Hims & Hers Health (HIMS) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 49% YoY to $890.4M; subscribers reached 2.788M, up 13% YoY, while gross margin fell to 57% from 74%.

• Growth strategy focused on broader treatments and specialties, AI-enabled care, and international expansion; management prioritized durable growth over near-term subscriber gains.

Financial highlights

• Q3 revenue was $890.4M, up 49% YoY; nine-month revenue rose 30% to $2.252B.

• Q3 net loss was $33.0M versus net income of $15.8M YoY; operating loss was $66.1M.

• Q3 Adjusted EBITDA was $82.4M versus $78.4M YoY, with a 9% margin versus 13%; nine-month Adjusted EBITDA was $187.0M versus $251.7M.

• Q3 operating cash flow was $65.4M and Free Cash Flow was $26.0M; nine-month figures were $118.8M and $10.8M.

• Q3 G&A rose 88% to $151.5M, including a $62.5M legal contingency accrual.

Outlook and guidance

• FY26 revenue guidance was tightened to $3.13B–$3.15B; Adjusted EBITDA guidance was reduced to $257M–$277M, or an 8%–9% margin.

• Q4 revenue guidance is $875M–$895M; Adjusted EBITDA guidance is $70M–$90M, or an 8%–10% margin.

• FY26 international revenue is expected to be at least $650M, raised from prior guidance of $600M; positive FY26 Free Cash Flow is expected.

• FY26 deferred membership revenue is expected to reduce revenue and Adjusted EBITDA by at least $20M; $18M of Q3 weight-loss membership revenue was deferred to Q4.

• Q4 U.S. weight-loss marketing moderation may weigh on subscribers; marketing is expected to ramp ahead of Q1 seasonal demand, with subscriber growth expected to recover.