Key Takeaways
- Hims & Hers Health releases Q1 2026 financial results Monday, May 11, after market close
- Wall Street forecasts revenue between $616M and $619M, representing just 5.2% annual growth — a dramatic slowdown from the 111% expansion recorded in Q1 2025
- The company partnered with Novo Nordisk in March to distribute brand-name Wegovy and Ozempic, but sales commenced only on March 26, limiting potential Q1 contribution
- Analysts project earnings per share of 3–4 cents, representing an approximate 90% decline compared to last year
- Shares have surged nearly 50% in the last 30 days despite over 35% short interest and a predominant Hold rating from Wall Street analysts
Hims & Hers Health (HIMS) enters Monday’s quarterly report trading at $28.46, reflecting a roughly 32% gain over the previous month and approximately 77% above its February 27 52-week low. However, the stock remains down more than 23% for the year.
Hims & Hers Health, Inc., HIMS
Analysts are preparing for what many describe as a transitional quarter. Consensus estimates place revenue in the $616M–$619M corridor, suggesting only 5.2% year-over-year expansion. This represents a dramatic deceleration from the 111% growth rate HIMS achieved during the same period last year.
The primary narrative surrounding this earnings release centers on the company’s strategic shift from compounded GLP-1 weight-loss medications to brand-name Novo Nordisk alternatives. Following Novo Nordisk’s decision to withdraw its patent infringement litigation on March 9, both parties reached an agreement permitting HIMS to distribute Wegovy and Ozempic via its digital platform.
Timing presents a complication, however. These branded products launched on the platform March 26. Given that Q1 ended March 31, meaningful revenue contribution will more likely appear in Q2 results.
Subscriber Metrics Under Scrutiny
Investors will pay close attention to subscriber growth figures. HIMS reached 2.5 million subscribers by late 2025 — representing a 16% increase from 2.2 million at 2024’s conclusion, and substantially higher than the 1.5 million recorded at the end of 2023.
Customer retention remains a critical metric. Roughly 82% of subscribers remain active beyond the three-month mark, while approximately 90% of recurring revenue originates from the existing user base. Demonstrating sustained or accelerating subscriber numbers would bolster confidence in the company’s full-year projections.
Earnings per share expectations sit low — consensus centers on just 3 to 4 cents, marking roughly a 90% year-over-year contraction. While this decline may already be reflected in current valuations, any shortfall could trigger additional selling pressure in a stock already facing substantial short positioning.
Wall Street Maintains Reserved Outlook
Among the 17 analysts tracking HIMS, four assign it a Buy rating, 12 recommend Hold, and one rates it Sell. The consensus 12-month price target stands at $31.86 — approximately 12% above Friday’s closing price of $28.46.
Short interest continues at elevated levels, exceeding 35% of available float, which translates to nearly 70 million shares. With a beta of 2.43, the stock exhibits significant volatility in both upward and downward movements.
Institutional activity showed net accumulation during Q1, with selling activity 88% lower than buying — marking a reversal from the substantial outflows observed throughout Q4 2025.
Additionally, the FDA has proposed eliminating semaglutide, tirzepatide, and liraglutide from its 503B bulks list, which would retroactively validate HIMS’s strategic decision to exit the compounded GLP-1 marketplace.
HIMS has fallen short of Wall Street’s revenue projections on multiple occasions during the past two years. The company releases its quarterly results after market close on Monday, May 11.
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