HIMS · Q2 2026 Earnings

Cautious

Hims & Hers

Reported August 10, 2026

30-second summary

30-second take: Q2 revenue of $753.2M (+38% YoY) blew past the $680–700M guide by $53M and beat consensus of $719M by 4.7%, with adjusted EBITDA of $60.3M (8% margin) landing $5.3M above the $35–55M range. Management raised FY2026 revenue by $300M at the midpoint to $3.1–3.3B — but simultaneously cut the FY EBITDA high-end from $350M to $325M and lowered the margin band from 10–12% to 9–10%. The construction is unambiguous: on $300M of incremental revenue at the midpoint, EBITDA midpoint moved down ~$12.5M ($312.5M → $300M), so the incremental EBITDA margin on the raise is meaningfully negative. The "operating leverage returns in H2" thesis that has been implicit in every quarter since Q3 FY2025 is now formally deferred into 2027+.

Headline numbers

EPS

Q2 FY2026

$-0.37

Revenue

Q2 FY2026

$0.75B

+38.0% YoY

+4.7% vs est.

Gross margin

Q2 FY2026

64.0%

Free cash flow

Q2 FY2026

$-0.07B

Operating margin

Q2 FY2026

-12.9%

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$0.75B	$0.54B	+38.3%	$0.61B	+23.9%
EPS	$-0.37	$0.17	-317.6%	$-0.40	+7.5%
Gross margin	64.0%	76.0%	-1200bps	65.0%	-100bps
Operating margin	-12.9%	4.9%	-1780bps	-12.9%	+0bps
Free cash flow	$-0.07B	$-0.07B	+1.7%	$0.05B	-228.7%

Guidance

FY2026 revenue guidance raised 10% to 18% on strong Q2 beat, but full-year Adjusted EBITDA high-end cut $25M and margin guidance narrowed, signaling H2 profitability headwinds despite accelerating topline.

Guidance is issued for both next quarter and the full year. Both may appear below.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q2 FY2026	$680 million to $700 million	$753.2 million	+$53.2 million above high end of guide	Beat
Adjusted EBITDA	Q2 FY2026	$35 million to $55 million	$60.3 million	+$5.3 million above high end of guide	Beat
Adjusted EBITDA Margin	Q2 FY2026	5% to 8%	8%	in-line (at high end of guide)	Met

New guidance

Metric	Period	Guide	YoY
Revenue	Q3 FY2026	$880 million to $900 million	+46.7% to +50.0% YoY
Adjusted EBITDA	Q3 FY2026	$75 million to $95 million	—
Adjusted EBITDA Margin	Q3 FY2026	9% to 11%	—

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Revenue	FY2026	$2.8 billion to $3.0 billion	$3.1 billion to $3.3 billion	+$0.1B–$0.3B (low-end +3.6%, high-end +10%)	Raised
Adjusted EBITDA	FY2026	$275 million to $350 million	$275 million to $325 million	-$25M high-end reduction (−7.1%)	Lowered
Adjusted EBITDA Margin	FY2026	10% to 12%	9% to 10%	−1.0pp (low-end) to −2.0pp (high-end)	Lowered

Platform metrics

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Subscribers	2,891 thousand	2.439 million	—
Subscriber Growth YoY	19%	—	—
Monthly Revenue per Average Subscriber	$92	—	—
MRPAS Growth YoY	21%	—	—

Profitability

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Adjusted EBITDA	$60.3 million	$82.2 million	—
Adjusted EBITDA Margin	8%	15%	—

Other KPIs

Q2 FY2026

Segment	Q2 FY2026	YoY
United States Revenue	$0.622B	+16.0%
Rest of the World Revenue	$0.131B	+1641.0%

Management tone

Q2 FY2025 GLP-1 offboarding air-pocket → Q3 FY2025 multi-vector expansion → Q4 FY2025 international M&A commitment → Q1 FY2026 "defining year" rhetoric → Q2 FY2026 "building conviction" in 2030 targets.

Three quarters ago management was telling investors the platform was "on its way to becoming the global leader in consumer health"; two quarters ago it was a "defining year"; this quarter the language has softened materially to "building increased conviction in our 2030 targets" — a register change from stating the destination to building belief in it. When the top-line beat is the largest in company history, that's a conspicuous downshift. Note also that the Q1 phrase "pulling away from the field" is gone, replaced by "expanding our reach internationally." The rhetorical center of gravity has moved from US competitive dominance to international scale, precisely as the FY EBITDA range gets cut a second time.

