How's Flo Health doing these days?

Is Flo Health still growing quickly?

Flo Health is still growing, but its business has slowed sharply since the period that made it a unicorn.

According to the company's consolidated UK accounts filed with Companies House, revenue increased from approximately £87.7 million in 2023 to £133.9 million in 2024 and £154.9 million in 2025. Annual growth fell from 52.7% to 15.7%.

The difference is even clearer in absolute terms. Flo generated an additional £46.2 million of revenue in 2024, compared with just £21 million in 2025. Its annual revenue increase was less than half the previous year's.

User growth tells a more encouraging story. Flo reported nearly 70 million monthly active users in June 2024, while Google confirmed more than 80 million in October 2026. The audience is still expanding, although its growth is less explosive than it was a few years ago.

The financial slowdown is significant because Flo now has a much larger business from which to generate growth. Some moderation is natural as revenue rises, but a decline from 52.7% to 15.7% in a single year is too large to explain away as normal maturity.

Financial year	Revenue	Annual growth	Revenue added
2023	£87.7M	-	-
2024	£133.9M	52.7%	£46.2M
2025	£154.9M	15.7%	£21.0M

How big is Flo Health today?

Flo Health is now one of the world's largest dedicated women's health platforms, with more than 80 million monthly active users and approximately 500 million cumulative downloads.

Those figures were confirmed in October 2026, when Flo and Google announced their strategic partnership. The audience is enormous for a specialized healthcare app, although monthly usage and lifetime downloads tell very different stories.

Flo reported around 38 million monthly active users in an earlier Auth0 case study, 50 million in January 2023, 57 million in October 2023 and nearly 70 million by June 2024. A Databricks announcement put the figure above 75 million in June 2025, followed by Google's confirmation of more than 80 million.

We can therefore trace a fairly consistent expansion rather than a temporary surge. Flo added approximately 20 million monthly users between January 2023 and June 2024, but growth over the following two years was considerably slower.

The 500 million download figure needs more caution. Cumulative downloads include former users, repeat installations and people who downloaded the app without becoming regular users. Monthly active users give us a better picture of the company's actual reach.

Even with that distinction, Flo's current audience is unusually large. Its challenge is increasingly about generating more value from this audience rather than simply attracting millions of new users.

Is Flo Health still the number-one period-tracking app?

Flo Health remains the strongest commercial leader among dedicated period-tracking apps, particularly when we look at subscription spending rather than downloads alone.

AppMagic's worldwide in-app purchase estimates for 2025, published through Statista in May 2026, placed Flo ahead of Natural Cycles and Clue. That is a useful comparison because paying users show stronger commercial demand than people who simply install an app.

The three platforms also compete differently. Flo targets a broad audience interested in menstrual cycles, symptoms, fertility, pregnancy and hormonal health. Clue focuses heavily on cycle science and reproductive health information. Natural Cycles specializes in fertility and contraception, including an FDA-cleared birth-control application. How cycle trackers, fertility apps and contraception apps differ is shown on the market maps and grids in our report on femtech.

Apple and Google complicate the comparison. Both provide cycle-tracking features through much larger health ecosystems, often without asking users to pay for a separate menstrual calendar. Their installed audiences are much bigger than Flo's, even though menstrual tracking represents only a small part of what they offer.

Flo is therefore the clear commercial leader in the dedicated period-tracking subscription category. Whether it can retain that lead as more sophisticated features become available through mainstream wearable devices is a separate question.

Is Flo Health making serious money from subscriptions?

Flo Health has built a substantial subscription business, with millions of paying customers and annual revenue measured in hundreds of millions of dollars.

In July 2024, the company reported close to 5 million paying subscribers alongside nearly 70 million monthly active users. Those figures imply a paying-subscriber-to-monthly-user ratio of approximately 7.1%.

By December 2024, Flo had reached 6 million paying subscribers, according to its January 2025 board announcement. That represents an increase of roughly one million subscribers from the figure reported earlier in the year, although both numbers are rounded.

The 7.1% figure is an indicative ratio rather than an official conversion rate, since subscriber counts and monthly user counts describe different populations. Still, it shows how Flo's freemium model works: millions of subscribers can support a large business even when the vast majority of its audience uses the free version.

Flo also expected gross bookings to exceed $200 million in 2024, around 50% above the previous year. Bookings measure subscription sales before all revenue-recognition adjustments, so we cannot compare that figure directly with the £133.9 million of recognized revenue reported in its consolidated accounts.

