HIMS reports mixed Q1 2026 results with subscriber growth but falling profits
HIMS has released its financial results for the first quarter of 2026, showing a mixed performance. The company’s subscriber base grew to around 2.6 million, up from 2.37 million in the same period last year. However, profits fell sharply, and the stock price dropped in after-hours trading following the announcement. The company reported a net loss of $92.1 million in Q1 2026, a stark contrast to the $49.5 million net income recorded in Q1 2025. Adjusted EBITDA also declined significantly, falling to $44.3 million from $91.1 million in the previous year. Gross profit margins shrank from 73% to 65% over the same period.
Revenue trends varied across markets. Domestic revenue decreased by 8% to $529.9 million, while international revenue jumped to $78.2 million. Despite subscriber growth, average monthly revenue per user dropped from $85 to $80.
Looking ahead, HIMS forecasts full-year 2026 revenue between $2.8 billion and $3.0 billion, with adjusted EBITDA expected to range from $275 million to $350 million. For Q2 2026, the company anticipates revenue of $680 million to $700 million and adjusted EBITDA between $35 million and $55 million.
The company is focusing on expanding its branded GLP-1 products and other care services. It has also announced a shift to annual shareholder communications instead of quarterly updates. HIMS faces a challenging financial outlook despite its growing subscriber numbers. The decline in profitability and margins, combined with lower revenue per user, suggests ongoing pressures. The company’s future performance will depend on its ability to strengthen international growth and execute its investment plans effectively.
