Hims & Hers revenue rose 49% as subscribers fell to 2.79 million

Hims & Hers Health grew revenue much faster than its subscriber count in the third quarter of 2026. Revenue rose 49% to $890.4 million from $599.0 million a year earlier, according to the company’s Nov. 9 earnings release.

The company ended September with 2.79 million subscribers. That is up 13% from 2.47 million a year earlier, and the release leads with that gain. It is also 103,000 fewer than the 2.89 million Hims & Hers reported at the end of June.

Both are true. The company’s headline uses the year over year gain. Our chart’s headline uses the drop since June.

The 49% came from two places. Revenue per subscriber went up, and a growing share of sales now comes from outside the US. Gross margin fell at the same time.

What the data shows

Where the growth came from

Rest of world revenue reached $233 million, up 321% from $55 million. US revenue was $657 million, up 21% from $544 million.

Rest of world was 9.3% of revenue in the third quarter of 2025 and 26.2% a year later, by our calculation from the reported figures. The share rose every quarter in between: 10.3%, 12.9% and 17.4%. Revenue grew by $291.4 million from a year earlier. Of that, $177.8 million, or 61%, came from outside the US, and $113.6 million came from the US.

Fewer subscribers, more revenue from each

Monthly revenue per average subscriber was $105, up from $81, as the company reports it in whole dollars.

Set both measures to 100 in the third quarter of 2025. Revenue per subscriber is now at 129.6. Subscribers are at 112.8, down from 117.0 in June. That gap is how revenue can rise 49% from a year earlier in a quarter when the subscriber count fell.

Margin and cash

Gross margin was 57%, down from 74%. It was lower in every quarter shown: 74%, 72%, 65%, 64% and 57%.

Net loss was $33.0 million, against net income of $15.8 million a year earlier, per the third quarter release. Adjusted EBITDA was $82.4 million, up from $78.4 million. Free cash flow was $26.0 million, down from $79.4 million.

Adjusted EBITDA rose. Net income and free cash flow fell. The company booked more revenue than a year earlier and turned less of it into net income and free cash.

The outlook

Hims & Hers now expects full year 2026 revenue of $3.13 billion to $3.15 billion. It cut its full year Adjusted EBITDA range to $257 million to $277 million. The range had been $275 million to $325 million since its second quarter results on Aug. 10. It expects fourth quarter revenue of $875 million to $895 million.

Our read: the subscriber count shows whether the drop since June lasts past one quarter, and gross margin shows what the new revenue costs to deliver. The fourth quarter release will show both.

We covered the company’s Lilly deal on Nov. 7.

How we got these numbers

• Sources. Every figure comes from the four Hims & Hers quarterly earnings releases listed below. They are third quarter 2026 (Nov. 9, 2026), second quarter 2026 (Aug. 10, 2026), first quarter 2026 and fourth quarter 2025. All are company reported and unaudited.
• Rest of world share. Rest of the World revenue divided by total revenue, our calculation. The split of added revenue subtracts each line’s revenue a year earlier from this year’s.
• Index. Each quarter divided by the third quarter of 2025, times 100. Revenue per subscriber uses the company’s reported whole dollar monthly figures ($81 to $105). Subscribers are end of period.
• Checks. We matched every number on this page and the chart against the four releases on Nov. 9, 2026.

This story is general information from public company filings. It is not financial or investment advice.