Live: Hims Reports Q1 Earnings Tonight. Can the Recovery Continue?

That wraps up our initial coverage of Hims and Hers Health’s Q1 results. Thank you for stopping by!

Check out management’s earnings call at 5 PM EST for more updates.

Insider Activity: 90-Day Scorecard

Insider activity over the past 90 days skews heavily toward selling by dollar value. CEO Andrew Dudum’s February 23 acquisition of 794,002 shares stood as the lone conviction signal before broad March 13 vesting triggered systematic profit-taking at $24.77.

CFO Yemi Okupe extended the pattern in April, disposing of 74,572 common shares between $25.89 and $29.96 into the post-earnings rally. No discretionary buys followed.

Bear Concerns: Validated or Busted?

1. GLP-1 regulatory risk. Validated. U.S. revenue declined 8% YoY on the pivot from compounded GLP-1s, with $33.49 million in restructuring charges.

2. Margin compression. Validated. GAAP gross margin slid to 65% from 73%, and operating income swung to -$78.3 million.

3. Profit deterioration. Validated. Net loss of $92.1 million versus prior-year net income of $49.48 million, an EPS miss of -1,266%.

4. Leverage. Validated. Total liabilities ballooned 431.72% YoY to $1.82 billion.

Bears will say the growth story is broken: 3.77% revenue growth doesn’t justify the multiple.

Bulls counter with raised FY2026 revenue guidance of $2.8B-$3.0B, international up 969% YoY, and free cash flow of $53 million.

One of the biggest bright spots in Hims & Hers’s Q1 earnings was international growth.

Rest-of-world revenue surged an incredible 969% YoY to $78.2 million, helping offset weakness in the company’s core U.S. business, where revenue declined 8% year over year.

Management said expansion into new countries remains a major part of the growth strategy, and notably, FY2026 guidance does not yet include potential contributions from the proposed Eucalyptus acquisition.

That international acceleration helps explain why management continues sounding extremely bullish despite the headline earnings miss and slowing domestic growth trends.

Hims & Hers Health management pushed back hard against concerns about slowing growth, calling 2026 “a defining year” for the company despite a weak Q1 earnings miss.

The company said it executed a “strategic pivot” toward branded GLP-1 offerings during the quarter and claimed early demand signals show its consumer reach has “meaningfully broadened.”

Management also reaffirmed confidence in its long-term targets of at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA by 2030.

The challenge is that investors now need to see those ambitions translate into near-term acceleration after Q1 revenue grew just 4% YoY and Q2 EBITDA guidance came in well below expectations.

Hims & Hers Health just reported Q1 earnings, and the results came in well below expectations.

Here are the key numbers:

• Revenue: $608.1 million vs. $616.9 million expected
• Adjusted EPS: -$0.40 vs. $0.03 expected

Other highlights:

• EPS missed expectations by more than 1,400%
• Revenue grew just 4% YoY
• EPS declined 300% YoY

Quick read:
This was a major miss for a stock that entered earnings with high expectations after a massive recent rally.
The bigger concern is that revenue growth slowed sharply while profitability deteriorated, which pressures the core growth narrative.

Shares are down roughly 4% following the release.

Short interest sits near 35% of the float for Hims & Hers (NYSE:HIMS), an unusually crowded bearish bet for a stock with 222.7 million shares outstanding and a $6.55B market cap.

Shares rallied 45.8% over the past month to $29.61, signaling partial short covering, while Polymarket still prices in just a 14% probability of a beat heading into the $0.03 EPS bar.

A revenue beat at the high end of the $600M-$625M guide, paired with reassurance on the $65 million GLP-1 headwind, could force aggressive covering. A miss could send the stock down to April lows.

Four More Wildcards Investors Are Overlooking

1. FDA compounding enforcement. Guidance explicitly assumes continued compounded semaglutide access. Any rule change is an unpriced binary risk that could vaporize a chunk of the $2.7B-$2.9B FY2026 revenue range.

2. Margin and capex drag. Q4 gross margin compressed ~500 bps to 72%, free cash flow swung to negative $2.57M, and FY2025 capex hit $242.59M (+359.89% YoY) on the Ohio buildout.

3. Convertible overhang. The ~$1B convertible debt from May 2025 pushes debt-to-equity to 2.34, with ~$225M buyback dry powder remaining.

4. International acceleration. Rest-of-World grew 825% YoY in Q4 2025 to $63.67M. A repeat could offset the GLP-1 hole entirely, with shares already at $29.56.

Bull Case

• Revenue momentum holds: Q1 guide of $600M–$625M brackets the $617M Street number, with 2.5M+ subscribers and 82% three-month retention anchoring the model.
• Diversification is real: Hers grew over 100% YoY, international jumped 825% YoY, and four categories now top $100M ARR.
• Insider conviction: CEO Andrew Dudum acquired 794,002 shares on February 23, alongside a $250M buyback.

Bear Case

• GLP-1 cliff: The March Novo Nordisk settlement halted compounded sales, baking in a $65M revenue headwind.
• Margin compression: Q4 gross margin fell ~500 bps to 72%; Q1 EBITDA margin guide of 6-9% trails full-year 11-13%.
• Market skepticism: Polymarket prices just a 15.5% probability of an EPS beat, with short interest near 35%.
• Leverage: ~$1B convertible debt and net debt/EBITDA of 6.46 leave little cushion.

Results are expected tonight at 4:05 PM ET, with the earnings call at 5 p.m. ET.

Four Wildcards Not Priced Into Tonight’s Earnings Report

1. The Novo settlement aftermath. The March Novo Nordisk settlement halted compounded GLP-1 sales, baking in a $65 million revenue headwind. Any color on branded Wegovy distribution talks is the swing factor.

2. Eucalyptus deal status. The pending ~$450M ARR acquisition, which expands into Australia and Japan, sits outside 2026 guidance. Closing timeline is unmodeled upside.

3. CFO selling. Oluyemi Okupe disposed 114,549 shares in April at prices up to $29.96, a flag against the rally.

4. Crowd vs. insiders. Polymarket prices just a 15.5% probability of a beat against 35% short interest, setting up an asymmetric squeeze if Hims & Hers (NYSE:HIMS) clears the $0.03 bar.

After falling roughly 45% over the past year, $HIMS rebounded about 45% in the past month as sentiment improved and expectations reset higher. Now the market needs proof the recovery is backed by fundamentals, not just momentum.

This quarter likely comes down to three things: revenue landing at or above guidance, stabilizing margins, and a credible path toward stronger cash flow generation. If management delivers across those areas, investors may start viewing the rally as the beginning of a broader rerating.

The risk is that expectations have already run ahead of the stock price. At roughly 26x forward earnings, weak guidance, softer growth, or continued margin pressure could quickly reopen the debate around whether the rebound ran ahead of the business fundamentals.