HIMS Raises 2026 Revenue Outlook as Q2 Sales Rise 38.2% Despite Loss

Hims & Hers Health, Inc. HIMS delivered second-quarter 2026 revenue of $753.2 million, up 38.2% year over year and 9.1% above the Zacks Consensus Estimate. Subscriber growth and higher spending per subscriber kept the top line moving higher.

Management also raised its 2026 revenue outlook, but the quarter reflected the cost of that expansion. Gross margin fell sharply, operating expenses climbed and HIMS posted a net loss of $86.3 million.

HIMS Q2 Sales Beat as Subscribers Keep Growing

Subscribers reached about 2.9 million in the second quarter, up 18.5% year over year. Monthly online revenue per average subscriber increased 21.1% to $92, reflecting a richer product mix and greater uptake of weight loss offerings.

The combination matters because HIMS is adding customers while monetizing each average subscriber at a higher rate. U.S. revenues rose 15.7% to $621.8 million, while rest-of-world revenues reached $131.4 million, broadening the sources of growth.

Hims & Hers Health, Inc. Revenue (Quarterly)

Hims & Hers Health, Inc. revenue-quarterly | Hims & Hers Health, Inc. Quote

Hims & Hers Raises Its 2026 Revenue Outlook

Hims & Hers now expects 2026 revenues of $3.1 billion to $3.3 billion, implying growth of 32% to 41%. That is above its prior outlook of $2.8 billion to $3 billion, which had called for 19% to 28% growth.

For the third quarter, management projects revenues of $880 million to $900 million, or roughly 47% to 50% year-over-year growth. The higher ranges show confidence that subscriber expansion, specialty penetration and international scale can keep revenue growth elevated.

HIMS Margins Contract as Investment Accelerates

The revenue strength came with weaker profitability. Gross margin contracted 1,256 basis points to 63.8%, while operating expenses rose 48.4% to $577.9 million. HIMS recorded a $97.2 million operating loss versus a $26.7 million operating profit a year earlier.

Branded weight loss products and international expansion are carrying lower margins, while acquisitions and technology investments add costs as the platform scales. Adjusted EBITDA was $60.3 million, or an 8% margin, underscoring the gap between rapid revenue growth and near-term earnings leverage.

The pressure on profitability led to widening of HIMS’ loss estimates. In the past 30 days, loss per share estimate for 2026 moved south from 21 cents to 60 cents, over the past 30 days.

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Hims & Hers Weight Loss Mix Shapes the Trade-Off

Weight loss is helping lift revenue per subscriber, but the category changes the economics of growth. HIMS has shifted toward a broader assortment of branded GLP-1 therapies, which can increase revenue while reducing gross margin and adding pricing, fulfillment and receivables complexity.

Novo Nordisk A/S NVO, maker of Wegovy, and Eli Lilly and Company LLY, maker of Zepbound, illustrate the pharmaceutical scale behind branded obesity therapies. For HIMS, the trade-off is whether retention, cross-sell and operating efficiencies can offset the lower-margin mix over time.

HIMS Signals Temper the Guidance Upside

The raised revenue outlook is meaningful, but the margin decline and operating loss keep execution at the center of the investment case. HIMS still needs to show that faster growth can translate into more durable earnings and cash-flow economics as newer products and markets mature.

The stock currently carries a Zacks Rank #3 (Hold), with a Value Score of D, Growth Score of C, Momentum Score of D and VGM Score of D. A Hold rank points to a more balanced near-term setup, while the mostly D Style Scores indicate less favorable value, momentum and combined style characteristics. The Growth Score of C is middling rather than a clear positive signal. Novo Nordisk and Eli Lilly currently carry a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here

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