Hims & Hers Swings to a Loss as Subscribers Slip and the Profit Guide Falls

Hims & Hers swung to a third-quarter loss on Monday as its subscriber count fell from the second quarter.

The results were released after Monday's close. They cover the quarter ended September 30, 2026.

Subscribers are customers on one or more subscriptions billed automatically at a set cadence. Hims & Hers sells personalized health and wellness care through its online platform.

Chief financial officer Yemi Okupe called the choices deliberate. "Revenue grew 49% year-over-year, our second consecutive quarter of acceleration, with domestic revenue up 21% year-over-year and international revenue up more than 300% year-over-year."

Revenue beat the company's own guide; costs drove the loss

Total revenue was $890.4 million, up 49% from $599.0 million a year earlier. The figure landed inside the company's own guide of $880 million to $900 million.

Analysts surveyed by FactSet expected $893 million, according to Barron's. The reported figure came in just below that single named estimate.

United States revenue was $657.1 million, up 21%. Rest-of-world revenue was $233.3 million, up 321% from $55.5 million.

Gross profit was $509.2 million. The gross margin was 57%, 17 percentage points below the 74% of a year earlier.

Cost of revenue was $381.2 million, against $156.9 million a year earlier. That is a rise of 142.9%, a TickerGrove calculation.

The release states no single cause for the margin fall. It records a first-quarter shift toward branded GLP-1 drugs, the prescription weight-loss medicines, with compounded versions on a limited scale.

The net loss was $33.0 million, or $0.14 a share. A year earlier the company earned $15.8 million, or $0.06 a share.

FactSet expected earnings of $0.06 a share and net income of $13.9 million. The loss missed both expectations by a wide margin.

Adjusted EBITDA was $82.4 million, against $78.4 million a year earlier. Adjusted EBITDA is a non-GAAP measure, and the company's own guide was $75 million to $95 million.

Operating cash flow was $65.4 million for the quarter, against $148.7 million a year earlier. Over the first nine months of 2026, operating activities provided $118.8 million, the statement shows.

Free Cash Flow was $26.0 million for the quarter, against $79.4 million. Over the first nine months, it was $10.8 million.

Subscribers fell from June, even as each paid more

Subscribers ended the quarter at 2.788 million. That was up 13% from 2.471 million a year earlier.

It was also down from 2.891 million at the end of the second quarter. The sequential fall was 3.6%, a TickerGrove calculation.

Monthly revenue per average subscriber was $105. It rose 30% from $81 a year earlier.

Cash and cash equivalents were $605.6 million at September 30. At the end of 2025, they were $228.6 million.

The profit guide was cut; the revenue range narrowed

For the fourth quarter, the company guided revenue of $875 million to $895 million. It guided Adjusted EBITDA of $70 million to $90 million, an 8% to 10% margin.

For the full year, revenue guidance tightened to $3.13 billion to $3.15 billion. The prior range, set in August, was $3.1 billion to $3.3 billion.

Full-year Adjusted EBITDA guidance was cut to $257 million to $277 million. The prior range was $275 million to $325 million.

Separately, on Friday the company announced a Lilly agreement to sell Zepbound and Foundayo. Barron's reported the deal; it is distinct from these results.

What remains unknown

What remains unknown starts with the market verdict: the results came after Monday's close. No settled reaction exists yet, and the first settled verdict comes Tuesday.

Why subscribers fell sequentially is not explained in the release. The company paced marketing ahead of fourth-quarter expansions, but no cause is stated.

Whether the 57% gross margin stabilizes is also open. The release gives no margin outlook beyond the guided profit ranges.

What the planned fourth-quarter platform expansions are, in detail, is unstated. The release names the pacing, not the launches.

Tuesday brings the first settled verdict

What to watch: Tuesday's first settled session after the results. It will show whether investors price the revenue growth or the thinner margins.

The fourth-quarter report is the second test. It scores the $875 million to $895 million revenue guide given here.

The subscriber count is the third test. A second sequential fall would confirm a trend; a rebound would not.