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Hims & Hers pulled in $890.4M in Q3 2026 revenue — a 49% year-over-year jump — but missed Wall Street's earnings expectations for the third quarter in a row. The digital health company swung to a $33M net loss and saw gross margins shrink as it leans more heavily into lower-margin branded weight-loss drugs. The company tightened its full-year 2026 revenue guidance to $3.13B–$3.15B.
Hims & Hers is growing fast, but profitability is proving elusive. The digital health and wellness company reported $890.4M in Q3 2026 revenue — up 49% year-over-year — yet missed Wall Street's estimates on both revenue and earnings for the third consecutive quarter. The company posted a $33M net loss, a sharp reversal from $15.8M in profit during the same period last year.
The culprit? A strategic shift toward branded weight-loss drugs from Novo Nordisk and Eli Lilly, which carry lower margins than the company's legacy offerings. Gross margin fell to 57%, down from 74% a year ago. CEO Andrew Dudum remains bullish, pointing to expanding pharmacy and lab infrastructure, a new deal with Eli Lilly to offer branded obesity treatments directly on the platform, and upcoming launches in testosterone replacement therapy and peptide-based offerings.
By the Numbers:
Why it matters: Hims & Hers is betting big on the weight-loss drug boom, but the pivot to brand-name GLP-1s is squeezing margins and rattling investors. How the company balances growth ambitions with profitability will be a key indicator of where direct-to-consumer digital health is headed.
