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Hims & Hers reported third-quarter 2026 revenue of $890.4 million, up 49% year over year, while subscribers rose 13% to nearly 2.8 million. The company posted a $33 million net loss, and lowered its full-year Adjusted EBITDA outlook to $257 million-$277 million while forecasting $3.13 billion-$3.15 billion in revenue.
Hims & Hers Health reported $890.4 million in third-quarter 2026 revenue, up 49% from a year earlier, but recorded a $33 million net loss and cut its full-year Adjusted EBITDA guidance. The telehealth company said subscribers reached nearly 2.8 million, as investors weigh its rapid sales growth against weaker margins and lower cash generation.
Revenue for the three months ended September 30 rose from $599.0 million in the same quarter of 2025. The company reported 57% gross margin, down from 74% a year earlier. Net results shifted from $15.8 million in net income in the third quarter of 2025 to a $33.0 million loss this quarter.
Adjusted EBITDA, a non-GAAP measure, was $82.4 million, compared with $78.4 million in the prior-year quarter. Net cash provided by operating activities fell to $65.4 million from $148.7 million, while free cash flow declined to $26.0 million from $79.4 million. The company said its release includes reconciliations of these non-GAAP measures to the closest comparable U.S. GAAP measures.
Subscribers at quarter-end totaled 2.788 million, up 13% year over year. Monthly revenue per average subscriber was reported at $105, compared with $81 for the third quarter of 2025. U.S. revenue increased 21% to $657.1 million; revenue from the rest of the world rose 321% to $233.3 million. The company’s release reported both regional figures and the total, but did not explain in the provided material how international growth was distributed among markets.
Growth Meets Margin Pressure
The results show fast revenue growth alongside a marked decline in gross margin and lower cash flow from operations. That combination matters because it can affect how much the company can invest in expanding services while still improving profitability. The reported figures do not, by themselves, establish why margins declined or whether the change will persist.
The guidance puts that tension in focus. Hims & Hers expects full-year revenue of $3.13 billion to $3.15 billion, while projecting Adjusted EBITDA of $257 million to $277 million, equivalent to an 8% to 9% margin. Adjusted EBITDA is not a U.S. GAAP measure, and the company cautioned that actual results may differ from its outlook.
For customers and shareholders, subscriber growth and the company’s international expansion point to a broader platform, while the loss and reduced cash generation raise questions about the cost of that growth. The earnings release provides headline results but not enough detail to resolve those questions on its own.
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Regional Sales and Subscriber Growth
Hims & Hers sells health and wellness services through a digital platform. In the quarter, its reported U.S. revenue reached $657.1 million, compared with $543.5 million a year earlier. Rest-of-world revenue rose from $55.5 million to $233.3 million. For the first nine months of 2026, total revenue was $2.252 billion, up 30% from $1.730 billion in the comparable 2025 period.
The company characterized this quarter as its second consecutive quarter of revenue growth acceleration. CFO Yemi Okupe said domestic revenue increased 21% year over year and international revenue grew more than 300%. Those are management’s descriptions of the reported results; the release does not provide a breakdown of the specific factors driving the regional changes.
CEO Andrew Dudum also pointed to planned expansions in treatments and specialties, and to an AI-supported customer experience. These are company initiatives described in the release, not reported financial outcomes. The company said it paced marketing spending ahead of planned fourth-quarter expansions, but the announcement did not quantify that spending decision’s effect on the quarter’s margins.
“Today, customers want real choice, real value, and a care team that knows them.”
— Andrew Dudum, Hims & Hers co-founder and chief executive
Key Drivers Still Need Detail
The release reports lower gross margin, net loss and lower operating cash flow, but the supplied material does not break down the reasons for those year-over-year changes. It is also not clear from the announcement how much of international revenue growth came from customer additions, pricing, acquisitions or other factors.
The company’s revenue and Adjusted EBITDA projections are forward-looking estimates, not guaranteed outcomes. Hims & Hers said actual results could differ materially. It did not reconcile its forward-looking Adjusted EBITDA outlook to forecast net income or loss, saying it could not predict certain components with reasonable certainty without unreasonable effort.
The release describes planned platform expansions but does not detail their timing, cost or expected contribution to future revenue and earnings. The available information also does not establish whether the quarter’s lower margins and cash flow reflect temporary investment decisions or a longer-running trend.
Fourth-Quarter Outlook and Call
For the fourth quarter of 2026, Hims & Hers forecast $875 million to $895 million in revenue and $70 million to $90 million in Adjusted EBITDA, corresponding to an 8% to 10% margin. Its full-year revenue outlook is $3.13 billion to $3.15 billion, with full-year Adjusted EBITDA expected at $257 million to $277 million and an 8% to 9% margin.
The company scheduled a conference call to review the results for November 9, 2026, at 5 p.m. Eastern, with a live audio webcast through its investor-relations website. Further management commentary on margins, cash flow, marketing investment and planned expansions may clarify how the company views the quarter’s results and the year-end outlook. The guidance remains subject to the risks described in the company’s release.
Key Questions
How much revenue did Hims & Hers report for the third quarter?
Hims & Hers reported $890.4 million in revenue for the quarter ended September 30, 2026, up 49% from $599.0 million a year earlier.
Was the company profitable in the quarter?
No. The company reported a $33.0 million net loss, compared with net income of $15.8 million in the third quarter of 2025.
How many subscribers did Hims & Hers have?
It reported 2.788 million subscribers at the end of the quarter, 13% more than a year earlier.
What is the company’s full-year 2026 outlook?
Hims & Hers forecast $3.13 billion to $3.15 billion in revenue and $257 million to $277 million in Adjusted EBITDA. The company cautioned that actual results may differ from its forward-looking estimates.
Source: investors.hims.com
