Hims & Hers Health’s second quarter results were driven by strong subscriber growth and a ramp-up in its branded weight loss offerings, yet the market reacted negatively, with shares declining over 5%. Management pointed to accelerated customer acquisition, particularly from new launches in AI-powered services and expanded product categories. CEO Andrew Dudum stressed that the company’s “investment in AI and technology is delivering a health experience that we believe no other company can replicate.” The quarter also included significant investments in infrastructure, entry into new specialties like testosterone therapy, and the largest acquisition in company history, Eucalyptus. However, rising operating expenses and ongoing litigation-related costs were highlighted as key pressures.
Is now the time to buy HIMS? Find out in our full research report (it’s free for active Edge members).
Hims & Hers Health (HIMS) Q2 CY2026 Highlights:
- Revenue: $753.2 million vs analyst estimates of $699 million (38.2% year-on-year growth, 7.8% beat)
- Adjusted EPS: -$0.09 vs analyst estimates of $0.11 (significant miss)
- Adjusted EBITDA: $60.32 million vs analyst estimates of $47.26 million (8% margin, 27.6% beat)
- The company lifted its revenue guidance for the full year to $3.2 billion at the midpoint from $2.9 billion, a 10.3% increase
- EBITDA guidance for the full year is $300 million at the midpoint, above analyst estimates of $291.7 million
- Operating Margin: -12.9%, down from 4.9% in the same quarter last year
- Customers: 2.89 million, up from 2.58 million in the previous quarter
- Market Capitalization: $6.57 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Hims & Hers Health’s Q2 Earnings Call
- Maria Ripps (Canaccord): asked about the Novo Nordisk partnership’s impact on retention and engagement. CEO Andrew Dudum described a strong, mutually beneficial relationship, while CFO Yemi Okupe noted that immersive experiences are already reducing cancellation rates.
- Ryan MacDonald (Needham): inquired about Eucalyptus integration and specialty expansion abroad. Dudum emphasized the ability to bring core U.S. specialties to international markets and noted regulatory opportunities in peptides and longevity therapies.
- Craig Hettenbach (Morgan Stanley): asked about the sequencing and prioritization of new AI features across product lines. Dudum explained that Hers’ weight loss was the initial focus due to complexity, with plans to extend the AI-native experience to Hims’ offerings in coming quarters.
- Eric Percher (Nephron Research): questioned the sustainability of rapid subscriber growth. Dudum attributed growth to new weight loss therapies and re-acceleration in core categories, while Okupe confirmed Eucalyptus contributed to results but domestic growth remained the primary driver.
- Glen Santangelo (Barclays): sought clarity on Eucalyptus’ margin impact and long-term guidance. Okupe said Eucalyptus is currently at or near breakeven and that long-term focus remains on free cash flow and EBITDA generation as they invest for growth.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will be watching (1) whether AI-enabled engagement and retention rates improve across all customer segments, (2) the pace and profitability of international expansion following the Eucalyptus acquisition, and (3) the regulatory progress on peptide therapies and advanced hormonal treatments. The effectiveness of cross-sell strategies and the integration of new specialties into the global platform will also be key areas for ongoing analysis.
Hims & Hers Health currently trades at $28.19, down from $31.77 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
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