Hims & Hers Health, Inc. (HIMS) — Company Research

Last Updated: 2 September 2026

Hims & Hers Health sells prescription and non-prescription treatment on a recurring subscription, across sexual health, hair loss, dermatology, mental health, hormone health, weight loss and, since 2025, at-home diagnostics. It has grown revenue from $271.9m in FY2021 to $2,347.6m in FY2025, and the trailing twelve months to 30 June 2026 reached $2,578.1m. It is also, in 2026, a company being sued by the Federal Trade Commission, investigated by the Securities and Exchange Commission's enforcement division, referred to the Department of Justice, placed under a Visa monitoring programme, and running GAAP losses for the first time in two years while integrating a $1.15bn acquisition. Both halves of that description are true simultaneously, and this report sets out what the filings say about each — without ratings or price targets.

1. Company Snapshot

Field	Value
Company	Hims & Hers Health, Inc.
Ticker / exchange	HIMS, New York Stock Exchange
Sector	Healthcare — consumer telehealth and direct-to-consumer pharmacy
Market cap	~$6.64bn at the close on 1 September 2026
Share price	$28.44 (close, 1 September 2026)
Revenue (FY2025)	$2,347.6m, up 59.0% year on year; trailing twelve months to 30 June 2026 $2,578.1m
Net income (FY2025)	$128.4m. The trailing twelve months to 30 June 2026 is a net loss of ~$142.0m.
GAAP diluted EPS (FY2025)	$0.51
Adjusted EBITDA (FY2025)	$318.0m; trailing twelve months $249.3m
Subscribers	2,891,000 at 30 June 2026, up 19% year on year
CEO / Leadership	Andrew Dudum, co-founder and Chief Executive Officer since September 2016; Oluyemi "Yemi" Okupe, Chief Financial Officer; Dr Patrick Carroll, Global Chief Medical Officer
Employees	2,442 as at 31 December 2025 per the FY2025 Form 10-K, up around 49% year on year. This predates the Eucalyptus acquisition completed on 2 June 2026, and no post-acquisition figure has been disclosed.
Shares outstanding	233,297,933 at 30 June 2026 (224,920,310 Class A plus 8,377,623 Class V)
Dividend	None. Hims & Hers has never paid a dividend.
Fiscal year end	31 December

Cross-reference: this report also links to the ChartsView Live Charts tool and the Economic Calendar.

2. The Bull and Bear Case

Bull Case

• Growth re-accelerated hard in the June quarter: revenue rose 38% to $753.2m in Q2 2026 after only 4% growth in Q1 2026, and management raised full-year 2026 revenue guidance from $2.8–3.0bn to $3.1–3.3bn. Subscribers reached 2.891 million, up 19%.
• International is now material and growing from nothing: rest-of-world revenue was $131.4m in Q2 2026 against $7.5m a year earlier, and is 17.4% of group revenue. Management expects at least $600m of international revenue in 2026, with the United Kingdom, Australia and Germany each above a $100m annualised run rate.
• Unit economics are improving even as gross margin falls: monthly revenue per average subscriber rose from $76 to $92, up 21%, while marketing fell from 40.0% to 34.8% of revenue. The company is extracting more from each customer while spending proportionally less to acquire them.
• The Novo Nordisk relationship has been repaired and made commercial: on 9 March 2026 Hims announced access to branded Ozempic and Wegovy injections and tablets, and Novo simultaneously dismissed its patent lawsuit. The single largest overhang from 2025 has been converted into a supply arrangement.
• Vertical integration is real and on the balance sheet: property, equipment and software stood at $364.2m at 30 June 2026, reflecting owned pharmacy and fulfilment capacity, a California peptide manufacturing facility and the Trybe Labs and YourBio diagnostics assets — an unusually heavy asset base for a business often described as pure telehealth.

