10-K, the FTC has not communicated to the Company any potential conclusions or findings the FTC
may make with respect to its investigation. While the Company does not expect the outcome of this investigation to have a material impact on its business or operations, there can be no assurance that its expectations will prove correct. At this time, the Company is unable to estimate the possible loss or range of loss, if any, associated with this matter.

On June 25, 2025, two putative securities class action lawsuits were filed in the United States District Court for the Northern District of California against the Company and certain of its executives, and were later consolidated by the court as In re Hims & Hers Health, Inc. Securities Litigation, No. 25-cv-05315 (the “Securities Action”). The amended consolidated complaint was filed on January 29, 2026 on behalf of a proposed class of purchasers of the Company’s Class A common stock and a proposed class of purchasers of derivative securities referencing the Company’s Class A common stock between April 29, 2025 and June 22, 2025, and alleges violations of securities laws in connection with alleged misrepresentations regarding the Company’s business, operations, and prospects, and in particular, with respect to the business relationship between the Company and Novo Nordisk. The Securities Action seeks an unspecified amount of damages as well as attorneys’ fees and other relief. The Company does not currently consider a loss on this lawsuit to be probable. At this time, the Company is unable to estimate the possible loss or range of loss, if any, associated with this matter.

Putative shareholder derivative lawsuits (the “Derivative Actions”) were filed in the United States District Court for the Northern District of California against certain of the Company’s directors and executives. The Derivative Actions are captioned Jones v. Dudum, et al., No. 25-cv-5866 (N.D. Cal.) (filed July 14, 2025), Herman v. Dudum, et al., No. 25-cv-6326 (N.D. Cal.) (filed July 29, 2025), and Popper v. Dudum, et al., No. 25-cv-7337 (N.D. Cal.) (filed August 29, 2025). The Company is a nominal defendant. The Derivative Actions relate to the matters alleged in the Securities Actions, and allege breaches of fiduciary duty by the individual defendants, among other claims. Proceedings in the Derivative Actions are currently stayed. The Derivative Actions seek an unspecified amount of damages from the individual defendants as well as attorneys’ fees and other relief. The Company does not currently consider a loss on these lawsuits to be probable. At this time, the Company is unable to estimate the possible loss or range of loss, if any, associated with these matters.
On February 9, 2026, Novo Nordisk A/S and Novo Nordisk Inc. (together, “Novo Nordisk”) filed a lawsuit in the U.S. District Court for the District of Delaware captioned Novo Nordisk A/S, et al. v. Hims & Hers Health, Inc., et al., No. 1:26-cv-0014. The complaint asserts claims for patent infringement related to Novo Nordisk’s U.S. Patent No. 8,12,343 (the “‘343” patent) in connection with compounded GLP-1 products containing semaglutide available, based on a prescription, through the Company’s digital platform. Novo Nordisk seeks a declaration that the Company has infringed the ‘343 patent, and an award of monetary damages, including enhanced damages related to the Company’s alleged willful infringement. Novo Nordisk also included in the complaint a request for permanent injunction, to bar the Company from continuing its activities related to products containing semaglutide until after the ‘343 patent expires on December 5, 2031. At this time, the Company is unable to estimate the possible loss or range of loss, if any, associated with this matter.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock

The Company has two classes of common stock, Class A and Class V common stock. The rights are identical, including liquidation and dividend rights, except Class V common stock has additional voting rights.

Share Repurchase Programs

In October 2023, the Board of Directors authorized and approved a share repurchase program (the “2023 Share Repurchase Program”) pursuant to which the Company was authorized to repurchase up to $50.0 million of the Company’s Class A common stock. During the year ended December 31, 2024, the Company repurchased and retired 3,632,123 shares of Class A common stock under the 2023 Share Repurchase Program for $48.0 million. As of December 31, 2025, the entire $50.0 million originally available under the 2023 Share Repurchase Program had been utilized.

In July 2024, the Board of Directors authorized and approved a share repurchase program (the “2024 Share Repurchase Program”) pursuant to which the Company was authorized to repurchase up to $100.0 million of the Company’s Class A common stock. During the years ended December 31, 2025 and 2024, the Company repurchased and retired 1,526,830 and 2,135,919 shares of Class A common stock under the 2024 Share Repurchase program for $65.0 million and $35.0 million. As
of December 31, 2025, the entire $100.0 million originally available under the 2024 Share Repurchase Program had been utilized.

In November 2025, the Board of Directors authorized and approved a new share repurchase program (the “2025 Share Repurchase Program”) pursuant to which the Company may repurchase up to $250.0 million of the Company’s Class A common stock. The 2025 Share Repurchase Program expires on November 11, 2028. The Company intends to use the 2025 Share Repurchase Program to repurchase shares on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions or other means. The 2025 Share Repurchase Program may be suspended or discontinued at any time. During the year ended December 31, 2025, the Company repurchased and retired 708,080 shares of Class A common stock under the 2025 Share Repurchase program for $25.0 million. As of December 31, 2025, $225.0 million remains available under the 2025 Share Repurchase program.

RSU Releases

During the years ended December 31, 2025, 2024, and 2023, the Company released 7,032,775, 6,829,961, and 5,201,501 gross shares of Class A common stock, respectively, upon vesting of RSUs. In connection with the releases, 2,618,975, 2,425,541, and 1,729,045 shares of Class A common stock, respectively, were withheld for the payment of employee taxes.

2017 Stock Plan and 2020 Equity Incentive Plan

In July 2017, Hims, Inc. (“Hims”) adopted the 2017 Stock Plan (the “2017 Plan”). Under the 2017 Plan, the board of directors of Hims granted awards, including incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, RSU awards, and other stock awards to employees, directors, and consultants of Hims.

In January 2021, the Board of Directors adopted the 2020 Equity Incentive Plan (the “2020 Plan”) and reserved 21,000,000 authorized shares of Class A common stock the Company could issue. In addition, up to 19,000,000 shares of Hims Class A common stock subject to awards granted under the 2017 Plan that were forfeited, expired, or lapsed unexercised or unsettled could be added to the 2020 Plan reserve. Beginning on January 1, 2022 and ending on January 1, 2031, the number of authorized shares of common stock under the 2020 Plan will automatically increase each fiscal year by 5% of the total number of Class A and Class V common stock issued and outstanding on the last day of the preceding fiscal year unless the Board of Directors approves a lesser number. As of December 31, 2024, there were 54,360,277 and 15,162,111 shares of Class A common stock reserved and available for issuance, respectively, under the 2020 Plan. For the year ended December 31, 2025, 905 shares of Class A common stock subject to awards granted under the 2017 Plan that were forfeited after the adoption of the 2020 Plan were added to the 2020 Plan reserve. Additionally, on January 1, 2025, 11,041,860 shares of Class A common stock were automatically added to the 2020 Plan reserve. Therefore, as of December 31, 2025, there were 65,403,042 shares of Class A common stock reserved and 23,376,897 shares of Class A common stock available for grant under the 2020 Stock Plan. There were no more shares available for grant under the 2017 Plan since the 2017 Plan was replaced by the 2020 Plan.

2020 Employee Stock Purchase Plan

In January 2021, the Board of Directors adopted the Company’s Employee Stock Purchase Plan (“ESPP”). The total shares of Class A common stock initially reserved under the ESPP is limited to 4,000,000 shares of Class A common stock. Beginning on January 1, 2022 and ending on January 1, 2041 (unless extended by the Board of Directors and approved by the Company’s shareholders), the number of authorized shares of common stock under the ESPP will automatically increase each fiscal year by the lesser of (i) 1% of the total number of Class A and Class V common stock issued and outstanding on the last day of the preceding fiscal year, (ii) 12,000,000 shares of Class A common stock, or (iii) a number of shares of Class A common stock determined by the Board of Directors. As of December 31, 2024, there were 6,047,919 and 4,441,943 shares of Class A common stock reserved and available for issuance, respectively, under the ESPP. There were no shares added to the ESPP reserve on January 1, 2025. Therefore, as of December 31, 2025, there were 6,047,919 shares of Class A common stock reserved for issuance under the ESPP. During the years ended December 31, 2025, 2024, and 2023, the Company issued 502,332, 617,563, and 594,885 shares, respectively, of Class A common stock under the ESPP. As of December 31, 2025, there were 3,939,611 shares of Class A common stock available for issuance under the ESPP.

Under the ESPP, eligible employees may purchase the Company’s Class A common stock during pre-specified offering periods at a discount established by the Company’s compensation committee. The purchase price is 85% of the lower of the fair market
value of the Company’s Class A common stock on the first trading day of the offering period or the fair market value on the purchase date. Under the ESPP, the Company may specify offering periods with durations of not more than 27 months, and may specify shorter purchase periods within each offering period.

Employees participating in the ESPP commence payroll withholdings that accumulate through the end of the respective offering period. As of December 31, 2025, $1.2 million has been withheld via employee payroll deductions for employees who have opted to participate in the purchase periods ending May 2026.

As of December 31, 2025, there was $7.5 million of unrecognized stock-based compensation related to the ESPP which is expected to be recognized over a weighted average period of 1.51 years.

Stock Options

Stock options granted by the Company to new employees generally vest over four years, with 25% vesting one year after the vesting commencement date and then 1/48th of the total grant vesting monthly thereafter. Options granted to existing employees generally vest 1/48th of the total grant monthly over four years. Options granted are exercisable within a period not exceeding ten years from the grant date.

In June 2020, the board of directors of Hims granted 3,246,139 and 1,623,070 stock options to the CEO with an exercise price of $2.43 to vest upon either (i) an acquisition of the Company with per share consideration equal to at least $22.99 and $38.31, respectively, or (ii) a per share price on a public stock exchange that is at least equal to $22.99 and $38.31, respectively. The CEO is required to be employed at the time the per share consideration/price is achieved in order to receive the awards, but the awards are not subject to any other service condition. The Company recognized expense related to these awards based on the fair value and derived service period as measured using a Monte Carlo simulation model, and the expense is accelerated if the requirements outlined in (i) and (ii) above are achieved. The grant date fair value was $16.6 million for these awards. The $22.99 per share price threshold related to awards for the 3,246,139 stock options was achieved in February 2021. The $38.31 per share threshold related to awards for the 1,623,070 stock options was achieved in February 2025. As of December 31, 2025, 3,229,134 of these stock options have been exercised at a weighted average exercise price of $2.43. As of December 31, 2025, all stock-based compensation expense for the awards has been recognized.

In February 2022, the Board of Directors granted 2,085,640 stock options to the CEO with an exercise price of $5.01 that vest in four equal tranches. On each anniversary date after February 24, 2022, 25% of the shares subject to the options will vest provided that (i) the CEO is employed on the anniversary date and (ii) the closing price of the Company’s Class A common stock is more than $10 per share in 20 of the 30 trading days prior to the anniversary date. The award is not subject to any other service condition. Vesting is cumulative in subsequent years if the market condition was not previously met. The Company recognizes expense related to this award for each tranche individually based on the fair value and requisite service period, which is the greater of the derived service period and the explicit service period. The fair value and the derived service term of the market condition were both measured using a Monte Carlo simulation model. The total grant date fair value was $3.8 million for this award. As of December 31, 2025, 1,564,230 shares have vested and no shares have been exercised. As of December 31, 2025, there was less than $0.1 million of remaining compensation expense to be recognized over a period of 0.15 years.

In March 2025, the Board of Directors granted 557,244 stock options to the CEO with an exercise price of $34.71 that vest at the end of a three-year period, with the number of shares earned ranging from 0% to 250% of the target, provided that (i) the CEO remains employed at the end of the period and (ii) the Company achieves certain revenue and Adjusted EBITDA performance metrics related to the 2027 fiscal year. The total grant date fair value was $11.0 million, which was based on the probable achievement of 100% of the target and measured using the Black-Scholes option pricing model. The assumptions used in the model were an expected term of 6.41 years, an expected volatility of 54.0%, a risk-free interest rate of 4.0%, and an expected dividend yield of 0%. As of December 31, 2025, there was $7.4 million of remaining compensation expense to be recognized over a period of 2.16 years. The Company will continue to evaluate the likelihood of achieving the performance metrics on a quarterly basis.
 
There were no stock options granted during the years ended December 31, 2025 and 2024, except for the stock options granted to the CEO in 2025 outlined above. The grant date fair value of the Company’s stock options granted during the year ended December 31, 2023 was estimated using the following weighted average assumptions:

Year Ended December 31,
2023
Expected term (in years)6.02
Expected volatility49.9 %
Risk-free interest rate4.2 %
Expected dividend yield— %

Option activity (excluding the stock options granted to the CEO outlined above) is as follows (in thousands, except for weighted average exercise price and weighted average contractual term in years):
 
SharesWeighted
Average
Exercise
Price		Weighted
Average
Contractual
Period
(in Years)		Aggregate
Intrinsic
Value
Outstanding at December 31, 20249,737 $5.15 6.33$185,326 
Exercised(3,268)3.29 
Forfeited and expired(11)8.92 
Outstanding at December 31, 20256,458 6.08 5.68170,453 
Exercisable as of December 31, 20256,005 5.94 5.61159,317 

The weighted average grant date fair value of options granted for the year ended December 31, 2023 was $6.09 per share. The intrinsic value of vested options exercised for the years ended December 31, 2025, 2024, and 2023 was $133.7 million, $58.5 million, and $6.2 million, respectively.

As of December 31, 2025, there was $1.3 million of unrecognized stock-based compensation related to unvested stock options (excluding the stock options granted to the CEO outlined above) which is expected to be recognized over a weighted average period of 0.80 years.

The options outstanding and exercisable as of December 31, 2025 (excluding the stock options granted to the CEO outlined above) have been aggregated into ranges for additional disclosure as follows (in thousands, except weighted average remaining contractual life and exercise price):

Options OutstandingOptions Exercisable
Exercise PriceSharesWeighted
Average
Remaining
Contractual
Life (in
Years)		SharesWeighted
Average
Remaining
Contractual
Life (in
Years)
$0.06 – 0.40
14 2.0714 2.07
1.55 – 1.75
235 3.54235 3.54
2.43 – 3.11
693 4.43693 4.43
5.01 – 6.82
3,722 6.173,455 6.16
8.13 – 11.53
1,646 5.481,460 5.26
12.21 – 15.17
148 5.27148 5.27
6,458 6,005 
The options outstanding and exercisable as of December 31, 2024 (excluding the stock options granted to the CEO outlined above) have been aggregated into ranges for additional disclosure as follows (in thousands, except weighted average remaining contractual life and exercise price):

Options OutstandingOptions Exercisable
Exercise PriceSharesWeighted
Average
Remaining
Contractual
Life (in
Years)		SharesWeighted
Average
Remaining
Contractual
Life (in
Years)
$0.06 – 0.40
361 3.16361 3.16
1.55 – 1.75
496 4.52496 4.52
2.43 – 3.11
2,486 5.432,486 5.43
5.01 – 6.82
4,358 7.172,612 7.15
8.13 – 9.41
1,781 6.691,399 6.33
12.21 – 15.17
255 6.23212 6.20
  9,737 7,566 

RSUs

RSUs for new employees generally vest over four years, with 25% vesting one year after the vesting commencement date on the first Company Quarterly Vesting Date (defined below) and the remaining grant vesting quarterly thereafter on the specified vesting dates of March 15, June 15, September 15, and December 15 (each, a “Company Quarterly Vesting Date” or collectively, “Company Quarterly Vesting Dates”). Additional RSUs granted to current employees generally vest quarterly on Company Quarterly Vesting Dates over four years.

RSU activity (excluding the performance RSUs outlined below) is as follows (in thousands, except for weighted average grant date fair value):

SharesWeighted Average
Grant Date
Fair Value
Unvested at December 31, 202415,757 $11.45 
Granted6,775 44.84 
Vested(7,033)12.54 
Forfeited and expired(2,424)15.10 
Unvested at December 31, 202513,075 $27.50 

As of December 31, 2025, there was $305.1 million of unrecognized stock-based compensation related to unvested RSUs (excluding the performance RSUs outlined below) which is expected to be recognized over a weighted average period of 3.07 years.

Performance RSUs

In March 2023, the Board of Directors granted awards of 1,115,709 target shares of performance RSUs (“PRSUs”) to certain executive officers. As of December 31, 2025, 11,408 of these shares subject to PRSUs have been forfeited. The PRSUs vest at the end of a three-year period, with the number of shares earned ranging from 0% to 200% of the target, provided that (i) the recipient remains employed at the end of the period and (ii) the Company achieves certain revenue and Adjusted EBITDA performance metrics related to the 2025 fiscal year. The total grant date fair value of the awards was $12.9 million, which was based on the probable achievement of 100% of the target. Based on fiscal year 2025 results, the actual number of shares earned was 200% of the target.

In February 2024, the Board of Directors granted awards of 1,218,467 target shares of PRSUs to certain executive officers and senior leadership. As of December 31, 2025, 267,697 of these shares subject to PRSUs have been forfeited. The PRSUs vest at the end of a three-year period, with the number of shares earned ranging from 0% to 200% of the target, provided that (i) the recipient remains employed at the end of the period and (ii) the Company achieves certain revenue and Adjusted EBITDA
performance metrics related to the 2026 fiscal year. The total grant date fair value of the awards was $16.2 million, which was based on the probable achievement of 100% of the target.

In November 2024, the Board of Directors granted awards of 16,778 target shares of PRSUs to certain senior leadership, with the same vesting terms as the PRSUs granted on February 28, 2024. As of December 31, 2025, all 16,778 of these shares have been forfeited. The total grant date fair value of the awards was $0.4 million, which was based on the probable achievement of 100% of the target.

As of December 31, 2025, there was unrecognized stock-based compensation expense related to unvested PRSUs of $9.2 million, which is expected to be recognized over a weighted average period of 1.02 years. The Company will continue to evaluate the likelihood of achieving the performance metrics on a quarterly basis.

Warrants

The Company has historical Class A common stock warrants issued to nonemployees in connection with vendor service arrangements. As of December 31, 2025, there were 271,962 of these warrants outstanding and exercisable, with a weighted average exercise price of $1.75, a weighted average contractual term of 7.01 years, and an aggregate intrinsic value of $8.4 million. Upon the exercise of outstanding warrants, vendors also have the right to receive 26,603 shares of Class A common stock. During the year ended December 31, 2024, one of the holders exercised 190,373 of their outstanding warrants at a weighted average exercise price of $1.75. Upon the exercise of these warrants, the holder received an additional 18,622 shares of Class A common stock based on the terms of the earn-out arrangement. As of December 31, 2025, all stock-based compensation expense related to vendor warrants and associated earn-out shares has been recognized.

