Hims & Hers Health, Inc. (HIMS): Results of Operations and Financial Condition
Hims & Hers Health, Inc. (HIMS) filed an SEC Form 8-K — Results of Operations and Financial Condition. Hims & Hers Health, Inc. Reports Second Quarter 2026 Financial Results Revenue of approximately $753 million, up 38% year-over-year in Q2 2026 Subscribers grew to nearly 2.9 million, up 19% year-over-year in Q2 2026 Raises full year 2026 revenue guidance to a range of $3.1 billio
How this was made
The 30-second read
Why it matters
The key tradable items are the raised full-year 2026 revenue and Adjusted EBITDA guidance, plus Q3 2026 revenue and Adjusted EBITDA ranges.
Market read
A guidance raise with detailed operating metrics (subscribers, domestic and international revenue growth) is likely to drive near-term estimate revisions and sentiment.
What to watch
Traders should focus on whether international growth sustains without further margin dilution, and whether cash flow remains negative despite higher revenue.
Revenue of approximately $753 million, up 38% year-over-year in Q2 2026; raises full year 2026 revenue guidance to a range of $3.1 billion to $3.3 billion and updates Adjusted EBITDA guidance to a range of $275 million to $325 million
Revenue, subscribers, monthly revenue per average subscriber, and international revenue grew strongly, and the Company raised its full-year revenue outlook. However, gross margin declined, the Company reported a net loss, Adjusted EBITDA declined year-over-year, and operating cash flow and Free Cash Flow remained negative.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Subscribers (end of period), three months ended June 30, 2026other | 2,891 (In Thousands) | – | 19% |
| Subscribers (end of period), six months ended June 30, 2026other | 2,891 (In Thousands) | – | 19% |
| Monthly Revenue per Average Subscriber, three months ended June 30, 2026other | $ 92 | – | 21% |
| Monthly Revenue per Average Subscriber, six months ended June 30, 2026other | $ 84 | – | 4% |
| Total revenue, three months ended June 30, 2026GAAP | $753.2 million | – | 38% |
| Total revenue, six months ended June 30, 2026GAAP | $ 1,361,318 (In Thousands) | – | 20% |
| Gross margin, second quarter 2026GAAP | 64% | – | – |
| Net loss, second quarter 2026GAAP | $86.3 million | – | – |
| Adjusted EBITDA, second quarter 2026non-GAAP | $60.3 million | – | – |
| Net cash (used in) operating activities, second quarter 2026GAAP | $(35.9) million | – | – |
| Free Cash Flow, second quarter 2026non-GAAP | $(68.2) million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| United States Revenue, three months ended June 30, 2026The CFO said domestic revenue growth accelerated to 16% year-over-year and that the domestic business is expected to continue accelerating through the second half of the year. | $ 621,830 (In Thousands) | – | 16% |
| Rest of the World Revenue, three months ended June 30, 2026The CFO attributed international growth to the close of the Eucalyptus acquisition in June. | 131,384 (In Thousands) | – | 1,641% |
| United States Revenue, six months ended June 30, 2026No additional six-month segment driver was quantified. | $ 1,151,739 (In Thousands) | – | 3% |
| Rest of the World Revenue, six months ended June 30, 2026The CFO said the international business was strengthened by the close of the Eucalyptus acquisition in June. | 209,579 (In Thousands) | – | 1,310% |
Third quarter 2026 and full year 2026 outlook
- RevenueThird quarter 2026: $880 million to $900 million. Full year 2026: $3.1 billion to $3.3 billion.
- NoteThird quarter 2026 Adjusted EBITDA: $75 million to $95 million, reflecting an Adjusted EBITDA margin of 9% to 11%.
- NoteFull year 2026 Adjusted EBITDA: $275 million to $325 million, reflecting an Adjusted EBITDA margin of 9% to 10%.
What drove it
- Revenue was $753.2 million, up 38% year-over-year.
- Subscribers grew to 2,891 (In Thousands), up 19% year-over-year.
- Monthly Revenue per Average Subscriber was $ 92, up 21% year-over-year.
- United States Revenue was $ 621,830 (In Thousands), up 16% year-over-year.
- Rest of the World Revenue was 131,384 (In Thousands), up 1,641% year-over-year.
- The CFO said the international business was strengthened by the close of the Eucalyptus acquisition in June.
- The Company raised full-year 2026 revenue guidance to $3.1 billion to $3.3 billion.
Concerns
- Gross margin was 64% compared to 76% for the second quarter of 2025.
- Net loss was $86.3 million compared to net income of $42.5 million for the second quarter of 2025.
- Adjusted EBITDA was $60.3 million compared to $82.2 million for the second quarter of 2025.
- Net cash (used in) operating activities was $(35.9) million compared to $(19.1) million for the second quarter of 2025.
- Free Cash Flow was $(68.2) million.
What to watch
- Third-quarter revenue guidance of $880 million to $900 million.
- Third-quarter Adjusted EBITDA guidance of $75 million to $95 million and Adjusted EBITDA margin guidance of 9% to 11%.
