On November 9, 2026, Hims & Hers Health (NYSE: HIMS) reported third-quarter results. Revenue rose 49% year over year to $890.4 million, against $599.0 million a year earlier. The subscriber count moved the other way. The company ended the quarter with 2.788 million subscribers, up 13% from a year ago but about 100,000 fewer than at the end of Q2, according to MarketBeat's call summary. The difference was spend per customer: monthly revenue per average subscriber jumped 30% to $105. CFO Yemi Okupe told Reuters that menopause therapies and testosterone testing helped drive that increase.

Why It Matters

The biggest DTC men's-health platform is moving from volume to value per customer. Fewer subscribers paying much more, driven by testosterone, menopause care and branded GLP-1s, is a different business from the low-cost generic-ED-pill subscriptions that built Hims. For the ED, TRT and menopause telehealth category, two things follow. First, the growth now comes from **hormone and longevity-adjacent prescribing**, where scrutiny is rising: there are no FDA-approved testosterone products for women, unapproved peptides remain unapproved, and the FTC's privacy and subscription suit against Hims is still pending, with a hearing on its motion to dismiss set for January 7, 2027. Second, the gross-margin slide from 74% to 57% shows what happens when a telehealth brand resells branded drugs instead of compounding its own. Smaller rivals such as Ro, Eddie/Giddy and the TRT clinics should watch whether Hims' Q4 subscriber number recovers once the Lilly Zepbound/Foundayo and Novo additions go live. See also: [Hims adds injectable and oral TRT](/stories/hims-injectable-oral-trt-launch) · [Hims × Lilly Zepbound/Foundayo deal](/stories/hims-eli-lilly-zepbound-foundayo-deal) · [FDA peptide panel conflicts](/stories/fda-peptide-panel-maha-conflicts) · [Hims Q1 2026 earnings miss](/stories/hims-q1-2026-earnings-miss)

The quarter was less profitable. Gross margin fell to 57% from 74% a year earlier. The company posted a net loss of $33.0 million, compared with net income of $15.8 million in Q3 2025. Free cash flow was $26.0 million, down from $79.4 million. Adjusted EBITDA edged up to $82.4 million. Management attributed the margin squeeze to a growing share of lower-margin branded weight-loss drugs in the international business and a full quarter of Eucalyptus, the Australian telehealth group it acquired in June. International ("rest of world") revenue rose 321% to $233.3 million, of which roughly $135 million came from Eucalyptus. Hims raised its 2026 international revenue target to at least $650 million from $600 million. U.S. revenue grew 21% to $657.1 million.

Guidance came down. Hims narrowed full-year 2026 revenue to $3.13–3.15 billion and cut adjusted EBITDA guidance to $257–277 million. It guided Q4 revenue to $875–895 million. Okupe said the company deliberately held back U.S. weight-loss marketing ahead of new launches, which may cause another quarter of subscriber headwinds. He also said $18 million of weight-loss membership revenue was deferred from Q3 into Q4. Reuters reported the shares fell more than 3% in after-hours trading.

The sexual-health franchise is shifting toward prescription hormones and wellness compounds. The call noted that Hims recently added injectable and oral testosterone replacement therapy, its first controlled-substance prescriptions. It said the first phase of a "Peptides+" offering, including sermorelin, glutathione and NAD+, launches later in November. Reuters reported that CEO Andrew Dudum said Hims would also make compounded BPC-157 and TB-500 in the U.S. once regulators allow it. Those peptides lack FDA approval, and Reuters noted that the federal policy easing compounding of certain unapproved peptides is enforcement discretion, not approval. Okupe said peptide revenue would be immaterial this year. Hims also said its "AI-native" care experience now reaches about 70% of weight-loss customers, and clinicians remain responsible for clinical decisions.

Sources

Update — 2026-11-10

Initial entry — story first created.