Hims & Hers reported Q2 2026 after the close on August 10. Revenue was $753.2M, up 38.2% year over year — one quarter after growth had decelerated to +3.8%. Subscribers reached 2.891 million, up 19%, on 307,000 net adds.
The company also lost $86.3M, against $42.5M of net income in the same quarter last year.
Both of those are the same event, and the release headline holds them in one sentence: "Raises full year 2026 revenue guidance to a range of $3.1 billion to $3.3 billion and updates Adjusted EBITDA guidance to a range of $275 million to $325 million."
That word is doing a lot of work. The prior Adjusted EBITDA range was $275–350M.
The call, graded
We previewed this print on August 1 with four open questions and no forecast. Here is how each resolved.
| What we said to watch | What the print says |
|---|---|
| Whether the growth line has a floor after four straight decelerations | Floor found, hard. +3.8% → +38.2%. But see below — most of the increase is not domestic. |
| Whether the loss repeats | It repeated. −$0.37 after −$0.40. Two consecutive losses is now a trend, not an event. |
| Whether free cash flow holds near the 9.8% margin | No. −$61.9M, a −8.2% margin. The swing our preview called "volatile, not durably positive" swung. |
| Any management statement on the FDA / DOJ / Novo Nordisk threads | A number, not an answer. $47.5M of "legal contingencies" was booked in the quarter and $62.5M for the half. The release does not say which matter it relates to, and we are not going to assume. |
One correction owed on our own record: that preview said Hims would report Monday, August 3. It reported Monday, August 10. Our stored schedule was corrected before the print; the article text was not, and it went out with the wrong date.
Against the consensus we carry in our own previews data — $690.2M revenue and −$0.05 EPS — revenue beat by roughly $63M and EPS missed by $0.32.
Where the growth actually came from
The revenue increase was $208.4M. Here is how it splits:
| Line | Q2 2026 | Q2 2025 | Change | Share of increase |
|---|---|---|---|---|
| United States | $621.8M | $537.3M | +$84.5M | 41% |
| Rest of the World | $131.4M | $7.5M | +$123.8M | 59% |
| Total | $753.2M | $544.8M | +$208.4M | 100% |
Fifty-nine percent of the growth is a business that essentially did not exist a year ago. The Eucalyptus acquisition closed in June, so roughly one month of it is in this quarter — but international was already $78.2M in Q1 2026 against $7.3M a year prior, so this is an acquired-and-built international line, not a single deal landing.
The domestic story is genuinely better than it looks in that table, and it is the thing the CFO led with. US revenue was −8% year over year in Q1 2026 ($529.9M against $578.7M). This quarter it was +15.7%. A swing from shrinking to mid-teens growth in one quarter is real re-acceleration, and it is the number to carry forward — the consolidated 38.2% will not survive contact with Q3, when the acquisition laps into a full three months and the comparison stops flattering.
The Q3 guide of $880–900M implies about +48.6% against Q3 2025. That is the acquisition, not the core.
What it cost
| Line | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $753.2M | $544.8M | +38.2% |
| Cost of revenue | $272.4M | $128.6M | +111.8% |
| Gross profit | $480.8M | $416.2M | +15.5% |
| Gross margin | 63.8% | 76.4% | −12.6 pts |
| General and administrative | $165.4M | $67.3M | +145.8% |
| Operating income | −$97.2M | $26.7M | — |
| Adjusted EBITDA | $60.3M | $82.2M | −26.6% |
Cost of revenue grew nearly three times as fast as revenue. Gross profit grew 15.5% on 38.2% more revenue, which is the whole story in one line: the incremental dollar now arrives at less than half the margin it used to.
Gross margin has fallen every quarter for a year — 76.4%, 73.8%, 71.9%, 65.3%, 63.8%.
Below the gross line, G&A more than doubled, carrying the $47.5M of legal contingencies and $28.8M of acquisition and transaction costs. Those two items alone are $76.3M against a $97.2M operating loss.
The score, recomputed
On our house definition — revenue growth plus free-cash-flow margin:
| Quarter | Revenue | Revenue YoY | FCF | FCF margin | R40 |
|---|---|---|---|---|---|
| 2025 Q2 | $544.8M | +72.61% | −$65.2M | −11.96% | 60.64 |
| 2025 Q3 | $599.0M | +49.16% | $83.5M | 13.93% | 63.10 |
| 2025 Q4 | $617.8M | +28.41% | $11.9M | 1.93% | 30.34 |
| 2026 Q1 | $608.1M | +3.77% | $59.5M | 9.79% | 13.56 |
| 2026 Q2 | $753.2M | +38.25% | −$61.9M | −8.21% | 30.03 |
The score more than doubled off the Q1 low and is still below where it sat two quarters ago. The two halves have traded places: a year ago growth carried a negative cash margin; in Q1 cash carried a collapsed growth rate; this quarter growth is back and cash is negative again. The company has not yet printed a quarter where both halves work at once.
A note on that free-cash-flow figure. Hims's own definition also subtracts website development and internal-use software, giving −$68.2M. Our series subtracts only purchases of property, equipment and intangibles, which is the convention the rest of this ticker's history uses. Either way the sign is the same.
What we still cannot tell you
Our February coverage rested on the FDA action on compounded semaglutide, the HHS referral to the DOJ, and the Novo Nordisk patent suit. This print puts $47.5M of legal contingencies on the page and does not name a counterparty. We are not going to map that number onto any of those three threads, because the release does not, and this site holds filings and series rather than dockets.
What we can say is narrower and still worth saying: legal exposure has stopped being an external story and started being a line item.
The bottom line
Growth came back and it was bought — 59% of the increase from an international business assembled by acquisition, 12.6 points of gross margin given up, and a second consecutive quarterly loss. The domestic swing from −8% to +15.7% is the genuinely encouraging number underneath all of that, and it is the one worth tracking into Q3.
The guidance is where management's own view shows. Full-year revenue went up $300M at both ends. Full-year Adjusted EBITDA went from $275–350M to $275–325M — the top end cut by $25M, the margin guide from 10–12% down to 9–10% — and the new range now includes an acquisition the old one excluded. Set against the same revenue base, that is a larger reduction than the headline number suggests.
Hims is buying a bigger company. It is not yet buying a more profitable one.
What we learned
- The growth floor was found, hard, and it is not domestic. Revenue +38.2% after four straight decelerations that ended at +3.8%. Most of the increase is not US.
- The loss repeated, so it is a trend. −$0.37 after −$0.40, and a $86.3M loss against $42.5M of net income a year earlier. Two consecutive losses is no longer an event.
- Free cash flow swung exactly as the preview said it might. −$61.9M, a −8.2% margin, from the 9.8% we called "volatile, not durably positive".
- "Updates" was the word doing the work in the guidance headline. Revenue guidance was raised to $3.1–3.3B; Adjusted EBITDA was updated from $275–350M — a cut disguised as an update by one verb.
- The legal overhang got a number, not an answer. $47.5M of legal contingencies booked in the quarter and $62.5M for the half, with the release not saying which matter it relates to.
Figures are from Hims & Hers' Q2 2026 earnings release, filed as Exhibit 99.1 to its 8-K on August 10, 2026 (accession 0001773751-26-000161), and its Q1 2026 release of May 11, 2026 (accession 0001773751-26-000074). Revenue growth, gross margin, free-cash-flow margin and Rule of 40 scores are computed from our stored Hims series; free cash flow is operating cash flow less purchases of property, equipment and intangibles. The consensus figures are the ones carried in our own earnings-preview data. The status of the FDA, DOJ and Novo Nordisk matters is not held in this repository and is not asserted here.
