HIMS Q2 2026 - Preliminary Earnings Alert

Event: Quartr Q2 2026 event Retrieved: 2026-08-10T22:20:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available (earnings release 3688061, quarterly report 3688060, slides 3997398) | financials=earnings release only | transcript=available and complete (call 2026-08-10 21:00Z)

Consensus scorecard

• Consensus scorecard, bulleted equivalent:
  • Revenue / total revenue: Quartr actual $753.214m against API Ninjas consensus $698.900m - Beat +$54.315m, +7.8%.
  • EPS / GAAP diluted: Quartr actual $(0.37) against API Ninjas consensus $(0.049) - Miss −$0.321, −655.1%.

Reported results and guidance

• Q2 income statement, bulleted equivalent (Q2 2026 vs Q2 2025): revenue $753,214k vs $544,833k (+38.2%), split United States $621,830k vs $537,286k (+15.7%) and Rest of the World $131,384k vs $7,547k (+1,641%); cost of revenue $272,411k vs $128,637k (+111.8%); gross profit $480,803k vs $416,196k (+15.5%) at a 64% vs 76% margin; marketing $262,236k vs $217,862k; operations and support $95,481k vs $66,490k; technology and development $54,901k vs $37,848k; general and administrative $165,377k vs $67,273k (+145.8%); total operating expenses $577,995k vs $389,473k (+48.4%); loss from operations $(97,192)k vs income of $26,723k; total other income, net $4,559k vs $6,130k; loss before income taxes $(92,633)k vs income of $32,853k; benefit from income taxes $6,343k vs $9,652k; net loss $(86,290)k vs net income of $42,505k; basic EPS $(0.37) vs $0.19 and diluted EPS $(0.37) vs $0.17; weighted average basic shares 231,746,126 vs 224,373,375 and diluted shares 231,746,126 vs 256,779,292; Adjusted EBITDA $60,323k vs $82,236k at an 8% vs 15% margin; net cash used in operating activities $(35.9)m vs $(19.1)m; Free Cash Flow $(68.2)m vs $(69.4)m; subscribers 2,891k vs 2,439k (+18.5%); monthly revenue per average subscriber $92 vs $76 (+21.1%).

• Six-month results, bulleted equivalent (6M 2026 vs 6M 2025): revenue $1,361,318k vs $1,130,843k (+20.4%), United States $1,151,739k vs $1,115,978k (+3.2%) and Rest of the World $209,579k vs $14,865k (+1,310%); cost of revenue $483,728k vs $283,958k (+70.4%); gross profit $877,590k vs $846,885k (+3.6%) at 64% vs 75%; total operating expenses $1,053,105k vs $762,265k (+38.2%); loss from operations $(175,515)k vs income of $84,620k; net loss $(178,405)k vs net income of $91,990k; basic EPS $(0.78) vs $0.41 and diluted EPS $(0.78) vs $0.37; Adjusted EBITDA $104,603k vs $173,293k (−39.6%) at 8% vs 15%.

• Adjusted EBITDA bridge, bulleted equivalent (Q2 2026): net loss $(86,290)k plus legal contingencies $47,500k, stock-based compensation $42,116k, depreciation and amortization $29,477k, acquisition and transaction-related costs $28,835k, restructuring and other related charges $4,626k, change in fair value of liabilities $4,223k, payroll tax on stock-based compensation $2,022k and impairment of long-lived assets $1,148k, less interest income and expense, net $(2,254)k, change in fair value of equity securities $(4,737)k and benefit from income taxes $(6,343)k, equals Adjusted EBITDA of $60,323k.

• Guidance, bulleted equivalent: full-year 2026 revenue guidance raised to $3.1bn-$3.3bn and full-year Adjusted EBITDA guidance updated to $275m-$325m, a 9%-10% margin; third-quarter 2026 revenue guided to $880m-$900m and Adjusted EBITDA to $75m-$95m, a 9%-11% margin. The release describes the revenue range as "raised" and the Adjusted EBITDA range as "updated" but does not restate the prior ranges, so the prior-guide column cannot be filled from this document. Management also reiterated 2030 targets of at least $6.5bn revenue and $1.3bn Adjusted EBITDA.

Key bullish aspects

• Revenue of $753.214m grew 38.2% year over year and beat the API Ninjas consensus of $698.900m by $54.315m, or 7.8%.
• Full-year 2026 revenue guidance was raised to $3.1bn-$3.3bn. The midpoint of $3.2bn against six-month revenue of $1,361.318m implies $1,838.7m in the second half, roughly 35% above first-half revenue.
• Q3 revenue guidance of $880m-$900m sits 16.8% to 19.5% above the $753.214m just reported, so the sequential step-up is guided to continue rather than flatten.
• Domestic revenue growth re-accelerated to 15.7% year over year in the quarter, against 3.2% growth over the six months, so the second quarter carried nearly all of the first half's domestic growth.
• Rest of the World revenue reached $131.384m from $7.547m, a 1,641% increase, and now represents 17.4% of total revenue. The CFO attributed the strengthening to the June close of the Eucalyptus acquisition.
• Subscribers reached 2,891k, up 18.5%, while monthly revenue per average subscriber rose 21.1% to $92, so revenue growth came from both subscriber count and monetization rather than one alone.
• Adjusted EBITDA of $60.323m remained positive despite the GAAP loss, and the reported cash balance rose to $609.811m from $228.616m at December 31, 2025.
• Free Cash Flow of $(68.2)m was a marginally narrower outflow than the $(69.4)m of Q2 2025 despite the much larger loss.

