Hims & Hers Health, Inc.

How Hims & Hers makes money

Hims & Hers Health provides access to health care online and sells subscription treatments and other health products. Its business includes weight loss, dermatology, sexual health and mental health, with operations in the United States and overseas.

Latest quarterly results

Revenue growth accelerated to 49%, but gross profit rose about 15%. Acquisitions drove much of the overseas expansion, while domestic revenue grew 21%, compared with 16% in Q2. Reported subscribers were 2.788 million at September 30, up from 2.471 million a year earlier but down from 2.891 million at June 30.

Adjusted EBITDA excludes interest, taxes, depreciation, amortization, stock compensation and selected other items. In Q3 2026, Hims added foreign-exchange gains and losses to its exclusions; earlier periods were not recast. Free cash flow deducts capital spending from operating cash flow.

Forecast history

Third-quarter revenue and adjusted EBITDA were inside the ranges management set in August. The lower annual profit forecast accompanies pressure on gross margin and marketing spending ahead of planned expansions.

Cash financing and acquisition payments

In Q3, Hims sold $434.5 million of receivables to JPMorgan Chase for $433.3 million in net cash proceeds. Those proceeds are included in operating cash flow. The purchase facility is uncommitted, so the bank is not obliged to continue buying receivables.

Cash and short-term investments totaled $712.2 million at September 30. The principal amount of convertible notes was $1.4025 billion, with maturities in 2030 and 2032. Their combined accounting carrying value was $1.3674 billion.

The Eucalyptus acquisition closed June 1, 2026. Its preliminary accounting purchase price was $968.5 million, including $225 million paid upfront, deferred installments and earn-out consideration. Parts of the remaining consideration can be settled in shares. Eucalyptus contributed about 15% of Q3 group revenue.

Board and marketing agreements

Andrew Huberman joined the board on November 4, 2026 as a non-independent director. On November 5, Hims entered a two-year advisory agreement paying him $3.5 million annually and a separate podcast-advertising agreement paying $5 million annually for up to three years to Scicomm Media, a company he co-owns. The filing estimates his annual interest in the Scicomm agreement at $2.1 million.

Our analysis of growth, profit expectations and receivables financing explains why stronger sales have not produced an equivalent increase in profit and cash.