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Hims & Hers reported third-quarter 2026 revenue of $890.4 million, up 49% from a year earlier, and said subscribers increased 13% to nearly 2.8 million. The company posted a $33 million net loss, while lowering its full-year Adjusted EBITDA guidance to $257 million to $277 million and setting revenue guidance at $3.13 billion to $3.15 billion.
Hims & Hers Health reported third-quarter 2026 revenue of $890.4 million, up 49% from a year earlier, as its subscriber base grew to nearly 2.8 million. The telehealth company also reported a $33 million net loss and lowered its full-year Adjusted EBITDA outlook, giving investors a mixed picture of rapid sales growth alongside weaker profitability and cash flow.
The company’s revenue for the three months ended September 30 was $890.373 million, compared with $598.976 million in the same quarter of 2025. Subscribers at quarter-end totaled 2.788 million, a 13% year-over-year increase. Monthly revenue per average subscriber was $105, up from $81 a year earlier, according to the company’s release.
Revenue from the United States rose 21% to $657.1 million. Revenue from the rest of the world reached $233.3 million, up from $55.5 million, which the company reported as a 321% increase. The international figure represents a sharp expansion from a smaller prior-year base; the release does not provide further detail in the supplied material on the drivers of that growth.
Profitability and cash-flow measures were lower on several comparisons. Gross margin was 57%, down from 74% in the third quarter of 2025. Hims & Hers recorded a $33.0 million net loss, compared with net income of $15.8 million a year earlier. Adjusted EBITDA, a non-GAAP measure, rose to $82.4 million from $78.4 million, while net cash provided by operating activities fell to $65.4 million from $148.7 million. Free cash flow was $26.0 million, compared with $79.4 million.
The company said it expects fourth-quarter revenue of $875 million to $895 million and Adjusted EBITDA of $70 million to $90 million, corresponding to an 8% to 10% margin. For full-year 2026, it now expects revenue of $3.13 billion to $3.15 billion and Adjusted EBITDA of $257 million to $277 million, with an 8% to 9% margin. The release says the guidance is forward-looking and actual results could differ materially.
Growth Outpaces Cash Generation
The results show that sales and subscriber numbers are expanding, but they also point to pressure on some measures of profitability and cash generation. Revenue grew 49% year over year, while net cash from operations and free cash flow were both lower than in the prior-year quarter. Gross margin also narrowed by 17 percentage points, from 74% to 57%.
That combination matters because the company is pursuing further platform expansion while projecting substantial full-year revenue. Investors and customers may watch whether new offerings and geographic growth can support sustainable operating results. The figures alone do not establish why margins and cash flow declined, and the company’s stated expectations for future investment and growth are management’s outlook, not realized results.
Adjusted EBITDA increased modestly to $82.4 million, but it is a non-GAAP measure and should be read alongside the reported net loss and cash-flow figures. Hims & Hers said it did not reconcile its forward-looking Adjusted EBITDA guidance to a comparable U.S. GAAP measure because it could not predict certain components without unreasonable effort.
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Quarterly Results and 2026 Outlook
The results cover the quarter ended September 30, 2026, and were announced on November 9. Across the first nine months of 2026, the company reported total revenue of $2.252 billion, up 30% from $1.730 billion in the corresponding 2025 period. U.S. revenue for those nine months rose 9% to $1.809 billion; rest-of-world revenue was $442.9 million, compared with $70.3 million.
Chief Financial Officer Yemi Okupe said revenue growth accelerated for a second consecutive quarter. He attributed the results in part to international growth and said the company had deliberately paced marketing spend ahead of planned fourth-quarter platform expansions. Those statements describe the company’s account of its strategy; the release does not quantify the effect of marketing decisions on quarterly results.
Chief Executive Officer Andrew Dudum said the company is expanding treatments and specialties and rolling out an AI-native customer experience. The supplied release material does not give specific launch dates, product details, or performance measures for those initiatives.
“Everything we’re doing, from expanding the treatments and specialties we make available, to rolling out an AI-native experience to support every customer’s care, informed by leading minds in health and science, is designed to meet that higher bar.”
— Andrew Dudum, Hims & Hers co-founder and chief executive
Margins and Expansion Details
The release does not explain in detail what drove the gross-margin decline, the net loss, or the year-over-year decreases in operating cash flow and free cash flow. It also does not break down which treatments, specialties, or international markets contributed most to the quarter’s growth.
The company’s full-year revenue and Adjusted EBITDA figures are guidance, not confirmed outcomes. Hims & Hers cautioned that actual results may differ materially. Its forward-looking Adjusted EBITDA guidance was not reconciled to net income or loss because the company said some reconciliation components could not be predicted with reasonable certainty or without unreasonable effort.
Fourth-Quarter Targets Ahead
Hims & Hers scheduled a conference call to discuss the results for November 9, 2026, at 5 p.m. Eastern Time, with a live audio webcast available through its investor website. The company said a replay would be available, though the supplied release excerpt does not include replay details.
The next financial milestone is the company’s fourth-quarter report, which will show whether results fall within the stated ranges of $875 million to $895 million in revenue and $70 million to $90 million in Adjusted EBITDA. The supplied material does not specify a date for that report. Investors will also be able to compare full-year results with the company’s revised 2026 guidance and assess the performance of its planned platform expansions.
Key Questions
How much revenue did Hims & Hers report for Q3 2026?
Hims & Hers reported $890.373 million in revenue for the quarter ended September 30, 2026, up 49% from $598.976 million in the same quarter of 2025.
How many subscribers did the company have?
The company reported 2.788 million subscribers at the end of the third quarter, 13% more than a year earlier.
Did Hims & Hers make a profit in the quarter?
No. It reported a $33.0 million net loss, compared with net income of $15.8 million in the third quarter of 2025. Adjusted EBITDA was $82.4 million, a separate non-GAAP measure.
What is the company’s 2026 revenue outlook?
Hims & Hers expects full-year 2026 revenue of $3.13 billion to $3.15 billion. It also forecasts full-year Adjusted EBITDA of $257 million to $277 million. The company cautioned that these forward-looking estimates may differ from actual results.
Source: investors.hims.com