The unanswered question is how paying subscriptions have changed since December 2024. Flo has not published an equally recent verified subscriber count for 2025 or 2026, nor a detailed breakdown of subscription revenue by country, customer type or product.

We consequently cannot establish whether the latest revenue increase came mainly from new subscribers, price changes, better retention or a different mix of subscription plans.

Flo has already proved that a large audience will pay for reproductive health software. Now it needs to get those customers to stay longer, spend more, and generate enough profit to support the company's expansion.

Is Flo Health profitable yet?

Flo Health is still losing money, and its latest audited results show that profitability actually moved further away in 2025.

The company's consolidated operating loss increased from approximately £10.4 million in 2024 to £14.6 million in 2025. Its operating margin deteriorated from negative 7.7% to negative 9.4%, despite revenue growing by £21 million.

That reverses the progress made in 2024, when Flo cut its operating loss from £15.7 million to £10.4 million while increasing revenue by more than 50%.

Staffing costs help explain part of the problem. Average employee numbers increased from 375 in 2023 to 420 in 2024 and 459 in 2025. Over those two years, revenue grew much faster than headcount, and revenue per employee improved from roughly £234,000 to £338,000.

But the most recent year was less impressive. Wages increased from approximately £29.8 million to £34.6 million, almost exactly matching the percentage growth in revenue. As a result, wage costs remained close to 22% of turnover.

Revenue per employee improved by only about 5.9% in 2025, while the operating margin worsened.

There are also limits to what the accounts reveal. Without a sufficiently detailed breakdown of marketing, customer acquisition and product-development spending, we cannot confidently assign the increased losses to one particular activity.

Flo has nevertheless shown that its operating economics can improve quickly when revenue grows fast enough. The problem now is finding that growth again, or getting costs under tighter control.

Financial metric	2023	2024	2025
Revenue	£87.7M	£133.9M	£154.9M
Revenue growth	-	52.7%	15.7%
Operating profit/loss	-£15.7M	-£10.4M	-£14.6M
Operating margin	-17.9%	-7.7%	-9.4%
Pre-tax profit/loss	-£19.5M	-£15.0M	-£16.7M
Net profit/loss	-£19.9M	-£15.6M	-£15.8M
Year-end cash	£4.7M	£40.6M	£28.7M
Average employees	375	420	459
Revenue per employee	£234K	£319K	£338K

Is Flo Health running out of money?

Flo Health does not appear to be facing an immediate financing crisis, although its latest accounts show a noticeable decline in cash.

The company ended 2025 with approximately £28.7 million in cash, compared with £40.6 million one year earlier. That represents a decline of about 29%. Its balance sheet also showed negative shareholders' equity of approximately £15.4 million.

These figures deserve attention, but they do not establish that Flo is close to insolvency. The company operates a subscription business, where deferred revenue, working capital and financing arrangements can affect the relationship between cash, liabilities and accounting equity.

Its auditor, Ernst & Young, issued an unqualified opinion on the consolidated financial statements. The going-concern assessment did not identify material uncertainties that would cast significant doubt on Flo's ability to continue operating during the assessment period.

Flo has also attracted new financial support. Google Health announced a strategic investment in October 2026 alongside a multi-year commercial partnership. The investment amount and terms were not disclosed, so we cannot calculate how much additional cash Flo received.

The company has credible financing options and an established revenue base. Still, lower cash reserves and continuing operating losses make the path toward self-funding increasingly important.

Is Flo Health really worth more than $1 billion?

Flo Health's billion-dollar valuation remains defensible, but its slower growth makes a much higher valuation difficult to support without stronger financial results.

General Atlantic announced an investment exceeding $200 million in July 2024, valuing Flo above $1 billion. At the time, Flo reported nearly 70 million monthly active users, close to 5 million paying subscribers and expected gross bookings above $200 million for the year. A $200 million round shows where femtech money goes, and we follow what investors back and avoid in our market report about femtech.

Using $200 million in bookings as a rough reference, a $1 billion valuation represented approximately five times projected annual gross bookings. That was a credible headline multiple for a consumer subscription company growing around 50%, although recognized revenue provides a more rigorous valuation denominator.

The picture has since changed. Flo now serves a larger audience, has expanded into additional health categories and has secured a strategic investment from Google. Meanwhile, its consolidated revenue growth slowed to 15.7% in 2025, with operating losses increasing.

Investors generally pay higher multiples when companies combine fast growth with a credible path to profitability. Flo's latest financial results offer less support for that combination than its earlier figures did.

Google's investment could provide an updated valuation reference, but neither company disclosed the price or ownership stake. We therefore cannot infer a new valuation from the announcement.

