Hims & Hers reports Q2 2026 revenue of about $753 million with a GAAP loss

Hims & Hers Health reported second-quarter 2026 revenue of about $753.2 million, up 38% from $544.8 million a year earlier, the company said in its August 10, 2026 earnings release ^[1]. Subscribers grew 19% to nearly 2.9 million, and monthly revenue per average subscriber rose 21% to $92 ^[1]. Despite the growth, the company posted a net loss of $86.3 million, compared with net income of $42.5 million in the same quarter last year ^[1].

The swing to a loss came alongside a sharp drop in gross margin, which fell from 76% to 64% year over year ^[1]. The summary of this development attributes the margin decline to branded GLP-1 medications replacing compounded product in the company's offerings, a shift that costs more per unit than the compounded versions the company previously sold. Adjusted EBITDA, a non-GAAP measure, also fell to $60.3 million from $82.2 million a year earlier ^[1]. Free cash flow was negative $68.2 million, similar to the negative $69.4 million reported in the second quarter of 2025 ^[1].

Domestic revenue rose 16% to $621.8 million, while revenue from outside the United States jumped more than 17-fold to $131.4 million, a jump the company's chief financial officer, Yemi Okupe, linked to the closing of its Eucalyptus acquisition in June ^[1]. Okupe said the company expects domestic growth to keep accelerating through the second half of the year ^[1]. CEO Andrew Dudum said the company was "delivering a world-class health experience at a global scale and a reasonable price for the nearly 3 million people who rely on us for access to care" ^[1].

Looking ahead, Hims & Hers raised its full-year 2026 revenue guidance to a range of $3.1 billion to $3.3 billion and updated its Adjusted EBITDA guidance to $275 million to $325 million ^[1]. For the third quarter of 2026, the company projects revenue of $880 million to $900 million and Adjusted EBITDA of $75 million to $95 million ^[1]. The company also said it is building "increased conviction" in longer-term targets of at least $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA by 2030 ^[1].

Why it matters for patients

The margin decline documented in this release reflects a broader shift in the GLP-1 landscape: platforms like Hims & Hers that once relied heavily on compounded versions of semaglutide and other GLP-1 drugs are now selling more branded product, which carries higher costs and, often, higher prices for the company to absorb or pass along ^[1]. For patients who used Hims & Hers for compounded GLP-1 access, this transition may already have changed what is available on the platform or how it is priced, though the sources here do not detail specific consumer-facing price changes.

The company's subscriber growth of 19% and revenue growth of 38% suggest demand for its services, including GLP-1-related offerings, remains strong even as the product mix changes ^[1]. But the shift to a net loss, driven substantially by the margin compression from branded drugs, is a signal that the economics of offering these medications through direct-to-consumer platforms are evolving. It is not yet known from these sources whether this dynamic will lead to further price adjustments, narrower plan options, or other changes that could directly affect what patients pay or how they access semaglutide, tirzepatide, or other GLP-1 products through the platform.

What happens next

The company's next scheduled update is guidance-driven: it has already issued third-quarter 2026 revenue and Adjusted EBITDA projections and full-year 2026 targets, which will be tested against actual results in a future earnings report ^[1]. No specific date for the next quarterly release is given in the source material.