During the year ended December 31, 2024, all of the 98,723 outstanding Class A common stock warrants issued in connection with a historical debt arrangement, with a weighted average exercise price of $6.96, were net exercised for 52,639 shares of Class A common stock. Upon the exercise of these warrants, the holders received an additional 9,657 shares of Class A common stock based on the terms of the earn-out arrangement. These debt warrants were previously settled in additional paid-in capital as a result of their conversion to equity-classified Class A common stock warrants.

Stock Subject to Vesting and Earn-out Share Liability

In June 2021, the Company granted 447,553 restricted shares of Class A common stock subject to vesting with an aggregate grant date fair value of $5.5 million in connection with the acquisition of Honest Health Limited, which is now Hims & Hers UK Limited (“HHL”). As part of the acquisition of HHL, the Company also recognized an earn-out liability based on the achievement of certain revenue targets. Vesting of the restricted shares and a portion of total earn-out payable to specific individuals was contingent on each recipient’s continued employment. Accordingly, the Company has recognized stock-based compensation expense related to these awards for the years ended December 31, 2025, 2024, and 2023. The expense was recognized over a four-year vesting period with 25% vesting one year after the acquisition date and the remaining vesting quarterly thereafter. As of December 31, 2025, all stock-based compensation expense for these restricted shares has been recognized. During the year ended December 31, 2024, the Company settled its earn-out payable, a portion of which was settled through the issuance of 119,344 shares of Class A common stock.

In July 2021, the Company granted 2,332,557 restricted shares of Class A common stock subject to vesting with an aggregate grant date fair value of $24.2 million in connection with the acquisition of Apostrophe. Vesting of the restricted shares was contingent on each recipient’s continued employment. Accordingly, the Company has recognized stock-based compensation expense related to these awards for the years ended December 31, 2024 and 2023. The expense was recognized over a three-year vesting period with 17% vesting 6 months after the acquisition date and the remaining vesting quarterly thereafter. As of December 31, 2024, all stock-based compensation expense for these restricted shares had been recognized.
Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense for employees and nonemployees, by category, on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2025, 2024, and 2023 (in thousands):

Year Ended December 31,
202520242023
Marketing$12,510 $9,392 $5,477 
Operations and support18,910 10,205 6,815 
Technology and development19,240 12,534 7,126 
General and administrative84,584 60,191 46,662 
Total stock-based compensation expense$135,244 $92,322 $66,080 

The Company capitalized $3.6 million, $2.3 million, and $1.7 million of stock-based compensation, as internal-use software for the years ended December 31, 2025, 2024, and 2023 , respectively.
v3.25.4
Related-Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related-Party Transactions Related-Party Transactions
For the years ended December 31, 2025, 2024, and 2023, the Company recorded $2.7 million, $4.1 million, and $2.1 million, respectively, within operating expenses on the consolidated statements of operations and comprehensive income (loss) for payments made to Woolly Labs, Inc. (d/b/a Vouched) (“Vouched”), a former related-party company that provides identity verification services. As a result of an executive leadership change at the Company in the second quarter of 2025, Vouched was no longer considered a related party as of July 1, 2025.

In addition, for the year ended December 31, 2023, the Company recorded a total of $4.6 million within operating expenses on the consolidated statements of operations and comprehensive income (loss) for payments made to Terminal, Inc., a former related party company that provides professional services to the Company, primarily to support engineering and operations functions. As of January 1, 2024, Terminal, Inc. was no longer considered a related party.
v3.25.4
Basic and Diluted Net Income (Loss) per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Basic and Diluted Net Income (Loss) per Share Basic and Diluted Net Income (Loss) per Share
The Company uses the two-class method to calculate net income (loss) per share. No dividends were declared or paid for the years ended December 31, 2025, 2024, and 2023. Undistributed earnings for each period are allocated equally to participating securities based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. The Company’s basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average shares of common stock outstanding during the period. The Company’s diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average shares of common stock outstanding and, when dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is reflected in diluted net income (loss) per share by application of the treasury stock method and if-converted method.
 
The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share amounts):
 
Year Ended December 31,
 202520242023
 Class AClass VClass AClass VClass AClass V
Numerator:
Net income (loss) attributable to common stockholders, basic$123,585 $4,780 $121,148 $4,890 $(22,604)$(942)
Amortization of debt discount and issuance costs for 2030 Convertible Notes3,923 — — — — — 
Reallocation of undistributed earnings488 (488)431 (431)— — 
Net income (loss) attributable to common stockholders, diluted127,996 4,292 121,579 4,459 (22,604)(942)
Denominator:
Weighted average shares outstanding, basic216,581,645 8,377,623 207,561,414 8,377,623 200,967,089 8,377,623 
Effect of dilutive potential common shares33,271,279 — 20,869,839 — — — 
Weighted average shares outstanding, diluted249,852,924 8,377,623 228,431,253 8,377,623 200,967,089 8,377,623 
Basic net income (loss) per share$0.57 $0.57 $0.58 $0.58 $(0.11)$(0.11)
Diluted net income (loss) per share$0.51 $0.51 $0.53 $0.53 $(0.11)$(0.11)

Basic net income (loss) per share is the same as diluted net income (loss) per share attributable to common stockholders for the year ended December 31, 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

The following table discloses weighted-average Class A securities that were not included in the computation of diluted net income (loss) per share as their inclusion would have been anti-dilutive:

Year Ended December 31,
202520242023
RSUs2,660,472 360,601 15,220,986 
Common stock issuable under the ESPP356,339 — 404,648 
Stock options— 156,558 21,278,043 
Common stock issued subject to vesting— — 1,090,181 
PRSUs— — 928,642 
Warrants to purchase Class A common stock— — 561,058 

The Capped Calls entered into in connection with the 2030 Convertible Notes were excluded from the calculation of diluted net income (loss) per share as the effect would have been anti-dilutive. There were no Class V securities that were excluded in the computation of diluted net income (loss) per share for the periods presented.
v3.25.4
Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segments Segments
The CODM utilizes net income (loss) as the measure of segment profit or loss. The CODM uses net income (loss) to evaluate return on assets and decide whether to reinvest profits into the segment or into other new investment opportunities.

In addition to the consolidated statements of operations and comprehensive income (loss), the CODM is regularly provided with financial information that includes the following captions when assessing the performance and allocation of resources: cost of revenue, customer acquisition costs (comprising advertising and media costs associated with the Company’s efforts to acquire new customers, promote its brands, and build awareness for its products and services, including advertising in digital media, social media, television, radio, out-of-home media, and various other media outlets and excluding content production costs), employee compensation (comprising salaries and wages, benefits, taxes, and performance bonuses, and excluding stock-
based compensation) by operating expense caption, and stock-based compensation by operating expense caption. These are significant segment expenses, as they are regularly provided to the CODM.

The table below highlights the segment’s revenue, expenses, and net income (loss) for the years ended December 31, 2025, 2024, and 2023 (in thousands):

Year Ended December 31,
202520242023
Revenue$2,347,637 $1,476,514 $872,000 
Less:
Cost of revenue614,259 303,379 157,051 
Customer acquisition costs798,477 594,479 379,673 
Employee compensation included within:
Marketing42,406 35,672 26,530 
Operations and support113,417 73,239 48,192 
Technology and development60,948 39,565 24,322 
General and administrative74,514 48,189 40,990 
Stock-based compensation included within:
Marketing12,510 9,392 5,477 
Operations and support18,910 10,205 6,815 
Technology and development19,240 12,534 7,126 
General and administrative84,584 60,191 46,662 
Depreciation and amortization expense included within operating expenses51,194 15,350 9,515 
Interest income and expense, net
(23,526)(10,349)(9,029)
Income tax (benefit) expense(4,441)(54,327)1,975 
Other segment items*356,780 212,957 150,247 
Segment net income (loss)128,365 126,038 (23,546)
Reconciliation of profit or loss
Adjustments and reconciling items— — — 
Consolidated net income (loss)$128,365 $126,038 $(23,546)
______________
(*)    Other segment items included in segment net income (loss) primarily consist of professional services, fulfillment, transaction processing, technology, and other general operating costs.

In addition to the segment’s operating results, the CODM is regularly provided with total assets as reported on the Company’s consolidated balance sheets as well as the expenditures for both purchases of property, equipment, and intangible assets, and investment in website development and internal-use software, which are reported on the Company’s consolidated statements of cash flows and totaled $242.6 million, $52.8 million, and $26.5 million during the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Income Tax
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
For financial reporting purposes, income (loss) before income taxes includes the following (in thousands):

Year Ended December 31,
202520242023
Domestic$134,183 $71,111 $(16,749)
Foreign(10,259)600 (4,822)
Income (loss) before income taxes$123,924 $71,711 $(21,571)

The (benefit) provision for income taxes consisted of the following (in thousands):

Year Ended December 31,
202520242023
Current:
Federal$(34)$1,639 $532 
State2,926 5,683 1,456 
Foreign5,628 — — 
Total current provision8,520 7,322 1,988 
Deferred:
Federal(4,586)(43,328)12 
State(2,162)(18,321)(25)
Foreign(6,213)— — 
Total deferred benefit(12,961)(61,649)(13)
Total (benefit) provision for income taxes$(4,441)$(54,327)$1,975 
A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory United States federal income tax rate to income (loss) before income taxes after the adoption of ASU 2023-09 is as follows (in thousands, except for percentages):

Year Ended December 31, 2025
AmountPercent
United States federal statutory tax rate$26,024 21.0 %
State and local income taxes, net of federal income tax effect(1)
(978)(0.8)%
Foreign tax effects
United Kingdom
Changes in valuation allowance(2,625)(2.1)%
Other(85)(0.1)%
Germany
Non-deductible loss on change in fair value of liabilities1,9401.6 %
Other1,7931.4 %
Other foreign jurisdictions1,0090.8 %
Effect of cross-border tax laws
Global intangible low-taxed income8350.7 %
Effect of foreign branch taxes(384)(0.3)%
Tax credits
Research and development tax credits(19,522)(15.8)%
Foreign tax credits(3,868)(3.1)%
Changes in valuation allowance3,8683.1 %
Nontaxable or nondeductible items
Excess tax benefits from share-based payment awards(70,834)(57.1)%
Non-deductible officers' compensation49,59940.0 %
Non-deductible transaction costs1,0120.8 %
Other9010.7 %
Changes in unrecognized tax benefits6,5415.3 %
Other adjustments3330.3 %
Effective tax rate$(4,441)(3.6)%
______________ 
(1)State taxes in Arizona, California, and Texas made up the majority (greater than 50 percent) of the tax effect in this category.
A reconciliation of the (benefit) provision for income taxes to the amount computed by applying the 21% statutory United States federal income tax rate to income (loss) before income taxes for years prior to the adoption of ASU 2023-09 is as follows (in thousands):


Year Ended December 31,
20242023
Tax provision (benefit) at federal statutory rate$15,059 $(4,530)
State taxes, net of federal benefits2,700 1,636 
Non-deductible officers' compensation26,632 6,386 
Non-deductible expenses373 714 
Warrants and earn-outs(1,141)226 
Research and development credits
(4,801)(5,398)
Stock-based compensation(28,361)1,747 
Change in valuation allowance(65,021)1,330 
Other, net233 (136)
Total$(54,327)$1,975 
The components of deferred tax assets and liabilities are as follows (in thousands):

As of December 31,
20252024
Deferred tax assets:
Net operating loss carryforwards$19,263 $21,032 
Operating lease liabilities37,135 2,827 
Capitalized research and development25,683 35,120 
Research and other credits20,248 4,812 
Interest original issue discount10,703 — 
Other intangibles assets8,986 276 
Stock-based compensation7,376 2,311 
Inventory5,843 5,874 
Accrued expenses and reserves4,279 3,778 
Foreign tax credit carryforward3,868 — 
Deferred revenue412 186 
Other deferred tax assets2,706 865 
Total gross deferred tax assets146,502 77,081 
Less valuation allowance(3,868)(2,493)
Total deferred tax assets142,634 74,588 
Deferred tax liabilities:
Other intangible assets(37,520)(3,771)
Operating lease right-of-use assets (34,414)(2,711)
Fixed assets(11,167)(4,560)
Prepaid expenses(2,494)(793)
Unrealized gain/loss(1,134)— 
Deferred state income tax
— — 
Other deferred tax liabilities(2,054)(1,150)
Total deferred tax liabilities(88,783)(12,985)
Net deferred tax assets$53,851 $61,603 

The Company has revised the presentation of its deferred tax assets and liabilities to present the federal benefit of state tax amounts netted with the related deferred position. In the prior year the federal benefit of state tax amounts was presented as a separate item. The prior year amounts have been reclassified to confirm with the current year presentation.

The Company determines its valuation allowance on deferred tax assets by considering both positive and negative evidence to ascertain whether it is more likely than not that deferred tax assets will be realized. Realization of deferred tax assets is dependent upon the generation of future taxable income, if any, the timing and amount of which are uncertain. Prior to 2024, the Company concluded that a valuation allowance was required against its deferred tax assets. The Company considers all available positive and negative evidence in its assessment of the recoverability of its deferred tax assets each reporting period. During 2024, the Company determined that a valuation allowance against its domestic deferred tax assets was no longer required, primarily due to sustained tax profitability (pre-tax earnings or loss adjusted by permanent book to tax differences), which is objective and verifiable evidence, as well as anticipated future earnings. With the exception of certain foreign tax credits generated during the year, the Company continues to believe it is more likely than not that it will realize its domestic deferred tax assets. Additionally, in 2025, the Company released its valuation allowance against its United Kingdom deferred tax balances, and there are no valuation allowances offsetting United Kingdom deferred tax assets as of December 31, 2025. The Company’s judgment regarding the need for a valuation allowance may reasonably change in future reporting periods due to many factors, including changes in the level of tax profitability that the Company achieves and changes in tax laws or regulations. Additionally, income tax credit estimates could change in the near future due to changes in economic circumstances resulting in the pursuit of additional credits that currently would not be economically beneficial to pursue. The valuation allowance increased by $1.4 million and decreased by $68.0 million during the years ended December 31, 2025 and 2024, respectively. The decrease during the year ended December 31, 2024 was primarily related to the full release of the valuation
allowance on the Company’s domestic deferred tax assets, a majority of which was recognized during the third quarter of 2024, partially offset by tax activity for that year.

As of December 31, 2025, the Company has $26.3 million, $83.7 million, and $31.4 million, respectively, in federal, state, and foreign loss carryforwards (not tax effected), of which $26.1 million, $1.0 million, and $30.8 million, respectively, in federal, state, and foreign loss carryforwards do not expire. The remaining state loss carryforwards begin to expire in 2030. As of December 31, 2025, the Company had $26.1 million of federal tax credit carryforwards, prior to the netting of uncertain tax positions, that will begin to expire in 2043, and $7.2 million of state tax credit carryforwards, prior to the netting of uncertain tax positions, of which $6.4 million does not expire. The remaining state tax credit carryforwards will begin to expire in 2034.

Internal Revenue Code Sections 382 and 383 place a limitation on the amount of taxable income that can be offset by carryforward tax attributes, such as net operating losses or tax credits, after a change in control. Generally, after a change in control, a loss corporation cannot deduct carryforward tax attributes in excess of the limitation prescribed by Sections 382 and 383. Therefore, certain of the Company’s carryforward tax attributes are subject to an annual limitation regarding their utilization against taxable income in future periods. As a result of issuances of different classes of preferred stock to investors in 2017 and 2018, the Company triggered “ownership change(s)” as defined in Section 382 and related provisions. Some of the Company’s net operating losses are limited by these ownership changes, but the annual limitation does not have a significant impact on the consolidated financial statements. Subsequent ownership changes may subject the Company to annual limitations of its net operating losses. Such annual limitations could result in the expiration of the net operating loss and credit carryforwards before utilization.

Changes in unrecognized tax benefits for the years ended December 31, 2025, 2024, and 2023, excluding interest and penalties, were as follows (in thousands):

Year Ended December 31,
202520242023
Balance at the beginning of the year$6,011 $2,313 $— 
Increases in balances related to prior year tax positions7,157 2,042 1,357 
Increases in balances related to current year tax positions5,338 1,656 956 
Balance at the end of the year$18,506 $6,011 $2,313 

Any adjustments to the Company’s uncertain tax positions would result in an adjustment to its deferred tax asset carryforwards or its effective tax rate. During the years ended December 31, 2025, 2024, and 2023, no interest or penalties were required to be recognized relating to unrecognized tax benefits.

The Company files income tax returns in the United States, the United Kingdom, Germany, the Republic of Ireland, Canada, and various state and local jurisdictions. Due to the net operating loss carryforward in the United States, the statute of limitations is open for 2018 and forward. In the United Kingdom, the statute of limitations is open for fiscal year 2024 and forward. There is no jurisdiction currently under examination by any tax authorities.

As of December 31, 2025, the Company has accumulated undistributed earnings generated by its foreign subsidiaries. The Company intends to indefinitely reinvest these earnings, as well as future earnings from its foreign subsidiaries to fund its international operations. In addition, the Company expects future United States cash generation will be sufficient to meet future United States cash needs.

The amounts of cash income taxes paid by the Company, net of refunds received, consisted of the following (in thousands):

Year Ended December 31, 2025
Federal
$15,428 
State
7,004 
Foreign
730 
Total
$23,162 

During the year ended December 31, 2025, no individual jurisdiction exceeded 5% of the total cash income taxes paid.
The amount of cash income taxes paid by the Company, net of refunds received, during the years ended December 31, 2024 and 2023 was $7.9 million and $1.1 million, respectively.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In January 2026, the Company completed a merger pursuant to which YourBio Health, Inc. (“YourBio”), a U.S.-based company specializing in capillary whole blood sampling technology, became a wholly-owned subsidiary of the Company. The Company entered into the merger agreement to incorporate YourBio’s blood-sampling technology into its technology portfolio. The transaction provided for upfront cash consideration of $150.0 million, not including certain closing adjustments as defined in the merger agreement, plus additional contingent consideration in the form of a potential cash earn-out based on operational metrics measured over a five-year period. Any contingent consideration will be payable in cash within 75 days of the end of each applicable earn-out year, in accordance with the merger agreement. The initial accounting for the transaction is incomplete at the date these financial statements are available to be issued, as the information necessary to complete such evaluation is in the process of being obtained and more thoroughly evaluated. The Company has not yet determined the accounting purchase price allocation of the purchase consideration described above, which includes evaluating the fair value of the acquired assets and assumed liabilities, and the valuation of contingent consideration to be transferred.

In January 2026, the Company temporarily drew $150.0 million on its Credit Facility to facilitate the YourBio merger discussed above. The amount was repaid in full as of the date of this Annual Report on Form 10-K.