Flo earned its unicorn status through genuine scale and commercial success. But claims that its value has risen dramatically since the General Atlantic round would need considerably more evidence than we have today.

How big a deal is Flo Health's new partnership with Google?

Flo Health's partnership with Google is its most important recent strategic development, giving the company access to wearable data, personalized health coaching and potential new products.

Announced on October 12, 2026, the multi-year agreement makes Flo a key women's health partner within Google's expanding health ecosystem. Google also made an undisclosed strategic investment in the company.

The planned integration goes beyond sharing basic cycle dates. With user consent, Flo will be able to combine menstrual and symptom information with measurements such as resting heart rate, heart-rate variability, skin temperature and sleep stages.

Google Health Coach will also incorporate Flo information to provide guidance that takes menstrual cycles and different life stages into account. The first app integrations are expected in early 2027, while the companies intend to collaborate on research and additional products.

Flo already has a massive audience logging reproductive health information, while Google controls wearable devices, sensors and a broader health software platform. Combining those capabilities could help Flo offer more useful personalized recommendations without building its own hardware ecosystem.

Google's decision is also revealing because it already offers menstrual tracking through its own products. Choosing Flo as a partner suggests that specialist reproductive health expertise still has considerable value, even for a technology company with Google's resources.

The problem is that the promised integrations have not yet been launched, and neither company has disclosed expected subscription revenue, retention gains or financial targets.

Google has strengthened Flo's position today. How much money the partnership eventually makes is another story.

Could Apple or Google eventually make Flo Health unnecessary?

Apple and Google are serious long-term threats to Flo Health because basic period tracking is becoming a standard feature of phones and smartwatches.

Apple Health already includes Cycle Tracking, while Apple Watch can use temperature information to support retrospective ovulation estimates. Google offers menstrual tracking and cycle-related health guidance within its own ecosystem. Free tracking built into phones and watches is one of the risks we rate by likelihood in our report covering the femtech market.

These companies can distribute features to enormous installed audiences without convincing people to download another application. For someone who only wants a simple calendar and period reminders, a free built-in tool may be sufficient.

Flo has responded by offering a broader experience. Its product covers symptom records, fertility-related information, pregnancy guidance, reproductive health education and perimenopause support. Those features give users reasons to keep opening Flo even when basic tracking is available elsewhere.

The Google partnership adds another layer to this relationship. Google has chosen to work with Flo on specialized women's health capabilities while continuing to develop its own wellness tools.

That arrangement is favorable for Flo now, although it introduces some dependence on a much larger platform. Google controls the integration environment and can influence how users discover and access connected health services.

There is little evidence that Apple or Google has displaced Flo from its category. With more than 80 million monthly active users, Flo remains highly relevant despite years of competing with bundled tracking features.

Its long-term defense will depend on how useful its specialist features become. A better menstrual calendar alone is a weak reason to pay for a separate subscription.

Is Flo Health becoming much more than a period-tracking app?

Flo Health is expanding into a broader women's health platform, with perimenopause emerging as one of its most important opportunities beyond traditional cycle tracking.

In July 2025, Flo introduced Flo for Perimenopause, bringing tracking and educational features to women experiencing the hormonal transition before menopause.

This expansion fits Flo's business model particularly well. A menstrual tracking app risks losing users as their reproductive needs change. Adding perimenopause guidance creates another reason for existing customers to stay while potentially attracting an older audience.

Flo has reinforced the expansion through research. During 2026, its studies covered perimenopause awareness, differences in symptom experiences, socioeconomic factors, endometriosis diagnosis timelines and sexual health.

The company is focusing on related medical and wellness needs where its existing audience, educational content and research expertise can be useful.

There is already a broader product history behind this strategy. Flo for Partners, launched in October 2023, extended certain reproductive health experiences to couples. Pregnancy guidance and fertility-related features also give users reasons to engage beyond routine period prediction.

The harder question is whether those additions improve retention. Flo has not disclosed recent subscriber cohorts, churn rates or revenue contributions from perimenopause and other newer products.

We can see why Flo is moving in this direction. What remains unproven is how much these additional health categories actually extend customer relationships or increase subscription spending.

Does Flo Health have better health data than its competitors?

Flo Health has one of the strongest potential data advantages in consumer reproductive health, thanks to its huge audience and years of recurring cycle and symptom records.

Users can log menstrual cycles, moods, symptoms and other reproductive health information. The company's historical tracking features have supported more than 70 different symptoms, giving researchers access to a wider range of observations than basic period dates alone.

