HIMS
Hims & Hers Health, Inc.
2026Q3
Research beta · Manually reviewed through Aug. 24, 2026
QW Take
Street looks plausible, but slightly hopeful
Street expects about $894.4M, compared with management's $880-900M Q3 outlook. That puts analysts slightly above management's $890M midpoint, but still within the company's own range.
At Q2's $92 monthly revenue per average subscriber, hitting Street would require roughly 3.24M average subscribers. If monetization stayed flat, that would imply about 3.59M ending subscribers — roughly 699K more than Q2, far above the approximately 307K sequential increase last quarter.
Subscribers do not have to do all the work. If HIMS roughly repeated Q2's subscriber additions, monthly revenue per average subscriber would need to rise to about $98. Q2 was $92 after $80 in Q1.
QW therefore sees Street's revenue hurdle as plausible but somewhat optimistic. A mix of continued subscriber growth and monetization improvement can get HIMS there; flat monetization would require unusually strong subscriber growth.
What to watch
- Subscribers
- Monthly revenue per average subscriber
Management
$880M–$900M
Q3 revenue guidance
Management midpoint
$890M
Street vs midpoint
+$4.4M / +0.49%
Inside management range
Operating requirements
What Street needs
Revenue can come from more subscribers, more revenue per subscriber, or a mix of both. These scenarios show combinations that would produce roughly Street's $894.4M revenue hurdle. They are requirements, not QW forecasts.
| Monthly revenue / avg sub | Required avg subs | Implied ending subs | Q3 adds |
|---|---|---|---|
| $92 | 3.241M | 3.590M | +699K |
| $95 | 3.138M | 3.385M | +494K |
| $98 · About last quarter's subscriber additions | 3.042M | 3.193M | +302K |
| $100 | 2.981M | 3.072M | +181K |
$92
- Required avg subs
- 3.241M
- Implied ending
- 3.590M
- Q3 adds
- +699K
$95
- Required avg subs
- 3.138M
- Implied ending
- 3.385M
- Q3 adds
- +494K
$98
About last quarter's subscriber additions — still a requirement, not a prediction
- Required avg subs
- 3.042M
- Implied ending
- 3.193M
- Q3 adds
- +302K
$100
- Required avg subs
- 2.981M
- Implied ending
- 3.072M
- Q3 adds
- +181K
All rows are algebraic requirements for Street's revenue hurdle — not forecasts of what HIMS will deliver.
Historical difficulty
How hard is that?
Recent ending subscribers (issuer-reported):
Ending subscribers · millions
- Q4 → Q1 sequential adds: +73K
- Q1 → Q2 sequential adds: +307K
Flat $92 monetization would require about +699K ending subscriber additions — more than 2.3× the most recent sequential increase. Subscriber growth alone makes Street demanding.
Monthly revenue per average subscriber · USD
Current definition only — not legacy Monthly Online Revenue per Average Subscriber.
Q1 → Q2 monetization moved $80 → $92. If subscriber additions roughly repeated Q2 (+307K), about $97.93 monthly revenue per average subscriber would get HIMS around Street — roughly 6.4% above Q2's $92.
Neither lever has to do all the work.
Historical context
Trend context
Context for how demanding Street's hurdle looks — not a seasonal forecast model.
Revenue
- Q2 actual $753.2M → Street ~$894.4M implies about +18.7% sequential and +49.3% YoY vs $599.0M in 2025Q3.
- Management's $880–$900M guide is about +47% to +50% YoY.
- Prior Q2→Q3 revenue growth: 2023 ~+9.0% · 2024 ~+27.2% · 2025 ~+9.9%.
Q3 has not consistently produced an unusually large seasonal revenue jump. Street's current hurdle requires stronger sequential growth than two of the last three Q2-to-Q3 periods, but less than the increase HIMS delivered in 2024.
Subscribers
- Prior Q2→Q3 ending subscriber adds: 2023 +126K · 2024 +183K · 2025 +32K.
- Flat $92 path needs about +699K ending adds vs Q2's 2.891M.
- Q2 subscribers vs Q2 2025: about +18.5% YoY.
Recent history does not show a consistent Q3 subscriber step-up large enough to make the flat-monetization path look routine.
YoY subscriber growth is shown for context only; the Eucalyptus acquisition affects comparability and exact acquired subscriber contribution remains undisclosed.
Monetization
A clean YoY monetization comparison is not shown because HIMS changed the reported KPI definition.
Important context
Comparability note
HIMS completed the Eucalyptus acquisition on June 2, so Q2 included only part of a quarter of the acquired business. Management said Eucalyptus contributed roughly $40M of Q2 revenue. Q3 will include a full quarter of Eucalyptus, which can contribute to the sequential revenue increase. QW does not extrapolate the $40M into a Q3 estimate, and management also said domestic revenue acceleration is an important part of the Q3 outlook. Exact acquired subscriber contribution remains undisclosed.
Direction: context only · Numeric adjustment: none
Guidance
What management expects
Q3 revenue guidance: $880M–$900M. Midpoint: $890M.
Street's ~$894.4Mexpectation sits slightly above the midpoint but remains inside management's own range.
Primary HIMS / SEC source · as of Aug. 10, 2026
Since earnings
Current-quarter evidence
Current-quarter evidence monitoring is still being validated for HIMS. This report has been manually reviewed through Aug. 24, 2026.
Evidence strength is about how much verified intra-quarter information exists — not whether HIMS will beat or miss Street.
Model honesty
Operating translation reliability
High
Issuer-defined identity: monthly revenue per average subscriber = total revenue / average subscribers / months. Small reconstruction residuals are mainly KPI rounding — not confidence that Street will be hit.
This is not confidence that HIMS will hit Street. Separately, current-quarter evidence remains limited / manually reviewed through Aug. 24, 2026.
Sources & methodology
Equation: total_revenue_m ≈ avg(prior_end, end)_subscribers_thousands × monthly_revenue_per_avg_sub × 3 / 1000
- Published Street Reference — Benzinga Hims & Hers Health Earnings & Forecasts · Aug. 24, 2026
- Management Q3 revenue guidance (HIMS IR / SEC) · Aug. 10, 2026
- Q2 2026 ending subscribers & monthly revenue / avg subscriber · Aug. 10, 2026
- Q1 2026 ending subscribers & monthly revenue / avg subscriber · May 11, 2026
- Management Q2 2026 earnings-call commentary (Eucalyptus revenue contribution) · Aug. 10, 2026
- Operating translation equation —
total_revenue_m ≈ avg(prior_end, end)_subscribers_thousands × monthly_revenue_per_avg_sub × 3 / 1000