Hims & Hers Q1 2026 Results: Loss, Raised Forecast
Hims & Hers Q1 2026 results showed a quarter loss and margin squeeze while raising FY revenue and adjusted EBITDA guidance, likely pressuring sentiment
KEY TAKEAWAYS
- Revenue was $608.1 million, but net loss totaled $92.1 million, reversing year-ago profit.
- Gross margin contracted to 65% from 73% amid roughly $33 million of restructuring costs.
- Company raised FY revenue guidance to $2.8-$3.0 billion and adjusted EBITDA to $275-$350 million following the filing.
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Hims & Hers Q1 2026 results showed revenue growth but a first-quarter loss and margin compression. On May 11, 2026, the company raised full-year revenue and adjusted-EBITDA guidance, citing a shift to branded GLP-1 products and related restructuring.
Quarterly Financials and Strategic Shift
Hims & Hers Health Inc. (NYSE: HIMS) reported first-quarter revenue of $608.1 million, up 4% from $586.0 million a year earlier. The company posted a net loss of $92.1 million, reversing a net income of $49.5 million in the prior year. Gross margin narrowed to 65% from 73% year-over-year.
Subscribers increased about 9% to roughly 2.6 million from 2.37 million a year earlier. Adjusted EBITDA declined to $44.3 million from $91.1 million. Free cash flow was $53 million, and cash and short-term investments totaled $751 million.
U.S. revenue fell 8% to $529.9 million, while international revenue rose sharply to $78.2 million from $7.3 million. Average revenue per subscriber eased to about $80 a month from $85.
The company said its GLP-1 strategy shifted toward branded products such as Novo Nordisk’s Ozempic and Wegovy after the compounded-GLP-1 exemption ended in the first quarter of 2025. Management attributed approximately $33 million in restructuring costs to write-downs from the compounded GLP-1 supply-chain wind-down.
Guidance and Outlook
An 8-K filing and related earnings materials raised full-year 2026 revenue guidance to $2.8 billion to $3.0 billion and adjusted EBITDA guidance to $275 million to $350 million, implying a margin of about 10% to 12% at the midpoint. The filing also set second-quarter revenue guidance at $680 million to $700 million and adjusted EBITDA at $35 million to $55 million. The outlook excludes the pending Eucalyptus acquisition and assumes growth from branded GLP-1 products, AI-enabled new specialties, and international expansion.
Management set longer-term targets of at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA by 2030. The company said it would transition to annual shareholder letters while continuing quarterly updates through earnings calls and releases.
