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Hims & Hers reported third-quarter 2026 revenue of $890.4 million, up 49% from a year earlier, and said subscribers reached nearly 2.8 million. The company posted a $33 million net loss, compared with net income a year earlier, and lowered its full-year Adjusted EBITDA outlook to $257 million–$277 million.
Hims & Hers Health reported $890.4 million in third-quarter 2026 revenue, up 49% from the same period last year, while its net result shifted to a $33 million loss from $15.8 million in net income. The telehealth company also narrowed its full-year revenue forecast to $3.13 billion–$3.15 billion and lowered its Adjusted EBITDA guidance, a measure of operating performance, to $257 million–$277 million.
The company, which trades on the New York Stock Exchange as HIMS, said its subscriber count rose 13% year over year to 2.788 million at the end of September. Monthly revenue per average subscriber was $105 for the quarter, compared with $81 a year earlier, a reported increase of 30%. The release does not break out how much of the revenue growth came from subscriber additions versus higher revenue per subscriber.
Revenue from the United States increased 21% to $657.1 million. Revenue from the rest of the world rose to $233.3 million from $55.5 million, a reported increase of 321%. The company said international revenue grew by more than 300%; its release does not provide further detail in the supplied material about which markets or products drove that change.
Gross margin fell to 57% from 74% in the year-earlier quarter. Adjusted EBITDA was $82.4 million, up from $78.4 million, while net cash provided by operating activities declined to $65.4 million from $148.7 million. Free cash flow was $26 million, compared with $79.4 million. Adjusted EBITDA and free cash flow are non-GAAP measures; the company says its release includes reconciliations to the closest U.S. GAAP measures.
For the fourth quarter, Hims & Hers forecast revenue of $875 million–$895 million and Adjusted EBITDA of $70 million–$90 million, equivalent to an expected margin of 8%–10%. For 2026, it now expects revenue of $3.13 billion–$3.15 billion and Adjusted EBITDA of $257 million–$277 million, with an expected margin of 8%–9%. The company cautioned that guidance is forward-looking and actual results may differ materially.
Growth Meets Margin Pressure
The results show a company expanding revenue and its subscriber base while experiencing lower gross margin and weaker cash generation than a year earlier. Revenue grew 49%, but gross margin dropped 17 percentage points, and quarterly free cash flow fell by $53.4 million. Those measures offer a counterweight to the top-line growth when readers assess the quality and cost of that expansion.
The lower full-year Adjusted EBITDA outlook also signals that management expects less adjusted operating profit than its prior forecast implied. The company did not provide the earlier guidance range in the supplied release, so the size of the reduction cannot be calculated from this material. Investors and customers watching the business’s growth will be looking for more detail on spending, margins and international performance.
Chief Financial Officer Yemi Okupe said the company paced marketing spending ahead of planned platform expansions in the fourth quarter. That is management’s explanation of its spending approach; the release does not quantify the marketing changes or establish how the planned launches will affect revenue or profitability.
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Quarterly Results and Guidance
The results cover the three months ended September 30, 2026, and were announced November 9. Compared with the same quarter in 2025, total revenue rose from $599 million to $890.4 million. For the first nine months of 2026, revenue reached $2.252 billion, up 30% from $1.730 billion in the comparable 2025 period.
International revenue was $442.9 million over the first nine months, compared with $70.3 million in the same period last year. U.S. revenue over those nine months was $1.809 billion, up 9%. These figures provide a longer view of the quarter’s geographic mix, but the company’s release does not provide details on specific country-level results.
Chief Executive Andrew Dudum framed the strategy around expanding treatment areas and specialties and developing an AI-supported customer experience. Those are company plans and positioning, not reported evidence of outcomes from the planned expansions. Okupe said the company expects the fourth-quarter initiatives to position it for 2027.
“Today, customers want real choice, real value, and a care team that knows them.”
— Andrew Dudum, Hims & Hers co-founder and CEO
Costs Behind the Margin Decline
The release reports the decline in gross margin, operating cash flow and free cash flow, but the supplied material does not explain the specific causes or provide a breakdown of costs behind those changes. It also does not identify which products or markets accounted for the increase in international sales.
The company says its Adjusted EBITDA forecast is a forward-looking statement and that it cannot reconcile that projection to expected net income or loss without unreasonable effort, citing uncertainty around components including market-related assumptions. The reported guidance is therefore not a forecast of GAAP net income. The release also does not include the prior full-year Adjusted EBITDA range, making the scale of the guidance reduction unclear here.
Management’s statements about planned platform expansions and an AI-supported care experience describe intentions. The release does not specify launch dates, customer uptake, expected costs or projected financial contributions. The available information also does not establish whether the Q3 revenue and subscriber trends will continue.
Fourth-Quarter Plans and Call
Hims & Hers scheduled a conference call to review the results for November 9, 2026, at 5 p.m. Eastern, with a live audio webcast through its investor website. The company said it expects fourth-quarter revenue of $875 million–$895 million and Adjusted EBITDA of $70 million–$90 million.
The next reported results will show whether revenue falls within that range and how margins and cash generation develop as the company proceeds with the expansions described by management. The supplied release does not specify the timing of those launches or offer a separate forecast for their impact. Investors will also be able to compare full-year results with the revised guidance, while keeping in mind the company’s warning that actual outcomes may differ.
Key Questions
How much revenue did Hims & Hers report for Q3 2026?
The company reported $890.4 million in revenue for the quarter ended September 30, up 49% from $599 million in Q3 2025.
Did Hims & Hers make a profit in the quarter?
No. It reported a $33 million net loss, compared with net income of $15.8 million a year earlier. Adjusted EBITDA, a non-GAAP measure, was $82.4 million.
How many subscribers did the company have?
Hims & Hers reported 2.788 million subscribers at the end of September 2026, up 13% year over year.
What is the company’s full-year 2026 outlook?
It expects revenue of $3.13 billion–$3.15 billion and Adjusted EBITDA of $257 million–$277 million. The company says actual results may differ materially from this forward-looking guidance.
What remains unclear from the earnings release?
The release does not detail the specific drivers of the gross-margin decline or lower cash flow, identify the markets behind international growth, or quantify the expected financial impact of planned fourth-quarter expansions.
Source: investors.hims.com