Bear Case

• The Federal Trade Commission is suing the subscription model itself: the complaint filed on 29 July 2026 attacks health-data sharing with advertising platforms, cancellation flows, and charging customers before they have spoken to a provider. It seeks permanent injunctive relief, monetary relief, disgorgement and civil penalties. The shares fell 14.73% on the day.
• Profitability has reversed: gross margin fell from 76% in Q2 2025 to 64% in Q2 2026 and from 74% for FY2025, and the company reported net losses of $92.1m and $86.3m in the two 2026 quarters against profits of $49.5m and $42.5m a year earlier. The trailing twelve months is a GAAP loss of roughly $142.0m.
• The 2030 target requires a step-change nobody has demonstrated: at least $6.5bn of revenue and $1.3bn of Adjusted EBITDA implies a 20% margin against the 9–10% guided for 2026. Reaffirming a target three times is not the same as showing the operating leverage that delivers it.
• Debt has replaced a debt-free balance sheet, and dilution is masked: convertible senior notes went from zero at the end of FY2024 to $972.6m at the end of FY2025 and $1,365.3m at 30 June 2026. Because the 2026 quarters are loss-making, all dilutive instruments are antidilutive and drop out of the reported diluted count — which fell from 256.8m to 231.7m shares even as the underlying obligation grew.
• Manufacturer disintermediation is the structural threat: Eli Lilly launched its oral GLP-1 Foundayo across LillyDirect, Amazon Pharmacy, GoodRx, Ro and WeightWatchers on 9 April 2026 — pointedly not through Hims — and Lilly has stated it has no affiliation with the company. Novo runs its own NovoCare Pharmacy channel. Amazon bundled screening, prescription, monitoring and delivery through One Medical in April 2026.

3. Revenue Segments

Hims & Hers reports a single operating segment. The disaggregation it publishes changed in 2026: through FY2025 the company split revenue into Online and Wholesale, and from Q1 2026 it discloses only United States versus Rest of the World. Both are set out below, each on its own basis.

Segment / category	% of revenue	What it is
United States	82.6% in Q2 2026 ($621.8m); 94.3% for FY2025	The core direct-to-consumer subscription business across all specialties. Grew 16% year on year in Q2 2026 after declining 8% in Q1 2026 on the weight-loss transition.
Rest of the world	17.4% in Q2 2026 ($131.4m); 5.7% for FY2025	United Kingdom, Germany, France, Ireland, Spain, Canada, Australia and Japan, assembled through the ZAVA, Medici and Eucalyptus acquisitions. Up more than sixteenfold year on year.
Online revenue	98.5% of FY2025 ($2,311.4m); disclosure discontinued from 2026	Subscription revenue billed directly to consumers on a recurring 30 or 90-day cadence, net of refunds, credits and chargebacks.
Wholesale revenue	1.5% of FY2025 ($36.2m); disclosure discontinued from 2026	Non-prescription product sold to retailers and third-party platforms. Shrinking in absolute terms, from $38.6m in FY2024.

The company does not publish a revenue breakdown by specialty. What management has disclosed is that personalised offerings represented over 70% of United States revenue in 2025, against roughly half in 2024; that the Hers brand is on track to exceed $1bn of revenue in 2026; and that testosterone is the fastest-growing specialty outside weight loss and is expected to become the sixth United States specialty above a $100m annual run rate. Any specialty-level revenue table circulating elsewhere is a third-party estimate, not a company disclosure.

4. Business Model and Moat

How it makes money. A customer completes an online intake, is connected to a licensed provider through an affiliated professional medical corporation, and where a prescription is issued receives medication on an automatically billed recurring cadence. Around 98–99% of revenue is this online subscription flow. The company's own definition is explicit that subscribers are customers who have agreed to be automatically billed on a recurring basis at a defined cadence — which is precisely the mechanic the Federal Trade Commission's negative-option claims are aimed at.

Where the defensibility is claimed to sit. Vertical integration is the central argument. Hims owns and operates affiliated pharmacy and fulfilment facilities, a California peptide manufacturing plant acquired in February 2025, the Trybe Labs at-home testing facility acquired the same month, and YourBio Health's capillary blood-sampling technology. Owning the pharmacy lets the company control cost, formulation and delivery in a way a pure marketplace cannot, and $364.2m of property, equipment and software at 30 June 2026 is the balance-sheet evidence of it.

