Revenue of approximately $608 million, up 4% year-over-year in Q1 2026
Subscribers grew to nearly 2.6 million, up 9% year-over-year in Q1 2026
Raises full year 2026 revenue guidance(1) to a range of $2.8 billion to $3.0 billion and updates Adjusted EBITDA guidance to a range of $275 million to $350 million
SAN FRANCISCO--(BUSINESS WIRE)--May 11, 2026--
Hims & Hers Health, Inc. ("Hims & Hers" or the "Company", NYSE: HIMS), the leading health and wellness platform, today announced financial results for the first quarter ended March 31, 2026. Moving forward, the Company plans to transition to an annual rather than quarterly shareholder letter and will continue to provide regular updates through a quarterly earnings call, earnings release, and supplemental materials.
"2026 is a defining year for Hims & Hers. We're not just growing, we're pulling away from the field on our path to becoming the world's largest consumer health platform," said Andrew Dudum, co-founder and CEO. "As we exit the first quarter, our domestic business is accelerating, we're expanding into new categories and countries, and more people than ever are relying on us for access to personal, data-driven care. We're investing with conviction in comprehensive diagnostics and a technology infrastructure built to make every interaction smarter than the last. The demand for a simpler, more personal path to feeling great has never been stronger, and Hims & Hers is increasingly the answer."
"In the first quarter, we made a strategic pivot that expanded our assortment of branded GLP-1 products, and early demand signals show our consumer reach broadening meaningfully," said Yemi Okupe, Chief Financial Officer. "With nearly 2.6 million subscribers across a diverse breadth of specialties, we have the scale to invest in technology and operations to leverage our closed-loop ecosystem. This will allow us to elevate the subscriber experience and positions us to achieve an industry-leading cost structure. We expect growth to accelerate from here, and have high conviction in our 2030 targets of at least $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA."
Key Business Metrics
(In Thousands, Except for Monthly Revenue per Average Subscriber,
Unaudited)
Three Months Ended March 31,
------------------------------------------
2025 2025 % Change
---------------- ------------ ----------
Subscribers (end of period) 2,584 2,366 9%
Monthly Revenue per Average
Subscriber $ 80 $ 85 (6)%
__________________________________
(1) Our second quarter and full year 2026 outlook excludes any potential
contributions from the recently announced proposed acquisition of Eucalyptus,
which is expected to close during the middle of calendar year 2026, subject to
customary closing conditions, including regulatory approvals.
Revenue
(In Thousands, Unaudited)
Three Months Ended March 31,
--------------------------------------
2025 2025 % Change
-------------- ---------- ----------
United States Revenue $ 529,909 $ 578,692 (8)%
Rest of the World Revenue 78,195 7,318 969%
---------- ---------
Total revenue $ 608,104 $ 586,010 4%
First Quarter 2026 Financial Highlights
-- Revenue was $608.1 million for the first quarter of 2026 compared to
$586.0 million for the first quarter of 2025, an increase of 4%
year-over-year.
-- Gross margin was 65% for the first quarter of 2026 compared to 73% for
the first quarter of 2025.
-- Net loss was $92.1 million for the first quarter of 2026 compared to
net income of $49.5 million for the first quarter of 2025.
-- Adjusted EBITDA was $44.3 million for the first quarter of 2026
compared to $91.1 million for the first quarter of 2025.
-- Net cash provided by operating activities was $89.4 million for the
first quarter of 2026 compared to $109.1 million for the first quarter of
2025.
-- Free Cash Flow was $53.0 million for the first quarter of 2026 compared
to $50.1 million for the first quarter of 2025.
Reconciliations of Adjusted EBITDA and Free Cash Flow, non-GAAP measures, to net (loss) income and net cash provided by operating activities, respectively, their most comparable financial measures under generally accepted accounting principles in the United States ("U.S. GAAP"), have been provided in this press release in the accompanying tables. Additional information about Adjusted EBITDA and Free Cash Flow is also included below under the heading "Non-GAAP Financial Measures".
Financial Outlook(2)
Hims & Hers is providing the following guidance:
For the second quarter 2026, we expect:
-- Revenue of $680 million to $700 million.
-- Adjusted EBITDA of $35 million to $55 million, reflecting an Adjusted
EBITDA margin of 5% to 8%.
For the full year 2026, we expect:
-- Revenue of $2.8 billion to $3.0 billion.
-- Adjusted EBITDA of $275 million to $350 million, reflecting an Adjusted
EBITDA margin of 10% to 12%.
The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the "Cautionary Note Regarding Forward-Looking Statements" safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
We have relied upon the exception in Item 10(e)(1)(i)$(B)$ of Regulation S-K and have not reconciled forward-looking Adjusted EBITDA to its most directly comparable U.S. GAAP measure, net income or loss, because we cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliations, including market-related assumptions that are not within our control, or others that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future net income or loss. See "Non-GAAP Financial Measures" for additional important information regarding Adjusted EBITDA.
__________________________________ (2) Our second quarter and full year 2026 outlook excludes any potential contributions from the recently announced proposed acquisition of Eucalyptus, which is expected to close during the middle of calendar year 2026, subject to customary closing conditions, including regulatory approvals.
Conference Call
Hims & Hers will host a conference call to review the first quarter 2026 results on May 11, 2026, at 5:00 p.m. ET. The conference call can be accessed by dialing +1 (888) 510-2630 for U.S. participants and +1 (646) 960-0137 for international participants, and referencing conference ID #1704296. A live audio webcast will be available online at investors.hims.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call at the same link.
About Hims & Hers Health, Inc.
Hims & Hers is the leading health and wellness platform on a mission to help the world feel great through the power of better health.
We believe how you feel in your body and mind transforms how you show up in life. That's why we're building a future where nothing stands in the way of harnessing this power. Hims & Hers normalizes health & wellness challenges--and innovates on their solutions--to make feeling happy and healthy easy to achieve. No two people are the same, so the Company provides access to personalized care designed for results.
For more information, please visit investors.hims.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates, " "anticipates," "expects," "intends," "plans," "assumes," "may," "will, " "likely," "potential," "projects," "predicts," "continue," "goal," "strategy," "future," "forecast," "target," "outlook," "opportunity," "confidence," "foundation," "groundwork," or "should," or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our financial outlook and guidance, including our mission to drive top-line revenue growth and profitability and our ability to attain our 2026 and long-term financial and operational targets; our expected future financial and business performance, including with respect to the Hims & Hers platform, our marketing campaigns, investments in innovation, the solutions accessible on our platform, the markets accessible on our platform, and our infrastructure, and the underlying assumptions with respect to the foregoing; potential strategic investments, partnerships, or collaborations, and the expected timing or outcome of any such investments, partnerships, or collaborations; statements relating to events and trends relevant to us, including with respect to our regulatory environment, financial condition, results of operations, short- and long-term business operations, objectives, strategy, and financial needs; expectations regarding our mobile applications, market acceptance, user experience, customer retention, brand development, our ability to invest and generate a return on any such investment, customer
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