In February 2026, the U.S. Food and Drug Administration (“FDA”) issued a statement (the “FDA Statement”) indicating that the agency intends to restrict GLP-1 active pharmaceutical ingredients intended for use in non-FDA-approved compounded drugs that are being mass-marketed as similar alternatives to FDA-approved drugs. The Company was directly named in the FDA Statement, but since that date and as of the date of this Annual Report on Form 10-K, has not received a warning letter from the FDA in connection with the FDA Statement. Therefore, the outcome and financial impact of the FDA Statement cannot be predicted at this time.

In February 2026, the General Counsel of the U.S. Department of Health and Human Services (“HHS”) issued a statement on X (the “HHS Statement”) indicating that HHS had referred the Company to the Department of Justice (“DOJ”) for investigation for potential violations of the Federal Food, Drug, and Cosmetic Act and applicable Title 18 provisions. At this time, it is unclear what actions the DOJ may take. Therefore, the outcome and financial impact of the HHS Statement cannot be predicted at this time.

In February 2026, the Company received a letter from the staff of the Securities and Exchange Commission, Division of Enforcement, notifying the Company that it had opened an investigation and requesting that the Company preserve certain documents and information concerning the Company’s public statements and disclosures regarding compounded semaglutide and related business relationships (the “SEC Investigation”). The Company is cooperating with the SEC Investigation but is unable to predict when or how this matter will be concluded. Therefore, the financial impact of the SEC Investigation cannot be predicted at this time.

In February 2026, Horizon BidCo Pty Ltd ACN 694 778 375 (the “Purchaser”), an Australian proprietary company and wholly-owned subsidiary of the Company, entered into a Securities Sale Deed (the “Deed”) by and among the Company, Hims, Inc., the Purchaser and the sellers named therein, to purchase all of the issued capital of EUC Management Pty Ltd ACN 631 013 860 (d/b/a Eucalyptus) (“Eucalyptus”), an Australia-based digital health company that operates in Australia, the United Kingdom, Germany, Canada, and Japan. The aggregate total consideration of the transaction is up to $1.15 billion, subject to certain adjustments set forth in the Deed (the “Proposed Acquisition”). The Company entered into the Proposed Acquisition to expand into Australia and Japan and deepen its presence in the United Kingdom, Germany, and Canada. The upfront cash consideration payable at closing is approximately $240 million, not including certain closing adjustments as set forth in the Deed. Deferred payments totaling an additional amount of approximately $710 million, not including certain closing adjustments as set forth in the Deed, are payable in six quarterly installments through the 18-month anniversary of the closing. A maximum additional amount of approximately $200 million in earn-out payments, not including certain closing adjustments as set forth in the Deed, are payable following the release of the Company’s results for each of fiscal years 2026, 2027, and 2028, respectively, upon Eucalyptus achieving certain revenue and adjusted EBITDA targets. The Company has the option to settle approximately 60% of the deferred and earn-out payments in cash or Class A common stock of the Company, at its election. The Proposed Acquisition is subject to customary closing conditions and is expected to close in mid-2026.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the fiscal quarter ended December 31, 2025, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K, except as described in the table below:

Name and Title of InsiderAdoption, Modification or TerminationApplicable DateDuration of Trading Arrangement
Rule 10b5-1 Trading Arrangement?
(Y / N) (1)
Aggregate Number of Securities Subject to the Trading Arrangement
Andrew Dudum, Chief Executive Officer
Termination11/14/2025
12/2/2024 - 12/29/2025
Y2,970,719
Andrew Dudum, Chief Executive Officer
Adoption11/16/2025
3/2/2026 - 12/2/2026
Y2,430,607
Irene Becklund, Chief Accounting Officer
Adoption11/05/2025
2/26/2026 - 2/25/2027
Y52,499
Soleil Boughton, Chief Legal Officer
Adoption11/18/2025
2/27/2026 - 2/5/2027
Y645,000
Mohamed Elshenawy, Chief Technology Officer
Adoption12/01/2025
6/15/2026 - 9/21/2026
Y80,964
Michael Chi, Chief Operating Officer
Adoption12/01/2025
6/15/2026 - 4/15/2027
Y181,540
______________
(1)Denotes whether the trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) when adopted.
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Andrew Dudum [Member]  
Trading Arrangements, by Individual  
Expiration Date 12/2/2026
Arrangement Duration 275 days
Irene Becklund [Member]  
Trading Arrangements, by Individual  
Name Irene Becklund
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 11/05/2025
Expiration Date 2/25/2027
Arrangement Duration 364 days
Aggregate Available 52,499
Soleil Boughton [Member]  
Trading Arrangements, by Individual  
Name Soleil Boughton
Title Chief Legal Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 11/18/2025
Expiration Date 2/5/2027
Arrangement Duration 343 days
Aggregate Available 645,000
Mohamed Elshenawy [Member]  
Trading Arrangements, by Individual  
Name Mohamed Elshenawy
Title Chief Technology Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 12/01/2025
Expiration Date 9/21/2026
Arrangement Duration 98 days
Aggregate Available 80,964
Michael Chi [Member]  
Trading Arrangements, by Individual  
Name Michael Chi
Title Chief Operating Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 12/01/2025
Expiration Date 4/15/2027
Arrangement Duration 304 days
Aggregate Available 181,540
Andrew Dudum, December 2024 Plan [Member] | Andrew Dudum [Member]  
Trading Arrangements, by Individual  
Name Andrew Dudum
Title Chief Executive Officer
Rule 10b5-1 Arrangement Terminated true
Termination Date 11/14/2025
Aggregate Available 2,970,719
Andrew Dudum, March 2026 Plan [Member] | Andrew Dudum [Member]  
Trading Arrangements, by Individual  
Name Andrew Dudum
Title Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 11/16/2025
Aggregate Available 2,430,607
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Customers, Providers, and vendors trust Hims & Hers to maintain a secure environment in which they can transact healthcare-related activities. This is addressed through a comprehensive set of policies, processes and controls focused on maintaining the confidentiality, integrity, and availability of our sensitive data and intellectual property. We have aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework as our adopted security framework and utilize vendor-specific guidance and industry insights to supplement our approach. Cybersecurity risk management is a critical component of our overall enterprise risk management (ERM) program.

We have implemented a comprehensive set of processes for assessing, identifying, and managing material risks from cybersecurity threats. We conduct continuous vulnerability scanning and periodic penetration tests to evaluate risks in key
infrastructure and applications as part of ongoing cybersecurity management and in accordance with required regulatory practices. Any observations are ranked by severity and prioritized for response and remediation.

Our cybersecurity risk management extends to risks associated with our use of third-party service providers. We evaluate vendor security through an integrated process with our legal team to assess security and privacy risks to the business. This integrated process helps ensure appropriate contract provisions and complementary controls are in place to protect our and our customers’ data. We execute this review process as we onboard a new vendor or renew a contract with an existing vendor, or when there are significant changes in the scope of services provided by the vendor. Key vendors are reassessed annually to confirm their control environment remains secure and meets our expectations.

Our platform is continuously probed and attacked by malicious actors, and accordingly, the controls and practices utilized by our cybersecurity and technology teams have continued to evolve. We utilize a Security Information and Event Management (SIEM) tool and Security Operations Center (SOC) provider to actively support our ability to monitor, alert, and remediate issues on a continuous basis and to protect our company from material security breaches or unauthorized access to our environment. Additionally, we employ a dedicated cybersecurity team to closely work with the SOC, key vendors, and internal stakeholders to maintain familiarity with our operations and configure systems to alert on risks to the organization using industry and business insights.

We closely monitor vendor and industry alerts to identify potential vulnerabilities and risks. These various threat and vulnerability alerts allow our cybersecurity team and trusted partners, such as hosting vendors and other critical service providers, to quickly respond to identified risks. Additionally, a periodic NIST-based risk assessment is performed by an independent third party to assist our cybersecurity team in confirming our cybersecurity control environment is in conformance with recognized cybersecurity industry frameworks and standards, as well as identifying any opportunities for enhancement. We also regularly train our employees on cybersecurity awareness, confidential information protection, and phishing attacks.

While we have not experienced any material cybersecurity threats or incidents in recent years, there can be no guarantee that we will not be the subject of future threats or incidents.

Like other companies, we are subject to cybersecurity threats and nonmaterial cybersecurity incidents from time to time. For example, in early February 2026, we identified a cybersecurity incident (the “Incident”) in which an unauthorized third party gained access to certain of our systems by means of a social engineering attack on two employees. In response to the Incident, we promptly initiated our cybersecurity response plans and took steps to assess, contain, and remediate the unauthorized activity, including isolating the affected systems, launching an investigation with the assistance of external cybersecurity advisors, and coordinating with law enforcement. As of the date of this Annual Report on Form 10-K, we have confirmed that our customer service software platform was accessed and certain customer information was obtained. We have further confirmed that the vast majority of customer information accessed was limited to personally identifiable information (PII), specifically, names and email addresses, and less frequently phone numbers and physical addresses. Additionally, for customers who contacted customer service between mid-February 2025 and early February 2026 through our online customer service platform, the unauthorized third party may have gained access to customer data regarding category of treatment and other information included in their communications with customer service. Our electronic medical record was not accessed. When our investigation is complete, we will make required regulatory and individual notifications on a rolling basis. Our investigation into the Incident is ongoing, and we are still in the process of gathering details regarding the scope of information involved. While our investigation and assessment of the Incident is ongoing, as of the date of this Annual Report on Form 10-K, we do not believe the Incident is reasonably likely to materially impact our financial condition or results of operations. However, if new or additional information were to come to light as the investigation progresses, the impact of the incident could prove to be material to our business, financial condition, results of operations, or cash flows.

For a discussion of whether and how any risk from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, see Part I, Item 1A: “Risk Factors,” which should be read in conjunction with this Part I, Item 1C.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Customers, Providers, and vendors trust Hims & Hers to maintain a secure environment in which they can transact healthcare-related activities. This is addressed through a comprehensive set of policies, processes and controls focused on maintaining the confidentiality, integrity, and availability of our sensitive data and intellectual property. We have aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework as our adopted security framework and utilize vendor-specific guidance and industry insights to supplement our approach. Cybersecurity risk management is a critical component of our overall enterprise risk management (ERM) program.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board of Directors maintains overall oversight of our risk management. The Audit Committee is specifically tasked with reviewing cybersecurity and other information technology risks, controls, and procedures, including our plans to mitigate
cybersecurity risks and to respond to data breaches. This committee also reviews with management any specific cybersecurity issues that could affect the adequacy of our internal controls. Our Head of Information Security reports to the Audit Committee on a quarterly basis any relevant cybersecurity issues or risks, related controls, procedures and programming, material cybersecurity and data privacy incidents (if any), as well as any material updates to our cybersecurity risk management and strategy, broader cybersecurity trends, and relevant educational information.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] We maintain a dedicated cybersecurity team of seasoned professionals with proven expertise in securing large-scale enterprises across diverse industries. The team is led by our Head of Information Security, who reports to the Chief Technology Officer (CTO).
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
We maintain a dedicated cybersecurity team of seasoned professionals with proven expertise in securing large-scale enterprises across diverse industries. The team is led by our Head of Information Security, who reports to the Chief Technology Officer (CTO). The Head of Information Security has 20 years of experience in various technology leadership roles. Of these, the last 10 plus years have specifically focused on building, managing, and supporting robust security programs across highly regulated industries. The Head of Information Security holds relevant credentials through leading organizations including CISSP (ISC2), CCSP (ISC2), CRISC (ISACA), CCISO (EC-Council), and QTE (DDN). Other members of the cybersecurity leadership team have several years of direct experience in the security industry and hold relevant credentials from ISC2, ISACA, EC-Council, and CompTIA. Moreover, cybersecurity team members keep themselves current through continuing professional education. These individuals are informed about and monitor the prevention, mitigation, detection and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, which include escalation to the CTO and executive leadership, as well as the Audit and Risk Committees when appropriate.
Cybersecurity Risk Role of Management [Text Block]
We maintain a dedicated cybersecurity team of seasoned professionals with proven expertise in securing large-scale enterprises across diverse industries. The team is led by our Head of Information Security, who reports to the Chief Technology Officer (CTO). The Head of Information Security has 20 years of experience in various technology leadership roles. Of these, the last 10 plus years have specifically focused on building, managing, and supporting robust security programs across highly regulated industries. The Head of Information Security holds relevant credentials through leading organizations including CISSP (ISC2), CCSP (ISC2), CRISC (ISACA), CCISO (EC-Council), and QTE (DDN). Other members of the cybersecurity leadership team have several years of direct experience in the security industry and hold relevant credentials from ISC2, ISACA, EC-Council, and CompTIA. Moreover, cybersecurity team members keep themselves current through continuing professional education. These individuals are informed about and monitor the prevention, mitigation, detection and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, which include escalation to the CTO and executive leadership, as well as the Audit and Risk Committees when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] We maintain a dedicated cybersecurity team of seasoned professionals with proven expertise in securing large-scale enterprises across diverse industries. The team is led by our Head of Information Security, who reports to the Chief Technology Officer (CTO).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Of these, the last 10 plus years have specifically focused on building, managing, and supporting robust security programs across highly regulated industries. The Head of Information Security holds relevant credentials through leading organizations including CISSP (ISC2), CCSP (ISC2), CRISC (ISACA), CCISO (EC-Council), and QTE (DDN). Other members of the cybersecurity leadership team have several years of direct experience in the security industry and hold relevant credentials from ISC2, ISACA, EC-Council, and CompTIA
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
We maintain a dedicated cybersecurity team of seasoned professionals with proven expertise in securing large-scale enterprises across diverse industries. The team is led by our Head of Information Security, who reports to the Chief Technology Officer (CTO). The Head of Information Security has 20 years of experience in various technology leadership roles. Of these, the last 10 plus years have specifically focused on building, managing, and supporting robust security programs across highly regulated industries. The Head of Information Security holds relevant credentials through leading organizations including CISSP (ISC2), CCSP (ISC2), CRISC (ISACA), CCISO (EC-Council), and QTE (DDN). Other members of the cybersecurity leadership team have several years of direct experience in the security industry and hold relevant credentials from ISC2, ISACA, EC-Council, and CompTIA. Moreover, cybersecurity team members keep themselves current through continuing professional education. These individuals are informed about and monitor the prevention, mitigation, detection and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, which include escalation to the CTO and executive leadership, as well as the Audit and Risk Committees when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation
Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared pursuant to accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and variable interest entities in which it is the primary beneficiary. All intercompany transactions and balances have been eliminated in the consolidated financial statements herein.
Use of Estimates
Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the financial statements and accompanying notes. The more significant estimates, judgments, and assumptions by management include, among others, valuation and recognition of stock-based compensation expense, initial and subsequent valuation of contingent consideration in business combinations or asset acquisitions, purchase price allocation for business combinations, valuation of assets acquired in an asset acquisition, estimates used in determining the useful lives of intangible assets, valuation of deferred tax assets, estimating the net realizable value of inventory, valuation of refund reserve, and estimates used in the capitalization of website development and internal-use software costs. Management believes that the estimates, judgments, and assumptions upon which it relies are reasonable based upon information available to it at the time that these estimates, judgments, and assumptions were made. Actual results experienced by the Company may differ from management’s estimates. To the extent that there are material differences between these estimates and actual results, the Company’s consolidated financial statements will be affected.
Risks and Uncertainties
Risks and Uncertainties

The Company’s business, operations, and financial results are subject to various risks and uncertainties, including adverse United States and international economic conditions, legal restrictions, changes to the regulatory environment, changing laws for medical services and prescription products, decisions to outsource or modify portions of its supply chain, and competition in its industry, any of which could adversely affect its business, financial condition, results of operations, and cash flows. These
significant factors, among others, could cause the Company’s future results to differ materially from the consolidated financial statements.
Concentration Risk
Concentration Risk

The Company’s financial instruments that are potentially exposed to concentrations of credit risk consist primarily of cash and cash equivalents, available-for-sale investments, and accounts receivable.

The Company maintains its cash and cash equivalents, as well as a significant majority of its available-for-sale investments, with high-quality financial institutions with investment-grade ratings. The majority of the cash balances are with U.S. banks and are in excess of amounts insured by the Federal Deposit Insurance Corporation.

The prescription products ordered on the Hims & Hers platform are primarily fulfilled by the wholly-owned pharmacies and Partner Pharmacies (as defined below). If any of the pharmacies were to stop fulfilling orders, it could significantly slow prescription product sales until fulfillment volume is redistributed to other operating pharmacies. The Company maintains agreements with these pharmacies and is continuing to invest in expanding internal fulfillment capabilities to mitigate any such risk.

Certain offerings on the Hims & Hers platform are primarily fulfilled by one supplier. If this supplier stops fulfilling purchase orders, it could significantly slow the Company’s ability to fulfill these orders until new suppliers are onboarded and internal manufacturing capabilities are expanded. The Company maintains agreements with suppliers and is continuing to invest in expanding internal manufacturing capabilities and diversifying fulfillment partners to mitigate any such risk.
Foreign Currency Translation
Foreign Currency Translation

The Company’s consolidated financial statements are presented in U.S. dollars. The functional currency of the Company’s non-U.S. subsidiaries is the local currency. Asset and liability balances denominated in non-U.S. dollar currencies are translated into U.S. dollars using period-end exchange rates, while revenue and expenses are translated using average exchange rates. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are presented as foreign currency translation adjustments, a component of other comprehensive income (loss) on the consolidated statements of operations and comprehensive income (loss).
Business Combinations
Business Combinations

The Company accounts for its business combinations using the acquisition method of accounting. The purchase price is attributed to the fair value of the assets acquired and liabilities assumed. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of the purchase price of acquisition over the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of acquisition.

When the Company issues stock-based or cash awards to an acquired company’s shareholders, the Company evaluates whether the awards are consideration or compensation for post-acquisition services. The evaluation includes, among other things, whether the vesting of the awards is contingent on the continued employment of the acquired company’s stockholders beyond the acquisition date. If continued employment is required for vesting, the awards are treated as compensation for post-acquisition services and recognized as expense over the requisite service period.

Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments,
economic conditions, and competition. In connection with determination of fair values, the Company may engage a third-party valuation specialist to assist with the valuation of intangible and certain tangible assets acquired and certain assumed obligations.
Asset Acquisitions
Asset Acquisitions

The Company accounts for a transaction as an asset acquisition when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, or the acquisition otherwise does not meet the definition of a business. Asset acquisitions are measured and recognized based on the cost to acquire the assets, which is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Direct costs related to the acquisition are capitalized as part of the assets or liabilities acquired. Goodwill is not recognized in an asset acquisition with any consideration in excess of net assets acquired allocated to acquired nonfinancial assets on a relative fair value basis.
Segment Reporting
Segment Reporting

The Company is managed as a single operating segment on a consolidated basis, inclusive of acquisitions. The Company determines its operating segments based on how the chief operating decision maker (“CODM”) makes decisions regarding the allocation of resources and operational strategy, assesses performance, and manages the organization at a consolidated level. The Chief Executive Officer (“CEO”), is the CODM. The products and services from which this segment derives its revenues are described below in the discussion of revenue recognition.
Cash, Cash Equivalents, and Restricted Cash
Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid investments purchased with an original maturity or remaining maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash and cash equivalents with financial institutions.

