Hims & Hers Health (82W) Q2 2026 Earnings Report

Overall the call conveyed a constructive and growth-oriented outlook: strong revenue and subscriber growth, raised guidance, meaningful international scale from the Eucalyptus acquisition, and promising AI-driven engagement and efficiency gains. These positives are tempered by margin compression from mix shift toward branded weight loss and international sales, a GAAP loss driven by one-time costs, short-term negative cash flow in the quarter, and regulatory/legal uncertainties (FTC action and dependence on FDA rulemaking for peptides). Management highlighted liquidity actions and expects AI investments to pay back within 12–18 months, signaling confidence in the path to improved profitability.

Management raised short‑term guidance and framed a growth + investment cadence: Q3 revenue is guided to $880–900M (+47–50% YoY) with adjusted EBITDA $75–95M (≈10% margin at midpoint), and full‑year 2026 revenue is now $3.1–3.3B (+32–41% YoY) with adjusted EBITDA $275–325M (≈9% margin at midpoint). They noted Q2 results of >$753M revenue (+~40% YoY) — $622M domestic (+16% YoY) and $131M international (>17x YoY, with Eucalyptus contributing ~ $40M) — adjusted EBITDA $60M (8% margin), GAAP net loss $86M, gross margin 64% (≈‑6 pts QoQ), operating cash flow of ‑$36M and free cash flow of ‑$68M in Q2 (>$260M operating cash flow over the last 12 months). Balance‑sheet actions include a $400M receivables facility, >$400M of convertible debt, >$840M cash & short‑term investments after a ~$225M upfront Eucalyptus payment, and $225M remaining on the buyback; international revenue is expected to be ≥$600M in 2026. Other measurable milestones cited: ~300k net new subscribers in Q2 (nearly 3M total), Hers on track for >$1B this year, five U.S. specialties >$100M annual run‑rate with testosterone becoming a sixth, U.K./Australia/Germany each >$100M annualized, AI pilot results showing 3x messaging, AI answering 80% of queries and ~50% reduction in nonclinical support tasks, and AI investments expected to pay back in 12–18 months, all underpinning the 2030 targets of ≥$6.5B revenue and $1.3B adjusted EBITDA.