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Hims & Hers Health cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$68.2M in Q2 2026 · $61.6M over twelve months

Operating cash flow−$35.9M
Capital spending−$32.3M
Free cash flow−$68.2M
Cash conversion cycle-75 days

Analysis

In Q2 2026, Hims & Hers Health generated −$35.9M of operating cash flow and spent $32.3M on capital projects, leaving free cash flow of −$68.2M. That is $1.3M more than in Q2 2025 (−$69.5M).

Over the twelve months to Jun 30, 2026, operating cash flow was $263M; the largest uses were acquisitions ($458M), other investing ($242M), capital spending ($202M); besides operations, cash came from net borrowing (+) / repaid (−) ($390M), shares issued ($17.6M); the cash balance fell by $515M.

Operating cash flow was −$35.9M against net income of −$86.3M. The largest differences: receivables −$213M, payables +$156M, accrued liabilities +$79.5M.

Its cash conversion cycle was -75 days (receivables 32 + inventory 28 − payables 135): suppliers fund its working capital.

Free cash flow

Hims & Hers Health: free cash flow by quarterHims & Hers Health: free cash flow by quarter$79.4MQ3 2024$59.5MQ4 2024$50.1MQ1 2025−$69.5MQ2 2025$79.3MQ3 2025−$2.6MQ4 2025$53.1MQ1 2026−$68.2MQ2 2026
Operating cash flow less capital spending.
Hims & Hers Health: operating cash flow against capital spendingHims & Hers Health: operating cash flow against capital spendingOperating cash flowCapital spending$85.3M$5.9MQ3 2024$86.4M$26.9MQ4 2024$109M$59.0MQ1 2025−$19.1M$50.4MQ2 2025$149M$69.4MQ3 2025$61.3M$63.9MQ4 2025$89.4M$36.3MQ1 2026−$35.9M$32.3MQ2 2026
Latest (Q2 2026): Operating cash flow −$35.9M, Capital spending $32.3M.

Capital allocation, year by year

Hims & Hers Health: where the cash came from (up) and went (down), by fiscal yearHims & Hers Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$34.4MFY2021: Net borrowing $1.2MFY2021: Acquisitions −$46.5M$1.2MFY2021FY2022: Operating cash flow −$26.5MFY2022: Shares issued $1.2MFY2022: Capital spending −$7.2M$1.2MFY2022FY2023: Operating cash flow $73.5MFY2023: Shares issued $2.3MFY2023: Capital spending −$26.5MFY2023: Buybacks −$2.0M$75.8MFY2023FY2024: Operating cash flow $251MFY2024: Shares issued $26.7MFY2024: Capital spending −$52.8MFY2024: Acquisitions −$15.4MFY2024: Buybacks −$83.0M$278MFY2024FY2025: Operating cash flow $300MFY2025: Net borrowing $970MFY2025: Shares issued $11.0MFY2025: Capital spending −$243MFY2025: Acquisitions −$145MFY2025: Buybacks −$90.0M$1.3BFY2025
Over these 5 years operating cash flow totalled $564M; the largest uses were capital spending ($329M) and acquisitions ($207M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$841M
Debtnone
Net cash$841M

Hims & Hers Health funds itself: free cash flow was $61.6M over the last twelve months, with $841M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Hims & Hers Health: sources (+) and uses (−) of cash, Q2 2026Hims & Hers Health: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)−$388MOther financing$357MOther investing$297MAcquisitions−$180MOperating cash flow−$35.9MCapital spending−$32.3MTaxes on employees’ shares−$23.1MShares issued$8.0MExchange rates−$2.8M
Hims & Hers Health: sources (+) and uses (−) of cash, TTM to Q2 2026Hims & Hers Health: sources (+) and uses (−) of cash, TTM to Q2 2026Cash drawn (+) / kept (−)$515MAcquisitions−$458MNet borrowing (+) / repaid (−)$390MOperating cash flow$263MOther investing−$242MCapital spending−$202MOther financing−$164MTaxes on employees’ shares−$117MShares issued$17.6MExchange rates−$4.0M

From profit to cash

Hims & Hers Health: net income to operating cash flow, Q2 2026Hims & Hers Health: net income to operating cash flow, Q2 2026Net income−$86.3MDepreciation & amortization$29.5MStock-based pay$42.1MDeferred taxes−$9.4MOther non-cash$1.5MReceivables−$213MInventory$6.0MPayables$156MAccrued liabilities$79.5MDeferred revenue−$35.0MPrepaid and other assets−$565KOperating cash flow−$35.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20263228135-75
Q1 2026133496-49

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$35.9M−$32.3M−$180M—$8.0M−$388M−$68.2M
Q1 2026$89.4M−$36.3M−$138M—$5.0M$6.3M$53.1M
Q4 2025$61.3M−$63.9M−$23.5M−$80.5M$1.2M$117M−$2.6M
Q3 2025$149M−$69.4M−$117M−$9.5M$3.3M$779M$79.3M
Q2 2025−$19.1M−$50.4M——$2.6M−$850M−$69.5M
Q1 2025$109M−$59.0M−$5.1M—$3.9M−$53.5M$50.1M
Q4 2024$86.4M−$26.9M—−$5.0M$8.1M−$55.1M$59.5M
Q3 2024$85.3M−$5.9M−$15.4M−$30.0M$2.0M−$36.2M$79.4M

Hims & Hers Health: income statement and cash flow

Hims & Hers Health, Q2 2026: revenue $753M (+38% year over year), operating margin -12.9%. The chart follows the revenue to costs, profit and cash.

Hims & Hers Health: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.