Personalisation, and its limits. The stated differentiator has been dosing and formulation tailored per patient. That claim carried the compounded-GLP-1 business through 2025, and it is also exactly what Novo Nordisk attacked in June 2025 as a false guise for mass compounding. After the 9 March 2026 strategic shift the personalisation pitch has migrated toward the flexible dosing and form factors already available within the branded assortment — a narrower and more durable version of the same argument.

The AI layer is the 2026 narrative. Since April 2026 the company has framed AI as the operating system for care: Labs AI launched on 7 May 2026, a rebuilt Hers app with a doctor-led AI-native care experience and a connected smart scale on 6 August 2026, and the Chief Financial Officer attributes meaningful cost efficiencies to it. Whether that constitutes a moat or a user interface is not yet answerable from the filings.

5. Financial Health

All figures below are taken from the company's own earnings releases and Form 10-K and 10-Q filings, and from its XBRL company facts on SEC EDGAR. Hims & Hers publishes Adjusted EBITDA and adjusted net income but does not publish an adjusted earnings per share figure.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	271.9	+82.8%	$(0.58)	$(0.58) †	Nil	$0m
FY2022	526.9	+93.8%	$(0.32)	$(0.32) †	Nil	$0m
FY2023	872.0	+65.5%	$(0.11)	$(0.11) †	Nil	$0m
FY2024	1,476.5	+69.3%	$0.53	$0.53 †	Nil	$0m
FY2025	2,347.6	+59.0%	$0.51	$0.51 †	Nil	$972.6m

† Hims & Hers does not report an adjusted earnings per share figure. It reports Adjusted EBITDA of $(30.1)m, $(15.8)m, $49.5m, $176.9m and $318.0m for FY2021 to FY2025 respectively, and adjusted net income separately. The GAAP figure is repeated so the column is not left blank. ‡ The long-term debt column is convertible senior notes, net, per the XBRL tag ConvertibleDebtNoncurrent. The company was genuinely debt-free through FY2024; it issued $1.0bn of 0.00% convertible senior notes due 15 May 2030 in May 2025 and approximately $402.5m of 0.00% convertible notes due 2032 in May 2026, taking the carrying value to $1,365.3m at 30 June 2026.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q2 2026 (to 30 Jun 2026)	753.2	$(0.37) †	$(0.37)
Q1 2026 (to 31 Mar 2026)	608.1	$(0.40) †	$(0.40)
Q4 2025 (to 31 Dec 2025)	617.8	$0.08 †	$0.08
Q3 2025 (to 30 Sep 2025)	599.0	$0.06 †	$0.06
FY2025 total	2,347.6	$0.51 †	$0.51

The corresponding Adjusted EBITDA figures are $60.3m for Q2 2026, $44.3m for Q1 2026, $66.3m for Q4 2025 and $78.4m for Q3 2025, giving $249.3m for the trailing twelve months against $318.0m for FY2025. The swing to a GAAP loss in Q2 2026 is largely identifiable: legal contingencies of $47.5m in the quarter and $62.5m for the half, acquisition and transaction costs of $28.8m, restructuring of $4.6m, and depreciation and amortisation tripling to $29.5m on the Eucalyptus intangibles. General and administrative expense rose from $67.3m to $165.4m year on year. Separately, Q1 2026 absorbed a $28.5m non-cash inventory write-down inside cost of revenue as the compounded-GLP-1 inventory was written off.

On cash: FY2025 operating cash flow was $300.0m against capital expenditure of $242.6m, giving free cash flow of $57.4m. For the trailing twelve months to 30 June 2026, operating cash flow was $263.5m and capital expenditure $201.8m, giving free cash flow of approximately $61.7m. The first half of 2026 was free-cash-flow negative at minus $15.2m. At 30 June 2026 the company held $609.8m of cash and $231.2m of short-term investments against $1,365.3m of convertible notes; total stockholders' equity had fallen from $540.9m at the end of 2025 to $324.1m, and goodwill had risen from $278m to $1,101.7m on the Eucalyptus acquisition. A further $537.4m of current and $165.6m of non-current deferred acquisition payable, plus $81.4m current and $81.6m non-current earn-out consideration, sits on the balance sheet as the unpaid portion of that deal.