The restricted cash balance as of December 31, 2024 comprised cash collateral that was held by the Company’s primary financial institution to secure letters of credit issued as security deposits for certain of the Company’s facilities. As of December 31, 2025, these letters of credit no longer require cash collateral and there is no restricted cash balance.
Investments
Investments

Available-for-sale debt instruments with original maturities at the date of purchase greater than three months and remaining maturities of less than one year are classified as short-term available-for-sale investments on the consolidated balance sheets. Available-for-sale debt instruments with original maturities at the date of purchase and remaining maturities of greater than one year are classified as long-term available-for-sale investments on the consolidated balance sheets. The Company intends to sell such investments, if any, at or close to maturity. The available-for-sale investments are reported at fair value, with unrealized gains and losses, net of tax, recorded in other comprehensive income (loss) on the consolidated statements of operations and comprehensive income (loss), except for credit losses. The Company determines the cost of the investment sold based on specific identification at the individual security level. The Company records the interest income and realized gains and losses on the sale of these instruments within other income, net on the consolidated statements of operations and comprehensive income (loss).

Equity securities which the Company currently does not intend to sell within one year are classified as long-term investments and are included within other long-term assets on the consolidated balance sheets. Equity securities are reported at fair value, with unrealized gains and losses, net of tax, recorded in change in fair value of equity securities on the consolidated statements of operations and comprehensive income (loss).
Credit Losses
Credit Losses

The Company considers whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on the Company’s available-for-sale securities for the years ended December 31, 2025, 2024, or 2023 were caused by fluctuations in market value and interest rates as a result of the economic environment. The Company concluded that an allowance for credit losses for its available-for-sale securities was unnecessary as of December 31, 2025 and 2024 because the decline in the market value was attributable to changes in market conditions and not credit quality, and that it is neither management’s intention to
sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value. There were no material realized gains or losses on available-for-sale securities in the periods presented.
Fair Value of Financial Instruments
Fair Value of Financial Instruments

The fair value of a financial instrument is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities subject to ongoing fair value measurement are categorized and disclosed into one of the three categories depending on observable or unobservable inputs employed in the measurement. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities, are as follows:

•Level 1: Inputs that are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
•Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
•Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Inventory
Inventory

Inventory primarily consists of finished goods and raw materials that are located at Company-managed and third-party fulfillment warehouses, pharmacies, and storage facilities. Inventory is stated at the lower of cost and net realizable value and inventory cost is determined by the weighted average cost method. The Company reserves for expired, slow-moving, and excess inventory by estimating the net realizable value based on the potential future use of such inventory. Management monitors inventory to identify events that would require impairment due to slow-moving, expired, or obsolete inventory and reduces the value of inventory when required.
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of balances related to prepayments or vendor deposits for insurance, marketing, software, inventory and other operating costs, income taxes, and trade and other accounts receivables. Prepaid expenses are recorded when payment has been made in advance for goods and services. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Receivables are stated at amounts estimated by management to be equal to their net realizable values. The allowance for doubtful accounts, if any, is the Company's best estimate of the amount of expected credit losses on its accounts receivable. The expectation of collectability is based on the Company's review of credit profiles of customers, contractual terms and conditions, current economic trends, and historical payment experience. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and an allowance is recorded accordingly. Account balances are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Accounts receivable comprises receivables, net, which primarily consists of Platform Partner trade receivables, wholesale trade receivables, income tax refund receivables, and other receivables, net.
Property, Equipment, and Software, Net
Property, Equipment, and Software, Net

Property, equipment, and software consist of purchased and internal-use software and website development, facility equipment and other tangible property, leasehold improvements, and assets not placed in service, which are assets that are not yet considered available for use at their intended location and are not yet being depreciated or amortized. Property, equipment, and software are depreciated or amortized using the straight-line method over the estimated useful lives ranging from two to ten years, with leasehold improvements depreciated over the shorter of their useful life or the related lease term. Property and equipment are recorded at cost, less accumulated depreciation and amortization. Maintenance and repair costs are charged to expense as incurred, and expenditures that extend the useful lives of assets are capitalized.

Capitalizable website and mobile application development and internal-use software costs are recorded at cost, less amortization. The costs incurred during the website application and infrastructure stages as well as costs incurred during the graphics and content development stages are capitalized; all other costs are expensed as incurred. In addition, the Company incurs costs to develop software for internal use. The costs incurred during the application development phase are capitalized until the project is completed and the asset is ready for intended use. All costs that relate to the preliminary project and post-implementation operation phases of development are expensed as incurred.
Goodwill
Goodwill
Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination. Goodwill balances denominated in non-U.S. dollar currencies are translated into U.S. dollars each reporting period using period-end exchange rates. Goodwill is not amortized but is tested for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate that the asset may be impaired. As of October 1, 2025, the date of the most recent goodwill impairment test, the Company operated as one reporting unit. When testing goodwill for impairment, the Company may first perform an optional qualitative assessment. If the Company determines it is not more likely than not the reporting unit’s fair value is less than its carrying value, then no further analysis is necessary. If the Company determines that it is more likely than not that the fair value of its reporting unit is less than its carrying amount, then the quantitative impairment test will be performed. Under the quantitative impairment test, if the carrying amount of the Company’s reporting unit exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill.
Intangible Assets, Net
Intangible Assets, Net

Intangible assets, net primarily includes platform partnerships, trade names, the 503B pharmacy license, customer relationships, and developed technology. The Company amortizes such definite-lived intangible assets on a straight-line basis over the assets’ estimated useful lives of over one year and up to twelve years, within operating expenses on the consolidated statements of operations and comprehensive income (loss).
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets

Long-lived assets include property, equipment, and software and intangible assets subject to amortization. Long-lived assets, including acquired assets from a business combination, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such cases, recoverability of an asset group to be held and used is assessed by comparing the carrying amount of the asset group with its future underlying net undiscounted cash flows without interest charges. If such asset group is considered to be impaired, an impairment is recognized
as the amount by which the carrying amount of the asset group exceeds the estimated fair values of the asset group. The Company recognized immaterial impairment charges on long-lived assets during each of the years ended December 31, 2025, 2024, and 2023. These charges are included in operating expenses on the consolidated statements of operations and comprehensive income (loss). As a result of recent acquisitions, the Company consisted of three asset groups as of December 31, 2025.
Operating Leases
Operating Leases

The Company determines if an arrangement contains a lease at inception based on whether there is identified property, plant, or equipment and whether the Company controls the use of the identified asset throughout the period of use. The Company leases facilities for fulfillment and corporate purposes under non-cancelable operating leases with expiration dates between fiscal years 2026 and 2041, including renewal options the Company is reasonably certain to exercise.

The Company's operating leases are reflected in the operating lease right-of-use (“ROU”) assets and in the operating lease liabilities in the accompanying consolidated balance sheets. The operating lease ROU assets represent the Company’s right to use the underlying assets for the lease terms and the lease liabilities represent the Company’s obligation to make lease payments arising from the leases. The operating lease ROU assets and lease liabilities are recognized at each lease’s inception date based on the present value of lease payments over the lease term discounted based on the more readily determinable of (i) the rate implicit in the lease or (ii) the Company’s incremental borrowing rate, which is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. Because the Company’s operating leases do not provide an implicit rate, the Company estimates its incremental borrowing rate at the lease commencement date for borrowings with a similar term.

The Company’s operating lease ROU assets are measured based on the corresponding operating lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred, and (iii) tenant incentives under the lease. The Company does not assume renewals or early terminations unless it is reasonably certain to exercise these options at commencement. The Company monitors for events or changes in circumstances that require a reassessment of its leases. When a reassessment results in the remeasurement of a lease liability, an adjustment is made to the carrying amount of the corresponding ROU asset.

The Company does not allocate consideration between lease and non-lease components. The Company's lease agreements contain variable costs such as common area maintenance, operating expenses, or other costs. Variable lease payments are recognized in the period in which the obligation for those payments are incurred. In addition, the Company does not recognize ROU assets or operating lease liabilities for leases with a term of 12 months or less of all asset classes. Operating lease expense is recognized on a straight-line basis over each lease term.
Convertible Notes
Convertible Notes

The Company has issued the 2030 Convertible Notes (as defined in Note 13 – Debt) which are recorded at their carrying value on the consolidated balance sheets. The 2030 Convertible Notes will be classified as long-term liabilities until they are scheduled to mature within one year of the balance sheet date or become repayable within one year of the balance sheet date. Amortization of debt discount and issuance costs, along with contractual interest expense, if any, is recorded over the term of the 2030 Convertible Notes using the effective interest method. The Company evaluates conversion features to determine if they are required to be accounted for separately as embedded derivatives. The 2030 Convertible Notes are considered participating securities for purposes of calculating diluted net income (loss) per share. The dilutive effect is calculated under the if-converted method whereby the numerator is adjusted to add back the amortization of debt discount and issuance costs and the denominator is adjusted to add the gross number of Class A common stock shares issuable upon conversion as if converted at the beginning of the period (or at the time of issuance, if later).
Capped Calls
Capped Calls

The Company has entered into the Capped Calls (as defined in Note 13 – Debt) in connection with the issuance of the 2030 Convertible Notes. The Capped Calls meet certain accounting criteria to be classified as equity, and premiums paid for the Capped Calls are recorded as a reduction to additional paid-in capital within stockholders’ equity, net of the deferred tax impact. The Capped Calls are not accounted for as derivatives and will not be remeasured as long as they continue to meet the conditions for equity classification. The Capped Calls are expected to reduce the potential dilution to the Company’s Class A common stock upon conversion of the 2030 Convertible Notes. As such, their effect on diluted net income (loss) per share would be anti-dilutive and they are excluded from the calculation.
Revenue Recognition
Revenue Recognition

The Company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services.

The Company’s consolidated revenue primarily comprises online sales of health and wellness products and services through the Company’s websites and mobile applications, including prescription and non-prescription products. In certain contracts that contain prescription products prescribed as the result of a consultation, revenue also includes medical consultation services and post-consultation service, if applicable. Additionally, the Company offers a range of health and wellness products through wholesale partners, with such revenue not considered significant.
The Company’s contracts primarily include the following performance obligations: access to (i) products, as well as material rights related to medication adjustments, as applicable, (ii) services, primarily consisting of medical consultation services, post-consultation service support, and delivery of laboratory testing results, as applicable. The Company’s contracts that do not contain prescription products primarily have a single performance obligation. Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised product to the customer and, in contracts that contain services, by the provision of consultation services to the customer. The Company satisfies its performance obligation for products at a point in time, which is primarily upon delivery of the products to a third-party carrier. The Company satisfies its performance obligation for consultation services typically within one day and for post-consultation service support over the contract term. The customer obtains control of the products and services upon the Company’s completion of its performance obligations.

For contracts with multiple performance obligations, the transaction price is allocated to each performance obligation on a relative stand-alone selling price basis. The stand-alone selling price is based on the prices at which the Company separately sells the products and services, as well as market and cost plus estimates. For each of the years ended December 31, 2025, 2024, and 2023, service revenue represented less than 10% of consolidated revenues.

To fulfill its promise to customers in the United States for certain contracts that include professional medical consultations, the Company maintains relationships with various “Affiliated Medical Groups,” which are professional corporations or other professional entities owned by licensed physicians and that engage licensed healthcare professionals (physicians, physician assistants, nurse practitioners, and mental health providers; collectively referred to as “Providers” or individually, a “Provider”) to provide consultation services. Refer to Note 11 – Variable Interest Entities. The Company accounts for the Affiliated Medical Groups service revenue as a principal in the arrangement with its customers. This conclusion is reached because (i) the Company determines which Affiliated Medical Group and Provider provides the consultation to the customer; (ii) the Company is primarily responsible for the satisfactory fulfillment and acceptability of the services; (iii) the Company incurs costs for consultation services even for visits that do not result in a prescription and the sale of products; and (iv) the Company, in its sole discretion, sets all listed prices charged on its websites and mobile applications for products and services.

Additionally, with the exception of Platform Partner arrangements (defined below), to fulfill its promise to customers for contracts that include sale of prescription products, the Company utilizes (i) certain third-party pharmacies (“Partner Pharmacies” or individually, a “Partner Pharmacy”) and (ii) wholly-owned pharmacies. The pharmacies, as licensed, fill prescription orders for customers who have received a prescription from a prescribing Provider through the Company’s websites and mobile applications. The Company accounts for prescription product revenue from Partner Pharmacies as a
principal in the arrangement with its customers. This conclusion is reached because (i) the Company has sole discretion in determining which pharmacy fills a customer’s prescription; (ii) the pharmacies fill the prescription based on fulfillment instructions provided by the Company, including using the Company’s branded packaging for generic products, as applicable; (iii) the Company is primarily responsible to the customer for the satisfactory fulfillment and acceptability of the order; (iv) the Company is responsible for refunds of the prescription medication after transfer of control to the customer; and (v) the Company, in its sole discretion, sets all listed prices charged on its websites and mobile applications for products and services.

Further, to provide access to certain products, a substantial majority of which are prescription products, the Company has contracts with third-party platform partners (“Platform Partners”). Under the Platform Partner arrangements, the Company accounts for the provision of access to prescription products as an agent in the arrangement. This conclusion is reached because (i) the Company is contractually restricted in determining which pharmacy fills a customer’s prescription; (ii) the Platform Partner has discretion over how the prescription products are fulfilled, including the packaging used, and the related shipments do not utilize the Company’s branded packaging, as applicable; (iii) the Platform Partner is responsible to the customer for the satisfactory fulfillment and acceptability of the order, with the Platform Partner’s role in the arrangement explicitly disclosed to the customer; (iv) the Platform Partner is responsible for refunds related to fulfillment obligations of the prescription medication after transfer of control to the customer, as applicable; and (v) the Platform Partner has discretion in how the listed prices are displayed on the Company’s websites and mobile applications for its offerings, as applicable.

The Company estimates refunds using the expected value method primarily based on historical refunds granted to customers. The Company updates its estimate at the end of each reporting period and recognizes the estimated amount as contra-revenue with a corresponding refund liability. Sales, value-added, and other taxes are excluded from the transaction price and, therefore, from revenue.

The Company accounts for shipping activities, consisting of direct costs to ship products performed after the control of a product has been transferred to the customer, in cost of revenue.

For sales though Company’s websites and mobile applications, payment for prescription medication and non-prescription products is collected from the customer in accordance with contract terms a few days in advance of product shipment, or in the case of prepaid offerings, upfront with subsequent shipments typically occurring monthly, quarterly, or semi-annually. For service revenue, payment is collected either at the time the service is performed or, for Platform Partner arrangements, in accordance with contractual terms. Contract liabilities are recorded when payments have been received from the customer for undelivered products or services and are recognized as revenue when the performance obligations are later satisfied. Contract liabilities consisting of balances related to customer prepayments are recognized as current deferred revenue on the consolidated balance sheets since the associated revenue will be recognized within the following year. As of December 31, 2025 and 2024, total deferred revenue was $127.2 million and $75.3 million, respectively. The increase of $51.9 million was primarily due to changes in the shipping cadences of the Company’s weight loss offerings.
Cost of Revenue
Cost of Revenue

Cost of revenue consists of costs directly attributable to the products shipped and services rendered, including product costs of purchased and manufactured products, packaging materials, shipping costs, labor costs directly related to revenue generating activities including primarily medical consultation services and manufacturing labor, and overhead costs associated with manufactured products. Costs related to free products where there is no expectation of future purchases from a customer and depreciation and amortization on property, equipment, and software (other than related to manufactured products) are considered to be operating expenses and are excluded from cost of revenue.
Stock-based Compensation
Stock-Based Compensation

The fair value of stock options, equity-classified warrants issued to vendors, restricted stock units (“RSUs”), and performance RSUs (“PRSUs”) are measured at the grant date fair value. The fair value of employee stock options and vendor warrants are generally determined using the Black-Scholes Merton (“BSM”) option-pricing model using various inputs, including estimates of expected volatility, term, risk-free rate, and future dividends. Stock options that were granted to the Company’s CEO with performance and market conditions and earn-out RSUs were valued using the Monte Carlo simulation model. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the employee and vendor, which is generally the vesting term of four years for options, warrants, and RSUs that do not have performance or market conditions. Stock options with performance conditions are recognized when it is probable that performance criteria will be achieved and
compensation cost is recognized using the accelerated attribution method. PRSUs and stock options with performance conditions are recognized based on the probable level of achievement against the performance criteria. The Company accounts for forfeitures as they occur.

The Company’s Employee Stock Purchase Plan (“ESPP”) permits eligible employees to purchase the Company’s Class A common stock during pre-specified offering periods at a discount established by the compensation committee. The purchase price is 85% of the lower of the fair market value of the Company’s Class A common stock on the first trading day of the offering period and the fair market value on the purchase date. The ability to purchase shares of the Company’s Class A common stock for a discount represents an option and, therefore, the ESPP is considered a compensatory plan. Accordingly, stock-based compensation expense is determined based on the option’s grant-date fair value as estimated by applying the BSM option-pricing model and is recognized over the requisite service period, which is the withholding period.
Income Taxes
Income Taxes

The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax reporting basis of assets and liabilities. These differences are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company recognizes the effect on deferred income taxes of a change in tax rates in the period that includes the enactment date.

