Hims & Hers (HIMS) Earnings Show Subscribers Falling to 2.79 Million
Hims & Hers (HIMS) said revenue rose 49% to $890.4 million in the third quarter of 2026. Its subscribers fell to 2.79 million at September 30, from 2.89 million at the end of June. The company also cut its 2026 adjusted EBITDA forecast to $257 million to $277 million, from $275 million to $325 million.
The short answer. Hims & Hers grew sales fast, mostly abroad, but ended September with fewer paying subscribers than it had in June and lowered its 2026 forecast for adjusted EBITDA, a profit measure that leaves out several costs. For people who use the platform, the bigger change came three days earlier, when Lilly's weight loss drugs Zepbound and Foundayo became available through it at Lilly's self-pay prices. This article sets the new figures beside the company's own earlier forecasts and adds the terms of the paid deals that came with Andrew Huberman's board seat.
Hims & Hers third quarter 2026 results at a glance
Every company reporting the same week, with its date and time, is in StockTitan's Earnings Calendar for the Week of November 9, 2026.
On this page
- Hims & Hers earnings show subscribers falling to 2.79 million
- The 2026 forecast is narrower and lower on profit
- Margins, net loss and cash in the third quarter
- The Lilly deal and the weight loss business
- Andrew Huberman joins the board with two paid contracts
- Dividend, buybacks, shares and debt
- How HIMS stock traded after the report
- Frequently asked questions
Hims & Hers earnings show subscribers falling to 2.79 million
Hims & Hers took in much more money in the quarter, but from fewer subscribers than three months before. Each subscriber brought in more, about $105 a month on average.
Revenue was $890.4 million for July to September 2026, up from $599.0 million a year earlier, according to the third quarter release. That landed inside the $880 million to $900 million the company had forecast in its second quarter release in August.
The release headline says subscribers grew 13% from a year earlier, to nearly 2.8 million. The exact count was 2,788,000, against 2,471,000 a year before. At the end of June, the count stood at 2,891,000, so the number of subscribers went down during the quarter.
The release does not explain the drop. Chief Financial Officer Yemi Okupe said the company was "intentionally pacing marketing spend ahead of several planned expansions to our platform in the fourth quarter." Marketing cost $247.3 million in the quarter, against $232.2 million a year earlier.
Revenue still rose because each subscriber spent more. Monthly revenue per average subscriber, the company's own measure, was $105, up 30% from $81. Growth also came from outside the United States. Revenue there was $233.3 million, up 321%, while United States revenue rose 21% to $657.1 million. The second quarter release said the international business was strengthened by the purchase of Eucalyptus, which closed in June.
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Total revenue | $890.4 million | $599.0 million | 49% |
| United States revenue | $657.1 million | $543.5 million | 21% |
| Rest of the world revenue | $233.3 million | $55.5 million | 321% |
| Subscribers, end of period | 2,788,000 | 2,471,000 | 13% |
| Monthly revenue per average subscriber | $105 | $81 | 30% |
Source: Hims & Hers third quarter 2026 release, three months ended September 30. Subscribers were 2,891,000 at June 30, 2026, per the second quarter 2026 release.
The 2026 forecast is narrower and lower on profit
Hims & Hers now sees 2026 revenue of $3.13 billion to $3.15 billion, a tighter range than before. It lowered its forecast for adjusted EBITDA, a measure of operating profit before several costs.
In August the company expected 2026 revenue of $3.1 billion to $3.3 billion. The new range sits inside the old one, near its lower end. The release calls this a tightening of revenue guidance.
Its forecast for adjusted EBITDA, which leaves out stock pay, depreciation, deal costs and other items, came down more clearly. The new range is $257 million to $277 million, against $275 million to $325 million before. The release calls this a reduction. The expected adjusted EBITDA margin moved to 8% to 9% of revenue, from 9% to 10%.
For October to December, the company expects revenue of $875 million to $895 million. The bottom of that range is below the $890.4 million just reported. It expects fourth quarter adjusted EBITDA of $70 million to $90 million.
| Forecast | November 9, 2026 | August 10, 2026 |
|---|---|---|
| Full year 2026 revenue | $3.13 billion to $3.15 billion | $3.1 billion to $3.3 billion |
| Full year 2026 adjusted EBITDA | $257 million to $277 million | $275 million to $325 million |
| Full year adjusted EBITDA margin | 8% to 9% | 9% to 10% |
| Q4 2026 revenue | $875 million to $895 million | not given |
| Q4 2026 adjusted EBITDA | $70 million to $90 million | not given |
Source: Hims & Hers third and second quarter 2026 releases, Financial Outlook sections.
Margins, net loss and cash in the third quarter
Costs of products and services rose much faster than sales, so gross margin fell. The company swung to a net loss, though its adjusted EBITDA still edged up from a year ago.
Gross margin, the share of revenue left after the cost of products and services, was 57%, down from 74% a year earlier. Cost of revenue rose to $381.2 million from $156.9 million.
The company reported a net loss of $33.0 million, or $0.14 a share, against net income of $15.8 million, or $0.06 a diluted share, a year earlier. Stock based pay was $64.5 million in the quarter, and costs tied to acquisitions were $35.4 million.
Adjusted EBITDA was $82.4 million, up from $78.4 million, and inside the $75 million to $95 million the company had forecast. Its margin was 9%, down from 13%. Free cash flow, the cash from operations left after spending on equipment and software, was $26.0 million, down from $79.4 million.
