Hims Tightens 2026 Outlook After Revenue Growth Accelerates
Third-quarter revenue reached $890.4 million, up 49% from a year earlier, as full-year Adjusted EBITDA guidance was cut to $257 million to $277 million.
Hims & Hers Health, Inc. (HIMS), the global health and wellness platform, reported third-quarter revenue of $890.4 million, up 49% from a year earlier, the second consecutive quarter of acceleration after 38% growth in the second quarter and 4% in the first.
The company tightened full-year 2026 revenue guidance to $3.13 billion to $3.15 billion from $3.1 billion to $3.3 billion and reduced Adjusted EBITDA guidance to $257 million to $277 million from $275 million to $325 million.
Chief Financial Officer Yemi Okupe said the company intentionally paced marketing spend ahead of planned fourth-quarter platform expansions. Marketing expense was $247.3 million in the quarter.
United States revenue was $657.1 million, up 21% year-over-year, accelerating from 16% in the second quarter and an 8% decline in the first. Rest of the World revenue was $233.3 million, up 321% year-over-year, after more than 17-fold growth in the second quarter and 969% in the first.
Subscribers ended September at 2.79 million, up 13% year-over-year, down from 19% growth in the second quarter. Monthly revenue per average subscriber was $105, up 30% year-over-year, after 21% in the second quarter and a 6% decline in the first.
Gross margin compressed to 57% from 74% a year earlier, after 64% in the second quarter and 65% in the first. The company swung to a net loss of $33.0 million, or $0.14 a share, from net income of $15.8 million a year earlier. Adjusted EBITDA was $82.4 million, with a 9% margin versus 13% a year earlier.
Free cash flow was $26.0 million, down from $79.4 million a year earlier, after negative free cash flow of $68.2 million in the second quarter. Net cash provided by operating activities was $65.4 million.
In the third quarter the company revised Adjusted EBITDA to include foreign currency gains and losses, net, citing recent international expansion. Those items were $4.1 million in the quarter. Restructuring and other related charges tied to the 2026 U.S. weight-loss announcement were $3.8 million in the quarter.
For the fourth quarter of 2026, Hims & Hers expects revenue of $875 million to $895 million and Adjusted EBITDA of $70 million to $90 million, an 8% to 10% margin. Full-year Adjusted EBITDA guidance of $257 million to $277 million implies an 8% to 9% margin.
Cash and cash equivalents were $605.6 million at September 30, 2026. Convertible senior notes, net, were $1.37 billion.
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