The Company provides a valuation allowance, if necessary, to reduce its deferred tax assets to the net amount it believes is more likely than not to be realized. The Company considers both positive and negative evidence, including its historical operating results, forecasts of future taxable income on a jurisdiction-by-jurisdiction basis, and ongoing tax planning strategies, to ascertain the need for a valuation allowance. If and when the Company concludes that it is more likely than not to utilize some or all of its deferred tax assets, the Company releases some or all of its valuation allowance and its tax provision will decrease in the period in which the Company makes such determination, which will cause a corresponding one-time increase to net income.
The Company accounts for uncertain tax positions in accordance with the relevant guidance, which prescribes a two-step approach to recognize and measure uncertain tax positions taken or expected to be taken in the income tax return. The first step is to determine whether it is more likely than not that the tax position will be sustained on the basis of the technical merits of the position. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company's policy is to include interest and penalties related to unrecognized tax benefits, if any, within the provision for taxes on the consolidated statement of operations.
Employee Benefit Plan
Employee Benefit Plan
The Company has established a 401(k) plan that qualifies as a deferred compensation arrangement under Section 401 of the Internal Revenue Code. As of December 31, 2025, the Company contributes 50% of eligible employee’s elective deferrals up to an annual maximum of three thousand dollars per employee.
Advertising
Advertising

For the years ended December 31, 2025, 2024, and 2023, advertising costs for customer acquisition and content production were $814.9 million, $604.6 million, and $390.3 million, respectively, consisting primarily of customer acquisition expenses (comprising advertising and media costs associated with the Company’s efforts to acquire new customers, promote its brands, and build awareness for its products and services, including advertising in digital media, social media, television, radio, out-of-home media, and various other media outlets and excluding content production costs) of $798.5 million, $594.5 million, and $379.7 million, respectively, which are charged to expense as incurred and recorded within marketing expense on the consolidated statements of operations and comprehensive income (loss). The Company generally defers production costs associated with advertising campaigns until the airing of those campaigns.
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss)

The Company’s other comprehensive income (loss) is primarily impacted by foreign currency translation and available-for-sale investment fair value adjustments. The impact of foreign currency translation is affected by the translation of assets and
liabilities of the Company’s foreign subsidiaries, which are denominated in Sterling, Euros, and Canadian Dollars. The primary assets and liabilities affecting the adjustments are cash and cash equivalents, inventory, prepaid expenses and other current assets, goodwill, intangible assets, net, accounts payable, accrued liabilities, current and long-term earn-out liabilities, and deferred tax liabilities, net. The impact of available-for-sale securities is primarily affected by unrecognized gains and losses related to fluctuations in the fair market value of the securities
Liquidity
Liquidity
To date, the Company has financed its operations principally from revenue from the Hims & Hers platform, the sale of its equity, and the issuance of the 2030 Convertible Notes (for more detail regarding the 2030 Convertible Notes see Note 13 – Debt).
The Company believes that its existing cash resources, together with its availability under the Revolving Credit Facility (for more detail regarding the Revolving Credit Facility, see Note 13 – Debt), are sufficient for the Company to meet its obligations through at least one year from the date of issuance of the consolidated financial statements. Management considers that there are no conditions or events in the aggregate that raise substantial doubt about the entity’s ability to continue as a going concern for a period of at least one year from the date the consolidated financial statements are issued.
Recently Adopted and Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU expand income tax disclosure requirements, primarily through enhanced disclosures related to income taxes paid and the rate reconciliation. ASU 2023-09 is effective for all public entities for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted the ASU for the year ended December 31, 2025 using the prospective approach. As a result of the adoption, the Company began including expanded income tax disclosures within Note 19 – Income Tax. Prior period disclosures have not been adjusted to reflect the new disclosure requirements, and the adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU expand certain expense category disclosure requirements, primarily through enhanced disclosures about inventory purchases, employee compensation, depreciation, amortization, and selling expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which clarified the effective date for ASU 2024-03. The ASU is effective for all public entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. The Company is evaluating the method of adoption and the impact of this ASU on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU remove all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40 to increase the operability of the recognition guidance considering different methods of software development. ASU 2025-06 is effective for all public entities for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted as of the beginning of an annual reporting period. Entities may adopt the amendments using a prospective, modified, or retrospective transition approach. The Company is evaluating the method of adoption and the impact of this ASU on its consolidated financial statements and related disclosures.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Capitalized Computer Software, Expected Amortization
The following table summarizes the estimated amortization of website development and internal-use software costs subsequent to December 31, 2025 (in thousands):

2026$13,305 
20279,163 
20284,515 
Total$26,983 
Disaggregation of Revenue
The following table presents revenues disaggregated by geography, based on the jurisdiction in which the Company’s consolidated legal entities operate (in thousands):
 Year Ended December 31,
 202520242023
United States Revenue$2,213,648 $1,449,671 $854,494 
Rest of the World Revenue133,989 26,843 17,506 
Total revenue$2,347,637 $1,476,514 $872,000 
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed The following table summarizes the preliminary acquisition date fair values of assets acquired and liabilities assumed based on the exchange rate on the closing date (in thousands):

Customer relationships$5,390 
Developed technology3,475 
Trade name1,419 
Goodwill18,360 
Other net liabilities(892)
Net assets acquired$27,752 
The following table summarizes the preliminary acquisition date fair values of assets acquired and liabilities assumed based on the exchange rate on the closing date (in thousands):

Platform partnerships$100,168 
Developed technology23,777 
Customer relationships12,477 
Trade name7,416 
Goodwill141,959 
Other net liabilities(27,811)
Net assets acquired$257,986 
The following table summarizes the acquisition date fair values of assets acquired and liabilities assumed (in thousands):
503B pharmacy license$28,596 
Goodwill1,847 
Other net assets557 
Net assets acquired$31,000 
v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of short term investments
Available-for-sale investments as of December 31, 2025, consist of the following (in thousands):
 
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Government and government agency$180,111 $426 $— $180,537 
Corporate bonds158,471 53 — 158,524 
U.S. Treasury bills9,810 5 — 9,815 
Total short-term available-for-sale investments$348,392 $484 $— $348,876 
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Government and government agency$270,457 $718 $— $271,175 
Corporate bonds79,867 224 (3)80,088 
Total long-term available-for-sale investments$350,324 $942 $(3)$351,263 
Available-for-sale investments as of December 31, 2024, consist of the following (in thousands):

Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury bills$60,040 $120 $— $60,160 
Corporate bonds18,058 3 (1)18,060 
Government and government agency1,446 1 — 1,447 
Total short-term available-for-sale investments$79,544 $124 $(1)$79,667 
v3.25.4
Inventory (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
Inventory consists of the following (in thousands):

December 31,
20252024
Raw materials$53,151 $29,350 
Finished goods26,977 35,077 
Total inventory$80,128 $64,427 
v3.25.4
Prepaid Expenses and Other Current Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
 
December 31,
20252024
Prepaid expenses$37,889 $16,172 
Vendor deposits35,606 8,501 
Receivables, net32,149 6,080 
Other current assets4,374 400 
Total prepaid expenses and other current assets$110,018 $31,153 
v3.25.4
Property, Equipment, and Software, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Property, equipment, and software, net consist of the following (in thousands):
 
December 31,
20252024
Facility equipment and other tangible property$83,171 $27,785 
Purchased and internal-use software and website development51,140 34,100 
Leasehold improvements15,925 10,933 
Assets not placed in service214,283 33,764 
Total property, equipment, and software364,519 106,582 
Less: accumulated depreciation and amortization(52,589)(24,499)
Total property, equipment, and software, net$311,930 $82,083 
v3.25.4
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying value of goodwill for the periods presented are as follows (in thousands):

Carrying
Value
Balance at December 31, 2023$110,881 
Addition from acquisitions1,847 
Balance at December 31, 2024112,728 
Addition from acquisitions165,344 
Foreign currency translation adjustments253 
Balance at December 31, 2025$278,325 
Schedule of Finite-Lived Intangible Assets
Intangible assets, net as of December 31, 2025 consist of the following (in thousands):

Gross
Amount		Accumulated Amortization and ImpairmentNet
Carrying
Value		Weighted
Average
Remaining
Useful Life
(Years)
Platform partnerships$99,964 $(4,165)$95,799 11.5
Trade names33,031 (14,951)18,080 2.3
503B pharmacy license28,596 (3,813)24,783 8.7
Other69,208 (11,754)57,454 3.1
Intangible assets, net$230,799 $(34,683)$196,116 7.8

Intangible assets, net as of December 31, 2024 consist of the following (in thousands):

Gross
Amount		Accumulated Amortization and ImpairmentNet
Carrying
Value		Weighted
Average
Remaining
Useful Life
(Years)
503B pharmacy license$28,596 $(953)$27,643 9.7
Trade names24,170 (9,256)14,914 6.5
Other4,786 (3,933)853 6.0
Intangible assets, net$57,552 $(14,142)$43,410 8.5
Finite-lived Intangible Assets Amortization Expense
Amortization that will be charged to expense over the remaining life of the intangible assets subsequent to December 31, 2025 is as follows (in thousands):

2026$40,952
202737,394
202823,262
202916,064
203013,667
2031 and thereafter64,777
$196,116
v3.25.4
Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities consist of the following (in thousands):

December 31,
20252024
Marketing$16,745 $21,839 
Payroll16,103 12,067 
Professional services9,860 8,463 
Tax9,636 2,152 
Product and shipping7,309 1,306 
Other accruals18,865 7,186 
Total accrued liabilities $78,518 $53,013 
v3.25.4
Operating Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
Future minimum lease payments under the Company's non-cancelable operating lease with an initial lease term in excess of one year subsequent to December 31, 2025 are as follows (in thousands):

2026$12,343 
202716,340 
202816,564 
202917,120 
203017,429 
2031 and thereafter137,178 
Gross lease payments216,974 
Less: imputed interest(68,964)
Present value of net future minimum lease payments$148,010 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025, is as follows (in thousands):
 
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$90,594 $— $— $90,594 
Short-term available-for-sale investments:
U.S. Treasury bills9,815 — — 9,815 
Government and government agency— 180,537 — 180,537 
Corporate bonds— 158,524 — 158,524 
Prepaid expenses and other current assets:
Short-term indemnification assets
— — 3,730 3,730 
Long-term available-for-sale investments:
Government and government agency— 271,175 — 271,175 
Corporate bonds— 80,088 — 80,088 
Other long-term assets:
Equity securities24,437 — — 24,437 
Long-term indemnification assets
— — 3,047 3,047 
Total assets$124,846 $690,324 $6,777 $821,947 
Liabilities
Earn-out liabilities, long-term— — 50,745 50,745 
Other long-term liabilities:
Other contingent consideration— — 2,003 2,003 
Long-term indemnification liabilities
— — 6,086 6,086 
Total liabilities$— $— $58,834 $58,834 

The Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis as of December 31, 2024, is as follows (in thousands):
 
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$64,717 $— $— $64,717 
Short-term available-for-sale investments:
U.S. Treasury bills60,160 — — 60,160 
Corporate bonds— 18,060 — 18,060 
Government and government agency— 1,447 — 1,447 
Restricted cash:
Money market funds856 — — 856 
Total assets$125,733 $19,507 $— $145,240 
Fair Value Measurement Inputs and Valuation Techniques The following assumptions were used to determine the fair value at inception:
Risk-free rate1.9 %
Revenue volatility21.0 %
Revenue risk-adjusted discount rate9.0 %
Counterparty discount rate6.0 %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The change in the fair value of the earn-out liabilities related to the Zava business combination is as follows (in thousands):
Balance at December 31, 2024$— 
Zava business combination87,691 
Change in fair value9,255 
Reclassification to earn-out payable(46,986)
Foreign currency translation adjustments785 
Balance at December 31, 2025$50,745 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The net carrying amount of the 2030 Convertible Notes as of December 31, 2025 was as follows (in thousands):

Principal$1,000,000 
Unamortized debt discount and issuance costs(27,420)
Net carrying amount$972,580 
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The grant date fair value of the Company’s stock options granted during the year ended December 31, 2023 was estimated using the following weighted average assumptions:
Year Ended December 31,
2023
Expected term (in years)6.02
Expected volatility49.9 %
Risk-free interest rate4.2 %
Expected dividend yield— %
Share-based Payment Arrangement, Option, Activity
Option activity (excluding the stock options granted to the CEO outlined above) is as follows (in thousands, except for weighted average exercise price and weighted average contractual term in years):
 
SharesWeighted
Average
Exercise
Price		Weighted
Average
Contractual
Period
(in Years)		Aggregate
Intrinsic
Value
Outstanding at December 31, 20249,737 $5.15 6.33$185,326 
Exercised(3,268)3.29 
Forfeited and expired(11)8.92 
Outstanding at December 31, 20256,458 6.08 5.68170,453 
Exercisable as of December 31, 20256,005 5.94 5.61159,317 
Share-based Payment Arrangement, Option, Exercise Price Range
The options outstanding and exercisable as of December 31, 2025 (excluding the stock options granted to the CEO outlined above) have been aggregated into ranges for additional disclosure as follows (in thousands, except weighted average remaining contractual life and exercise price):

Options OutstandingOptions Exercisable
Exercise PriceSharesWeighted
Average
Remaining
Contractual
Life (in
Years)		SharesWeighted
Average
Remaining
Contractual
Life (in
Years)
$0.06 – 0.40
14 2.0714 2.07
1.55 – 1.75
235 3.54235 3.54
2.43 – 3.11
693 4.43693 4.43
5.01 – 6.82
3,722 6.173,455 6.16
8.13 – 11.53
1,646 5.481,460 5.26
12.21 – 15.17
148 5.27148 5.27
6,458 6,005 
The options outstanding and exercisable as of December 31, 2024 (excluding the stock options granted to the CEO outlined above) have been aggregated into ranges for additional disclosure as follows (in thousands, except weighted average remaining contractual life and exercise price):

Options OutstandingOptions Exercisable
Exercise PriceSharesWeighted
Average
Remaining
Contractual
Life (in
Years)		SharesWeighted
Average
Remaining
Contractual
Life (in
Years)
$0.06 – 0.40
361 3.16361 3.16
1.55 – 1.75
496 4.52496 4.52
2.43 – 3.11
2,486 5.432,486 5.43
5.01 – 6.82
4,358 7.172,612 7.15
8.13 – 9.41
1,781 6.691,399 6.33
12.21 – 15.17
255 6.23212 6.20
  9,737 7,566 
Share-based Payment Arrangement, Restricted Stock Unit, Activity
RSU activity (excluding the performance RSUs outlined below) is as follows (in thousands, except for weighted average grant date fair value):

SharesWeighted Average
Grant Date
Fair Value
Unvested at December 31, 202415,757 $11.45 
Granted6,775 44.84 
Vested(7,033)12.54 
Forfeited and expired(2,424)15.10 
Unvested at December 31, 202513,075 $27.50 
Share-based Payment Arrangement, Expensed and Capitalized, Amount
The following table summarizes stock-based compensation expense for employees and nonemployees, by category, on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2025, 2024, and 2023 (in thousands):

Year Ended December 31,
202520242023
Marketing$12,510 $9,392 $5,477 
Operations and support18,910 10,205 6,815 
Technology and development19,240 12,534 7,126 
General and administrative84,584 60,191 46,662 
Total stock-based compensation expense$135,244 $92,322 $66,080 
v3.25.4
Basic and Diluted Net Income (Loss) per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share amounts):
 
Year Ended December 31,
 202520242023
 Class AClass VClass AClass VClass AClass V
Numerator:
Net income (loss) attributable to common stockholders, basic$123,585 $4,780 $121,148 $4,890 $(22,604)$(942)
Amortization of debt discount and issuance costs for 2030 Convertible Notes3,923 — — — — — 
Reallocation of undistributed earnings488 (488)431 (431)— — 
Net income (loss) attributable to common stockholders, diluted127,996 4,292 121,579 4,459 (22,604)(942)
Denominator:
Weighted average shares outstanding, basic216,581,645 8,377,623 207,561,414 8,377,623 200,967,089 8,377,623 
Effect of dilutive potential common shares33,271,279 — 20,869,839 — — — 
Weighted average shares outstanding, diluted249,852,924 8,377,623 228,431,253 8,377,623 200,967,089 8,377,623 
Basic net income (loss) per share$0.57 $0.57 $0.58 $0.58 $(0.11)$(0.11)
Diluted net income (loss) per share$0.51 $0.51 $0.53 $0.53 $(0.11)$(0.11)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table discloses weighted-average Class A securities that were not included in the computation of diluted net income (loss) per share as their inclusion would have been anti-dilutive:

Year Ended December 31,
202520242023
RSUs2,660,472 360,601 15,220,986 
Common stock issuable under the ESPP356,339 — 404,648 
Stock options— 156,558 21,278,043 
Common stock issued subject to vesting— — 1,090,181 
PRSUs— — 928,642 
Warrants to purchase Class A common stock— — 561,058 
v3.25.4
Segments (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The table below highlights the segment’s revenue, expenses, and net income (loss) for the years ended December 31, 2025, 2024, and 2023 (in thousands):

Year Ended December 31,
202520242023
Revenue$2,347,637 $1,476,514 $872,000 
Less:
Cost of revenue614,259 303,379 157,051 
Customer acquisition costs798,477 594,479 379,673 
Employee compensation included within:
Marketing42,406 35,672 26,530 
Operations and support113,417 73,239 48,192 
Technology and development60,948 39,565 24,322 
General and administrative74,514 48,189 40,990 
Stock-based compensation included within:
Marketing12,510 9,392 5,477 
Operations and support18,910 10,205 6,815 
Technology and development19,240 12,534 7,126 
General and administrative84,584 60,191 46,662 
Depreciation and amortization expense included within operating expenses51,194 15,350 9,515 
Interest income and expense, net
(23,526)(10,349)(9,029)
Income tax (benefit) expense(4,441)(54,327)1,975 
Other segment items*356,780 212,957 150,247 
Segment net income (loss)128,365 126,038 (23,546)
Reconciliation of profit or loss
Adjustments and reconciling items— — — 
Consolidated net income (loss)$128,365 $126,038 $(23,546)
______________
(*)    Other segment items included in segment net income (loss) primarily consist of professional services, fulfillment, transaction processing, technology, and other general operating costs.
v3.25.4
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
For financial reporting purposes, income (loss) before income taxes includes the following (in thousands):

Year Ended December 31,
202520242023
Domestic$134,183 $71,111 $(16,749)
Foreign(10,259)600 (4,822)
Income (loss) before income taxes$123,924 $71,711 $(21,571)
Schedule of Components of Income Tax Expense (Benefit)
The (benefit) provision for income taxes consisted of the following (in thousands):

Year Ended December 31,
202520242023
Current:
Federal$(34)$1,639 $532 
State2,926 5,683 1,456 
Foreign5,628 — — 
Total current provision8,520 7,322 1,988 
Deferred:
Federal(4,586)(43,328)12 
State(2,162)(18,321)(25)
Foreign(6,213)— — 
Total deferred benefit(12,961)(61,649)(13)
Total (benefit) provision for income taxes$(4,441)$(54,327)$1,975 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory United States federal income tax rate to income (loss) before income taxes after the adoption of ASU 2023-09 is as follows (in thousands, except for percentages):

