Hims & Hers Health posts 49% growth, trims adjusted EBITDA outlook

By Grace Kim

Hims & Hers Health reported third-quarter 2026 revenue of $890.4 million, up 49% from $599 million a year earlier.

Where did the growth come from?

U.S. revenue rose 21% to $657.1 million. Revenue outside the U.S. climbed 321% to $233.3 million. Total subscribers reached 2.788 million at the end of the quarter, up 13% from 2.471 million in the prior-year period.

Monthly revenue per average subscriber increased 30% to $105, according to Hims & Hers Health. International business supplied the fastest growth, while the subscriber base and revenue per subscriber also expanded.

What did the investment cost?

Gross margin fell to 57% from 74% a year earlier. Hims & Hers Health recorded a net loss of $33 million, compared with net income of $15.8 million in the third quarter of 2025. Adjusted EBITDA increased to $82.4 million from $78.4 million.

Net cash provided by operating activities declined to $65.4 million from $148.7 million. Free cash flow totaled $26 million, compared with $79.4 million a year earlier.

Hims & Hers Health said it deliberately paced marketing spending ahead of planned platform expansions, supported by its balance sheet and continuing cash generation. The quarter paired higher adjusted EBITDA with weaker gross margin, earnings and free cash flow.

What is management betting on?

Andrew Dudum, Co-Founder and Chief Executive Officer of Hims & Hers Health, said:

“In healthcare, whoever owns the customer relationship wins, and that’s exactly what we’re building toward at Hims & Hers. Today, customers want real choice, real value, and a care team that knows them.

“Everything we’re doing, from expanding the treatments and specialties we make available, to rolling out an AI-native experience to support every customer’s care, informed by leading minds in health and science, is designed to meet that higher bar.

“The platform people can rely on for their health every day, in every category, and every market, is the platform that will transform the industry. We believe we are building that platform.”

Yemi Okupe, Chief Financial Officer of Hims & Hers Health, said:

“In the third quarter, we continued to apply what we’ve learned to make deliberate strategic decisions to position Hims & Hers for durable, multi-year growth. 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.

“We delivered those results while intentionally pacing marketing spend ahead of several planned expansions to our platform in the fourth quarter, which we expect will set us up well heading into 2027.

“Our strong balance sheet and durable cash flow generation give us the flexibility to invest with conviction behind our long-term objective of becoming the first place people turn for their daily health needs, globally.”

Management tied its spending strategy to fourth-quarter platform expansions and a longer-term goal of becoming customers’ first stop for daily health needs.

How did the outlook change?

For the fourth quarter, Hims & Hers Health projected revenue of $875 million to $895 million and adjusted EBITDA of $70 million to $90 million. That represents an adjusted EBITDA margin of 8% to 10%.

Hims & Hers Health tightened full-year 2026 revenue guidance to a range of $3.13 billion to $3.15 billion. The company reduced its adjusted EBITDA forecast to $257 million to $277 million, implying a margin of 8% to 9%.

Hims & Hers Health expects the planned expansions to position the business for continued growth heading into 2027. The company said the results show the scale of its customer platform and international opportunity, alongside the near-term cost of investing in new specialties, treatments and technology. The next test comes in 2027: whether the planned fourth-quarter expansions sustain international momentum and cash generation alongside continued revenue growth.