Hims stock earnings 2026 landed after the close on Monday, May 11, and the numbers hit investors hard. Revenue came in at $608 million — up 4% year-over-year but roughly $21 million short of the Wall Street consensus estimate of $629 million. Net loss swung to $92.1 million, a brutal reversal from the $49.5 million net income reported in Q1 2025. HIMS shares dropped between 8% and 13% in after-hours trading. The company insists this is a transition quarter, not a structural failure. Here is what the numbers actually show and what they mean for where Hims is heading.
The Q1 2026 Numbers in Full
The headline figures from Hims & Hers Q1 2026 earnings tell a story of top-line growth meeting bottom-line pain.
Revenue was $608.1 million for the first quarter of 2026 compared to $586.0 million for the first quarter of 2025, an increase of 4% year-over-year. Gross margin was 65% for the first quarter of 2026 compared to 73% for the first quarter of 2025. Net loss was $92.1 million for the first quarter of 2026 compared to net income of $49.5 million for the first quarter of 2025. Adjusted EBITDA was $44.3 million for the first quarter of 2026 compared to $91.1 million for the first quarter of 2025. The Texas Tribune
The company posted revenue of $608.1 million for the quarter ending March 31, 2026, roughly $21 million short of the consensus analyst estimate of $629.2 million. On a non-GAAP adjusted basis, Hims & Hers reported a loss per share of $0.18, significantly below the analyst estimate for earnings per share of $0.04. In after-hours trading, the stock dropped roughly 8.8%. World Oil
Every major profitability metric deteriorated year-over-year. The gross margin compression of 8 percentage points is particularly striking — gross margin is usually the most stable line item in a subscription health business. When it falls that far in a single quarter, something structural changed.
What Caused the Collapse: The GLP-1 Pivot Costs
The structural change was deliberate. Hims & Hers made a major strategic decision in Q1 2026 to exit the compounded semaglutide business and pivot toward branded GLP-1 medications, and that decision came with an immediate and significant financial cost.
Management attributed part of the weakness to one-time items tied to a strategic pivot away from compounded weight-loss drugs, including approximately $33.5 million in restructuring charges and a $15 million legal settlement related to expanding its assortment of branded GLP-1 weight-loss products. U.S. revenue fell 8% to $529.9 million, while rest-of-world revenue surged 969% to $78.2 million amid international expansion. FOX 7 Austin
The math inside the restructuring is important. The $33.5 million in restructuring charges reflects the cost of writing down inventory of compounded semaglutide that can no longer be sold, plus third-party costs directly tied to shutting down that revenue stream. The $15 million legal settlement is tied to the Novo Nordisk dispute resolution that was reached earlier this year, which allowed Hims to begin selling branded Wegovy and Ozempic but required it to stop advertising compounded GLP-1 products.
Following the resolution of drug shortages for Wegovy and Zepbound, Hims & Hers recently launched collaborations with Novo Nordisk and Eli Lilly to provide FDA-approved options directly to its 2.6 million subscribers. Those partnerships are the future of the company’s weight loss business. But Q1 2026 captured the cost of the transition before the benefits have fully materialized. East Daley
US Revenue Down 8%: The Geographic Story
One of the most concerning numbers buried in the Hims stock earnings 2026 release is the 8% decline in US revenue. For a company that built its entire brand on domestic direct-to-consumer telehealth, a contraction in the home market is not a rounding error.
United States Revenue was $529.9 million in Q1 2026, compared to $578.7 million in Q1 2025, a decline of 8%. Rest of the World Revenue was $78.2 million in Q1 2026, compared to $7.3 million in Q1 2025, an increase of 969%. The Texas Tribune
The 969% international growth figure sounds extraordinary because it is, but it is also coming off an extremely small base. The $78.2 million in international revenue this quarter is the company beginning to scale its Eucalyptus acquisition and other international expansions in earnest. That story is real and meaningful. But it cannot offset the domestic compression in the near term, and Wall Street analysts focused on the US decline as the primary concern.
The US drop is largely attributable to the GLP-1 pivot. Compounded semaglutide had been one of the company’s fastest-growing domestic revenue lines. Removing it from the product assortment created an immediate revenue hole that branded GLP-1 partnerships are not yet filling at equivalent scale or margin.
Subscriber Growth Remains the One Bright Spot
Against a backdrop of missed revenue estimates, a $92 million net loss, and compressed margins, there is one number in the Hims stock earnings 2026 report that investors can hold onto.
Subscribers grew to nearly 2.6 million, up 9% year-over-year in Q1 2026. Monthly Revenue per Average Subscriber was $80 in Q1 2026, compared to $85 in Q1 2025, a decline of 6%. The Texas Tribune
Subscriber growth of 9% in a quarter when the company intentionally removed a major product category is a meaningful data point. It suggests the underlying demand for Hims’ platform — spanning hair loss, ED, skincare, mental health, and weight management — is intact even as the product mix shifts. The decline in monthly revenue per subscriber from $85 to $80 reflects the compounded GLP-1 revenue being removed from the average, not subscribers canceling.
Free Cash Flow was $53.0 million for the first quarter of 2026 compared to $50.1 million for the first quarter of 2025. Positive and growing free cash flow is the other signal that the underlying business machinery is not broken, even when GAAP profitability is distorted by one-time restructuring costs. The Texas Tribune
What CEO Andrew Dudum Said
Hims CEO Andrew Dudum did not soften the framing of this quarter. He doubled down on the long-term narrative while acknowledging the transition pain.