6. Valuation Metrics

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$6.64bn at $28.44 per share, the close on 1 September 2026, across 233.3m Class A and Class V shares
Trailing P/E (GAAP)	n/m — the trailing twelve months to 30 June 2026 produced a GAAP net loss of approximately $142.0m (Q3 2025 +$15.8m, Q4 2025 +$20.6m, Q1 2026 −$92.1m, Q2 2026 −$86.3m), so there are no trailing earnings to capitalise. On FY2025 GAAP diluted EPS of $0.51 the historic multiple would have been ~55.8x. The company publishes no adjusted EPS.
P/E (forward)	~28.4x on a consensus forward EPS of approximately $1.00. Hims & Hers guides revenue and Adjusted EBITDA only and issues no EPS guidance, so this is a third-party consensus input rather than a company figure.
P/S (TTM)	2.57x (market cap ~$6.64bn / trailing twelve-month revenue $2,578.1m, being Q3 2025 $599.0m + Q4 2025 $617.8m + Q1 2026 $608.1m + Q2 2026 $753.2m)
Enterprise value	~$7.16bn (market cap ~$6.64bn + convertible senior notes $1,365.3m − cash $609.8m and short-term investments $231.2m, per the 30 June 2026 balance sheet). Treating the $703.0m of deferred acquisition payable and $163.0m of earn-out consideration as debt-like would take enterprise value to roughly $8.0bn.
EV/EBITDA (TTM)	n/m on a GAAP basis — trailing operating income is a loss of approximately $154.5m, which even after adding back $87.2m of depreciation and amortisation leaves EBITDA negative at roughly −$67.3m. On the company's own Adjusted EBITDA of $249.3m for the trailing twelve months the multiple is ~28.7x, and on the $300m midpoint of 2026 guidance it is ~23.9x. Adjusted EBITDA excludes stock-based compensation, the $62.5m of legal contingencies and $38.1m of restructuring charges booked in the first half.
P/FCF	~108x (market cap ~$6.64bn / free cash flow ~$61.7m; free cash flow = trailing operating cash flow $263.5m − capital expenditure $201.8m). On FY2025 free cash flow of $57.4m the multiple would be ~116x. The first half of 2026 was free-cash-flow negative.
52-week high	$65.30
52-week low	$13.74
Short interest (% of float)	~27.5% — 58,674,597 shares short at the 14 August 2026 settlement date against a float of 213,682,422 shares. One of the most heavily shorted mid-caps on the New York Stock Exchange, though down from a reported peak of roughly 43% of float earlier in 2026.
Days to cover	~4.0 days on the trailing average daily volume used by the primary data provider; a second provider computes 5.51 days for the same 14 August 2026 settlement. Either figure implies genuine two-way squeeze risk on news.

7. What Are They Building

An international platform, bought rather than built. The 2025 and 2026 acquisitions are the strategy. ZAVA, completed by 9 July 2025, brought the United Kingdom, Germany, France, Ireland and Spain. Medici Technologies, acquired in November 2025, brought Canada. Eucalyptus, announced in February 2026 at $1.15bn and completed on 2 June 2026, brought Australia and Japan and deepened the United Kingdom, Germany and Canada. The Hims brand launched to Australian consumers on 31 August 2026, the first visible commercial output of that deal.

Diagnostics as an acquisition funnel. Trybe Labs, a New Jersey at-home lab-testing facility acquired in February 2025, and YourBio Health's capillary whole-blood sampling technology underpin the Labs by Hims & Hers product launched on 13 November 2025 and the Labs AI care agent launched on 7 May 2026. The logic is that a cheap whole-body test both acquires the customer and identifies which specialties to sell them.

Peptides. The California peptide manufacturing facility acquired in February 2025 is a manufacturing asset whose value depends directly on how the Food and Drug Administration regulates peptide therapy. The company has published three policy posts on the subject in 2026 — applauding regulatory clarity in April, welcoming progress on a safer access pathway in July, and defending peptides as a class the same month. This is an open regulatory front with a plant attached to it.

Generic GLP-1 arbitrage. On 21 May 2026 Hims launched access to generic semaglutide for Canadian customers, following it on 29 May with a price reduction. Canada was chosen explicitly as one of the first markets expected to have generic semaglutide. As patents expire in other jurisdictions the same play becomes available — a lawful version of the compounding economics the company lost in the United States.