- Management's expectation that the domestic business will continue accelerating through the second half of the year.
- International expansion following the close of the Eucalyptus acquisition in June.
- Gross margin, which was 64% in the second quarter of 2026 compared to 76% in the second quarter of 2025.
- Operating cash flow and Free Cash Flow, which were negative in the second quarter of 2026.
Balance sheet and cash flow
- Net cash (used in) operating activities was $(35.9) million for the second quarter of 2026 compared to $(19.1) million for the second quarter of 2025.
- Free Cash Flow was $(68.2) million for the second quarter of 2026 compared to $(69.4) million for the second quarter of 2025.
Analysis
Hims & Hers reported $753.2 million of second-quarter revenue, up 38% year-over-year, with subscribers of 2,891 (In Thousands), up 19%, and Monthly Revenue per Average Subscriber of $ 92, up 21%. The combination of subscriber growth and higher monthly revenue per average subscriber supported the quarter's top-line expansion. The Company described this as a re-acceleration in its growth profile.
Revenue growth was led by Rest of the World Revenue of 131,384 (In Thousands), up 1,641% year-over-year, while United States Revenue of $ 621,830 (In Thousands) grew 16%. Management said the international business was strengthened by the close of the Eucalyptus acquisition in June. The CFO also said domestic revenue growth accelerated to 16% year-over-year and expects the domestic business to continue accelerating through the second half of the year.
Profitability and cash generation were weaker than the revenue trajectory. Gross margin was 64%, compared with 76% in the prior-year quarter. The Company reported a net loss of $86.3 million, versus net income of $42.5 million, while Adjusted EBITDA was $60.3 million, compared with $82.2 million. Net cash used in operating activities was $(35.9) million and Free Cash Flow was $(68.2) million. The release does not provide prior-quarter figures for these metrics, so quarter-over-quarter changes cannot be assessed from the filing.
Management raised full-year 2026 revenue guidance to $3.1 billion to $3.3 billion and updated full-year Adjusted EBITDA guidance to $275 million to $325 million, with an Adjusted EBITDA margin of 9% to 10%. Third-quarter guidance calls for revenue of $880 million to $900 million and Adjusted EBITDA of $75 million to $95 million, reflecting an Adjusted EBITDA margin of 9% to 11%. The central items for investors are whether domestic acceleration and acquired international scale translate into the guided revenue range while gross margin, Adjusted EBITDA, and cash flow improve.
Management, verbatim
Hims & Hers is delivering a world-class health experience at a global scale and a reasonable price for the nearly 3 million people who rely on us for access to care. We’re proving, quarter after quarter, that helping people feel great and delivering strong results aren’t mutually exclusive.
Andrew Dudum, co-founder and CEO
Our second quarter results were defined by a significant re-acceleration in our growth profile and the continued expanding reach of our platform.
Yemi Okupe, Chief Financial Officer
Domestic revenue growth accelerated to 16% year-over-year, and our international business grew more than 17-fold, strengthened by the close of our Eucalyptus acquisition in June.
Yemi Okupe, Chief Financial Officer
Not in the filing
stated, not guessed- Previous-quarter revenue, segment revenue, subscriber, Monthly Revenue per Average Subscriber, gross margin, net income or loss, Adjusted EBITDA, operating cash flow, and Free Cash Flow figures were not provided.
- GAAP operating income was not provided.
- GAAP diluted EPS and non-GAAP diluted EPS were not provided.
- Cash balance and debt balance were not provided.
- Share repurchases, dividends, and other capital-return figures were not provided.
- Guidance for gross margin, operating expenses, and tax rate was not provided.
- A previous-quarter outlook was not provided, so reported results cannot be compared with prior guidance.
- A quantitative reconciliation of forward-looking Adjusted EBITDA to net income or loss was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) with the company’s Q2 2026 financial results and updated outlook.
Ticker impact
Hims & Hers reports Q2 2026 results and raises full-year 2026 revenue guidance to $3.1B to $3.3B plus Adjusted EBITDA to $275M to $325M.
Likely positive near-term bias as traders price higher 2026 revenue and EBITDA ranges, while watching gross margin and cash burn trends.
The filing includes multiple forward-looking datapoints (Q3 revenue and EBITDA ranges, full-year revenue and EBITDA ranges) plus operating metrics (subscribers, domestic/international growth) that can drive estimate revisions. However, gross margin fell and net loss widened, which can temper the reaction.
Market effects
Reinforces demand and scaling narrative for digital health and telehealth platforms, potentially supporting peer sentiment.
International revenue surge after the Eucalyptus acquisition may shift attention to cross-border growth strategies.
Limited direct global macro linkage, but it can influence the broader digital health growth expectations.
Counterpoint
The guidance raise may be driven by growth and acquisition effects, while profitability deteriorated (gross margin down, net loss up), implying quality of earnings risk.
Key entities
- public_companyHims & Hers Health, Inc.
Reports Q2 2026 results and raises 2026 guidance, including revenue and Adjusted EBITDA ranges.
- corporate_actionEucalyptus acquisition
Company cites close of the acquisition in June as a driver of international growth.
