Hims & Hers Q3 2026 earnings review

Revenue rose 49%, but the company cut its full-year Adjusted EBITDA guidance.

Hims & Hers Health, Inc. · Q3 2026 · Published Nov 10, 2026 · By DeepCell AI · Sources

Hims & Hers Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Hims & Hers (HIMS) Q3 2026 earnings review

Revenue rose 49%, but the company cut its full-year Adjusted EBITDA guidance

  1. 1.Revenue of $890.4M sat in the August $880M–$900M range and missed Zacks by $3.0M
  2. 2.GAAP net loss was $33.0M, or $0.14 a share, versus income of $15.8M a year earlier
  3. 3.Full-year Adjusted EBITDA guidance was cut to $257M–$277M from $275M–$325M
  4. 4.Full-year revenue guidance was tightened to $3.13B–$3.15B from $3.1B–$3.3B
  5. 5.Shares were -1.8% in Nov 10 pre-market at $22.52 as of 8:33 AM EST, not a close

Note: Zacks consensus is from a Yahoo Finance article dated Nov 10, 2026. The pre-market last is not a close.Source: Hims & Hers Form 8-K Ex. 99.1, Nov 9, 2026; Hims & Hers Form 8-K Ex. 99.1, Aug 10, 2026 (prior guidance); Yahoo Finance / Zacks, Nov 10, 2026; CNBC, Nov 10, 2026 8:33 AM EST

2

2 · Executive summary

Q3 revenue missed the Zacks consensus by 0.3%, and full-year Adjusted EBITDA guidance was cut

Q3 2026 revenue vs. Zacks consensus (Yahoo Finance, Nov 10, 2026)

MetricActualConsensusVarianceResult
Q3 revenue$890.4M$893.4M-3.0M / -0.3%Miss
GAAP diluted EPS-$0.14Zacks $0.07 consensus (Yahoo Finance)Company figure -$0.14Company figure
Q3 revenue vs. August guide$890.4M$880M–$900M+0.4M vs. midpointIn range
2026 Adjusted EBITDA midpoint$267M$300M-33MCut

Share price, Nov 9 close to Nov 10 pre-market

Hims & Hers (NYSE)Nov 9 close (CNBC 4:10 PM EST)Nov 10 pre-market, 8:33 AM ESTChange ($)Change (%)
HIMS$22.94$22.52-$0.42-1.8%

Both prices are from the CNBC quote page. The NYSE close carries a 4:10 PM EST CNBC timestamp. The pre-market last is not a close.

Note: Company diluted EPS is -$0.14. The company did not publish an adjusted EPS figure. Zacks, as reported by Yahoo Finance, cited a $0.07 consensus and described results as $0.03; that $0.03 is not a company-published EPS figure.Source: Hims & Hers Form 8-K Ex. 99.1, Nov 9, 2026; Hims & Hers Form 8-K Ex. 99.1, Aug 10, 2026 (prior guidance); Yahoo Finance / Zacks, Nov 10, 2026; CNBC, Nov 10, 2026 8:33 AM EST

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3 · Q3 results vs. consensus

Full-year Adjusted EBITDA guidance was cut by $33.0M at the midpoint

2026 guidance, Nov 9 vs. Aug 10

MetricAug 10 outlookNov 9 outlookMidpoint change
Revenue$3.1B to $3.3B$3.13B to $3.15B-60M
Adjusted EBITDA$275M to $325M$257M to $277M-33M

Q4 2026 guidance (first issued Nov 9)

MetricLowHighMidpoint
Revenue$875M$895M$885M
Adjusted EBITDA$70M$90M$80M

Note: November revenue guidance is $3.13 billion to $3.15 billion. The August official range was $3.1 billion to $3.3 billion, from the Aug 10, 2026 Form 8-K. The company did not reconcile forward-looking Adjusted EBITDA to net income.Source: Hims & Hers Form 8-K Ex. 99.1, Nov 9, 2026; Hims & Hers Form 8-K Ex. 99.1, Aug 10, 2026 (prior guidance); analysis of company data

4

4 · Q4 and 2026 guidance

Revenue rose 49% to $890.4M, while GAAP results swung to a loss

  1. Growth accelerated on paperRevenue rose 49%, led by international sales.
  2. Margins compressedGross margin was 57.2%, down from 73.8%.
  3. A swing to a net lossNet loss was ($33.0M), compared with net income of $15.8M a year earlier.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Revenue$599.0M$890.4M48.6%
Gross profit$442.1M$509.2M15.2%
GAAP net income (loss)$15.8M($33.0M)n.m.
GAAP diluted EPS ($)$0.06-$0.14n.m.