Key bearish aspects

• GAAP diluted EPS of $(0.37) missed the API Ninjas consensus of $(0.049) by $0.321, or 655.1%. The provider's own historical actual EPS for Q2 2025 was $0.17, which equals the company-reported GAAP diluted EPS for that quarter, so estimate and actual sit on the same basis and the miss is not a basis artifact.
• The company swung to a net loss of $(86.290)m from net income of $42.505m, and to a loss from operations of $(97.192)m from income of $26.723m.
• Gross margin fell 12 percentage points to 64% from 76%. Cost of revenue rose 111.8% against revenue growth of 38.2%, so the margin compression is a cost-of-revenue effect, not a mix rounding.
• General and administrative expense rose 145.8% to $165.377m, more than three times the pace of revenue growth, and total operating expenses rose 48.4% against 38.2% revenue growth.
• Adjusted EBITDA fell 26.6% to $60.323m even as revenue grew 38.2%, and Adjusted EBITDA margin halved to 8% from 15%. Over six months Adjusted EBITDA fell 39.6%.
• The quarter carried $47.5m of legal contingencies and $28.835m of acquisition and transaction-related costs. Together those two add-backs are $76.335m against reported Adjusted EBITDA of $60.323m, so the non-GAAP result depends on items larger than itself.
• Six-month restructuring and other related charges of $38.114m relate to the first-quarter US weight-loss strategic shift, and the company states further such charges may be incurred in future periods.
• Net cash used in operating activities widened to $(35.9)m from $(19.1)m. Six-month receivables grew $328.987m and accounts payable grew $323.795m, so both sides of working capital moved by more than a fifth of half-year revenue.
• The balance sheet now carries $1,365.299m of convertible senior notes, net, against $972.580m at December 31, 2025, plus $703.005m of current and long-term deferred acquisition payable and $162.964m of earn-out consideration. Total liabilities of $3,304.742m stand against total stockholders' equity of $324.072m.
• Diluted shares of 231.7m fell 9.8% from 256.8m only because the loss makes potentially dilutive securities anti-dilutive; basic shares rose 3.3%.

Key uncertainties

• The release raises full-year revenue guidance and updates full-year Adjusted EBITDA guidance without restating the prior ranges, so the direction and size of the Adjusted EBITDA revision cannot be determined from this document alone.
• The full-year Adjusted EBITDA guide of $275m-$325m against $104.603m delivered in the first half implies $170.4m-$220.4m in the second half, 63% to 111% above the first-half result, while first-half Adjusted EBITDA fell 39.6% year over year. The release does not explain what closes that gap.
• The $47.5m of legal contingencies in the quarter ($62.5m over six months) is not described, sized by matter, or characterized as final in this release, so whether further charges follow is unknown.
• Gross margin fell to 64% from 76% without the release quantifying how much of the decline came from the Eucalyptus consolidation, from the US weight-loss strategic shift, or from underlying pricing.
• The Eucalyptus acquisition closed in June, so Rest of the World revenue of $131.384m reflects a partial-quarter contribution of an undisclosed amount; the organic international growth rate cannot be separated from acquired revenue in this document.
• Deferred acquisition payable of $537.381m current and $165.624m long-term, plus $162.964m of earn-out consideration, represent future cash or share obligations whose timing is not disclosed here.
• The 2030 targets of at least $6.5bn revenue and $1.3bn Adjusted EBITDA imply a 20% Adjusted EBITDA margin against the 8% delivered this quarter; the release states increased conviction but provides no bridge.
• Whether the company's own definition change to Adjusted EBITDA, which added non-recurring restructuring charges beginning in Q1 2026, affects comparability against consensus estimates built before that change is not addressable from this release.

Market context

• API Ninjas price snapshot for HIMS: $31.77 on NYSE, volume 16,101,097, snapshot timestamp 2026-08-10T20:52:54Z. That is shortly after the 20:00Z US close and before the 21:00Z earnings call, so it reflects the regular session and at most the earliest post-release trading. It is not a complete after-hours or full-session reaction to this release.
• The release was published at approximately 2026-08-10T20:15Z per the Quartr source PDF timestamp, ahead of the 21:00Z call.

Source limitations

• Every displayed actual comes from Quartr earnings release document 3688061 (17 pages). Quartr standardized financials were not used for this report.
• API Ninjas supplied only the consensus estimates. Its row for HIMS dated 2026-08-10 carried no fiscal_year or fiscal_quarter and no actual revenue or EPS, so the exact ticker-and-date match path in build_api_metadata was used, matching the Quartr event date of 2026-08-10 exactly.
• EPS basis: the company does not publish an adjusted or non-GAAP per-share measure in this release, so GAAP diluted EPS is the only per-share figure available and is the basis shown. The provider's historical actual EPS series was checked against company-reported figures for Q2 2025 ($0.17 provider, $0.17 company diluted) and the revenue series likewise ($544,833,000 provider, $544,833k company), confirming both series sit on the company's reported basis.
• Page 5 and page 8 of the release returned no extractable text, and pages 14-17 were not read. Page 5 sits between the outlook narrative and the balance sheet; page 8 sits between the statement of operations and the cash flow statement. No figure in this report was taken from those pages.
• Prior-guidance ranges are not restated in the release, so the prior-guide column of the guidance table could not be populated from the source document and is marked accordingly rather than estimated.
• Six-month cash flow figures are presented in the release only on a six-month basis; the quarterly operating cash flow and Free Cash Flow figures shown come from the release's Q2 financial highlights narrative, which states them to one decimal place in millions.
• The FY 2025 revenue comparison in the guidance table is not disclosed in this release and is left unstated rather than sourced elsewhere.