The company reiterated its longer-term targets of at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA by 2030.
- The company forecast full-year 2026 revenue of $2.7 billion to $2.9 billion and Q1 revenue of $600 million to $625 million, both below consensus.
- Subscriber growth remained steady, with over 2.5 million subscribers by the end of the year, up 13% from the previous year.
- CEO Andrew Dudum downplayed GLP-1 exposure, saying only a small minority of subscribers use compounded GLP-1s.
Shares of Hims & Hers Health, Inc. (HIMS) slid nearly 10% after-hours on Monday as the company’s 2026 revenue outlook came in below Wall Street expectations, reviving investor concerns around regulatory risk tied to compounded GLP-1 weight-loss drugs.
HIMS stock fell 0.8% to $15.51 in the regular session on Monday.
Hims Forecasts Slower Growth In 2026
Hims & Hers forecasts full-year 2026 revenue of $2.7 billion to $2.9 billion, compared with consensus estimates of about $2.71 billion. For the first quarter of 2026, the company expects revenue of $600 million to $625 million, below the Street’s estimate of roughly $652.6 million.
The company also guided for adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the range of $300 million to $375 million for the full year and $35 million to $55 million for the first quarter.
For 2025, Hims & Hers delivered revenue of $2.35 billion, up 59% year over year. Net income rose to $128.4 million, while adjusted EBITDA nearly doubled to $318 million.
Subscriber growth remained steady, with the platform ending the year with more than 2.5 million subscribers, up 13% from the previous year. Meanwhile, monthly revenue per average subscriber was up 11% to $83 in the fourth quarter (Q4) and 28% for the full year.
“We expect subscriber growth within our weight loss offering to remain strong throughout 2026,” CEO Andrew Dudum said on the company’s earnings call.
In Q4, revenue increased 28% to $617.8 million from a year ago, slightly ahead of expectations, but earnings per share (EPS) of $0.08 fell short of estimates of $0.19. Net income declined to $20.6 million from $26 million a year earlier, while adjusted EBITDA rose to $66.3 million.
“Netflix and Spotify reshaped how people could access not only a broader range of content, but also the best the industry has to offer. Healthcare must evolve toward that same consumer-oriented distribution model,” Dudum said.
HIMS CEO Downplays GLP-1 Exposure After Legal Fallout
On the earnings call, CEO Andrew Dudum sought to steady investor nerves after the legal fallout of its $49 compounded, needle-free copy of Novo Nordisk’s Wegovy pill. He argued that the GLP-1 controversy does not alter the company’s broader strategy. “The amount of patients that are actually on the compounded GLP-1s is actually, you know, quite a small minority of the aggregate subscriber base, “ Dudum said.
Dudum pointed to the company’s expansion into labs, hormone therapies, menopause and low-testosterone support, dermatology, and sexual health as proof that Hims & Hers has become a multi-category platform rather than a single-product story. He noted that more than 70% of lab customers are eligible for additional treatment plans, which supports the company’s push toward more proactive, preventive care.
He also highlighted continued investment in innovation and R&D, including future categories such as peptide therapies, alongside growing international operations. “I think we will continue to adjust the model as necessary to ensure that we have the breadth of assortment that patients need and want,” Dudum said on the call.
HIMS: Looking Ahead
Hims & Hers said its 2026 outlook excludes any contribution from the proposed acquisition of Eucalyptus, expected to close in mid-2026, and assumes continued access to compounded semaglutide.
CFO Yemi Okupe said the company will continue to “stage-gate” investments across new specialties, technology, AI, and international markets, using cash flow from more established domestic businesses to fund growth. The company reiterated its longer-term targets of at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA by 2030.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment for HIMS was ‘extremely bullish’ amid ‘high’ message volume.
One user said, “somewhere in the back of Andrew’s head he knows that if he settles and makes a distribution deal with NOVO this goes past $30 immediately – regardless of what the deal says. The question is simply is that what HIMS wants.”
Another user said, “The bad guidance is due to the loss of semiglutide. The stock will take a dump for the rest of the week. But when Andrew announces his next IP theft, the market will zoom up.”
HIMS stock has declined 52% year to date.
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