Published on: 2026-05-11
Hims and Hers earnings are scheduled after the U.S. market close on Monday, 11 May 2026, with Q1 revenue guidance of $600m to $625m setting the first benchmark for investors.
Hims and Hers earnings arrive as markets question whether revenue growth, margins and the GLP-1 strategy can support the next move in HIMS stock. The report will test whether subscriber momentum, weight-loss demand and international expansion can translate into more durable growth.
| Metric | Latest Benchmark | Why It Matters |
|---|---|---|
| Q1 2026 revenue guidance | $600m to $625m | Main growth benchmark for the quarter |
| Q1 adjusted EBITDA guidance | $35m to $55m | Tests near-term margin resilience |
| Q1 adjusted EBITDA margin guidance | 6% to 9% | Shows profitability pressure during transition |
| FY2026 revenue guidance | $2.7bn to $2.9bn | Measures management confidence |
| FY2026 adjusted EBITDA guidance | $300m to $375m | Sets the full-year profitability bar |
| 2025 GAAP net income | $128m | Shows the company is profitable on a reported basis |
| Q4 2025 gross margin | 72% | Key signal for GLP-1 and fulfilment cost pressure |
| 2025 subscribers | Over 2.5m | Platform durability remains central |
Hims & Hers is entering Q1 earnings with a high growth base. The company generated about $2.35bn in revenue in 2025, up 59% year over year, while net income reached $128m and adjusted EBITDA came in at $318m. Subscribers rose 13% to more than 2.5m, giving the platform a larger recurring customer base heading into 2026.
The immediate hurdle is Q1 guidance. Management previously guided for $600m to $625m in revenue and $35m to $55m in adjusted EBITDA, implying a lower adjusted EBITDA margin of 6% to 9%.
That margin range will matter because investors are no longer judging Hims & Hers purely on top-line expansion. They want evidence that new categories, weight-loss demand and marketing spend can scale without eroding profitability.
For HIMS stock, a revenue beat may not be enough if margin quality weakens. A stronger result would show durable demand, stable subscriber trends and a credible path back toward the company’s full-year adjusted EBITDA margin guidance of 11% to 13%.
The GLP-1 business remains the most visible catalyst. In March, Hims & Hers announced a collaboration with Novo Nordisk and said it would align its U.S. weight-loss strategy with a broader range of FDA-approved GLP-1 medications. The company also said it would stop advertising compounded GLP-1 offerings and offer compounded semaglutide only on a limited scale when clinically necessary.
That shift changes the investment question. The earlier debate focused on how much demand Hims & Hers could capture through lower-cost compounded products. The new question is whether the platform can convert weight-loss customers into a broader branded-medication and support-services model.
Investors will be watching three signals:
Customer transition: How many weight-loss customers move to FDA-approved GLP-1 options.
Margin protection: Whether the economics of branded access can support profitability.
Subscriber growth: Whether the weight-loss category continues to add and retain customers.
The market reaction may depend less on headline GLP-1 demand and more on whether management can show that the strategy is durable after the regulatory reset.
The pending Eucalyptus acquisition adds another layer to the earnings story. Hims & Hers agreed in February to acquire the international digital-health company in a transaction valued at up to $1.15bn, with about $240m payable in cash at closing.
Eucalyptus operates across Australia, the UK and Germany, with expanding operations in Japan and Canada, and has an annual revenue run-rate above $450m.
The acquisition is expected to close around the middle of calendar 2026, subject to regulatory approvals. It is not included in the company’s initial 2026 outlook, which means investors will look for updates on timing, integration planning and whether the deal can accelerate international growth without stretching capital allocation.
This gives Hims & Hers a second growth engine beyond U.S. telehealth and weight loss. Still, the market will likely separate long-term strategic value from near-term execution risk. Integration costs, regulatory differences and brand transition timelines could all affect how investors price the deal.
HIMS stock traded near $28.27 ahead of earnings, giving the company a market value of roughly $7.03bn. That valuation leaves less room for ambiguity. Investors are likely to reward evidence of sustained growth, but the stock could remain sensitive to any sign that revenue momentum is being bought through lower margins.
The most important number may be full-year guidance. Management previously projected $2.7bn to $2.9bn in 2026 revenue and $300m to $375m in adjusted EBITDA.
A reaffirmation would suggest confidence in the GLP-1 transition, subscriber base and core specialties. Any reduction would raise questions about demand conversion, pricing and the pace of investment.
Three outcomes are likely to frame the post-earnings move.
A bullish result would combine revenue above guidance, resilient subscriber growth and stable full-year targets. A neutral result would keep results within guidance but offer limited upside to the outlook. A bearish result would show weaker margins, slower customer growth or softer commentary around the weight-loss transition.
The earnings report will test whether Hims & Hers can defend its premium growth story while moving through a more complicated phase of expansion. Revenue growth remains important, but investors are now watching the quality of that growth more closely.
The clearest signal would be a quarter that supports full-year guidance while showing that GLP-1 access, subscriber growth and international expansion can coexist with disciplined margins.
Without that, HIMS stock may need stronger evidence before the market prices the company as more than a fast-growing but volatile telehealth platform.