Dudum said: “2026 is a defining year for Hims & Hers. We’re not just growing, we’re pulling away from the field on our path to becoming the world’s largest consumer health platform. As we exit the first quarter, our domestic business is accelerating, we’re expanding into new categories and countries, and more people than ever are relying on us for access to personal, data-driven care.” The Texas Tribune
CFO Yemi Okupe added the financial target context: “We have high conviction in our 2030 targets of at least $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA.” Reaffirming 2030 targets worth more than ten times current annual revenue in the same quarter you post a $92 million net loss is either visionary confidence or aggressive expectation management, depending on which analyst you ask. The Texas Tribune
Q2 and Full Year 2026 Guidance: Above Consensus
The forward guidance from Hims stock earnings 2026 was the component that partially offset the Q1 miss in after-hours market reaction.
For the second quarter 2026, the company expects revenue of $680 million to $700 million and Adjusted EBITDA of $35 million to $55 million. For the full year 2026, the company expects revenue of $2.8 billion to $3.0 billion and Adjusted EBITDA of $275 million to $350 million. The Texas Tribune
The Q2 revenue guidance range of $680 million to $700 million compares to the current analyst consensus of $659.2 million, suggesting a potential beat if the company hits the high end of its forecast. For the full year 2026, Hims & Hers projects revenue of $2.8 billion to $3.0 billion, which brackets the analyst estimate of $2.81 billion. World Oil
The Q2 guide above consensus is meaningful. It signals that management believes the GLP-1 transition costs were concentrated in Q1 and that the branded partnership model with Novo Nordisk and Eli Lilly will generate accelerating revenue from Q2 onward. Whether that acceleration materializes is the central question for HIMS bulls and bears over the next 90 days.
Broader Implications: What This Means for the Telehealth GLP-1 Landscape
The Hims stock earnings 2026 report is not just about one company. It is a data point in the larger story of how telehealth platforms navigate the normalization of GLP-1 drug access.
The compounded semaglutide window that drove Hims’ explosive 111% revenue growth in Q1 2025 was a regulatory anomaly — it existed because the branded drugs were in shortage. Once Wegovy and Zepbound shortages resolved, the FDA moved to restrict compounded alternatives, and companies like Hims that built major revenue streams on compounded versions had to pivot fast or face an existential revenue problem.
Hims pivoted fast. The question is whether its branded GLP-1 partnerships with Novo Nordisk and Eli Lilly can generate comparable revenue and margin at scale, and whether the 2.6 million subscriber base will convert to branded offerings at rates that justify the restructuring cost already absorbed. For more on the biggest stories in health tech and digital health investing, visit The Tech Marketer.
Latest Updates
Hims & Hers Q1 2026 earnings are out. Here is where to follow the full story:
- The Hims & Hers Investor Relations page has the complete official Q1 2026 earnings release, including full financial tables, GAAP and non-GAAP reconciliations, Q2 and full year guidance, and CEO and CFO statements. Read more at Hims Investor Relations
- Barron’s has the full Wall Street reaction to the Hims & Hers earnings miss, including why the Q1 results offered investors a big surprise and what analysts are watching in the GLP-1 pivot transition. Read more at Barron’s
- Bloomberg has the complete analysis of how Hims’ sales miss reflects the rising competitive pressure in the weight-loss drug market as branded GLP-1 options become more accessible. Read more at Bloomberg
FAQ: Hims Stock Earnings 2026
1. What was Hims & Hers revenue in Q1 2026? Hims & Hers reported Q1 2026 revenue of $608.1 million, up 4% year-over-year but approximately $21 million below the Wall Street consensus estimate of $629.2 million.
2. Why did Hims stock drop after Q1 2026 earnings? HIMS shares fell between 8% and 13% in after-hours trading following the Q1 2026 earnings miss. The decline was driven by a $92.1 million net loss, gross margin compression to 65% from 73%, and $33.5 million in restructuring charges tied to the strategic pivot away from compounded GLP-1 weight-loss drugs.
3. What is the Hims GLP-1 pivot and why did it hurt Q1 results? Hims & Hers exited the compounded semaglutide business in Q1 2026 and began focusing on branded GLP-1 medications through partnerships with Novo Nordisk and Eli Lilly. The transition generated $33.5 million in restructuring charges, a $15 million legal settlement, and an 8% decline in US revenue as the compounded product revenue was removed before branded alternatives reached equivalent scale.
4. What is the Hims & Hers full year 2026 guidance? Management guided for full year 2026 revenue of $2.8 billion to $3.0 billion and Adjusted EBITDA of $275 million to $350 million. For Q2 2026, the company expects revenue of $680 million to $700 million, which is above the Wall Street consensus estimate of $659.2 million.
5. How many subscribers does Hims & Hers have in 2026? Hims & Hers ended Q1 2026 with nearly 2.6 million subscribers, up 9% year-over-year, despite the strategic product pivot. Monthly revenue per average subscriber declined 6% to $80 from $85 in Q1 2025, reflecting the removal of compounded GLP-1 revenue from the mix.
Sources and References
- Hims & Hers Investor Relations: Hims & Hers Health, Inc. Reports First Quarter 2026 Financial Results
- Barron’s: Hims & Hers Stock Sinks. Why Earnings Offered Wall Street a Big Surprise.
- Bloomberg: Hims Sales Miss on Rising Competition for Weight-Loss Drugs
