Hims & Hers (HIMS) · Health Care
Hims & Hers Q3 2026 earnings: summary, key numbers & outlook
Results filed 9 Nov 2026 · Quarter ended 30 Sep 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Revenue was $890.4 million for the third quarter of 2026, up 49% year-over-year, with a net loss of $33.0 million and Adjusted EBITDA of $82.4 million.
Hims & Hers grew third-quarter revenue 49% to $890.4 million, its second straight quarter of faster growth. International revenue more than quadrupled, while US revenue rose 21%. Profitability fell sharply: gross margin dropped to 57% from 74%, and the company posted a net loss of $33.0 million versus net income of $15.8 million a year earlier. Subscribers reached 2,788 thousand, up 13%.
Management expects fourth-quarter revenue of $875 million to $895 million and tightened full-year revenue guidance to $3.13 billion to $3.15 billion. It lowered full-year Adjusted EBITDA guidance to $257 million to $277 million. The main tension is whether heavy investment in new treatments, specialties and international expansion can restore margins, while cash generation weakens and acquisition-related obligations on the balance sheet grow.
Key numbers
- Revenue · GAAP
- $890.4 million
- Net loss · GAAP
- $33.0 million
- Diluted net loss per share · GAAP
- $(0.14)
- Gross margin · GAAP
- 57%
- Loss from operations · GAAP
- -$66.1M
- Net cash provided by operating activities · GAAP
- $65.4 million
- Free Cash Flow · non-GAAP
- $26.0 million
- Adjusted EBITDA · non-GAAP
- $82.4 million
up 49% year-over-year, from $599.0 million
compared to net income of $15.8 million a year ago
compared to $0.06 a year ago
compared to 74% a year ago
compared to income of $11,807 thousand a year ago
compared to $148.7 million a year ago
compared to $79.4 million a year ago
compared to $78.4 million a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Subscribers (end of period, thousands) | $2.8M | 13% from 2,471 a year ago |
| Monthly Revenue per Average Subscriber | $105 | 30% from $81 a year ago |
| United States Revenue | $657.1M | 21% from $543,523 thousand a year ago |
| Rest of the World Revenue | $233.3M | 321% from 55,453 thousand a year ago |
Where each number comes from
- Revenue: “Revenue was $890.4 million for the third quarter of 2026 compared to $599.0 million for the third quarter of 2025, an increase of 49% year-over-year.”
- Net loss: “Net loss was $33.0 million for the third quarter of 2026 compared to net income of $15.8 million for the third quarter of 2025.”
- Diluted net loss per share: “Net (loss) income per share attributable to common stockholders: Basic | $(0.14) | $0.07 | $(0.91) | $0.48 Diluted | $(0.14) | $0.06 | $(0.91) | $0.43”
- Gross margin: “Gross margin was 57% for the third quarter of 2026 compared to 74% for the third quarter of 2025.”
- Loss from operations: “Total operating expenses | 575,345 | 430,251 | 1,628,450 | 1,192,516 (Loss) income from operations | (66,146) | 11,807 | (241,661) | 96,427”
- Net cash provided by operating activities: “Net cash provided by operating activities was $65.4 million for the third quarter of 2026 compared to $148.7 million for the third quarter of 2025.”
- Free Cash Flow: “Free Cash Flow was $26.0 million for the third quarter of 2026 compared to $79.4 million for the third quarter of 2025.”
- Adjusted EBITDA: “Adjusted EBITDA was $82.4 million for the third quarter of 2026 compared to $78.4 million for the third quarter of 2025.”
- Subscribers (end of period, thousands): “Subscribers (end of period) | 2,788 | 2,471 | 13% | 2,788 | 2,471 | 13% Monthly Revenue per Average Subscriber | $105 | $81 | 30%”
- Monthly Revenue per Average Subscriber: “Subscribers (end of period) | 2,788 | 2,471 | 13% | 2,788 | 2,471 | 13% Monthly Revenue per Average Subscriber | $105 | $81 | 30%”
- United States Revenue: “United States Revenue | $657,089 | $543,523 | 21% | $1,808,828 | $1,659,501 | 9% Rest of the World Revenue | 233,284 | 55,453 | 321%”
- Rest of the World Revenue: “United States Revenue | $657,089 | $543,523 | 21% | $1,808,828 | $1,659,501 | 9% Rest of the World Revenue | 233,284 | 55,453 | 321%”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q3 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $890.4M | +48.6% | +18.2% |
| Operating income | -$66.1M | — | +31.9% |
| Net income | -$33.0M | — | +61.7% |
| Diluted EPS | -$0.14 | — | +62.2% |
| Free cash flow | $26.0M | −67.3% | — |
| Gross margin | 57.2% | −16.6 pts | −6.6 pts |
| Operating margin | -7.4% | −9.4 pts | +5.5 pts |
Calculated by code from XBRL, not by the model.
