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operating-expenses-chart

HIMS Operating Expenses

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In Q4'25, HIMS's operating expenses reached $409.62M for R&D and $314.21M for SG&A, totaling approximately $723.83M, marking a stabilization after accelerated growth in prior quarters. This latest data point reflects a modest 1% increase in R&D from Q3'25 and a 0.5% rise in SG&A, indicating controlled spending amid ongoing business expansion. From Q1'23 to Q4'25, both R&D and SG&A expenses exhibited strong upward trends, with R&D surging from $10.75M to $40.96M (a 281% increase) and SG&A escalating from $127.76M to $314.21M (a 146% rise), driven by significant accelerations in 2024 and early 2025. The stacked bar chart highlights SG&A as the dominant component, consistently comprising over 85% of total operating expenses, while R&D showed sharper growth rates, particularly doubling from Q1'24 to Q2'25, suggesting investments in innovation amid revenue scaling. Overall, the data points to robust but maturing expense management, with total operating costs climbing from $138.51M in Q1'23 to $723.83M in Q4'25.