Between February 5 and February 12 we published four articles about Hims & Hers: a $99 GLP-1 pill undercutting Novo Nordisk, an entry into cancer diagnostics, an HHS referral to the DOJ, and a piece arguing that the FDA, the DOJ and Novo Nordisk were all closing in at once. The year before, we covered the FDA reversal on semaglutide compounding that set the whole thing up.
Then we stopped. Nothing since February 12. Hims reports Q2 2026 on Monday, August 3.
If you read that coverage and held the stock, this site has told you nothing for six months about a situation it described as a perfect storm. That is worse than never having covered it, because we asked for your attention and then dropped it. This piece is the accounting — what the numbers did while we were not looking, and, just as importantly, which of our February questions we still cannot answer.
What we can tell you: the numbers
From the data behind the Hims ticker page:
| Quarter | Revenue | Revenue YoY | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 Q1 | $586.0M | +110.7% | $0.20 | $53.8M |
| 2025 Q2 | $544.8M | +72.6% | $0.17 | −$65.2M |
| 2025 Q3 | $599.0M | +49.2% | $0.06 | $83.5M |
| 2025 Q4 | $617.8M | +28.4% | $0.08 | $11.9M |
| 2026 Q1 | $608.2M | +3.8% | −$0.40 | $59.5M |
The headline is not that revenue went sideways, though it did — $586M five quarters ago, $608M now. It is the second column. Year-over-year growth fell from +110.7% to +3.8% in five quarters. A business roughly doubling a year ago is now roughly flat against its own prior year. That is a change of more than a hundred points in the growth rate, and it happened quarter by quarter without a single reversal.
Earnings walked the same staircase in the same direction: $0.20, $0.17, $0.06, $0.08, and then −$0.40 — the first loss since 2023 Q3, ending nine consecutive profitable quarters, and the largest loss anywhere in the series.
The tension worth watching
In the most recent reported quarter, Hims lost money on a diluted basis and still generated $59.5 million of free cash flow, a 9.8% margin. Those two facts sitting in one quarter are the interesting part of this print: the P&L broke while the cash conversion did not.
One caveat on that, because the tidier version of this sentence would be wrong. Free cash flow here is volatile, not durably positive — it was −$65.2M in 2025 Q2 and only $11.9M in 2025 Q4. So the honest claim is narrow: in 2026 Q1 specifically, the company converted cash while reporting a loss. Whether that is a working-capital timing effect or a genuinely resilient cash engine is exactly what a second data point on Monday would settle.
What we cannot tell you, and will not guess
Our February coverage rested on three external threads: the FDA action on compounded semaglutide, the HHS referral of Hims to the DOJ, and Novo Nordisk's patent lawsuit.
We do not know how any of them resolved. This site holds fundamentals — filings, series, earnings dates — not legal dockets, and none of those three outcomes is in our data. We are not going to tell you the DOJ matter quietly went away, because we have not established that it did.
Two things we specifically refuse to treat as evidence:
- The stock price. Shares have roughly doubled from the level our February piece was written against, and that is not an acquittal. Prices move for many reasons and a legal outcome is not one you can read backwards out of a chart.
- Our own silence. That we stopped writing says something about this site's attention, and nothing whatsoever about the company.
If you are holding this into Monday and the legal question is what matters to you, the honest answer is that you will not get it here — go to the filings and the dockets. What we can give you is the fundamental record above, which is checkable against our own series.
There is a smaller admission owed too. Our most recent word on this company still describes a stock that "cratered from $68 to $17". The price as of August 1 is $33.54. That description is what a reader sees on the news index today, and it is pinned to $17 — roughly half of that August 1 snapshot — inside a crisis framing. The coverage did not merely stop; it stopped in a place that has since become misleading.
What to watch on Monday
Everything above is reported data through 2026 Q1. What follows are open questions, not forecasts — we are not publishing an expected revenue or EPS figure, because we do not have a consensus number we can source.
- Whether the growth line has a floor. +3.8% is the fourth consecutive deceleration. A negative print would be the first outright year-over-year revenue decline in the series; a re-acceleration would be the first evidence the February pressure has passed through.
- Whether the loss repeats. One −$0.40 quarter is an event. Two is a trend, and it would recast the cash generation above as timing rather than resilience.
- Whether free cash flow holds near the 9.8% margin, given it has swung from −$65.2M to +$83.5M inside these five quarters.
- Any management statement on the three legal threads. An earnings call is one of the few places a company addresses them on the record, which makes Monday the most likely date since February for the questions our coverage left open to actually get answered.
The bottom line
The February thesis was that regulatory and competitive pressure was closing in on a company that had been compounding at triple digits. The fundamental record since is consistent with that thesis having been right: growth from +110.7% to +3.8%, and the first loss in nine quarters. What we cannot do is tell you whether the specific threats we named are still live, because we did not follow them and will not pretend otherwise. Monday is the first opportunity in six months to close that gap, and this time we will be reading it.
Hims & Hers figures are from our stored Hims data: revenue, diluted EPS and free-cash-flow series through 2026 Q1, and a price of $33.54 as of August 1. Year-over-year growth and free-cash-flow margin are computed from those series. The August 3 report date is from our 2026 earnings schedule, listed as confirmed. The status of the FDA, DOJ and Novo Nordisk matters is not held in this repository and is not asserted here.