Hims & Hers Health (HIMS) Earnings Date & Reports
Hims & Hers, launched in 2017, is a telehealth platform that connects patients and healthcare providers to offer treatment options for specialties like erectile dysfunction, hair loss, skin care, mental health, and weight loss... Show more
HIMS is expected to report earnings to fall 88.37% to -4 cents per share on August 10
Hims & Hers Health (HIMS) Q1 2026 Earnings Recap: Surprise Loss Sparks Sharp Selloff
Key Takeaways
- Hims & Hers Health reported Q1 2026 revenue of $608.1 million, up 4% year-over-year but missing consensus estimates of approximately $617 million.
- The company swung to a GAAP net loss of $92.1 million ($0.40 per share diluted), compared to net income of $49.5 million ($0.20 per share) in Q1 2025, missing expectations for profitability.
- Adjusted EBITDA fell to $44.3 million (7% margin) from $91.1 million (16% margin), amid gross margin compression to 65% from 73% due to a strategic pivot in weight-loss offerings.
- Subscribers reached 2.584 million, up 9% year-over-year, though monthly revenue per average subscriber dipped 6% to $80.
- Management raised full-year 2026 revenue guidance to $2.8–$3.0 billion (previously $2.7–$2.9 billion) and Adjusted EBITDA to $275–$350 million.
- Shares dropped over 10% in after-hours trading following the release, reflecting investor concerns over profitability and U.S. revenue decline.
Earnings Context and Why It Matters
Hims & Hers Health, a leading telehealth platform, released first quarter 2026 results (three months ended March 31, 2026) on May 11, 2026, amid heightened scrutiny on its weight-loss segment. Following explosive growth in 2025 driven by GLP-1 (glucagon-like peptide-1) compounded drugs, the company pivoted to compliant personalized treatments, incurring restructuring charges of about $33 million. This report matters as investors assess if core specialties like men's health, dermatology, mental health, and international expansion can offset U.S. GLP-1 headwinds. With subscribers nearing 2.6 million, sustained engagement is key in a competitive direct-to-consumer health market.
Hims & Hers Health posted revenue of $608.1 million for Q1 2026, a 4% increase from $586.0 million in Q1 2025, but below consensus estimates around $617 million. U.S. revenue fell 8% to $529.9 million due to shipping changes and a tough prior-year comparable from peak GLP-1 additions, while Rest of World surged 969% to $78.2 million on acquisitions like Zava and Livewell.
GAAP diluted EPS was $(0.40), versus $0.20 last year and expectations for positive earnings (consensus ~$0.04), driven by a net loss of $92.1 million from higher operating expenses ($475.1 million, up significantly) including marketing, restructuring, legal settlements, and acquisitions. Gross margin contracted to 65% amid product mix shifts. Adjusted EBITDA was $44.3 million, down from $91.1 million. Subscribers hit 2.584 million (+9%), but ARPU (average revenue per user) slipped to $80 monthly.
Guidance improved: Q2 revenue $680–$700 million, Adjusted EBITDA $35–$55 million; full-year revenue $2.8–$3.0 billion, Adjusted EBITDA $275–$350 million (10–12% margin), excluding Eucalyptus acquisition.
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Market Reaction and Investor Sentiment
Shares of Hims & Hers Health plunged over 10% in after-hours trading to around $26 from a close of $28.27, erasing recent gains amid the earnings miss and surprise loss. Investors focused on U.S. revenue weakness, margin erosion from the GLP-1 pivot, and elevated expenses, overshadowing subscriber growth and raised guidance. Sentiment turned cautious, with concerns over regulatory risks for compounded drugs and competition from branded GLP-1s like those from Novo Nordisk.
Forward Outlook and Key Factors to Monitor
Following Q1 results, Hims & Hers raised its 2026 outlook, signaling confidence in acceleration. Full-year revenue is now guided at $2.8–$3.0 billion, implying 19–28% growth, with Adjusted EBITDA at $275–$350 million. Q2 points to $680–$700 million in revenue (25–28% growth). Management expects H2 momentum from compounding monthly cohorts, marketing efficiency, and international scaling.
Key to watch: Execution of the weight-loss pivot to 503A-compliant personalized formulations, which pressured Q1 but should stabilize shipping and margins. Subscriber retention and ARPU recovery in core verticals (men's health, dermatology, mental health) amid GLP-1 moderation. International revenue, already up nearly 10x, via Zava/Livewell integration.
Other catalysts include the mid-2026 Eucalyptus close for European expansion and long-term 2030 targets of $6.5 billion revenue/$1.3 billion Adjusted EBITDA. Monitor cost controls, as opes rose sharply; free cash flow remained positive at $53 million. Regulatory updates on compounding and demand for branded alternatives will shape trajectory in telehealth.
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