8. Competitive Position

Peer	Market cap (September 2026)	Key 2025/2026 metric
Eli Lilly (LLY)	~$1,034bn	Launched the oral GLP-1 Foundayo across the United States from 9 April 2026 through LillyDirect, Amazon Pharmacy, GoodRx, Ro and WeightWatchers. Lilly has stated it has no affiliation with Hims & Hers. Trailing twelve-month revenue $79.7bn.
Novo Nordisk (NVO)	~$199bn	Trailing twelve-month revenue $329.4bn Danish kroner equivalent as reported by the data provider. Runs NovoCare Pharmacy, its own direct-to-consumer self-pay channel, while simultaneously supplying branded Ozempic and Wegovy to the Hims platform under the 9 March 2026 arrangement.
Teladoc Health (TDOC)	~$1.14bn	Trailing twelve-month revenue $2.49bn, marginally below Hims & Hers on a comparable basis, but contracting: revenue declined roughly 2% year on year in Q2 2026. The incumbent telehealth platform, now smaller by market value than Hims by a factor of nearly six.
LifeMD (LFMD)	~$149m	Q2 2026 revenue $47.3m with a GAAP loss of $(0.16) per share, and full-year 2026 guidance cut to revenue of $205.5–212.5m and Adjusted EBITDA of minus $6.0m to breakeven, from $220–230m and plus $12–17m previously.
Amazon (AMZN)	~$2,750bn	Bundled GLP-1 screening, prescription, monitoring and pharmacy delivery through One Medical in April 2026, with same-day delivery in nearly 3,000 areas expanding to 4,500 municipalities by the end of 2026. Also the fulfilment partner for LillyDirect home delivery.
Ro	Private — last disclosed valuation $7bn (February 2022)	A distribution partner for Eli Lilly's Foundayo through LillyDirect from 9 April 2026, a channel Hims & Hers does not have. Approximately $1.03bn raised in total.

The competitive read in 2026 is that the threat is not other telehealth start-ups — Teladoc is shrinking and LifeMD has just cut guidance — but manufacturer disintermediation. Novo and Lilly both now sell direct to patients, and Amazon has bundled the entire stack from screening to delivery. Hims & Hers' answer is scale, international breadth and an AI-native experience rather than price. WeightWatchers, which filed a prepackaged Chapter 11 in May 2025 and emerged as a private entity on 24 June 2025 having eliminated $1.15bn of debt, is also now a LillyDirect distribution partner.

9. Insider Activity

Chief Executive Andrew Dudum remains the company's largest individual holder, with roughly 8.23 million shares across direct and trust holdings after the August 2026 transfers. Insider activity in 2026 is entirely one-directional: zero open-market purchases by any insider, and every discretionary sale executed under a Rule 10b5-1 plan. The two very large August movements by Dudum are estate-planning transfers at zero consideration, not sales, and should not be read as selling.

Name	Date	Type	Shares	Price	Value	Plan Type
Andrew Dudum, CEO and Director	27 Aug 2026	Trust distribution (J)	977,566 Class A	Nil	Nil — no consideration	Not under a plan; estate planning
Andrew Dudum, CEO and Director	25 Aug 2026	Bona fide gift (G)	463,289 Class A	Nil	Nil — no consideration	Not under a plan; estate planning
Soleil Boughton, Chief Legal Officer	19 Aug 2026	Sale (S)	25,111 Class A	$27.55	$691,808	Rule 10b5-1 adopted 21 May 2026
Oluyemi Okupe, CFO	19 Aug 2026	Option exercise and sale (M/S)	4,938 Class A	$29.99 weighted average	$148,092	Rule 10b5-1 adopted 21 May 2025
Deborah Autor, Chief Policy Officer and Director	18 Aug 2026	Sale (S)	16,773 Class A	$27.85	$467,128	Rule 10b5-1 adopted 20 May 2026
Andrew Dudum, CEO and Director	14 Aug 2026	Tax withholding on vesting	78,859 Class A	~$27.90	~$2.2m	Non-discretionary
Oluyemi Okupe, CFO	17 Jul 2026	Option exercise and sale (M/S)	7,163 Class A	$31.99 weighted average	$229,167	Rule 10b5-1 adopted 21 May 2025
Dr Patrick Carroll, Global Chief Medical Officer	18 Jun 2026	Sale (S)	23,726 Class A	$35.00	$830,410	Rule 10b5-1

