Hims & Hers Health (HIMS) Q1 2026 earnings summary

Executive summary

• Revenue grew 4% year-over-year to $608.1 million in Q1 2026, driven by international expansion and subscriber growth, while U.S. revenue declined 8% due to changes in weight loss offerings and shipping cadences.

• Achieved strong subscriber growth, reaching nearly 2.6 million, a 9% increase year-over-year, with record additions following a strategic pivot to branded GLP-1 products.

• Strategic investments in technology, AI, and data infrastructure, along with acquisitions of YourBio and planned Eucalyptus deal, are supporting global expansion and enhanced personalized care.

• Net loss was $92.1 million, primarily due to $33.5 million in restructuring and one-time charges from the weight loss pivot, increased operating expenses, and legal settlement costs.

• Long-term vision targets $6.5B+ revenue and $1.3B+ Adjusted EBITDA by 2030, with raised 2026 guidance and continued investments in diagnostics and technology.

Financial highlights

• Q1 2026 revenue was $608.1M, up 4% YoY; international revenue surged 969% to $78.2M, driven by acquisitions.

• Adjusted EBITDA was $44.3M (7% margin), down from $91.1M (16% margin) in Q1 2025.

• Gross margin declined to 65% from 73% YoY, mainly due to higher costs in weight loss offerings and restructuring charges.

• Free cash flow was $53M, up from $50.1M YoY; cash and short-term investments totaled over $750M as of March 31, 2026.

• Net loss margin was (15)% in Q1 2026, compared to 8% net income margin in Q1 2025.

Outlook and guidance

• Q2 2026 revenue expected at $680M–$700M (25–28% YoY growth); adjusted EBITDA $35M–$55M (5–8% margin).

• Full-year 2026 revenue guidance raised to $2.8B–$3.0B (19–28% YoY growth); adjusted EBITDA $275M–$350M (10–12% margin at midpoint).

• Guidance excludes potential contributions from the pending Eucalyptus acquisition, expected to close mid-2026.

• Gross margin compression expected in 2026 as weight loss, labs, and international scale; margin improvement anticipated in 2027.

• Long-term targets for 2030 are at least $6.5B revenue and $1.3B Adjusted EBITDA.