Hinge Health (HNGE) financial statements
Hinge Health reported revenue of $588M in fiscal 2025, up 41.7% a year over 2 years.
Net income was -$528M and the operating margin -92.9%, against -44.6% in 2023.
Free cash flow was $165M, and the company returned $65M in net buybacks.
The diluted share count rose 319% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Hinge Health's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $293M | $390M | $588M |
| Cost of revenue | $99M | $91M | $120M |
| Gross profit | $194M | $300M | $468M |
| Research and development | $110M | $101M | $368M |
| Selling, general and admin | $215M | $231M | $646M |
| Operating income | -$131M | -$32M | -$546M |
| Pre-tax income | -$109M | -$11M | -$527M |
| Income tax | -$405,000 | $677,000 | $998,000 |
| Net income | -$108M | -$12M | -$528M |
| EPS (diluted) | -$8.31 | -$0.88 | -$7.77 |
| Diluted shares | 13M | 14M | 55M |
| Gross margin | 66.3% | 76.8% | 79.6% |
| Operating margin | -44.6% | -8.2% | -92.9% |
| Net margin | -36.9% | -3.1% | -89.9% |
Balance sheet
Fiscal years, from Hinge Health's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $235M | $467M | $364M |
| Receivables | — | $42M | $66M |
| Inventory | — | $11M | $16M |
| Total current assets | — | $583M | $534M |
| Property, plant and equipment | — | $7M | $10M |
| Goodwill | — | $62M | $64M |
| Total assets | — | $673M | $745M |
| Total current liabilities | — | $249M | $362M |
| Total liabilities | — | $257M | $366M |
| Shareholders' equity | -$424M | -$435M | $179M |
| Net debt | -$235M | -$301M | -$208M |
Cash flow
Fiscal years, from Hinge Health's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | -$64M | $49M | $171M |
| Capital spending | $5M | $4M | $6M |
| Free cash flow | -$69M | $45M | $165M |
| Stock-based compensation | $2M | $739,000 | $643M |
| Share buybacks (net) | $0 | $0 | -$65M |
| Free cash flow margin | -23.4% | 11.6% | 28.1% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for HNGE.
Open HNGE in InvestinglyQuestions
What was Hinge Health's revenue in 2025?
$588M in fiscal 2025, from its 10-K filing.
How much free cash flow does Hinge Health generate?
$165M in fiscal 2025 (operating cash flow minus capital spending).
From Hinge Health's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.