The 2030 target framing has evolved across four quarters from a top-down aspiration to an operating anchor. Q3 FY2025: "we believe Hims and Hers will soon become the largest global consumer health platform." Q1 FY2026: 2030 targets reaffirmed alongside the FY EBITDA cut. This quarter: "building increased conviction in our 2030 targets of at least $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA." The 2030 EBITDA target of $1.3B on $6.5B revenue is a 20% margin — double the new FY2026 midpoint of 9.4%. Management is asking investors to underwrite margin expansion that has moved in the opposite direction for four consecutive quarters. The word "conviction" is doing work that "commitment" or "execution" would normally do.

The FY EBITDA range narrowing from $75M wide ($275–350M in Q1) to $50M wide ($275–325M this quarter) — with the low-end held constant — signals management has less variance to give on the downside than on the upside. Cutting the high-end while holding the low-end is a specific choice: it says the good outcomes are less good than we thought, but the floor hasn't moved. Combined with the 200bps margin high-end cut, this is management pre-anchoring investors to a lower-margin future while the topline story remains intact.

Answers to last quarter's watch list

Does Q2 revenue actually hit $680M+ to validate the +25% YoY low-end guide? — Yes, decisively. Q2 revenue of $753.2M cleared the $700M high end by $53M and represents +38% YoY consolidated growth. The acceleration narrative delivered materially better than management's own guide.

Resolved positively

US revenue YoY in Q2 — US revenue printed $621.8M, +16% YoY, cleanly reversing Q1's -8.4%. The Q1 shipping-cadence/comp framing was directionally right; the underlying US business has not decoupled from the growth narrative. This is the single most important resolution on the print.

Resolved positively

Q2 EBITDA margin vs the 5–8% guide — Printed at 8%, at the top of the guide, reopening the conservative-guide pattern for the second time in three quarters. The Q3 guide of 9–11% is now the next test.

Resolved positively

Peptide FDA classification (July) — Not addressed in the press release. Without a transcript, no color on regulatory catalysts.

Continue monitoring

Gross margin trajectory — Gross margin printed 64%, down another ~100bps sequentially and now down ~1,200bps YoY from Q2 FY2025's 76%. The compression is structural and continuing; branded GLP-1 mix and international scale are absorbing incremental gross profit dollars.

Resolved negatively

Branded weight-loss subscriber economics — No quarter-specific branded weight-loss revenue or unit-economic detail in the press release. Total ARPU rose to $92 (+21% YoY) which is directionally supportive, but the branded-vs-compounded contribution mix is still not disclosed.

Not resolved

Eucalyptus close timing within H2 2026 — Not addressed in the press release excerpt. The $131M Rest of World revenue line reflects Zava and LiveWell (already closed), not Eucalyptus.

Continue monitoring

What to watch into next quarter

Does Q3 revenue hit the $880M low end? The Q3 guide implies +47–50% YoY off the $599M Q3 FY2025 base and a $137M sequential dollar step — the largest in company history. A print at $880M+ validates that the Q2 reacceleration is the new run rate. A print below $880M means the Q2 beat was pull-forward from Q3, not a step-change.

Q3 EBITDA margin vs the 9–11% guide — a print at 11%+ continues the conservative-guide pattern and reopens the FY EBITDA midpoint math; a print at 9% or below confirms that the FY high-end cut of $25M is real and structural, and puts the low-end of $275M at risk.

Gross margin — does the 64% floor hold? Four consecutive quarters of gross margin decline (74% → 72% → 65% → 64%). A print at 63% or below in Q3 signals the branded GLP-1 mix shift is still absorbing margin; a stabilization at 64%+ says the compression has bottomed.

US revenue YoY sustainability — Q2 US +16% was the cleanest signal on the print. Watch whether US growth holds at +15% or higher into Q3; a deceleration back toward mid-single-digits would revive the Q1-driven concerns.

Eucalyptus close and any updated FY guidance to include contribution — the $240M closing payment sits in H2 FY2026. If the close happens before the Q3 print, the FY guide should restate; absence of that update would signal slippage.

FCF trajectory — Q1 +$53M, Q2 -$68M nets to roughly break-even YTD. FY2025 delivered $57M FCF at 2.4% margin; FY2026 needs H2 FCF of ~$100M+ to hold that ratio. International inventory and Eucalyptus deal costs are the pressure points.

The FY2030 target as an anchor — watch whether management continues using "building conviction" language or reverts to firmer commitment framing. The rhetorical softening is a tell; if it persists into Q3, it signals the 2030 math is under internal pressure.

Sources

Hims & Hers Q2 FY2026 8-K earnings release, filed with SEC: https://www.sec.gov/Archives/edgar/data/1773751/000177375126000161/hims-20260630x8xkearningsr.htm
No earnings call transcript was available at the time of publication; guidance figures and Q&A resolution are sourced from the press release only.

Get the next brief, free.

We publish analyst-grade earnings briefs the same day or morning after every call — headline numbers, segment KPIs, Q&A highlights, and tone analysis. Free during beta.

This is not investment advice.