The realised prices trace the year: $36.49 on 6 July, $31.99 on 17 July, then $27.55 to $30.00 across 18 and 19 August. Insiders have been selling into a falling tape under plans adopted in May, before the Federal Trade Commission action. One governance point is worth flagging alongside this: Chief Accounting Officer Irene Becklund is departing in October 2026, with Chief Financial Officer Yemi Okupe assuming those responsibilities on an interim basis, at the same time as an SEC enforcement investigation into the company's disclosures is live.

10. Key Risks

• Material litigation and enforcement: the Federal Trade Commission, joined by the State of Utah and Los Angeles County on behalf of the People of California, filed suit in the Northern District of California on 29 July 2026 seeking a permanent injunction, monetary relief, disgorgement of profits and civil penalties under Section 5 of the FTC Act and the Restore Online Shoppers' Confidence Act. Running alongside it are an SEC Division of Enforcement investigation into the company's disclosures on compounded semaglutide, disclosed in the FY2025 Form 10-K, and a Department of Justice referral announced by the Department of Health and Human Services General Counsel in February 2026. Together these attack the subscription billing mechanic, the data practices and the public statements simultaneously.
• Regulatory closure of the compounding pathway: the Food and Drug Administration issued more than 50 warning letters to telehealth firms and compounders in March 2026 and has proposed excluding semaglutide, tirzepatide and liraglutide from the 503B Bulks List, with the comment docket closed on 29 June 2026. If finalised, large-scale compounding of all three molecules is permanently foreclosed.
• Payment-processor sanction: Hims & Hers was enrolled in Visa's Acquirer Monitoring Program in August 2026 after July card-dispute rates in the weight-loss subscription business breached Visa's 1.5% threshold. The weight-loss business generated 75% of disputes. The company must hold below the threshold for three consecutive months to exit, and pays an $8 surcharge per dispute.
• Margin compression is structural, not one-off: gross margin has fallen from 82% in FY2023 to 79%, then 74%, then 64% in Q2 2026. Selling branded Novo GLP-1s at prices matching other telehealth firms is a materially lower-margin activity than compounding was, and the mix is shifting toward it.
• Integration and acquisition risk: goodwill quadrupled to $1,101.7m in six months on the $1.15bn Eucalyptus deal, against total stockholders' equity of $324.1m. A further $703.0m of deferred acquisition payable and $163.0m of earn-out consideration remains unpaid. An impairment against that goodwill would exceed the entire equity base.
• Supplier concentration and counterparty history: the branded GLP-1 supply that now underpins the United States weight-loss business comes from a counterparty that publicly accused the company of illegal mass compounding and deceptive marketing in June 2025 and sued it for patent infringement in February 2026. That suit was dismissed without prejudice, meaning it can be refiled.
• Securities class-action exposure: putative class actions filed in 2025 on behalf of purchasers between 29 April and 23 June 2025 remain in active litigation with no class certified and no settlement announced, and a fresh wave of investigations opened after the FTC filing, including a Pomerantz investor alert dated 1 September 2026.
• Dilution obscured by loss-making periods: $1,365.3m of zero-coupon convertible notes and outstanding equity awards drop out of the reported diluted share count while the company is loss-making, which is why the diluted count fell from 256.8m to 231.7m shares year on year. The obligation has not gone away; only its visibility in the earnings-per-share denominator has.