Note: n.m. means not meaningful, because the comparison is a swing from profit to loss. Titles use the company's reported 49% revenue increase; the table rate is a DeepCell calculation from $890.4 million versus $599.0 million.Source: Hims & Hers Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

5

5 · Q3 key financials

Rest-of-world revenue rose 320.7% to $233.3M

Revenue by geography

$M, Q3 2025 vs. Q3 2026

United States · Q3 2025: $544MUnited States · Q3 2026: $657MRest of the world · Q3 2025: $55MRest of the world · Q3 2026: $233MQ3 2025Q3 2026$0M$250M$500M$800M$544M$657M$233M
United States revenue rose 20.9% to $657.1M“In healthcare, whoever owns the customer relationship wins, and that’s exactly what we’re building toward at Hims & Hers.” Andrew Dudum, co-founder and CEO

Note: Rest of the world revenue is sales by legal entities operating outside the United States.Source: Hims & Hers Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

6

6 · Revenue by geography

Period-end subscribers rose 12.8% to 2,788 thousand, and monthly revenue per average subscriber rose 29.6%

Subscriber and revenue-per-subscriber metrics

Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026YoY
Period-end subscribers (thousands)2,4712,78812.8%
Monthly revenue per average subscriber ($)$81$10529.6%
The company reported nearly 2.8 million subscribers at period end, up from a year earlier

Note: Monthly revenue per average subscriber is total revenue divided by average subscribers, then divided by the number of months in the period.Source: Hims & Hers Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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7 · Subscriber metrics

Operating income swung to a loss of ($66.1M) as cost of revenue and operating expenses rose

Operating income (loss) bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $11.8M$M · Revenue: $291.4M$M · Cost of revenue: -$224.3M$M · Marketing: -$15.1M$M · Other costs: -$130.0M$M · Q3 2026: -$66.1MQ3 2025RevenueCost ofrevenueMarketingOther costsQ3 2026-$120M$0M$100M$200M$11.8M-$224.3M-$15.1M-$130.0M-$66.1M
Cost of revenue rose 142.9% to $381.2M

Note: Higher costs are shown as reductions. Other costs are operations and support, technology and development, and general and administrative.Source: Hims & Hers Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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8 · Operating income bridge

Gross margin fell to 57.2% from 73.8%, and Adjusted EBITDA margin also declined

Gross and Adjusted EBITDA margins

% of revenue, Q3 2025 vs. Q3 2026

Gross margin · Q3 2025: 73.8%Gross margin · Q3 2026: 57.2%Adjusted EBITDA margin · Q3 2025: 13.1%Adjusted EBITDA margin · Q3 2026: 9.3%Q3 2025Q3 20260%25%50%80%73.8%57.2%13.1%9.3%
Adjusted EBITDA rose slightly to $82.4M from $78.4M

Note: Adjusted EBITDA adds back stock-based compensation, depreciation and amortization, acquisition costs and other items listed in the release.Source: Hims & Hers Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

9

9 · Margin analysis

10 · Cost ratios

Free cash flow fell 67.3% to $26.0M

Operating cash flow to free cash flow

$M, Q3 2026

$M · Operating cash flow: $65.4M$M · Capex: -$33.3M$M · Internal-use software: -$6.1M$M · Free cash flow: $26.0MOperating cashflowCapexInternal-usesoftwareFree cash flow$0M$25M$50M$80M$65.4M-$33.3M-$6.1M$26.0M
Operating cash flow was $65.4M, down from $148.7M

Note: Free cash flow is operating cash flow less purchases of property, equipment and intangible assets and investment in website development and internal-use software, as defined by the company.Source: Hims & Hers Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

11

11 · Free cash flow

12 · Operating expenses

Cash and investments were $712.2M, down $216.5M since December 31, while convertible notes rose

