The 4% revenue growth and 8% US revenue decline signal a severe growth deceleration from the 59% pace of 2025. The GLP-1 strategic pivot introduces execution risk and margin compression. Watch for Q2 2026 revenue guidance of $680M-$700M — the midpoint implies ~12% sequential growth, which will be the key test of whether the branded GLP-1 strategy can re-accelerate the business. The lowered EBITDA guidance suggests margins will remain under pressure.
Price Chart
Executive Summary
Hims & Hers reported Q1 2026 revenue of $608.1M (+4% YoY), a sharp deceleration from 59% growth in FY2025, with a GAAP net loss of $92.1M vs. net income of $49.5M a year ago. The company raised full-year 2026 revenue guidance to $2.8B-$3.0B (from $2.7B-$2.9B), but lowered Adjusted EBITDA guidance to $275M-$350M (from $300M-$375M), and disclosed a strategic pivot away from compounded GLP-1s toward branded products, incurring $33.5M in restructuring charges.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $608.1M, up only 4% YoY vs 59% growth in FY2025
- GAAP net loss of $92.1M vs net income of $49.5M in Q1 2025
- Gross margin contracted to 65% from 73% a year ago
- Adjusted EBITDA fell to $44.3M from $91.1M, margin halved to 7% from 16%
- US revenue declined 8% YoY to $529.9M; Rest of World grew 969% to $78.2M
- Monthly Revenue per Average Subscriber fell 6% YoY to $80
- Full-year 2026 revenue guidance raised to $2.8B-$3.0B, but Adjusted EBITDA guidance lowered to $275M-$350M
- Strategic pivot from compounded GLP-1s to branded products triggered $33.5M in restructuring charges and $15M legal settlement costs
- Operating cash flow declined to $89.4M from $109.1M YoY
- Accumulated deficit widened to $205.9M from $113.8M at year-end 2025
Financial Impact
Q1 net loss of $92.1M vs prior-year net income of $49.5M; Adjusted EBITDA down 51% to $44.3M; $33.5M restructuring charge from GLP-1 strategic pivot
Risk Factors
- GLP-1 strategic pivot execution risk — transition from compounded to branded products may pressure margins further
- US revenue declining 8% YoY signals potential market share loss or demand saturation in core domestic business
- Adjusted EBITDA guidance lowered by $25M at midpoint despite higher revenue guidance, indicating structural margin compression
- Legal settlement costs of $15M and restructuring charges may recur
- Accumulated deficit growing and negative GAAP profitability raises balance sheet concerns
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001773751-26-000074 |
| Document: hims-20260511.htm | 0001773751-26-000074 |
| Document: 0001773751-26-000074-index-headers.html | 0001773751-26-000074 |
| Document: 0001773751-26-000074-index.html | 0001773751-26-000074 |
| Document: 0001773751-26-000074.txt | 0001773751-26-000074 |
| 8-K Data (Synthetic) | 0001773751-26-000074 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 19d ago | 8-K | $28.06 | awaiting T+20 | — | $27.59 (−1.67%) |
Sep 23, 2026 4w ago | Insider Cluster | $29.28 $29.13 | ▲ +0.51% | ▲ +0.09% | $27.59 (+5.77%) |
Sep 18, 2026 5w ago | Insider Cluster | $29.35 $28.15 | ▲ +4.09% | ▲ +3.18% | $27.59 (+6.00%) |
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Aug 10, 2026 11w ago | 8-K | $30.51 $27.90 | ▼ −8.55% | ▼ −7.50% | $27.59 (−9.57%) |
Jul 1, 2026 16w ago | 8-K | $36.80 $27.04 | ▼ −26.52% | ▼ −26.11% | $27.59 (−25.03%) |
Jun 17, 2026 18w ago | Insider Cluster | $35.47 $33.68 | ▼ −5.05% | ▼ −5.58% | $27.59 (−22.22%) |
US Market Status
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