Year Ended December 31, 2025
AmountPercent
United States federal statutory tax rate$26,024 21.0 %
State and local income taxes, net of federal income tax effect(1)
(978)(0.8)%
Foreign tax effects
United Kingdom
Changes in valuation allowance(2,625)(2.1)%
Other(85)(0.1)%
Germany
Non-deductible loss on change in fair value of liabilities1,9401.6 %
Other1,7931.4 %
Other foreign jurisdictions1,0090.8 %
Effect of cross-border tax laws
Global intangible low-taxed income8350.7 %
Effect of foreign branch taxes(384)(0.3)%
Tax credits
Research and development tax credits(19,522)(15.8)%
Foreign tax credits(3,868)(3.1)%
Changes in valuation allowance3,8683.1 %
Nontaxable or nondeductible items
Excess tax benefits from share-based payment awards(70,834)(57.1)%
Non-deductible officers' compensation49,59940.0 %
Non-deductible transaction costs1,0120.8 %
Other9010.7 %
Changes in unrecognized tax benefits6,5415.3 %
Other adjustments3330.3 %
Effective tax rate$(4,441)(3.6)%
______________ 
(1)State taxes in Arizona, California, and Texas made up the majority (greater than 50 percent) of the tax effect in this category.
A reconciliation of the (benefit) provision for income taxes to the amount computed by applying the 21% statutory United States federal income tax rate to income (loss) before income taxes for years prior to the adoption of ASU 2023-09 is as follows (in thousands):


Year Ended December 31,
20242023
Tax provision (benefit) at federal statutory rate$15,059 $(4,530)
State taxes, net of federal benefits2,700 1,636 
Non-deductible officers' compensation26,632 6,386 
Non-deductible expenses373 714 
Warrants and earn-outs(1,141)226 
Research and development credits
(4,801)(5,398)
Stock-based compensation(28,361)1,747 
Change in valuation allowance(65,021)1,330 
Other, net233 (136)
Total$(54,327)$1,975 
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities are as follows (in thousands):

As of December 31,
20252024
Deferred tax assets:
Net operating loss carryforwards$19,263 $21,032 
Operating lease liabilities37,135 2,827 
Capitalized research and development25,683 35,120 
Research and other credits20,248 4,812 
Interest original issue discount10,703 — 
Other intangibles assets8,986 276 
Stock-based compensation7,376 2,311 
Inventory5,843 5,874 
Accrued expenses and reserves4,279 3,778 
Foreign tax credit carryforward3,868 — 
Deferred revenue412 186 
Other deferred tax assets2,706 865 
Total gross deferred tax assets146,502 77,081 
Less valuation allowance(3,868)(2,493)
Total deferred tax assets142,634 74,588 
Deferred tax liabilities:
Other intangible assets(37,520)(3,771)
Operating lease right-of-use assets (34,414)(2,711)
Fixed assets(11,167)(4,560)
Prepaid expenses(2,494)(793)
Unrealized gain/loss(1,134)— 
Deferred state income tax
— — 
Other deferred tax liabilities(2,054)(1,150)
Total deferred tax liabilities(88,783)(12,985)
Net deferred tax assets$53,851 $61,603 
Schedule of Unrecognized Tax Benefits Roll Forward
Changes in unrecognized tax benefits for the years ended December 31, 2025, 2024, and 2023, excluding interest and penalties, were as follows (in thousands):

Year Ended December 31,
202520242023
Balance at the beginning of the year$6,011 $2,313 $— 
Increases in balances related to prior year tax positions7,157 2,042 1,357 
Increases in balances related to current year tax positions5,338 1,656 956 
Balance at the end of the year$18,506 $6,011 $2,313 
Schedule of Cash Flow, Supplemental Disclosures
The amounts of cash income taxes paid by the Company, net of refunds received, consisted of the following (in thousands):

