Hims & Hers said third-quarter revenue rose 49% to $890.4 million, in its results release on 9 November. Revenue booked outside the United States rose 321% to $233.3 million, from $55.5 million a year earlier.
That puts the Rest of the World at 26% of revenue, up from 9% a year earlier, by our arithmetic. Domestic revenue grew 21% to $657.1 million.
Business Pill · Gross Margin
An evergreen Business Engineer explainer on gross margin. It teaches the general idea only and does not discuss Hims & Hers.
The key insight: Hims & Hers says third-quarter revenue rose 49% to $890.4 million, with Rest of the World revenue up 321% to $233.3 million: 26% of the total, up from 9% a year earlier, by our arithmetic.
Chief financial officer Yemi Okupe said revenuegrowth of 49% was “our second consecutive quarter of acceleration”. Subscribers grew 13% to nearly 2.8 million, and monthly revenue per average subscriber rose 30% to $105.
Wall St Engine’s earnings card on X at 21:06 UTC on 9 November. Estimates on the card are consensus figures cited by Wall St Engine; the subscriber figure is in thousands.
Regional revenue is from Hims & Hers’ third-quarter 2026 results release. Shares of revenue are our arithmetic.
The Cost of the Growth
Gross margin was 57%, against 74% a year earlier. The company reported a net loss of $33.0 million, against net income of $15.8 million. Adjusted EBITDA rose to $82.4 million from $78.4 million.
Net cash from operating activities was $65.4 million, against $148.7 million, and free cash flow was $26.0 million, against $79.4 million.
The Guide
Hims & Hers tightened full-year revenue guidance to $3.13 billion to $3.15 billion and reduced adjusted EBITDA guidance to $257 million to $277 million. For the fourth quarter it expects revenue of $875 million to $895 million.
Okupe said the company was “intentionally pacing marketing spend ahead of several planned expansions to our platform in the fourth quarter”. Dudum said the company is “rolling out an AI-native experience to support every customer’s care”.
The Board Seat
A separate 8-K says the board appointed Dr. Andrew Huberman as a director on 4 November and determined that Huberman does not meet New York Stock Exchange independence requirements.
On 5 November a Hims subsidiary signed a two-year advisory agreement paying Huberman $3.5 million a year in cash, with up to an additional $1 million a year for short-form videos. Scicomm Media, which Huberman co-founded, signed a podcast advertising agreement for up to three years at $5 million a year; the filing puts Huberman’s interest in it at about $2.1 million annually.
The Structural Read
As we read the release, the business is changing shape faster than the headline growth shows: domestic revenue grew 21%, international revenue more than quadrupled, and gross margin fell to 57% from 74%.
As we read the guide, the company is choosing spend over margin for now: its CFO says it is pacing marketing ahead of fourth-quarter platform expansions, and it reduced its full-year adjusted EBITDA range to $257 million to $277 million.
Andrew Dudum, co-founder and CEO, in the results release
“In healthcare, whoever owns the customer relationship wins, and that’s exactly what we’re building toward at Hims & Hers.”
Three Implications
FOR SUBSCRIBERS Hims & Hers says it ended the quarter with nearly 2.8 million subscribers, up 13%, and monthly revenue per average subscriber of $105, up 30%.
FOR SHAREHOLDERS The company guides fourth-quarter revenue of $875 million to $895 million and adjusted EBITDA of $70 million to $90 million, an 8% to 10% margin.
FOR GOVERNANCE The 8-K says Dr. Andrew Huberman joined the board on 4 November and that the board determined Huberman does not meet New York Stock Exchange independence requirements.
What the Risk Factors Say
Hims & Hers’ 10-Q for the quarter, filed on 9 November, carries five risk factors that were not in its 2025 10-K, by our comparison. One reads: “Our investments in and use of AI may not produce the benefits we expect and could adversely affect our business, financial condition, and results of operations.”
A factor on its testosterone replacement therapy offering is new since its second-quarter 10-Q. The factor on its processing of personal information, including health information, runs to 1,442 words against 772 in the 10-K, our count. Legal, antitrust and tax risks take the largest share of the section, 37.6% of its words by our classification.
What Is Not Established
The release does not say how much of the international growth came from acquisitions or which countries drove it. It does not quantify the planned fourth-quarter platform expansions or what the AI-native experience costs.
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Hims & Hers grew revenue 49% to $890.4 million as non-US sales rose to 26% of the total from 9%, by our arithmetic, while gross margin fell to 57% and it cut its full-year adjusted EBITDA range.
A note on sourcing. Results, subscribers, guidance and quotations are from Hims & Hers’ third-quarter 2026 results release (8-K Exhibit 99.1, 9 November 2026); the board appointment and agreements are from its Form 8-K filed the same day. Regional shares are our arithmetic. Estimates on the embedded card are consensus figures cited by Wall St Engine.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
