Hims Q3 revenue rose 49% as it cuts 2026 profit guide

Hims & Hers Health said on November 9, 2026, after the U.S. market close, that third-quarter revenue rose 49% from a year earlier, to $890.4 million, while the company narrowed its full-year sales outlook and reduced its adjusted EBITDA guidance. The results cover the quarter ended September 30, 2026. Hims will host a conference call at 5 p.m. ET the same day.

The company reported a net loss of $33.0 million, or $0.14 a share, compared with net income of $15.8 million a year earlier. Adjusted EBITDA, a non-GAAP measure Hims uses to describe operating performance, was $82.4 million, up from $78.4 million. Free cash flow was $26.0 million, down from $79.4 million. Net cash provided by operating activities was $65.4 million, versus $148.7 million a year earlier.

Sales, margins, and subscribers

Of the $890.4 million in revenue, U.S. sales were $657.1 million, up 21%, and rest-of-world sales were $233.3 million, up 321%. A year earlier, total revenue was $599.0 million. Chief Financial Officer Yemi Okupe called the 49% increase “our second consecutive quarter of acceleration” and said the company delivered those results while “intentionally pacing marketing spend ahead of several planned expansions to our platform in the fourth quarter.”

Gross margin was 57%, compared with 74% in the third quarter of 2025. In its August 10, 2026 second-quarter release, Hims reported a gross margin of 64%. The third-quarter cost of revenue was $381.2 million, more than double the year-earlier 156,918 thousand.

Subscribers were 2,788 thousand at the end of the third quarter, or nearly 2.8 million, up 13% from 2,471 thousand a year earlier. That was down from 2,891 thousand at the end of the second quarter, a figure from the same August release, not only from later commentary. Monthly revenue per average subscriber was $105, compared with $81 a year earlier and $92 in the second quarter.

Guidance

Hims said it is tightening full-year 2026 revenue guidance to a range of $3.13 billion to $3.15 billion and reducing adjusted EBITDA guidance to $257 million to $277 million, which it said implies an adjusted EBITDA margin of 8% to 9%. On August 10, after the second quarter, the company had raised full-year revenue guidance to $3.1 billion to $3.3 billion and updated adjusted EBITDA guidance to $275 million to $325 million.

For the fourth quarter, Hims expects revenue of $875 million to $895 million and adjusted EBITDA of $70 million to $90 million, or an adjusted EBITDA margin of 8% to 10%. Third-quarter revenue and adjusted EBITDA came in inside the ranges Hims issued in August, which were $880 million to $900 million and $75 million to $95 million.

Guidance is a forward-looking statement. The company said actual results may differ, and it did not reconcile the forward-looking adjusted EBITDA figures to net income or loss.

The U.S. weight-loss shift

In the non-GAAP reconciliation, Hims recorded restructuring and other related charges of 3,825 thousand in the third quarter and 41,939 thousand through the first nine months. It tied those costs to what it calls the “2026 US WL Announcement” a first-quarter strategic shift in its United States weight-loss offering. In the Q3 release, the company said it “evolved our United States weight loss offering to match our global approach towards providing access to branded GLP-1 medications, and offering access to compounded GLP-1 medications through our platform on a limited scale.”

That framing comes from Hims. In a March 9, 2026 release announcing the shift, the company said it planned to provide U.S. GLP-1 customers with “access to a broad assortment of FDA-approved medications and offer compounded semaglutide through the platform on a limited scale,” and that it would stop advertising compounded GLP-1 offerings. Earlier this month, Eli Lilly and Hims announced a deal to offer Zepbound and Foundayo on the Hims & Hers platform at Lilly’s self-pay prices (report).

What is not known

• What drove the sequential subscriber decline. Hims reported 2,788 thousand subscribers at the end of the third quarter, down from 2,891 thousand at the end of the second, but the release does not break out how much of that change came from U.S. weight-loss customers, international markets, or other specialties.
• The mix behind the margin drop. Gross margin fell to 57% from 74% a year earlier and from 64% in the second quarter. Hims has previously linked lower margins to branded weight-loss products and international mix, but the third-quarter release does not quantify those contributions.
• Whether the new outlook holds. The tightened revenue range and lower adjusted EBITDA guide are the company’s current plan, not results. Hims also said it cannot predict certain items needed to reconcile forward-looking adjusted EBITDA to net income or loss.