Year Ended December 31, 2025
Federal
$15,428 
State
7,004 
Foreign
730 
Total
$23,162 
v3.25.4
Summary of Significant Accounting Policies - Concentration Risk (Details) - customer
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Customer Concentration Risk | Accounts Receivable    
Concentration Risk [Line Items]    
Concentration risk, number of customers 1 4
v3.25.4
Summary of Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Accounts receivable $ 32,100,000 $ 6,100,000
Accounts receivable, writeoff 0 0
Accounts receivable, allowance for doubtful accounts $ 0 $ 0
v3.25.4
Summary of Significant Accounting Policies - Other Long-Term Assets (Details)
Dec. 31, 2025
Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 2 years
Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 10 years
v3.25.4
Summary of Significant Accounting Policies - Amortization of Website Development and Internal-use Software Costs (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Accounting Policies [Abstract]  
2026 $ 13,305
2027 9,163
2028 4,515
Total $ 26,983
v3.25.4
Summary of Significant Accounting Policies - Goodwill (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
reportingUnit
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Business Combination [Line Items]      
Number of reporting units | reportingUnit 1    
Addition from acquisitions $ 165,344,000 $ 1,847,000  
Goodwill, impairment 0 $ 0 $ 0
Sigmund NJ, LLC, Livewell Health Pharmacy Ltd., and Zava Global GmbH      
Business Combination [Line Items]      
Addition from acquisitions $ 165,300,000    
v3.25.4
Summary of Significant Accounting Policies - Intangible Assets (Details)
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]  
Estimated useful life 10 years
Minimum  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful life 1 year
Maximum  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful life 12 years
v3.25.4
Summary of Significant Accounting Policies - Impairment of Long Lived Assets (Details)
 12 Months Ended
Dec. 31, 2025
asset_group
Accounting Policies [Abstract]  
Number of asset groups 3
v3.25.4
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 2,347,637 $ 1,476,514 $ 872,000
United States Revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 2,213,648 1,449,671 854,494
Rest of the World Revenue      
Disaggregation of Revenue [Line Items]      
Total revenue $ 133,989 $ 26,843 $ 17,506
v3.25.4
Summary of Significant Accounting Policies -Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Deferred revenue $ 127,160 $ 75,285
Deferred revenue decrease $ 51,900  
v3.25.4
Summary of Significant Accounting Policies - Stock-Based Compensation (Details)
 1 Months Ended 12 Months Ended
Jan. 31, 2021
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period (in years)   4 years
Common stock issuable under the ESPP | Common Class A    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Purchase price of common stock, percent 85.00% 85.00%
v3.25.4
Summary of Significant Accounting Policies - Employee Benefit Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Percent of match 50.00%    
Maximum annual contributions per employee, amount $ 3    
Matching contribution cost $ 4,100 $ 2,900 $ 2,000
v3.25.4
Summary of Significant Accounting Policies - Advertising (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Customer acquisition costs and content production $ 814,900 $ 604,600 $ 390,300
Customer acquisition costs $ 798,477 $ 594,479 $ 379,673
v3.25.4
Summary of Significant Accounting Policies - Liquidity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Positive cash flows from operating activities $ 300,006 $ 251,084 $ 73,483
Net income (loss) 128,365 126,038 (23,546)
Cash and cash equivalents 228,616 220,584 $ 96,663
Short-term available-for-sale investments 348,876 79,667  
Long-term available-for-sale investments 351,263 0  
Accumulated deficit $ 113,772 $ 242,137  
v3.25.4
Acquisitions - Narrative (Details)
$ in Thousands, € in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 08, 2025
USD ($)
Nov. 30, 2025
USD ($)
Nov. 30, 2025
CAD ($)
Jul. 31, 2025
USD ($)
Jul. 31, 2025
EUR (€)
Feb. 28, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Business Combination [Line Items]                  
Goodwill acquired               $ 165,344 $ 1,847
Estimated useful life               10 years  
C S Bio Co.                  
Business Combination [Line Items]                  
Consideration transferred $ 41,200         $ 39,100      
Upfront cash and stock consideration           32,700      
Acquisition cost           2,100      
Maximum                  
Business Combination [Line Items]                  
Estimated useful life               12 years  
Maximum | C S Bio Co.                  
Business Combination [Line Items]                  
Consideration payable, maximum           6,400      
Cash and stock consideration           32,700      
Medici Technologies, Inc dba Livewell                  
Business Combination [Line Items]                  
Business combination, consideration   $ 27,800 $ 39.1            
Cash consideration   23,200 32.7            
Business combination, consideration, not yet paid   4,600 6.4            
Goodwill acquired   18,400              
Business combination, acquisition related costs   1,000              
Medici Technologies, Inc dba Livewell | Maximum                  
Business Combination [Line Items]                  
Consideration subject to earn-out conditions   $ 28,400 $ 40.0            
Seaview Enterprises LLC, MedisourceRx                  
Business Combination [Line Items]                  
Business combination, consideration             $ 31,000    
Goodwill acquired             1,800    
Business combination, acquisition related costs             $ 1,400    
Zava Global GmbH                  
Business Combination [Line Items]                  
Business combination, consideration       $ 258,000 € 219.2        
Cash consideration       167,300 142.2        
Consideration subject to earn-out conditions       90,700 77.0        
Goodwill acquired       142,000          
Business combination, acquisition related costs       8,000          
Percentage of total consolidated revenue               0.05  
Zava Global GmbH | Maximum                  
Business Combination [Line Items]                  
Consideration subject to earn-out conditions       $ 117,700 € 100.0        
Sigmund NJ, LLC, Trybe Labs                  
Business Combination [Line Items]                  
Cash consideration           5,100      
Goodwill acquired           $ 5,000      
v3.25.4
Acquisitions - Medici Acquisition (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Nov. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]        
Goodwill $ 278,325   $ 112,728 $ 110,881
Medici Technologies, Inc dba Livewell        
Business Combination [Line Items]        
Goodwill   $ 18,360    
Other net assets   (892)    
Net assets acquired   27,752    
Medici Technologies, Inc dba Livewell | Customer relationships        
Business Combination [Line Items]        
Recognized identifiable intangible assets   5,390    
Medici Technologies, Inc dba Livewell | Developed technology        
Business Combination [Line Items]        
Recognized identifiable intangible assets   3,475    
Medici Technologies, Inc dba Livewell | Trade names        
Business Combination [Line Items]        
Recognized identifiable intangible assets   $ 1,419    
v3.25.4
Acquisitions - Zava Acquisition (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jul. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]        
Goodwill $ 278,325   $ 112,728 $ 110,881
Zava Global GmbH        
Business Combination [Line Items]        
Goodwill   $ 141,959    
Other net assets   (27,811)    
Net assets acquired   257,986    
Zava Global GmbH | Developed technology        
Business Combination [Line Items]        
Recognized identifiable intangible assets   23,777    
Zava Global GmbH | Customer relationships        
Business Combination [Line Items]        
Recognized identifiable intangible assets   12,477    
Zava Global GmbH | Trade names        
Business Combination [Line Items]        
Recognized identifiable intangible assets   7,416    
Zava Global GmbH | Platform partnerships        
Business Combination [Line Items]        
Recognized identifiable intangible assets   $ 100,168    
v3.25.4
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Business Combination, Recognized Asset Acquired, Asset [Abstract]        
Goodwill $ 278,325 $ 112,728   $ 110,881
Seaview Enterprises LLC, MedisourceRx        
Business Combination, Recognized Asset Acquired, Asset [Abstract]        
503B pharmacy license     $ 28,596  
Goodwill     1,847  
Other net assets     557  
Net assets acquired     $ 31,000  
v3.25.4
Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Marketable Securities [Line Items]    
Adjusted Cost $ 348,392 $ 79,544
Unrealized Gains 484 124
Unrealized Losses 0 (1)
Fair Value 348,876 79,667
Schedule of Held-to-Maturity Securities [Line Items]    
Adjusted Cost 350,324  
Unrealized Gains 942  
Unrealized Losses (3)  
Fair Value 351,263 0
Government and government agency    
Marketable Securities [Line Items]    
Adjusted Cost 180,111 1,446
Unrealized Gains 426 1
Unrealized Losses 0 0
Fair Value 180,537 1,447
Schedule of Held-to-Maturity Securities [Line Items]    
Adjusted Cost 270,457  
Unrealized Gains 718  
Unrealized Losses 0  
Fair Value 271,175  
Corporate bonds    
Marketable Securities [Line Items]    
Adjusted Cost 158,471 18,058
Unrealized Gains 53 3
Unrealized Losses 0 (1)
Fair Value 158,524 18,060
Schedule of Held-to-Maturity Securities [Line Items]    
Adjusted Cost 79,867  
Unrealized Gains 224  
Unrealized Losses (3)  
Fair Value 80,088  
U.S. Treasury bills    
Marketable Securities [Line Items]    
Adjusted Cost 9,810 60,040
Unrealized Gains 5 120
Unrealized Losses 0 0
Fair Value $ 9,815 $ 60,160
v3.25.4
Investments Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]      
Equity securities, cost $ 20,000    
Equity securities, unrealized gain 4,437 $ 0 $ 0
Equity securities, fair value $ 24,400    
v3.25.4
Inventory (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 53,151 $ 29,350
Finished goods 26,977 35,077
Total inventory $ 80,128 $ 64,427
v3.25.4
Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 37,889 $ 16,172
Vendor deposits 35,606 8,501
Receivables, net 32,149 6,080
Other current assets 4,374 400
Total prepaid expenses and other current assets $ 110,018 $ 31,153
v3.25.4
Property, Equipment, and Software, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property, equipment, and software $ 364,519 $ 106,582
Less: accumulated depreciation and amortization (52,589) (24,499)
Property, equipment, and software, net 311,930 82,083
Facility equipment and other tangible property    
Property, Plant and Equipment [Line Items]    
Total property, equipment, and software 83,171 27,785
Purchased and internal-use software and website development    
Property, Plant and Equipment [Line Items]    
Total property, equipment, and software 51,140 34,100
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property, equipment, and software 15,925 10,933
Assets not placed in service    
Property, Plant and Equipment [Line Items]    
Total property, equipment, and software $ 214,283 $ 33,764
v3.25.4
Property, Equipment, and Software, Net - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Depreciation and amortization $ 54,502 $ 17,088 $ 9,515
Property, Equipment, and Software      
Property, Plant and Equipment [Line Items]      
Depreciation and amortization $ 30,800 $ 13,300 $ 6,000
v3.25.4
Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 112,728 $ 110,881
Addition from acquisitions 165,344 1,847
Foreign currency translation adjustments 253  
Goodwill, ending balance $ 278,325 $ 112,728
v3.25.4
Goodwill and Intangible Assets, Net - Components of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Amount $ 230,799 $ 57,552
Accumulated Amortization and Impairment (34,683)  
Net Carrying Value $ 196,116 43,410
Weighted Average Remaining Useful Life (Years) 10 years  
Accumulated Amortization and Impairment   $ (14,142)
Weighted Average    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (Years) 7 years 9 months 18 days 8 years 6 months
Platform partnerships    
Finite-Lived Intangible Assets [Line Items]    
Gross Amount $ 99,964  
Accumulated Amortization and Impairment (4,165)  
Net Carrying Value $ 95,799  
Platform partnerships | Weighted Average    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (Years) 11 years 6 months  
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Gross Amount $ 33,031 $ 24,170
Accumulated Amortization and Impairment (14,951)  
Net Carrying Value $ 18,080 14,914
Accumulated Amortization and Impairment   $ (9,256)
Trade names | Weighted Average    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (Years) 2 years 3 months 18 days 6 years 6 months
503B pharmacy license    
Finite-Lived Intangible Assets [Line Items]    
Gross Amount $ 28,596 $ 28,596
Accumulated Amortization and Impairment (3,813)  
Net Carrying Value $ 24,783 27,643
Accumulated Amortization and Impairment   $ (953)
503B pharmacy license | Weighted Average    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (Years) 8 years 8 months 12 days 9 years 8 months 12 days
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Amount $ 69,208 $ 4,786
Accumulated Amortization and Impairment (11,754)  
Net Carrying Value $ 57,454 853
Accumulated Amortization and Impairment   $ (3,933)
Other | Weighted Average    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life (Years) 3 years 1 month 6 days 6 years
v3.25.4
Goodwill and Intangible Assets, Net (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense related to intangible assets $ 23,700,000 $ 3,800,000 $ 3,500,000
Impairment of intangible assets $ 0 $ 0 $ 0
v3.25.4
Goodwill and Intangible Assets, Net - Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 40,952  
2027 37,394  
2028 23,262  
2029 16,064  
2030 13,667  
2031 and thereafter 64,777  
Net Carrying Value $ 196,116 $ 43,410
v3.25.4
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accrued Liabilities and Other Liabilities [Abstract]    
Marketing $ 16,745 $ 21,839
Payroll 16,103 12,067
Professional services 9,860 8,463
Tax 9,636 2,152
Product and shipping 7,309 1,306
Other accruals 18,865 7,186
Total accrued liabilities $ 78,518 $ 53,013
v3.25.4
Operating Leases - Additional Detail (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Operating lease right-of-use assets $ 137,046 $ 10,881  
Operating lease, right of use asset, remeasurement adjustment   900  
Operating lease, liability, remeasurement adjustment   900  
Operating lease costs 13,500 3,000 $ 2,400
Variable lease costs 1,100 500 400
Operating lease, payments $ 1,900 $ 2,400 $ 1,900
Operating lease, weighted average remaining lease term 12 years 3 months 18 days    
Operating lease, weighted average discount rate, percent 6.10%    
Operating Lease, Lease Not yet Commenced      
Lessee, Lease, Description [Line Items]      
Non-cancelable commitments, not yet commenced $ 1,500    
New Albany, Ohio      
Lessee, Lease, Description [Line Items]      
Operating lease right-of-use assets 69,400    
Operating lease, right-of-use asset, adjustment 10,400    
Mesa, Arizona      
Lessee, Lease, Description [Line Items]      
Operating lease right-of-use assets 20,900    
Menlo Park, California      
Lessee, Lease, Description [Line Items]      
Operating lease right-of-use assets $ 31,500    
v3.25.4
Operating Leases - Lease Liability (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 12,343
2027 16,340
2028 16,564
2029 17,120
2030 17,429
2031 and thereafter 137,178
Gross lease payments 216,974
Less: imputed interest (68,964)
Present value of net future minimum lease payments $ 148,010
v3.25.4
Variable Interest Entities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]      
Current assets $ 767,638 $ 395,831  
Assets 2,154,705 707,539  
Current liabilities 404,431 221,367  
Liabilities 1,613,777 230,823  
Net income (loss) 128,365 126,038 $ (23,546)
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Current assets 6,900 56,100  
Assets 6,900 56,100  
Current liabilities 6,000 16,600  
Liabilities 6,000 16,600  
Net income (loss) (13,400) (26,200) 3,300
Variable Interest Entity, Primary Beneficiary | Consolidation, Eliminations | Service Agreements      
Variable Interest Entity [Line Items]      
Payments for services $ 395,300 $ 216,700 $ 96,300
v3.25.4
Fair Value Measurements - Schedule of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments $ 348,876 $ 79,667
Prepaid expenses and other current assets 110,018 31,153
Equity securities, fair value 24,400  
Long-term available-for-sale investments 351,263 0
Total assets 821,947 145,240
Earn-out liabilities, long-term 50,745  
Other contingent consideration 2,003  
Other long-term liabilities 6,086  
Total liabilities 58,834  
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 124,846 125,733
Earn-out liabilities, long-term 0  
Other contingent consideration 0  
Other long-term liabilities 0  
Total liabilities 0  
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 690,324 19,507
Earn-out liabilities, long-term 0  
Other contingent consideration 0  
Other long-term liabilities 0  
Total liabilities 0  
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 6,777 0
Earn-out liabilities, long-term 50,745  
Other contingent consideration 2,003  
Other long-term liabilities 6,086  
Total liabilities 58,834  
U.S. Treasury bills    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments 9,815 60,160
U.S. Treasury bills | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments 9,815 60,160
U.S. Treasury bills | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments 0 0
U.S. Treasury bills | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments 0 0
Government and government agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments 180,537 1,447
Long-term available-for-sale investments 271,175  
Government and government agency | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments 0 0
Long-term available-for-sale investments 0  
Government and government agency | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments 180,537 1,447
Long-term available-for-sale investments 271,175  
Government and government agency | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments 0 0
Long-term available-for-sale investments 0  
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments 158,524 18,060
Long-term available-for-sale investments 80,088  
Corporate bonds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments 0 0
Long-term available-for-sale investments 0  
Corporate bonds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments 158,524 18,060
Long-term available-for-sale investments 80,088  
Corporate bonds | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term available-for-sale investments 0 0
Long-term available-for-sale investments 0  
Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities, fair value 24,437  
Equity securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities, fair value 24,437  
Equity securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities, fair value 0  
Equity securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities, fair value 0  
Short-term indemnification assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Prepaid expenses and other current assets 3,730  
Long-term indemnification assets 3,047  
Short-term indemnification assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Prepaid expenses and other current assets 0  
Long-term indemnification assets 0  
Short-term indemnification assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Prepaid expenses and other current assets 0  
Long-term indemnification assets 0  
Short-term indemnification assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Prepaid expenses and other current assets 3,730  
Long-term indemnification assets 3,047  
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 90,594 64,717
Restricted cash   856
Money market funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 90,594 64,717
Restricted cash   856
Money market funds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 0
Restricted cash   0
Money market funds | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents $ 0 0
Restricted cash   $ 0
v3.25.4
Fair Value Measurements - Fair Value Assumptions (Details) - Zava Global GmbH - Level 3 - Valuation Technique, Monte Carlo Pricing Model
Dec. 31, 2025
Risk-free rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Earn-out liability, measurement input 0.019
Revenue volatility  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Earn-out liability, measurement input 0.210
Revenue risk-adjusted discount rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Earn-out liability, measurement input 0.090
Counterparty discount rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Earn-out liability, measurement input 0.060
v3.25.4
Fair Value Measurements - Change in the Fair Value of Earn-out Liabilities (Details) - Zava Global GmbH - Earn-out Liability
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance $ 0
Zava business combination 87,691
Change in fair value 9,255
Reclassification to earn-out payable (46,986)
Foreign currency translation adjustments 785
Ending balance $ 50,745
v3.25.4
Debt (Details)
 1 Months Ended 12 Months Ended
Feb. 18, 2025
USD ($)
May 31, 2025
USD ($)
d
$ / shares
Dec. 31, 2025
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Line of Credit Facility [Line Items]          
Outstanding principal amount   $ 75,000,000.0      
Amortization of debt discount and issuance costs     $ 4,529,000 $ 0 $ 0
Capped calls (in usd per share) | $ / shares     $ 70.67    
Capped calls initial cap price (in usd per share) | $ / shares     $ 89.95    
Additional paid-in capital, capped calls     $ 35,583,000    
Cash paid, capped calls     47,800,000 0 0
Deferred tax impact     12,200,000    
Additional Paid-In Capital          
Line of Credit Facility [Line Items]          
Additional paid-in capital, capped calls     35,583,000    
Convertible Senior Notes Due 2030 | Convertible Debt          
Line of Credit Facility [Line Items]          
Debt instrument, face amount   $ 1,000,000,000.0 1,000,000,000.0    
Interest rate   0.00%      
Proceeds from convertible debt   $ 968,700,000      
Conversion ratio   0.0141493      
Conversion price (in usd per share) | $ / shares   $ 70.67      
Conditional percentage   0.0050      
Amortization of debt discount and issuance costs     $ 3,900,000    
Effective interest rate     0.64%    
Contractual interest expense payment     $ 0 $ 0 $ 0
Debt instrument, fair value     866,000,000.0    
Principal     1,000,000,000    
Convertible Senior Notes Due 2030 | Convertible Debt | Maximum          
Line of Credit Facility [Line Items]          
Maximum additional interest   0.0100      
Convertible Senior Notes Due 2030 | Convertible Debt | 0-180 Days          
Line of Credit Facility [Line Items]          
Special interest   0.0025      
Convertible Senior Notes Due 2030 | Convertible Debt | 180-365 Days          
Line of Credit Facility [Line Items]          
Special interest   0.0050      
Convertible Senior Notes Due 2030 | Convertible Debt | Debt Conversion Terms One          
Line of Credit Facility [Line Items]          
Threshold, number of trading days, prior to maturity date | d   25      
Threshold percentage   130.00%      
Threshold trading days | d   20      
Threshold consecutive trading days | d   30      
Convertible Senior Notes Due 2030 | Convertible Debt | Debt Conversion Terms Two          
Line of Credit Facility [Line Items]          
Threshold percentage   98.00%      
Threshold trading days | d   5      
Threshold consecutive trading days | d   10      
The Credit Facility | Line of Credit | Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Debt instrument, term 3 years        
Line of credit facility, maximum borrowing capacity $ 175,000,000.0        
Accordion increase amount $ 125,000,000.0        
Fronting fee percentage 0.00125        
Leverage ratio 3.50        
Interest coverage ratio 3.00        
The Credit Facility | Line of Credit | Revolving Credit Facility | Base Rate          
Line of Credit Facility [Line Items]          
Interest rate 0.10%        
The Credit Facility | Line of Credit | Maximum | Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Interest rate 2.00%        
The Credit Facility | Line of Credit | Maximum | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)          
Line of Credit Facility [Line Items]          
Commitment fee percentage 0.30%        
The Credit Facility | Line of Credit | Maximum | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One          
Line of Credit Facility [Line Items]          
Interest rate 2.00%        
The Credit Facility | Line of Credit | Maximum | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two          
Line of Credit Facility [Line Items]          
Interest rate 1.00%        
The Credit Facility | Line of Credit | Minimum | Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Interest rate 1.50%        
The Credit Facility | Line of Credit | Minimum | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)          
Line of Credit Facility [Line Items]          
Commitment fee percentage 0.20%        
The Credit Facility | Line of Credit | Minimum | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One          
Line of Credit Facility [Line Items]          
Interest rate 1.50%        
The Credit Facility | Line of Credit | Minimum | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two          
Line of Credit Facility [Line Items]          
Interest rate 0.50%        
The Credit Facility | Letter of Credit | Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Line of credit facility, maximum borrowing capacity $ 40,000,000.0        
Letters of credit outstanding     7,000,000.0    
Remaining borrowing capacity     168,000,000.0    
The Credit Facility | Loans Payable | Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Line of credit facility, maximum borrowing capacity $ 20,000,000.0        
Principal     $ 0    
v3.25.4
Debt - Schedule of Long-Term Debt Instruments (Details) - Convertible Senior Notes Due 2030 - Convertible Debt
$ in Thousands
Dec. 31, 2025
USD ($)
Line of Credit Facility [Line Items]  
Principal $ 1,000,000
Unamortized debt discount and issuance costs (27,420)
Net carrying amount $ 972,580
v3.25.4
Commitments and Contingencies - Purchase Obligations (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase obligation $ 32.0
Purchase obligation, payable in 2026 14.8
Purchase obligation, payable in 2027 14.6
Purchase obligation, payable in 2028 2.5
Purchase obligation, payable in 2029 0.1
Purchase obligation, payable in 2030 $ 0.1
v3.25.4
Commitments and Contingencies - Indemnifications (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Short-term indemnification assets  
Loss Contingencies [Line Items]  
Maximum potential amount of future payments $ 40
v3.25.4
Commitments and Contingencies - Legal Proceedings (Details)
Jun. 25, 2025
lawsuit
Commitments and Contingencies Disclosure [Abstract]  
Number of lawsuits 2
v3.25.4
Stockholders' Equity- Common Stock (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
commonStockClass
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
Nov. 30, 2025
USD ($)
Jul. 24, 2024
USD ($)
Oct. 26, 2023
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of classes of common stock | commonStockClass 2          
Repurchases and retirement of common stock $ 89,960 $ 83,039 $ 1,999      
Common Class A            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock repurchase program, authorized amount           $ 50,000
Stock repurchased and retired during period (in shares) | shares   3,632,123        
Common Class A | 2023 Share Repurchase Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock repurchase program, authorized amount           $ 50,000
Repurchases and retirement of common stock   $ 48,000        
Common Class A | 2024 Share Repurchase Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock repurchase program, authorized amount         $ 100,000  
Stock repurchased and retired during period (in shares) | shares 1,526,830 2,135,919        
Repurchases and retirement of common stock $ 65,000 $ 35,000        
Common Class A | 2025 Share Repurchase Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock repurchase program, authorized amount       $ 250,000    
Stock repurchased and retired during period (in shares) | shares 708,080          
Repurchases and retirement of common stock $ 25,000          
Remaining repurchase amount $ 225,000          
v3.25.4
Stockholders' Equity - RSU Releases (Details) - RSUs - Common Class A - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock issued during the period (in shares) 7,032,775 6,829,961 5,201,501
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares) 2,618,975 2,425,541 1,729,045
v3.25.4
Stockholders' Equity - 2017 Stock Plan and 2020 Equity Incentive Plan (Details) - shares
 1 Months Ended
Jan. 01, 2025
Jan. 31, 2021
Dec. 31, 2025
Dec. 31, 2024
2020 Equity Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock, capital shares reserved for future issuance (in shares)   21,000,000 65,403,042 54,360,277
Percentage increase in authorized shares of common stock   5.00%    
Number of shares available for grant (in shares)     23,376,897 15,162,111
Class A common stock automatically added to the reserve (in shares) 11,041,860      
Stock Plan, 2017        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of additional shares authorized (in shares)   19,000,000    
Number of shares available for grant (in shares)     0  
Number of authorized shares transferred between plans (in shares)     905  
v3.25.4
Stockholders' Equity - 2020 Employee Stock Purchase Plan (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based payments arrangement, nonvested award, option, cost not yet recognized, amount     $ 7.5    
Common Class A          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock issued during period, shares, employee stock purchase plans (in shares)     502,332 617,563 594,885
Common stock issuable under the ESPP          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Automatic percentage increase of authorized shares 1.00%        
Employee payroll deductions     $ 1.2    