Cash, investments, notes and equity

$M, Dec 31, 2025 vs. Sep 30, 2026

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$228.6M$605.6M
Short-term investments$348.9M$106.6M
Long-term investments$351.3M$0.0M
Cash and investments$928.8M$712.2M
Convertible senior notes, net$972.6M$1,367.4M
Total stockholders equity$540.9M$355.3M
Goodwill rose to $1,110.7M from $278.3M, reflecting acquisitions

Note: Cash and investments is cash plus short-term and long-term available-for-sale investments.Source: Hims & Hers Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

13

13 · Balance sheet and debt

The cut to Adjusted EBITDA guidance leaves less room if marketing or international costs stay high

Indicator
What to watch
Implication
Latest reading
Gross margin
Mix and international expansion costs
Margin vs. last year
57.2% in Q3
International growth quality
Rest-of-world revenue scale versus profit
ROW 320.7% YoY
ROW $233.3M
Subscriber growth vs. spend
Revenue per subscriber versus marketing
Engagement and pricing
ARPU $105
Cash conversion
Free cash flow after investment
Q4 investment plans
Q3 FCF $26.0M

Source: Hims & Hers Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

14

14 · Key risks to guidance

15 · Appendix: Geographic detail

16 · Appendix: Non-GAAP items

17 · Appendix: Guidance detail

18 · Appendix: Cash detail

Appendix: income statement detail

Revenue and costs

$M unless notedQ3 2025Q3 2026YoY
Revenue$599.0M$890.4M48.6%
Cost of revenue$156.9M$381.2M142.9%
Gross profit$442.1M$509.2M15.2%
Marketing$232.2M$247.3M6.5%
Operations and support$76.8M$107.2M39.5%

Earnings

$M unless notedQ3 2025Q3 2026YoY
Technology and development$40.6M$69.4M71.0%
General and administrative$80.7M$151.5M87.8%
Net income (loss)$15.8M($33.0M)n.m.
Adjusted EBITDA$78.4M$82.4M5.1%

Note: n.m. means not meaningful, because the comparison is a swing from profit to loss.Source: Hims & Hers Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: Hims & Hers Form 8-K, Nov 9, 2026 — https://www.sec.gov/Archives/edgar/data/1773751/000177375126000242/0001773751-26-000242-index.htm
  • Results release, Q3 2026 (Ex. 99.1), including revenue of $890.4M and a GAAP net loss of ($33.0M) — https://www.sec.gov/Archives/edgar/data/1773751/000177375126000242/hims-20260930x8xkearningsr.htm
  • Investor relations release, Nov 9, 2026 — https://investors.hims.com/news/news-details/2026/Hims--Hers-Health-Inc--Reports-Third-Quarter-2026-Financial-Results/default.aspx
  • Prior outlook and the cut full-year Adjusted EBITDA range of $257M to $277M: Q2 2026 release (Form 8-K Ex. 99.1), Aug 10, 2026, and the Nov 9 release — https://www.sec.gov/Archives/edgar/data/1773751/000177375126000161/hims-20260630x8xkearningsr.htm
  • Zacks consensus Q3 revenue of $893.4M, as reported by Yahoo Finance, Nov 10, 2026 — https://finance.yahoo.com/healthcare/articles/hims-hers-health-hims-q3-220002128.html
  • Share price: CNBC HIMS quote, Nov 9, 2026 regular-session close $22.94 (CNBC timestamp 4:10 PM EST) and Nov 10 pre-market $22.52 at 8:33 AM EST — https://www.cnbc.com/quotes/HIMS
  • Company figures are in U.S. dollars. Non-GAAP figures follow the company's reconciliation tables. The company did not publish an adjusted EPS figure.
  • Chart and table values link to the model in the spreadsheet tabs of this file. This page is not investment advice and carries no rating or price target.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Hims & Hers Health, Inc.'s Form 8-K of November 9, 2026 (Exhibit 99.1) and, for prior guidance, its Form 8-K of August 10, 2026. Consensus estimates (Zacks, as reported by Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are GAAP unless labelled as Adjusted EBITDA, adjusted net income or free cash flow, in U.S. dollars, for the quarters ended September 30, 2026 and 2025.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Hims & Hers Health, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close on November 9, 2026 (CNBC timestamp 4:10 PM EST), and the pre-market last at 8:33 AM EST on November 10, 2026. The pre-market last is not a close.

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21

21 · Disclosures

Sources

Not investment advice; no rating or price target.

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