Key Takeaways
- Hims & Hers is scheduled to release Q2 earnings results following today’s market close on August 10
- Analyst consensus projects an EPS loss of $0.05 with revenue reaching approximately $698.9 million, marking a ~28% annual increase
- Truist analysts believe HIMS is “well-positioned” to surpass the upper range of Q2 revenue projections, fueled by GLP-1 momentum
- Options traders are anticipating a 14.5% price swing in either direction post-earnings
- The Street maintains a Moderate Buy rating with a consensus price target of $30.65, suggesting roughly 3% downside from current trading levels
Hims & Hers Health is set to unveil its second-quarter 2026 financial results following the closing bell today, with investor attention squarely focused on whether the company’s strategic transition from compounded to branded GLP-1 medications is beginning to deliver results.
Hims & Hers Health, Inc., HIMS
Shares are currently hovering near $31.59, translating to a market capitalization of $7.3 billion. The past year has seen considerable volatility, with the stock ranging between a 52-week low of $13.74 and a peak of $65.30.
Analyst estimates call for an EPS loss of $0.05 alongside revenue of approximately $698.9 million. This would represent a significant 28% year-over-year increase and a notable improvement from the first quarter, when HIMS reported a $0.40 per share loss on $608 million in revenue while missing Street expectations.
The Q1 shortfall was primarily attributed to expenses associated with the company’s March strategic shift away from lower-cost compounded GLP-1 products. Since then, EPS projections have climbed 44% over the past two months, although revenue forecasts have remained relatively stable.
Truist analyst Jailendra Singh maintained a Hold rating with a $27 price target in advance of today’s release. Singh indicated that Truist’s July credit card transaction data points to HIMS being “well-positioned to exceed the high end of its Q2 revenue guidance,” with GLP-1 products serving as the primary catalyst.
However, Singh also highlighted a sequential deceleration in GLP-1 momentum entering July. GLP-1 billings on a daily basis declined 1% month-over-month in July following a robust 32% increase in June. Meanwhile, the company’s non-GLP-1 segments demonstrated signs of strengthening.
This July deceleration could prompt management to exercise caution when providing forward guidance, according to Singh. Nevertheless, he anticipates the company will revise its full-year 2026 outlook upward to incorporate contributions from the Eucalyptus acquisition, which is expected to generate $450 to $500 million in annual recurring revenue.
Subscriber Retention and Profit Margins Under the Microscope
Customer retention rates for branded oral Wegovy represent a critical metric that market participants are closely monitoring. BofA Securities cautioned that retention “could be softer than some expect,” referencing competitor Ro, which introduced oral Wegovy earlier and is already experiencing declining new customer acquisition and a flattening subscriber base.
BofA also raised concerns that customer churn could accelerate as subscription costs escalate from $39 during the initial month to $149 for ongoing months.
Truist’s proprietary data presents a more optimistic picture. It indicates HIMS continues to acquire branded GLP-1 subscribers at a pace exceeding attrition, with renewal subscribers comprising an expanding portion of the branded customer base. Singh suggested this changing customer mix is likely contributing to the EBITDA margin expansion management projects for the latter half of 2026.
Peptide Segment Introduces Additional Variable
During July, the FDA’s Pharmacy Compounding Advisory Committee voted 8-6 to recommend BPC-157 for inclusion on the compounding list, with KPV receiving a comparable recommendation. Canaccord characterized the outcome as “unambiguously positive,” though analysts noted that meaningful revenue contributions from peptides are improbable before 2028.
Options pricing suggests traders are anticipating a 14.5% movement in either direction following the earnings announcement. The current analyst consensus stands at Moderate Buy, derived from four Buy ratings and eight Hold ratings, with a mean price target of $30.65.
HIMS stock has declined 3% on a year-to-date basis.
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