# Hims & Hers (HIMS) Q3 2026 earnings

Results filed 2026-11-09 for the quarter ended 2026-09-30. Source page: https://earnings.opennash.com/companies/hims/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1773751/000177375126000242/0001773751-26-000242-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $890.4 million | up 49% year-over-year, from $599.0 million | GAAP |
| Net loss | $33.0 million | compared to net income of $15.8 million a year ago | GAAP |
| Diluted net loss per share | $(0.14) | compared to $0.06 a year ago | GAAP |
| Gross margin | 57% | compared to 74% a year ago | GAAP |
| Loss from operations | $(66,146) | compared to income of $11,807 thousand a year ago | GAAP |
| Net cash provided by operating activities | $65.4 million | compared to $148.7 million a year ago | GAAP |
| Free Cash Flow | $26.0 million | compared to $79.4 million a year ago | non-GAAP |
| Adjusted EBITDA | $82.4 million | compared to $78.4 million a year ago | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Subscribers (end of period, thousands) | 2,788 | 13% from 2,471 a year ago |
| Monthly Revenue per Average Subscriber | $105 | 30% from $81 a year ago |
| United States Revenue | $657,089 | 21% from $543,523 thousand a year ago |
| Rest of the World Revenue | 233,284 | 321% from 55,453 thousand a year ago |

## 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

1. **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%.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.

## Slides and investor documents

- [Earnings Webcast](https://events.q4inc.com/attendee/461746058) (Webcast replay)
- [10-Q](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001773751/8442b6c7-43f2-4e52-8875-ac584705ee49.pdf) (Document)