Hims & Hers Q2 2026 Earnings: Why Grow 38% And Earn Less?
The takeaway
Watch what this company keeps, not what it sells.
Hims & Hers just had the biggest sales quarter in its history: $753 million in three months, up 38% from a year earlier. Management raised its sales forecast for the year. And the shares fell.
Here is the number that explains the gap. A year ago the company kept 76 cents out of every dollar of sales, after paying for the product itself. This quarter it kept 64 cents. And in the very same press release that raised the sales forecast, management cut the top end of its profit forecast, from $350 million to $325 million. Bloomberg headlined it "Lowers Profit Forecast."
In this episode
- Why a record quarter and a falling share price happened in the same hour
- The 38% headline, and what is left when you take the acquisition out
- Gross margin from 81 cents to 64, and why management says it stays low
- The $86 million loss, and how much of it was genuinely one time
- Why adding those charges back does NOT rescue the cash flow
- The strongest case for the other side, including the AI numbers that finally have digits behind them
