Hinge Health (HNGE) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 financial performance with $588M revenue (up 51% YoY) and Q4 revenue of $171M (up 46% YoY), supported by strong commercial momentum and highest win rates to date.

• Expanded to nearly 25M contracted lives across 2,800+ clients, including 53% of the Fortune 100 and 22M self-insured lives.

• Surpassed 100M lifetime member activity sessions, with member NPS at all-time highs and a 97% annual client retention rate.

• Launched Hinge Select and AI-powered care tools, driving efficiency, member satisfaction, and operational gains.

• Began trading on the NYSE and executed a $65M share repurchase in Q4.

Financial highlights

• Q4 gross margin was 85%; full-year gross margin was 83%, up from 78% in 2024.

• Q4 operating margin reached 28%; full-year non-GAAP operating margin was 20%, up from -7% in 2024.

• Generated $62M in Q4 free cash flow (36% margin) and $180M for the year (31% margin), achieving IPO targets ahead of schedule.

• Rule of 40 metric was 81 for 2025, more than double the industry standard.

• Ended Q4 with $479M in cash and equivalents.

Outlook and guidance

• Q1 2026 revenue guidance: $171M–$173M (39% YoY growth at midpoint); non-GAAP operating income: $30M–$32M (18% margin).

• Full-year 2026 revenue guidance: $732M–$742M (25% YoY growth at midpoint), $39M above consensus.

• Full-year 2026 non-GAAP operating income: $151M–$156M (21% margin), $18M above consensus.

• Expect GAAP profitability in 2026 and further improvement in operating margins.

• Q1 2026 non-GAAP income from operations expected up 108% YoY.