That breadth becomes especially interesting when combined with scale. A platform serving tens of millions of monthly users can study patterns across different ages, countries and health experiences, provided that the data are collected and used appropriately.

Flo has already published studies on endometriosis, menopause, menstrual experiences and sexual health. These are concrete examples of how its research activity extends beyond predictions inside the app.

Its technology partnerships are also relevant. In June 2025, Databricks highlighted Flo's use of its data and AI infrastructure. The new Google agreement creates another opportunity by connecting self-reported reproductive health information with biometric readings from wearables.

This combination could make certain insights more personalized. For example, logged symptoms might be examined alongside changes in sleep, temperature and heart-rate measurements rather than analyzed in isolation.

But we should be careful about claiming that Flo has the most accurate algorithms. Self-reported health data can contain missing observations, reporting biases and inconsistent usage patterns. More records do not automatically eliminate those problems.

There is also insufficient public comparative evidence to conclude that Flo consistently outperforms Clue, Natural Cycles or other providers on equivalent prediction tasks.

Flo's advantage lies in the size, depth and continuity of its user data, supported by growing research capabilities. Whether that translates into superior clinical or predictive results depends on the specific feature being tested.

Can users trust Flo Health with their private information now?

Flo Health has made substantial improvements to its privacy protections, but the company's history makes trust a continuing issue, especially as it prepares to share data with Google Health.

In 2021, the US Federal Trade Commission finalized a settlement concerning allegations that Flo shared sensitive health information with third-party analytics companies despite assurances about privacy.

A separate class-action case involving the collection and transmission of reproductive health information later led to settlements. Flo agreed to contribute $8 million to a combined $59.5 million settlement fund alongside Google and Flurry. Flo denied wrongdoing, and the settlement did not amount to an admission of liability.

The claims deadline passed on October 15, 2026, and Judge James Donato held the final approval hearing on October 29. According to Courthouse News, he indicated he would sign an order granting final approval the following week, while objecting to the size of the attorney fee request. An announced intention is not yet a signed order, and payments to users depend on that order and on final claim checks.

The claims process itself was messy. A class counsel filing dated October 22 reported 22.2 million claims, more than twice the estimated class of about 10 million. The administrator flagged 21.7 million of them as likely fraudulent, subject to a final audit, and found at least 461,766 valid. Those are screening results, not court findings. A separate case against Meta, which a California jury found in August 2025 had violated the state's privacy law, is still unresolved on how many users qualify for damages.

Flo has taken several steps since the original FTC controversy. It introduced Anonymous Mode to help separate health information from personal identifiers, open-sourced that technology, formed a privacy and security advisory board and obtained ISO 27001 and ISO 27701 certifications.

In August 2026, Flo said its annual independent audits under those standards produced zero findings.

These measures provide stronger evidence of privacy governance than broad promises about protecting users. Still, certification cannot guarantee that every future data-processing decision will be appropriate.

The Google partnership makes this especially important. Both companies have promised explicit, purpose-specific consent, with users able to withdraw permission. Google says Flo data shared through the integration will never be sold, used for advertising or made available to other developers through its health platforms.

Flo's privacy practices are considerably more developed than they were during the original controversy, and the likely approval of the settlement would close one chapter. But given its history, users have good reason to expect more than reassuring statements. The real test will be how transparently the companies handle consent, data sharing and user control once the integration becomes available.

Is Flo Health actually helping women get better healthcare?

Flo Health is making reproductive health information more accessible, but there is still limited evidence that using its app consistently leads to better clinical outcomes.

The platform helps people record symptoms, understand menstrual patterns and access educational material. Those functions can make it easier to identify concerns and discuss them with healthcare professionals. Who uses cycle and symptom tracking, and which health problems they would pay to solve, is mapped in our report on femtech.

Its research also addresses important gaps. In March 2026, Flo published findings suggesting that improved recognition of endometriosis symptoms could potentially reduce diagnosis timelines by more than 50%.

That is a substantial research finding, particularly because endometriosis can take years to diagnose. However, it represents the potential effect of better symptom recognition rather than a demonstrated reduction in diagnosis times among Flo users.

Flo has also studied perimenopause symptoms and awareness, including research published in September 2026 about women's experiences seeking treatment. These projects help document problems that have historically received insufficient attention.

We should distinguish those contributions from regulated medical services. Natural Cycles, for example, has FDA clearance for a digital birth-control application. Flo's general cycle predictions and wellness recommendations do not carry the same intended use.

Google has similarly described its planned cycle-aware coaching as general wellness guidance, with explicit warnings against using those estimates for contraception or other medical purposes.