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Gross margin | 57% | 74% |
| Net (loss) income | ($33.0 million) | $15.8 million |
| Diluted earnings per share | ($0.14) | $0.06 |
| Adjusted EBITDA (non-GAAP) | $82.4 million | $78.4 million |
| Adjusted EBITDA margin | 9% | 13% |
| Net cash from operating activities | $65.4 million | $148.7 million |
| Free cash flow (non-GAAP) | $26.0 million | $79.4 million |
Source: Hims & Hers third quarter 2026 release, three months ended September 30.
The Lilly deal and the weight loss business
On November 6, Lilly and Hims & Hers said patients prescribed on the platform can get Zepbound or Foundayo at Lilly's self-pay prices. The third quarter figures end on September 30, before that deal.
Under the agreement announced on November 6, self-pay prices start at $149 a month for Foundayo, Lilly's daily oral medicine, and $299 a month for Zepbound, its injectable medicine. A patient needs a prescription from a licensed provider on the platform. The release says Hims & Hers has never offered compounded copies of Lilly's GLP-1 drugs, versions mixed by pharmacies, and has committed not to.
The deal follows a change of plan earlier in 2026. The results release says the company moved its United States weight loss offering toward branded GLP-1 drugs, keeping compounded ones only on a limited scale. That shift cost $41.9 million in restructuring and related charges in the first nine months of 2026, including inventory write-downs.
The release gives no separate revenue or subscriber figure for weight loss, so its effect on the quarter cannot be read from it.
Andrew Huberman joins the board with two paid contracts
The neuroscientist and podcast host joined the board, and the company will also pay him and his media company for advice and advertising. The board says he is not an independent director.
The board added a tenth seat on November 4 and appointed Dr. Andrew Huberman, a Stanford professor and host of the Huberman Lab podcast, according to the Form 8-K filed under item 5.02 and the company's announcement. He sits on no board committee.
Beyond the usual director pay of a $50,000 cash retainer and a $250,000 yearly stock award, two contracts were signed on November 5. An advisory deal pays him $3.5 million a year in cash for two years, plus up to $1 million a year for short videos for the company's paid ads. A separate deal with Scicomm Media, a company he co-founded and co-owns, pays $5 million a year for podcast advertising for up to three years. The filing puts his interest in that deal at about $2.1 million a year.
The board determined that he does not meet the New York Stock Exchange's independence standards. The full contracts will be filed with the company's annual report for 2026.
Dividend, buybacks, shares and debt
Hims & Hers paid no dividend and bought back no shares in the first nine months of 2026. It raised more money through convertible notes, a kind of debt that can turn into shares.
The nine month cash flow statement shows no dividend payment and no share repurchases, against $9.5 million of buybacks in the same period of 2025. At September 30 there were 226,020,475 Class A shares and 8,377,623 Class V shares outstanding.
Convertible senior notes stood at $1.37 billion on the balance sheet, up from $972.6 million at the end of 2025, after $390.4 million of new notes this year. Cash and cash equivalents were $605.6 million, plus $106.6 million of short term investments. The company also owed $478.6 million in deferred payments for acquisitions due within a year.
How HIMS stock traded after the report
The shares slipped after the release, following a drop during the regular session.
HIMS traded at $22.70 at 4:31 PM ET, after touching $20.63 in after-hours trading, against $22.98 at the bell, according to StockTitan real-time Nasdaq data. The stock had opened the regular session at $25.47.
What to watch
- Whether the subscriber count grows again: the fourth quarter 2026 results release, date not yet announced.
- How the quarter's figures break down by business line and what the company lists as risks: the Form 10-Q for the third quarter, filed November 9, 2026.
- The full terms of the Huberman advisory and marketing contracts: exhibits to the Form 10-K for 2026.
Frequently asked questions
Did Hims & Hers meet its revenue guidance for Q3 2026?
Yes. Revenue of $890.4 million fell inside the $880 million to $900 million range the company gave in August. Adjusted EBITDA of $82.4 million was also inside its $75 million to $95 million range.
How many subscribers does Hims & Hers have?
It had 2,788,000 subscribers at September 30, 2026. That is 13% more than a year earlier, and fewer than the 2,891,000 it reported at June 30, 2026.
What is the Hims & Hers guidance for 2026?
The company expects 2026 revenue of $3.13 billion to $3.15 billion and adjusted EBITDA of $257 million to $277 million. For the fourth quarter it expects revenue of $875 million to $895 million.
Does Hims & Hers pay a dividend?
Its cash flow statement for the first nine months of 2026 shows no dividend payment, and the results release announces none.
How much will Andrew Huberman be paid by Hims & Hers?
The 8-K lists a $3.5 million yearly advisory fee for two years, up to $1 million a year more for ad videos, and director pay of $50,000 in cash and a $250,000 stock award. His media company Scicomm Media gets $5 million a year for podcast ads.
Sources
- Hims & Hers Health, Inc. Reports Third Quarter 2026 Financial Results, November 9, 2026
- Dr. Andrew Huberman Joins Hims & Hers Board of Directors, November 9, 2026
- Lilly and Hims & Hers expand access to FDA-approved Lilly medicines, November 6, 2026
- Hims & Hers Health, Inc. Reports Second Quarter 2026 Financial Results, August 10, 2026
- Hims & Hers Form 8-K, item 5.02, filed November 9, 2026
- Hims & Hers Form 8-K, items 2.02, 8.01 and 9.01, filed November 9, 2026
- Hims & Hers Form 10-Q for the quarter ended September 30, 2026
The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.