HIMS Raises 2026 Revenue Outlook as Q2 Sales Rise 38.2% Despite Loss

HIMS reported Q2 2026 revenue of $753.2M, up 38.2% year-over-year, and raised full-year 2026 guidance to $3.1B-$3.3B, representing 32-41% growth. Subscriber count climbed to 2.9M, with increased per-subscriber spending driving the top-line beat.

The company posted an $86.3M net loss as gross margins compressed to 63.8%, down from prior periods. Management attributed the margin pressure to lower-margin weight loss products and costs tied to international expansion. The loss per share widened beyond earlier estimates.

HIMS's push into GLP-1 weight loss treatments—a category dominated by NVO and LLY—has accelerated revenue but squeezed profitability. The subscriber base expansion signals demand for the company's direct-to-consumer model, yet the margin trajectory raises questions about unit economics as HIMS scales outside core categories.

The guidance raise confirms momentum, but the gross margin deterioration is the story traders will weigh against the growth rate. HIMS is trading growth for margin, a bet that hinges on whether the weight loss segment can reach profitable scale before investor patience thins.