Not a good quarter for HIMS.
Q1’26 EARNINGS HIGHLIGHTS
Revenue: $608.1M (Est. $616.9M) ; +4% YoY
Net Loss: $92.1M
Subscribers: Nearly 2.6M; +9% YoY
Monthly Revenue Per Avg. Subscriber: $80; -6% YoY
FY Guide:
Adj. EBITDA: $275M-$350M (Est. $322.8M)
Revenue: $2.8B-$3.0B (Est. $2.72B)
Adj. EBITDA Margin: 10%-12%
Q2 Guide:
Revenue: $680M-$700M
Adj. EBITDA: $35M-$55M (Est. $70.1M)
Adj. EBITDA Margin: 5%-8%
Segment Performance:
United States Revenue: $529.9M; -8% YoY
Rest of World Revenue: $78.2M; +969% YoY
Other Metrics:
Adj. EBITDA: $44.3M
FY 2026 Outlook Excludes Potential Contributions From Proposed Eucalyptus Acquisition
Financials:
Gross Margin: 65% vs. 73% YoY
Net Loss: $92.1M vs. Net Income of $49.5M YoY
Adj. EBITDA: $44.3M vs. $91.1M YoY
Operating Cash Flow: $89.4M vs. $109.1M YoY
FCF: $53.0M vs. $50.1M YoY
Commentary:
“2026 is a defining year for Hims & Hers. We’re not just growing, we’re pulling away from the field on our path to becoming the world’s largest consumer health platform.”
“As we exit the first quarter, our domestic business is accelerating, we’re expanding into new categories and countries, and more people than ever are relying on us for access to personal, data-driven care.”
“In the first quarter, we made a strategic pivot that expanded our assortment of branded GLP-1 products, and early demand signals show our consumer reach broadening meaningfully.”
“We expect growth to accelerate from here, and have high conviction in our 2030 targets of at least $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA.”
Posted by cowardbeater1969
5 Comments
HIMS became flaccid
I still think they have major upside with the potential for a ton of revenue from peptides.
I’d rather buy GHK-CU and other peptides from an American company than a sketchy Chinese lab
This stock used to compounds revenue 50% YoY 5 years straight…
HIMS needs HIMS.
This report is absolutely abysmal.
Gross margin compression.
EBITDA cut in half YoY.
Structural business change in cash flow (net receivables/accounts payable exploding as they transition to being a vendor for glp-1s vs compounder)
On the call, Dudum said to expect more margin compression, they don’t know when margins will stabilize and the full year EBITDA guidance is no longer valid.
GG.