Hinge Health, Inc. (HNGE) Earnings History

Hinge Health, Inc. - Q4 FY2025 EarningsBeat

Filed at: Feb 10, 2026, 4:07 PM EST|Read from source

EXECUTIVE SUMMARY

Hinge Health reported a strong fourth quarter and full year 2025, characterized by significant revenue growth, expanding margins, and robust cash flow generation. The company highlighted record financial results, driven by commercial momentum and operational efficiencies, positioning it for continued growth and profitability in 2026.

POSITIVE HIGHLIGHTS

  • •

    Revenue increased 46% year over year to $170.7 million in Q4 2025.

    positive
  • •

    Full year 2025 revenue increased 51% year over year to $587.9 million.

    positive
  • •

    GAAP gross margin improved to 84% in Q4 2025 from 82% in Q4 2024.

    positive
  • •

    Non-GAAP income from operations increased 124% to $48.0 million in Q4 2025.

    positive
  • •

    Net cash provided by operating activities increased 67% to $63.9 million in Q4 2025.

    positive
  • •

    Free cash flow increased 65% to $61.5 million in Q4 2025.

    positive
  • •

    Number of members increased 47% year over year to 782,890.

    positive
  • •

    Rule of 40 metric was 81 in 2025 compared to 45 in 2024.

    positive

CONCERNS & RISKS

  • •

    GAAP loss from operations for the full year 2025 was $546.4 million, a significant increase from a loss of $31.9 million in 2024.

    negative
  • •

    GAAP research and development expenses as a percentage of revenue remained high at 19% in Q4 2025 and 63% for the full year 2025.

    attention
  • •

    GAAP general and administrative expenses as a percentage of revenue were 14% in Q4 2025 and 56% for the full year 2025.

    attention
  • •

    Inventory levels increased from $10.9 million in FY2024 to $15.6 million in FY2025.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$170.73M
+45.6%
Prior year: $117.26M
Annual (YTD)
$587.86M
N/A
Prior year: $390.40M
Net Income
Quarterly
$32.09M
+18.4%
Prior year: $27.12M
Annual (YTD)
$-528.26M
N/A
Prior year: $-11.93M
EPS (Diluted)
Quarterly
$0.37
-7.5%
Prior year: $0.40
Operating Income
Quarterly
$27.26M
+30.3%
Prior year: $20.91M
Annual (YTD)
$-546.37M
N/A
Prior year: $-31.91M
EPS (Basic)
Quarterly
$0.39
-7.1%
Prior year: $0.42

MARGIN ANALYSIS

Gross Margin
Current Quarter
84.0%
Prior Year
82.0%
YoY Change
+200 bps
Operating Margin
Current Quarter
16.0%
Prior Year
18.0%
YoY Change
-200 bps
Net Margin
Current Quarter
18.8%
Prior Year
23.1%
YoY Change
-430 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

MANAGEMENT GUIDANCE

FY 2026

revenue
$732000.0B—$742000.0B
Mid-point: $737000.0B
"25% year over year growth at the midpoint"
non-GAAP income from operations
151,000,000—156,000,000
Mid-point: 153,500,000
"29% year over year growth and 21% non-GAAP operating margin at the midpoint"

Q1 2026

revenue
$171000.0B—$173000.0B
Mid-point: $172000.0B
"39% year over year growth at the midpoint"
non-GAAP income from operations
30,000,000—32,000,000
Mid-point: 31,000,000
"108% year over year growth and 18% non-GAAP operating margin at the midpoint"

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

MANAGEMENT COMMENTARY

Closed out the year with an exceptional quarter and a strong selling season, driving our highest win rates to date and greatest number of eligible lives added in any year.

— Hinge Health, Inc., Q4 FY2025 2025 Earnings Call

Commercial momentum, combined with expanding margins and strong cash generation, gives us confidence in our ability to continue automating care delivery.

— Hinge Health, Inc., Q4 FY2025 2025 Earnings Call

Sustain our position as a leader in digital musculoskeletal care, and drive attractive growth and increased margins in 2026.

— Hinge Health, Inc., Q4 FY2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Annual yield
3.9
+14.7% YoY
Prior year: 3.4
%
LTM average eligible lives
20.1M
+28.0% YoY
Prior year: 15.7M
lives
LTM calculated billings
671.4M
+43.6% YoY
Prior year: 467.5M
dollars
Number of clients
2.8K
+25.4% YoY
Prior year: 2.3K
clients
Number of contracted lives
25.0M
+25.0% YoY
Prior year: 20.0M
lives
Number of members
782.9K
+47.1% YoY
Prior year: 532.3K
members

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.