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition     1 year 6 months 3 days    
Common stock issuable under the ESPP | Common Class A          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, capital shares reserved for future issuance (in shares)   4,000,000 6,047,919 6,047,919  
Number of shares benchmark (in shares) 12,000,000        
Number of shares available for grant (in shares)     3,939,611 4,441,943  
Purchase price of common stock, percent   85.00% 85.00%    
Common stock issuable under the ESPP | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Offering period   27 months      
v3.25.4
Stockholders' Equity - Stock Options Narrative (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended 46 Months Ended 67 Months Ended
Mar. 11, 2025
USD ($)
$ / shares
shares
Feb. 24, 2022
USD ($)
d
$ / shares
shares
Jun. 17, 2020
USD ($)
$ / shares
shares
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2025
USD ($)
shares
Feb. 28, 2025
shares
Feb. 28, 2021
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Award vesting period (in years)         4 years            
Awards vesting rights, percentage 100.00%                    
Award granted (in shares)         0 0          
Share-based payments arrangement, nonvested award, option, cost not yet recognized, amount | $         $ 7.5     $ 7.5 $ 7.5    
Expected term (in years) 6 years 4 months 28 days                    
Expected volatility rate 54.00%                    
Risk-free interest rate 4.00%                    
Expected dividend yield 0.00%                    
Weighted average grant date fair value (in USD per share) | $ / shares             $ 6.09        
Intrinsic value of exercises during period | $         133.7 $ 58.5 $ 6.2        
Chief Executive Officer                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Grant date fair value | $     $ 16.6                
Exercisable at the end of the period (in shares)                     3,246,139
Chief Executive Officer | June 17, 2020 Grant One                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Award granted (in shares)     3,246,139                
Awards granted (in USD per share) | $ / shares     $ 2.43                
Acquisition with shares consideration threshold (in USD per share) | $ / shares     $ 22.99                
Chief Executive Officer | June 17, 2020 Grant Two                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Award granted (in shares)     1,623,070                
Awards granted (in USD per share) | $ / shares     $ 2.43                
Acquisition with shares consideration threshold (in USD per share) | $ / shares     $ 38.31                
Exercisable at the end of the period (in shares)                   1,623,070  
Chief Executive Officer | February 24, 2022 Grant                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Award vesting period (in years)   4 years                  
Award granted (in shares)   2,085,640                  
Awards granted (in USD per share) | $ / shares   $ 5.01                  
Grant date fair value | $   $ 3.8                  
Share-based payments arrangement, nonvested award, option, cost not yet recognized, amount | $         $ 0.1     $ 0.1 0.1    
Share based payment arrangement option share price trigger (in USD per share) | $ / shares   $ 10                  
Share based payment arrangement option threshold trading (in days) | d   20                  
Share-based payment arrangement, option, threshold consecutive trading days (in days) | d   30                  
Share-based payment award, options, vested in period (in shares)               1,564,230      
Share-based payment award, options, shares exercised in period (in shares)         0            
Chief Executive Officer | March 11, 2025 Grant                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Award granted (in shares) 557,244                    
Awards granted (in USD per share) | $ / shares $ 34.71                    
Grant date fair value | $ $ 11.0                    
Share-based payments arrangement, nonvested award, option, cost not yet recognized, amount | $       $ 7.4              
Employee                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Share-based payments arrangement, nonvested award, option, cost not yet recognized, amount | $         $ 1.3     $ 1.3 $ 1.3    
Stock options                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Award vesting period (in years) 3 years                    
Expiration period (in years)         10 years            
Expected term (in years)             6 years 7 days        
Risk-free interest rate             4.20%        
Expected dividend yield             0.00%        
Stock options | Minimum                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Awards vesting rights, percentage 0.00%                    
Stock options | Maximum                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Awards vesting rights, percentage 250.00%                    
Stock options | Chief Executive Officer | June 17, 2020 Grant                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Exercise of vested stock options (in shares)                 3,229,134    
Stock options | Chief Executive Officer | February 24, 2022 Grant                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Awards vesting rights, percentage   25.00%                  
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition         1 month 24 days            
Stock options | Chief Executive Officer | March 11, 2025 Grant                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition       2 years 1 month 28 days              
Stock options | New Employee                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Award vesting period (in years)         4 years            
Award vesting rights, monthly percentage         2.083%            
Stock options | New Employee | Share-based Payment Arrangement, Tranche One                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Award vesting period (in years)         1 year            
Awards vesting rights, percentage         25.00%            
Stock options | Current Employee                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Award vesting period (in years)         4 years            
Award vesting rights, monthly percentage         2.083%            
Stock options | Employee                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition         9 months 18 days            
v3.25.4
Stockholders' Equity - Weighted Average Fair Value Assumptions (Details)
 12 Months Ended
Mar. 11, 2025
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years) 6 years 4 months 28 days  
Risk-free interest rate 4.00%  
Expected dividend yield 0.00%  
Stock options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years)   6 years 7 days
Expected volatility   49.90%
Risk-free interest rate   4.20%
Expected dividend yield   0.00%
v3.25.4
Stockholders' Equity- Option Activity (Details) - Employee, excluding CEO
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Shares    
Beginning balance (in shares) | shares 9,737  
Exercised (in shares) | shares (3,268)  
Forfeited and expired (in shares) | shares (11)  
Ending balance (in shares) | shares 6,458 9,737
Exercisable at the end of the period (in shares) | shares 6,005  
Weighted Average Exercise Price    
Beginning balance (in USD per share) | $ / shares $ 5.15  
Exercised (in USD per share) | $ / shares 3.29  
Forfeited and expired (in USD per share) | $ / shares 8.92  
Ending balance (in USD per share) | $ / shares 6.08 $ 5.15
Exercisable at the end of the period (in USD per share) | $ / shares $ 5.94  
Weighted Average Contractual Period (in Years)    
Outstanding balance (in years) 5 years 8 months 4 days 6 years 3 months 29 days
Exercisable at the end of the period (in years) 5 years 7 months 9 days  
Aggregate Intrinsic Value    
Outstanding balance | $ $ 170,453 $ 185,326
Exercisable at the end of the period | $ $ 159,317  
v3.25.4
Stockholders' Equity - Exercise Price Range of Options Outstanding and Exercisable (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Options Outstanding    
Shares (in shares) 6,458 9,737
Options Exercisable    
Shares (in shares) 6,005 7,566
$0.06 – 0.40    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Share-based payments arrangement, option, exercise price range, lower range limit (in dollars per share) $ 0.06 $ 0.06
Share-based payments arrangement, option, exercise price range, upper range limit (in dollars per share) $ 0.40 $ 0.40
Options Outstanding    
Shares (in shares) 14 361
Weighted Average Remaining Contractual Life (in Years) 2 years 25 days 3 years 1 month 28 days
Options Exercisable    
Shares (in shares) 14 361
Weighted Average Remaining Contractual Life (in Years) 2 years 25 days 3 years 1 month 28 days
1.55 – 1.75    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Share-based payments arrangement, option, exercise price range, lower range limit (in dollars per share) $ 1.55 $ 1.55
Share-based payments arrangement, option, exercise price range, upper range limit (in dollars per share) $ 1.75 $ 1.75
Options Outstanding    
Shares (in shares) 235 496
Weighted Average Remaining Contractual Life (in Years) 3 years 6 months 14 days 4 years 6 months 7 days
Options Exercisable    
Shares (in shares) 235 496
Weighted Average Remaining Contractual Life (in Years) 3 years 6 months 14 days 4 years 6 months 7 days
2.43 – 3.11    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Share-based payments arrangement, option, exercise price range, lower range limit (in dollars per share) $ 2.43 $ 2.43
Share-based payments arrangement, option, exercise price range, upper range limit (in dollars per share) $ 3.11 $ 3.11
Options Outstanding    
Shares (in shares) 693 2,486
Weighted Average Remaining Contractual Life (in Years) 4 years 5 months 4 days 5 years 5 months 4 days
Options Exercisable    
Shares (in shares) 693 2,486
Weighted Average Remaining Contractual Life (in Years) 4 years 5 months 4 days 5 years 5 months 4 days
5.01 – 6.82    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Share-based payments arrangement, option, exercise price range, lower range limit (in dollars per share) $ 5.01 $ 5.01
Share-based payments arrangement, option, exercise price range, upper range limit (in dollars per share) $ 6.82 $ 6.82
Options Outstanding    
Shares (in shares) 3,722 4,358
Weighted Average Remaining Contractual Life (in Years) 6 years 2 months 1 day 7 years 2 months 1 day
Options Exercisable    
Shares (in shares) 3,455 2,612
Weighted Average Remaining Contractual Life (in Years) 6 years 1 month 28 days 7 years 1 month 24 days
8.13 – 11.53    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Share-based payments arrangement, option, exercise price range, lower range limit (in dollars per share) $ 8.13 $ 8.13
Share-based payments arrangement, option, exercise price range, upper range limit (in dollars per share) $ 11.53 $ 9.41
Options Outstanding    
Shares (in shares) 1,646 1,781
Weighted Average Remaining Contractual Life (in Years) 5 years 5 months 23 days 6 years 8 months 8 days
Options Exercisable    
Shares (in shares) 1,460 1,399
Weighted Average Remaining Contractual Life (in Years) 5 years 3 months 3 days 6 years 3 months 29 days
12.21 – 15.17    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Share-based payments arrangement, option, exercise price range, lower range limit (in dollars per share) $ 12.21 $ 12.21
Share-based payments arrangement, option, exercise price range, upper range limit (in dollars per share) $ 15.17 $ 15.17
Options Outstanding    
Shares (in shares) 148 255
Weighted Average Remaining Contractual Life (in Years) 5 years 3 months 7 days 6 years 2 months 23 days
Options Exercisable    
Shares (in shares) 148 212
Weighted Average Remaining Contractual Life (in Years) 5 years 3 months 7 days 6 years 2 months 12 days
v3.25.4
Stockholders' Equity - RSUs Narrative (Details)
$ in Millions
 1 Months Ended 12 Months Ended 14 Months Ended 23 Months Ended 34 Months Ended
Mar. 11, 2025
Nov. 30, 2024
USD ($)
shares
Feb. 29, 2024
shares
Mar. 31, 2023
shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2025
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period (in years)         4 years      
Awards vesting rights, percentage 100.00%              
Share-based payment award, other than options, grants in period, grant date fair value | $               $ 12.9
RSUs                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period (in years)         4 years      
Granted (in shares)         6,775,000      
Vested (in shares)         7,033,000      
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | $         $ 305.1 $ 305.1 $ 305.1 305.1
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition         3 years 25 days      
RSUs | Share-based Payment Arrangement, Tranche One                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period (in years)         1 year      
Awards vesting rights, percentage         25.00%      
PRSUs                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period (in years)     3 years 3 years        
Granted (in shares)   16,778 1,218,467 1,115,709        
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | $         $ 9.2 $ 9.2 9.2 $ 9.2
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition         1 year 7 days      
Share-based payment award, other than options, grants in period, grant date fair value | $   $ 0.4         $ 16.2  
Share-based payment award, other than options, target shares percent   1         1 1
Share-based payment award, other than options, earned shares percent               2
PRSUs | March 2023                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Share-based payment award, other than options, forfeited in period (in shares)               11,408
PRSUs | February 2024                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Share-based payment award, other than options, forfeited in period (in shares)             267,697  
PRSUs | November 2024                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Share-based payment award, other than options, forfeited in period (in shares)           16,778    
PRSUs | Minimum                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Awards vesting rights, percentage     0.00% 0.00%        
PRSUs | Maximum                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Awards vesting rights, percentage     200.00% 200.00%        
v3.25.4
Stockholders' Equity - RSUs Activity (Details) - RSUs
shares in Thousands
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 15,757
Granted (in shares) | shares 6,775
Vested (in shares) | shares (7,033)
Forfeited and expired (in shares) | shares (2,424)
Ending balance (in shares) | shares 13,075
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 11.45
Granted (in dollars per share) | $ / shares 44.84
Vested (in dollars per share) | $ / shares 12.54
Forfeited and expired (in dollars per share) | $ / shares 15.10
Ending balance (in dollars per share) | $ / shares $ 27.50
v3.25.4
Stockholders' Equity - Vendor Warrants Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Vendor Warrants    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock outstanding and exercisable (in shares) 271,962  
Exercisable at the end of period (in shares) 271,962  
Outstanding common stock warrants (in shares) 271,962  
Exercisable and outstanding, weighted average exercise price (in usd per share) $ 1.75  
Exercisable and outstanding, weighted average remaining contractual terms 7 years 3 days  
Exercisable and outstanding, aggregate intrinsic value $ 8.4  
Class of warrant or right, number securities called by warrants or rights (in shares) 26,603  
Exercised (in shares)   190,373
Exercise of Class A common stock warrants (in shares)   18,622
Historical Debt Arrangement Warrants    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock outstanding and exercisable (in shares)   98,723
Exercisable at the end of period (in shares)   98,723
Outstanding common stock warrants (in shares)   98,723
Exercisable and outstanding, weighted average exercise price (in usd per share)   $ 6.96
Exercise of Class A common stock warrants (in shares)   9,657
Conversion of preferred stock to common stock (in shares)   52,639
v3.25.4
Stockholders' Equity - Stock Subject to Vesting and Earn-out Share Liability (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Mar. 11, 2025
Jul. 31, 2021
Jun. 30, 2021
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period (in years)       4 years
Awards vesting rights, percentage 100.00%      
Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Issuance of common stock acquisition-related earn-out consideration (in shares)       119,344
Restricted Stock | Employee | Honest Health Limited        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period (in years)     4 years  
Restricted Stock | Employee | Honest Health Limited | Share-based Payment Arrangement, Tranche One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period (in years)     1 year  
Awards vesting rights, percentage     25.00%  
Restricted Stock | Employee | Honest Health Limited | Common Class A        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares)     447,553  
Aggregate grant date fair value     $ 5.5  
Restricted Stock | Employee | Apostrophe        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period (in years)   3 years    
Restricted Stock | Employee | Apostrophe | Share-based Payment Arrangement, Tranche One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period (in years)   6 months    
Awards vesting rights, percentage   17.00%    
Restricted Stock | Employee | Apostrophe | Common Class A        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares)   2,332,557    
Aggregate grant date fair value   $ 24.2    
v3.25.4
Stockholders' Equity - Summary of Stock-Based Compensation Expense for Employees and Nonemployees (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense $ 135,244 $ 92,322 $ 66,080
Share-based payment arrangement, amount capitalized 3,600 2,300 1,700
Marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense 12,510 9,392 5,477
Operations and support      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense 18,910 10,205 6,815
Technology and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense 19,240 12,534 7,126
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock-based compensation expense $ 84,584 $ 60,191 $ 46,662
v3.25.4
Related-Party Transactions (Details) - Affiliated Entity - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Vouched      
Related Party Transaction [Line Items]      
Related party transaction, expenses from transactions with related party $ 2.7 $ 4.1 $ 2.1
Terminal, Inc.      
Related Party Transaction [Line Items]      
Related party transaction, expenses from transactions with related party     $ 4.6
v3.25.4
Basic and Diluted Net Income (Loss) per Share - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Dividends, common stock $ 0 $ 0 $ 0
Common Class V      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 0 0
v3.25.4
Basic and Diluted Net Income (Loss) per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income (loss) attributable to common stockholders, basic $ 128,365 $ 126,038 $ (23,546)
Amortization of debt discount and issuance costs $ (4,529) $ 0 $ 0
Denominator:      
Weighted average shares outstanding, basic (in shares) 224,959,268 215,939,037 209,344,712
Weighted average shares outstanding, diluted (in shares) 258,230,547 236,808,876 209,344,712
Basic net loss per share (in dollars per share) $ 0.57 $ 0.58 $ (0.11)
Diluted net loss per share (in dollars per share) $ 0.51 $ 0.53 $ (0.11)
Common Class A      
Numerator:      
Net income (loss) attributable to common stockholders, basic $ 123,585 $ 121,148 $ (22,604)
Amortization of debt discount and issuance costs 3,923 0 0
Reallocation of undistributed earnings 488 431 0
Net income (loss) attributable to common stockholders, diluted $ 127,996 $ 121,579 $ (22,604)
Denominator:      
Weighted average shares outstanding, basic (in shares) 216,581,645 207,561,414 200,967,089
Effect of dilutive potential common shares (in shares) 33,271,279 20,869,839 0
Weighted average shares outstanding, diluted (in shares) 249,852,924 228,431,253 200,967,089
Basic net loss per share (in dollars per share) $ 0.57 $ 0.58 $ (0.11)
Diluted net loss per share (in dollars per share) $ 0.51 $ 0.53 $ (0.11)
Common Class V      
Numerator:      
Net income (loss) attributable to common stockholders, basic $ 4,780 $ 4,890 $ (942)
Amortization of debt discount and issuance costs 0 0 0
Reallocation of undistributed earnings (488) (431) 0
Net income (loss) attributable to common stockholders, diluted $ 4,292 $ 4,459 $ (942)
Denominator:      
Weighted average shares outstanding, basic (in shares) 8,377,623 8,377,623 8,377,623
Effect of dilutive potential common shares (in shares) 0 0 0
Weighted average shares outstanding, diluted (in shares) 8,377,623 8,377,623 8,377,623
Basic net loss per share (in dollars per share) $ 0.57 $ 0.58 $ (0.11)
Diluted net loss per share (in dollars per share) $ 0.51 $ 0.53 $ (0.11)
v3.25.4
Basic and Diluted Net Income (Loss) per Share - Schedule of Excluded Antidilutive Securities (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Common Class V      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 0 0
RSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 2,660,472 360,601 15,220,986
Common stock issuable under the ESPP      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 356,339 0 404,648
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 156,558 21,278,043
Common stock issued subject to vesting      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 0 1,090,181
PRSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 0 928,642
Warrants | Common Class A      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 0 561,058
v3.25.4
Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total revenue $ 2,347,637 $ 1,476,514 $ 872,000
Less:      
Cost of revenue 614,259 303,379 157,051
Customer acquisition costs 798,477 594,479 379,673
Depreciation and amortization expense included within operating expenses 51,194 15,350 9,515
Interest income and expense, net (23,526) (10,349) (9,029)
Benefit from (provision for) income taxes (4,441) (54,327) 1,975
Other segment items 356,780 212,957 150,247
Net income (loss) 128,365 126,038 (23,546)
Adjustments and reconciling items 0 0 0
Employee Compensation      
Less:      
Marketing 42,406 35,672 26,530
Operations and support 113,417 73,239 48,192
Technology and development 60,948 39,565 24,322
General and administrative 74,514 48,189 40,990
Stock-Based Compensation      
Less:      
Marketing 12,510 9,392 5,477
Operations and support 18,910 10,205 6,815
Technology and development 19,240 12,534 7,126
General and administrative $ 84,584 $ 60,191 $ 46,662
v3.25.4
Segments - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Payments to acquire productive assets $ 242.6 $ 52.8 $ 26.5
v3.25.4
Income Tax - Loss Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 134,183 $ 71,111 $ (16,749)
Foreign (10,259) 600 (4,822)
Income (loss) before income taxes $ 123,924 $ 71,711 $ (21,571)
v3.25.4
Income Tax - Components Attributable to the Provision for Income Taxes (Details) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ (34) $ 1,639 $ 532
State 2,926 5,683 1,456
Foreign 5,628 0 0
Total current provision 8,520 7,322 1,988
Deferred:      
Federal (4,586) (43,328) 12
State (2,162) (18,321) (25)
Foreign (6,213) 0 0
Total deferred benefit (12,961) (61,649) (13)
Total (benefit) provision for income taxes $ (4,441) $ (54,327) $ 1,975
v3.25.4
Income Tax - Effective Income Tax Reconciliation 2025 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
United States federal statutory tax rate $ 26,024 $ 15,059 $ (4,530)
State and local income taxes, net of federal income tax effect (978) 2,700 1,636
Changes in valuation allowance   (65,021) 1,330
Other   233 (136)
Non-deductible loss on change in fair value of liabilities 1,940    
Global intangible low-taxed income 835    
Effect of foreign branch taxes (384)    
Research and development tax credits (19,522) (4,801) (5,398)
Foreign tax credits (3,868)    
Stock-based compensation (70,834) (28,361) 1,747
Non-deductible officers' compensation 49,599    
Non-deductible transaction costs 1,012    
Other 901    
Changes in unrecognized tax benefits 6,541    
Total (benefit) provision for income taxes $ (4,441) $ (54,327) $ 1,975
Percent      
United States federal statutory tax rate 21.00%    
State and local income taxes, net of federal income tax effect (0.80%)    
Non-deductible loss on change in fair value of liabilities 0.016    
Global intangible low-taxed income 0.70%    
Effect of foreign branch taxes (0.30%)    
Research and development tax credits (15.80%)    
Foreign tax credits (3.10%)    
Excess tax benefits from share-based payment awards (57.10%)    
Non-deductible officers' compensation 0.400    
Non-deductible transaction costs 0.008    
Other 0.70%    
Changes in unrecognized tax benefits 5.30%    
Effective tax rate (3.60%)    
United Kingdom      
Amount      
Changes in valuation allowance $ (2,625)    
Other $ (85)    
Percent      
Changes in valuation allowance (2.10%)    
Other (0.10%)    
Germany      
Amount      
Other $ 1,793    
Percent      
Other 1.40%    
Other foreign jurisdictions      
Amount      
Other foreign jurisdictions $ 1,009    
Percent      
Other foreign jurisdictions 0.80%    
United States Revenue      
Amount      
Changes in valuation allowance $ 3,868    
Other $ 333    
Percent      
Changes in valuation allowance 3.10%    
Other 0.30%    
v3.25.4
Income Tax - Effective Income Tax Rate Reconciliation 2023 and 2024 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Tax provision (benefit) at federal statutory rate $ 26,024 $ 15,059 $ (4,530)
State taxes, net of federal benefits (978) 2,700 1,636
Non-deductible officers' compensation   26,632 6,386
Non-deductible expenses   373 714
Warrants and earn-outs   (1,141) 226
Research and development credits (19,522) (4,801) (5,398)
Stock-based compensation (70,834) (28,361) 1,747
Change in valuation allowance   (65,021) 1,330
Other, net   233 (136)
Total (benefit) provision for income taxes $ (4,441) $ (54,327) $ 1,975
v3.25.4
Income Tax - Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss carryforwards $ 19,263 $ 21,032
Operating lease liabilities 37,135 2,827
Capitalized research and development 25,683 35,120
Research and other credits 20,248 4,812
Interest original issue discount 10,703 0
Other intangibles assets 8,986 276
Stock-based compensation 7,376 2,311
Inventory 5,843 5,874
Accrued expenses and reserves 4,279 3,778
Foreign tax credit carryforward 3,868 0
Deferred revenue 412 186
Other deferred tax assets 2,706 865
Total gross deferred tax assets 146,502 77,081
Less valuation allowance (3,868) (2,493)
Total deferred tax assets 142,634 74,588
Deferred tax liabilities:    
Other intangible assets (37,520) (3,771)
Operating lease right-of-use assets (34,414) (2,711)
Fixed assets (11,167) (4,560)
Prepaid expenses (2,494) (793)
Unrealized gain/loss (1,134) 0
Deferred state income tax 0 0
Other deferred tax liabilities (2,054) (1,150)
Total deferred tax liabilities (88,783) (12,985)
Net deferred tax assets $ 53,851 $ 61,603
v3.25.4
Income Tax - Additional Details (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]        
Valuation allowance $ 3,868,000 $ 2,493,000    
Valuation allowance, deferred tax asset, increase (decrease), amount 1,400,000 (68,000,000.0)    
Operating loss carryforwards, domestic 26,300,000      
Operating loss carryforwards, state 83,700,000      
Operating loss carryforwards, foreign 31,400,000      
Unrecognized tax benefits 18,506,000 6,011,000 $ 2,313,000 $ 0
Unrecognized interest or penalties 0 0 0  
Income taxes paid 23,162,000 $ 7,900,000 $ 1,100,000  
United Kingdom        
Income Tax Contingency [Line Items]        
Valuation allowance 0      
Federal        
Income Tax Contingency [Line Items]        
Operating loss carryforwards, not subject to expiration 26,100,000      
Federal | 2043        
Income Tax Contingency [Line Items]        
Tax carryforwards 26,100,000      
State        
Income Tax Contingency [Line Items]        
Operating loss carryforwards, not subject to expiration 1,000,000.0      
Tax carryforwards 7,200,000      
State | Do Not Expire        
Income Tax Contingency [Line Items]        
Tax carryforwards 6,400,000      
Foreign        
Income Tax Contingency [Line Items]        
Operating loss carryforwards, not subject to expiration $ 30,800,000      
v3.25.4
Income Tax - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Beginning balance $ 6,011 $ 2,313 $ 0
Increases in balances related to prior year tax positions 7,157 2,042 1,357
Increases in balances related to current year tax positions 5,338 1,656 956
Ending balance $ 18,506 $ 6,011 $ 2,313
v3.25.4
Income Tax - Income Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal $ 15,428    
State 7,004    
Foreign 730    
Total $ 23,162 $ 7,900 $ 1,100
v3.25.4
Subsequent Events (Details) - Subsequent Event
$ in Millions
 1 Months Ended 3 Months Ended
Feb. 23, 2026
USD ($)
Jan. 31, 2026
USD ($)
Jun. 30, 2026
USD ($)
paymentInstallment
The Credit Facility      
Subsequent Event [Line Items]      
Proceeds from long-term lines of credit   $ 150.0  
YourBio Health, Inc.      
Subsequent Event [Line Items]      
Cash consideration   $ 150.0  
Measurement term   5 years  
Earn-out consideration, term   75 days  
EUC Management Pty Ltd. | Horizon BidCo Pty Ltd      
Subsequent Event [Line Items]      
Acquisition, consideration expected $ 1,150.0    
EUC Management Pty Ltd. | Horizon BidCo Pty Ltd | Forecast      
Subsequent Event [Line Items]      
Cash consideration     $ 240.0
EUC Management Pty Ltd. | Horizon BidCo Pty Ltd | Ear-Out Payments | Forecast      
Subsequent Event [Line Items]      
Number of quarterly payment installments | paymentInstallment     6
Contingent consideration, term     18 months
Business combination, contingent consideration, liability     $ 200.0
Contingent consideration, cash settlement option, percentage     0.60
EUC Management Pty Ltd. | Horizon BidCo Pty Ltd | Deferred Payments | Forecast      
Subsequent Event [Line Items]      
Deferred payment liability     $ 710.0