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, with nearly 2.6 million subscribers, a 9% increase year-over-year.

• Strategic pivot to branded GLP-1 weight loss products, notably Wegovy, drove significant subscriber growth and engagement, but U.S. revenue declined 8% due to changes in offerings and shipping cadences.

• Expanded global scale with acquisitions (Zava, YourBio, pending Eucalyptus), strengthening presence in Australia, UK, Germany, Japan, and Canada.

• Continued investment in technology, AI, diagnostics, and data infrastructure to deepen customer relationships and enable rapid expansion.

• Maintained robust unit economics with a payback period of less than one year for customer acquisition.

Financial highlights

• Q1 2026 revenue was $608.1M, up 4% YoY; adjusted EBITDA was $44.3M (7% margin), down from $91.1M (16% margin) in Q1 2025.

• Net loss was $92.1M in Q1 2026, compared to net income of $49.5M in Q1 2025, primarily due to $33.5M in restructuring and one-time charges.

• International revenue increased nearly tenfold to $78M, driven by acquisitions in Europe and Canada.

• Free cash flow was $53M, with $750.9M in cash and short-term investments as of March 31, 2026.

• Gross margin declined to 65% in Q1 2026 from 73% in Q1 2025, mainly due to higher costs in weight loss offerings and restructuring charges.

Outlook and guidance

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

• 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.

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

• Expect gross margin compression as weight loss, labs, and international scale; margin improvement anticipated in H2 2026.