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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently the company runs and where it’s prioritizing investment.Expenses have shifted from simple customer acquisition to full-stack scale-up: marketing remains the largest line but operations/support, technology and G&A have ramped materially since late 2022 as the company builds labs, AI, international infrastructure and supports rapid branded GLP‑1 rollout. Management calls the recent jump deliberate — one‑time restructuring and supply‑chain write‑downs created short‑term margin noise — and expects operating leverage to materialize in H2 as cohorts compound; investors should watch near‑term margin volatility and whether member economics justify this heavy upfront spend.
Date | General and Administrative | Operations and Support | Marketing | Technology and Development |
|---|---|---|---|---|
Jun 30, 2026 | $165.38M | $95.48M | $262.24M | $54.90M |
Mar 31, 2026 | $109.67M | $96.50M | $222.00M | $46.94M |
Dec 31, 2025 | $76.17M | $80.07M | $238.05M | $40.96M |
Sep 30, 2025 | $80.68M | $76.85M | $232.15M | $40.58M |
Jun 30, 2025 | $67.27M | $66.49M | $217.86M | $37.85M |
Mar 31, 2025 | $48.61M | $63.03M | $231.24M | $29.91M |
Dec 31, 2024 | $48.03M | $58.08M | $221.09M | $23.75M |
Sep 30, 2024 | $44.62M | $47.52M | $182.28M | $21.09M |
Jun 30, 2024 | $40.55M | $41.45M | $144.92M | $18.65M |
Mar 31, 2024 | $34.57M | $38.75M | $130.55M | $15.32M |