Guidance check
| Metric | Outlook given with Q2 2026 | Reported | Result |
|---|---|---|---|
| Revenue | $880 million to $900 million | $890.4M | within the range |
Compared with the company's own guidance, not analyst estimates, and only where the outlook and the reported figure are the same measure on the same basis. Ranges are worked out by code from the company's wording. How this works.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Revenue | fourth quarter 2026 | $875 million to $895 million |
| Adjusted EBITDA | fourth quarter 2026 | $70 million to $90 million |
| Adjusted EBITDA margin | fourth quarter 2026 | 8% to 10% |
| Revenue | full year 2026 | $3.13 billion to $3.15 billion |
| Adjusted EBITDA | full year 2026 | $257 million to $277 million |
| Adjusted EBITDA margin | full year 2026 | 8% to 9% |
Key takeaways
Revenue growth accelerated to 49% year-over-year
Revenue was $890.4 million, up 49% from $599.0 million, which the CFO called the second consecutive quarter of acceleration. Domestic revenue rose 21% and international revenue rose more than 300%.
International revenue now drives much of growth
Rest of the World Revenue was 233,284 thousand versus 55,453 thousand a year ago, up 321%. United States Revenue grew 21% to $657,089 thousand.
Gross margin fell to 57% from 74%
Cost of revenue rose to 381,174 thousand from 156,918 thousand while revenue grew 49%. The company moved to branded GLP-1 access and limited compounded GLP-1 offerings.
GAAP loss and weaker cash generation
Net loss was $33.0 million versus net income of $15.8 million a year ago. Operating cash flow fell to $65.4 million and Free Cash Flow to $26.0 million.
Full-year Adjusted EBITDA guidance was reduced
Revenue guidance was tightened to $3.13 billion to $3.15 billion, but Adjusted EBITDA guidance was reduced to $257 million to $277 million. Management said it paced marketing spend ahead of planned fourth-quarter platform expansions.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $481.1M * |
| Q1 2025 | $586.0M |
| Q2 2025 | $544.8M |
| Q3 2025 | $599.0M |
| Q4 2025 | $617.8M * |
| Q1 2026 | $608.1M |
| Q2 2026 | $753.2M |
| Q3 2026 | $890.4M |
Data
| Q1 2025 | $0.20 |
| Q2 2025 | $0.17 |
| Q3 2025 | $0.06 |
| Q1 2026 | -$0.40 |
| Q2 2026 | -$0.37 |
| Q3 2026 | -$0.14 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 3.9% |
| Q1 2025 | 9.9% |
| Q2 2025 | 4.9% |
| Q3 2025 | 2.0% |
| Q4 2025 | 1.5% |
| Q1 2026 | -12.9% |
| Q2 2026 | -12.9% |
| Q3 2026 | -7.4% |
Data
| Q4 2024 | $59.5M |
| Q1 2025 | $50.1M |
| Q2 2025 | -$69.5M |
| Q3 2025 | $79.4M |
| Q4 2025 | -$2.6M |
| Q1 2026 | $53.1M |
| Q2 2026 | -$68.2M |
| Q3 2026 | $26.0M |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Hims & Hers' third-quarter 2026 revenue and growth?
Revenue was $890.4 million, up 49% from $599.0 million a year earlier. US revenue rose 21% and Rest of the World revenue rose 321%.
Did Hims & Hers make money in Q3 2026?
On a GAAP basis it posted a net loss of $33.0 million, or $(0.14) per diluted share, versus net income of $15.8 million a year ago. Adjusted EBITDA, a non-GAAP measure, was $82.4 million.
Why did gross margin fall?
Gross margin was 57% versus 74% a year ago, as cost of revenue rose to 381,174 thousand from 156,918 thousand. The release ties this to the strategic shift in US weight loss toward branded GLP-1 access, with compounded GLP-1 offered on a limited scale.
What is the company guiding for Q4 and full-year 2026?
Q4 revenue is expected at $875 million to $895 million with Adjusted EBITDA of $70 million to $90 million. Full-year revenue guidance is $3.13 billion to $3.15 billion and Adjusted EBITDA guidance is $257 million to $277 million, reduced from prior guidance.
How did subscribers and cash flow change?
Subscribers reached 2,788 thousand, up 13%, and Monthly Revenue per Average Subscriber rose 30% to $105. Operating cash flow was $65.4 million and Free Cash Flow was $26.0 million, both below the prior year.
Documents
From Hims & Hers investor relations
SEC filing