11. Recent Developments

• 09 Mar 2026 — Strategic shift on United States weight loss, and peace with Novo Nordisk. Hims announced access to branded Ozempic and Wegovy injections and tablets, agreed to stop advertising compounded GLP-1s entirely, and Novo Nordisk simultaneously dismissed its patent lawsuit without prejudice.
• 23 Apr 2026 — Full range of FDA-approved GLP-1s live on the platform. Completion of the March transition, with the branded assortment fully available.
• 07 May 2026 — Labs AI launched. The company's first AI care agent, layered on the diagnostics business built from the Trybe Labs and YourBio acquisitions.
• 11 May 2026 — Q1 2026 results. Revenue of $608.1m grew only 4%, the company reported its first quarterly GAAP loss in years at $(92.1)m or $(0.40) per share, gross margin fell to 65%, and full-year revenue guidance was nonetheless raised to $2.8–3.0bn. The company also moved from a quarterly to an annual shareholder letter.
• 21 May 2026 — Generic semaglutide launched in Canada. Followed on 29 May by a price reduction, exploiting Canada's earlier patent expiry.
• 02 Jun 2026 — Eucalyptus acquisition completed for $1.15bn. Adds Australia and Japan and deepens the United Kingdom, Germany and Canada. Goodwill quadrupled to $1.10bn as a result.
• 29 Jul 2026 — Federal Trade Commission sues, and the shares fall 14.73%. The FTC, Utah and Los Angeles County filed in the Northern District of California over health-data sharing with Meta and Snap, obscured cancellation flows, and charging customers before a provider consultation. The stock closed at $25.00.
• 06 Aug 2026 — New Hers app launched. A doctor-led, AI-native care experience including an AI-powered weight-loss programme with a connected smart scale.
• 10 Aug 2026 — Q2 2026 results and a guidance raise. Revenue of $753.2m grew 38%, subscribers reached 2.89 million, Adjusted EBITDA was $60.3m and the net loss $(86.3)m. International revenue rose more than sixteenfold to $131.4m and full-year guidance was raised to $3.1–3.3bn.
• 24 Aug 2026 — Visa places the company under monitoring. Enrolment in the Acquirer Monitoring Program after July card-dispute rates in weight-loss subscriptions exceeded Visa's threshold, with roughly $75,000 of surcharges falling due in September. The shares slumped.
• 31 Aug 2026 — Hims launches to consumers in Australia. The first visible commercial output of the Eucalyptus acquisition.
• 01 Sep 2026 — A fresh securities-litigation front opens. Pomerantz LLP issued an investor alert announcing an investigation of claims on behalf of Hims & Hers investors, joining several other firms with open investigations following the FTC action.

12. Key Dates to Watch

• Expected Sep 2026 — first Visa dispute-surcharge invoice of approximately $75,000 falls due, and the first of three consecutive months in which the card-dispute rate must be held below 1.5% for the company to exit the Acquirer Monitoring Program
• Expected Oct 2026 — the customary press release confirming the Q3 2026 reporting date, on the pattern of the 13 October 2025 announcement for the Q3 2025 results. Chief Accounting Officer Irene Becklund also departs during October 2026.
• Expected Nov 2026 — Q3 2026 results. Third-party earnings calendars indicate around 9 November 2026; this is a consensus estimate and has not been confirmed by the company. Q3 2025 was reported on 3 November 2025. Guidance for the quarter is revenue of $880–900m and Adjusted EBITDA of $75–95m.
• Expected Feb 2027 — Q4 and FY2026 results and the FY2026 Form 10-K, on the pattern of the 23 February 2026 release. This is now also the annual shareholder letter, following the move away from quarterly letters announced in May 2026.
• 15 Nov 2029 — holders of the $1.0bn of 0.00% convertible senior notes may convert at will from this date
• 15 May 2030 — maturity of the $1.0bn of 0.00% convertible senior notes; a further approximately $402.5m of 0.00% notes mature in 2032
• TBD — case-management and hearing dates in FTC v. Hims & Hers Health, Inc. in the Northern District of California, filed 29 July 2026. No schedule has been published.
• TBD — final Food and Drug Administration determination on excluding semaglutide, tirzepatide and liraglutide from the 503B Bulks List. The comment docket closed on 29 June 2026 and no decision date has been announced.

Three matters are open-ended with no timetable disclosed: the SEC Division of Enforcement investigation, on which the company states it is unable to predict when or how the matter will be concluded; the Department of Justice referral; and class certification in the 2025 securities actions. The deferred acquisition payable and earn-out consideration from the Eucalyptus deal also have no disclosed settlement dates. Readers tracking the schedule may find the ChartsView Economic Calendar useful, and discussion continues on the ChartsView Forum.

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