So, here's the thing about earnings season: sometimes a company gives you a little bit of everything. That's the story for Hims & Hers Health Inc (HIMS) this quarter. After the market closed Monday, the telehealth company reported results that were, well, a mixed bag. They beat on the bottom line but missed on the top line, and their guidance for the current quarter is a bit cautious. Let's unpack it.

The headline numbers tell the tale. For the fourth quarter, Hims & Hers posted revenue of $617.82 million. That's a solid 28% jump from a year ago, but it fell just short of the $619.22 million analysts were expecting, according to market data. On the profit side, things looked better. The company reported earnings of eight cents per share, which handily beat the estimate of three cents per share.

The real growth story, as it often is for subscription businesses, is in the customer base. Hims & Hers now has over 2.5 million subscribers, a 13% increase. "More than 2.5 million subscribers now rely on us for a health care experience that is both accessible and deeply personal — and we believe we're well on our way to becoming the global leader in consumer health," said Andrew Dudum, the company's co-founder and CEO.

There was one metric that moved in the wrong direction, though. Gross margin came in at 72% for the quarter. That's down from 77% in the same quarter last year. The company ended the period with $228.62 million in cash and equivalents. It generated $61.3 million in operating cash flow, though free cash flow was negative $2.6 million for the quarter.

Now, about the future. This is where investors might be doing a bit of a double-take. For the current first quarter of 2026, Hims & Hers expects revenue between $600 million and $625 million. That's notably below the analyst consensus estimate of $653.12 million. For the full 2026 year, the outlook is more in line. The company guided for revenue of $2.7 billion to $2.9 billion, compared to estimates of $2.74 billion.

Despite the near-term caution, management is talking a big long-term game. "With a strong balance sheet and robust operating cash flow from tenured specialties in our domestic operations, we have the flexibility to invest in scaling new specialties, advancing our technology and infrastructure, and expanding internationally," said CFO Yemi Okupe. He added that this supports the path toward ambitious 2030 targets of at least $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA.

So, what did the market think of this grab-bag of news? The stock did what stocks often do with mixed signals: it got jumpy. Shares were volatile in after-hours trading Monday. At the time of the report's publication, the stock was down 0.64% at $15.41. The company's executives were scheduled to hop on a call with analysts at 5 p.m. ET to provide more color, which is often where the real story behind the numbers comes out.