Hims & Hers Health (HIMS) reports Q3 2026 results on Monday, November 9, after the close. It is the first quarter with a full three months of Eucalyptus, the Australian telehealth company it bought on June 1, and the stock has fallen the day after each of its last four reports.
The guide has been a good map. Hims & Hers guides one quarter at a time, and over the last four quarters revenue landed close to the top of that range, not far above it. Q2 looked like a big beat at $753.2M, but that guide left out Eucalyptus; without its first month, Q2 was about $713M, 1.9% above the top. The Q3 guide is $880M to $900M, with adjusted EBITDA of $75M to $95M.
Building Q3 from its pieces gives about $894.6M, against a consensus of $892.8M from 13 analysts:
US revenue of about $659M, up 6% from Q2 and about 21% from a year earlier, as monthly billing on branded weight-loss plans catches up.
About $100M from the international business it already owned, mainly Zava in Europe and Medici in Canada, growing 13% a quarter as it did in Q2.
About $136M from a full quarter of Eucalyptus, whose June contribution the CFO put at "roughly $40 million".
Margins are the trade-off. Gross margin fell from 76% to 64% in a year as branded GLP-1 drugs grew, and the CFO said margins "will remain below the levels we have historically achieved". Lower marketing costs carry adjusted EBITDA instead: an $88M forecast needs the margin to rise from 8.0% to 9.8%, inside the 9% to 11% guide.
The test is Q4. First-half revenue was $1,361.3M. At the $3.2B midpoint of the full-year guide, Q4 has to be about $944M, roughly $10M below the $954.6M consensus. Last year revenue grew 3.1% from Q3 to Q4; consensus needs 6.9%. If the company simply reaffirms the full-year range, the implied Q4 will look light next to the Street.
What to watch on the call: subscriber adds (2.89M at the end of Q2, at $92 a month each), how fast branded weight-loss subscriptions stack up, and whether Eucalyptus is still running at "breakeven to moderate losses".
The full preview, with the quarter-by-quarter model, the subscriber cross-check and the EBITDA bridge, is here: Hims & Hers (HIMS) Q3 2026 Earnings Preview and Forecast.
Data: SEC filings and earnings calls, processed by Equibles. Consensus as of October 22.
Comments
Log in or sign up to join the conversation.