Flo's strongest contribution today is helping users recognize, document and understand reproductive health concerns. Proving that its products shorten diagnostic delays or improve treatment outcomes would require stronger clinical evidence.

Could Flo Health make a lot more money from its free users?

Flo Health has a major opportunity to increase subscription revenue within its existing audience, although converting its free users will become harder as it reaches more countries and customer groups.

The clearest historical reference is the company's July 2024 disclosure of close to 5 million paying subscribers and nearly 70 million monthly active users. That implies a paying-share ratio of approximately 7.1%, subject to the limitations of comparing subscriber counts with monthly usage.

Flo subsequently reported 6 million paid subscribers as of December 2024, although it has not disclosed an equivalent recent figure for comparison with its October 2026 audience.

Consider what a small improvement could mean. Across an audience of 80 million monthly users, an additional percentage point in the paying-share ratio would correspond to approximately 800,000 subscribers.

That is a substantial potential increase, but the calculation says nothing about whether those users would actually pay, what prices they could afford or how long they would remain subscribed.

Flo operates globally, and willingness to pay for health subscriptions differs considerably between markets. Its pro-social program also provides free Premium access to certain users. Around the time of its General Atlantic funding, Flo reported nearly 12 million women benefiting from that initiative across 66 countries.

These users expand Flo's reach and social impact without contributing equivalent paid subscription revenue.

Another complication is pricing. Monthly plans, annual plans, promotions and regional differences all affect how much revenue Flo earns from each subscriber. A rising subscriber count does not necessarily produce the same percentage increase in recognized revenue.

Flo has several ways to improve monetization, including more personalized insights, useful premium features and products serving additional life stages. But with revenue growth already slowing, the company still has to prove that its enormous free audience contains enough additional paying customers to restore faster expansion.

Can Flo Health start growing faster again?

Flo Health has credible ways to recover faster growth, but the company has yet to show that its newer products and partnerships can reverse the slowdown seen in its latest financial results.

The Google Health integration is one opportunity. From early 2027, users should be able to connect Flo's reproductive health records with wearable measurements and personalized coaching. That could make Premium more useful, particularly for people already tracking their health through Google devices.

Perimenopause is another. Flo's expansion into this category gives it a chance to attract older customers and retain existing users as their needs change. The product launched in July 2025, but we do not yet have enough disclosed revenue or subscriber data to judge its commercial success.

There is also the company's continuing investment in marketing and consumer expertise. Flo appointed former Match Group CEO Mandy Ginsberg to its board in January 2025 and named Rina Hahn chief marketing officer in August 2026. These appointments suggest continued attention to growth and subscription marketing, although their financial impact cannot yet be measured.

The benchmark is fairly straightforward. Revenue growth dropped from 52.7% in 2024 to 15.7% in 2025. A return to growth above 20% or 30%, accompanied by improving operating margins, would provide much stronger evidence that Flo's strategy is working.

Alternatively, Flo could become a more attractive business by maintaining moderate growth while reducing its losses and generating more cash.

Both outcomes would represent progress. The less convincing scenario would be continued spending on expansion while revenue growth remains subdued and operating losses increase.

How's Flo Health doing these days?

Flo Health is doing well overall, and it remains one of the strongest companies in consumer women's health. But its financial results are considerably less impressive than its audience size and recent Google partnership might suggest.

With more than 80 million monthly active users, approximately half a billion cumulative downloads and £154.9 million in consolidated annual revenue, Flo has already established itself as a major subscription healthcare platform.

Its competitive position also looks stronger following Google's decision to invest and collaborate on wearable integration, research and personalized health products. The partnership gives Flo an opportunity to become much more useful across different stages of women's lives.

The main weakness is financial. Flo's revenue growth slowed from 52.7% to 15.7%, while its operating loss increased to £14.6 million in 2025. The company has been successful at attracting users and selling subscriptions, but profitability remains elusive.

The legal overhang is also shrinking, though not gone. The October 29 hearing on the $59.5 million US privacy settlements ended with the judge signaling final approval, but the signed order and payouts are still to come.

Its move into perimenopause, its research capabilities and its access to wearable data could support another phase of growth. For now, though, we have more evidence of strategic progress than of improved financial performance.

Flo Health is a real market leader with considerable room to expand, although its growth has matured faster than investors might have expected when General Atlantic backed it at a valuation above $1 billion.

The next milestone that would really change our assessment is sustained revenue growth accompanied by improving margins. Flo has already proved it can build an enormous women's health audience. Now it needs to show that it can turn that audience into a consistently profitable business.