Hinge Health Stock Earnings Reports

Hinge Health delivered a very strong finish to 2025 with Q4 revenue of $171M (+46% YoY) and full-year revenue of $588M (+51% YoY). LTM calculated billings reached $671M (+44% YoY). The company achieved exceptional margins and cash generation: Q4 gross margin 85%, Q4 operating margin 28%, and full-year free cash flow of $180M (31% FCF margin). Management attributes significant efficiency gains to AI investments (including an AI care assistant “Robin”), which enabled serving 47% more members in 2025 while keeping care team costs flat and driving higher engagement and NPS. Contracted lives grew to ~24.6M (+4.8M net adds in 2025) across ~2,800 clients with 97% retention. Hinge Select, the company’s high-performance in-person provider network, is early but promising and expected to have little revenue impact before 2027; it’s being built as a multi-year moat. Management expects 2026 revenue of $732–742M (midpoint +25% YoY) and non-GAAP operating income of $151–156M ( ~21% margin), with Q1 2026 revenue guided at $171–173M. Company will remain disciplined on investments (R&D, sales) to scale Hinge Select and SMB expansion while maintaining flat ASPs and assuming flat yield in guidance; they see ongoing upside potential from yield/product initiatives. Balance sheet actions included a share repurchase program (board-authorized up to $250M) with repurchases executed in Q4. Management emphasized they are already GAAP profitable, achieved their IPO-era 30% FCF margin target faster than expected, and view their proprietary data, distribution, clinical validation, and hybrid (software + hardware + in-person) model as durable competitive advantages.