Revenue growth like this doesn’t come from noise. It happens when a company locks in product fit and turns it into system-wide expansion. Two firms are now flashing numbers that match the kind of vertical control tech investors chase. Oscar Health and Hims & Hers have entered a different category.
Oscar Health logged $10 billion in trailing revenue this year. Back in 2020, they were sitting at $391 million. That’s a multiple of 25.5 over five years. They cleared $3.05 billion in Q1 2025. Net income hit $275 million. Public filings show shareholder returns are just shy of 250% in the past three years. Oscar is no longer just a health insurer. They’re building integration. Their backend AI system now routes claims, care protocols, and user communications with minimal human intervention. That’s how costs drop. That’s how margins scale.
Hims started lighter. They were pulling $148 million in 2020. As of Q1 2025, revenue stands at $586 million. That’s a 111% increase year-over-year and 11.5X growth since launch. They now manage 2.4 million monthly subscribers. Average online revenue per user has climbed to $84. They are projecting $2.4 billion for this year and expect to hit $6.5 billion by 2030. The company controls diagnostics, prescription flows, fulfillment, follow-ups. They now handle weight loss, hormone support, mental health, and sexual health within one platform. The stack is built.
Both companies are tracking toward full vertical structure. They own the data, the interfaces, the logistics, and the billing stack. They’re not playing in fragmented markets. They’re reducing the steps between symptom and resolution.
Wall Street hasn’t fully priced in the model shift. Ratings still hover under long-term estimates. But the core numbers are climbing without gimmicks. No equity-dilution drama. No one-time licensing spikes. Just recurring, predictable, scaled revenue from direct-to-consumer care systems. Both firms will likely be viewed as infrastructure within the decade.
Sources:
https://investors.hims.com/financials/quarterly-results/default.aspx
https://finance.yahoo.com/news/oscar-health-nyse-oscr-q1-172945229.html
Disclaimer: This is not a financial advice