TLDR
- Hims & Hers (HIMS) stock fell ~6.4% in premarket Tuesday after mixed Q4 results and a weak Q1 outlook
- Q4 revenue came in at $617.8M, missing the ~$619M Wall Street expected, though EPS of $0.08 beat estimates
- Q1 2026 revenue guidance of $600M–$625M fell well short of analyst expectations of ~$653M
- The FDA referred Hims to the Justice Department over potential violations of the Food, Drug, and Cosmetic Act
- HIMS stock is down more than 52% in 2026, under pressure from Novo Nordisk lawsuits and regulatory scrutiny
Hims & Hers Health posted mixed fourth-quarter earnings after the bell on Monday, and the market wasn’t impressed.
$HIMS (Hims & Hers Health) #earnings are out: pic.twitter.com/MnluzGJYXz
— The Earnings Correspondent (@earnings_guy) February 23, 2026
Q4 earnings per share came in at $0.08, beating analyst estimates of around $0.04–$0.05. Revenue, however, landed at $617.8 million, just below the $618.7–$619.2 million Wall Street had penciled in.
The stock dropped roughly 6.4% in premarket trading Tuesday, falling to around $14.48.
Hims & Hers Health, Inc., HIMS
The bigger issue wasn’t the Q4 miss — it was the guidance. Hims sees Q1 2026 revenue between $600 million and $625 million. Analysts were expecting closer to $653 million. That’s a gap that’s hard to ignore.
Adjusted EBITDA for Q1 is forecast at just $35 million to $55 million, a figure that Citi Research analyst Daniel Grosslight called “particularly weak,” suggesting a steep ramp through the rest of the year tied to new product launches.
For the full year, Hims guided for $2.7 billion to $2.9 billion in revenue, roughly in line with the $2.74–$2.75 billion consensus, and projected adjusted EBITDA of $300 million to $375 million.
Truist Securities analysts noted the guidance implies a meaningful sequential ramp over 2026, adding that after-hours trading likely reflected “limited visibility beyond Q1.”
Those full-year numbers don’t include any contribution from the proposed acquisition of Australian telehealth provider Eucalyptus, announced last week and expected to close mid-2026.
Subscribers grew 13% year-on-year to 2.5 million at year-end. CEO Andrew Dudum highlighted the launch of Labs, a diagnostic and health monitoring platform, calling it part of a path to becoming a “global leader in consumer health.”
Regulatory and Legal Pressure Mounting
The numbers alone weren’t the only weight on the stock. HIMS has been under significant legal and regulatory fire in 2026.
Earlier this month, Novo Nordisk sued Hims, alleging patent infringement over the company’s compounded versions of Wegovy. Hims pushed back publicly but said it would stop selling a $49 pill containing semaglutide, the active ingredient in Novo’s weight-loss drug.
It still sells compounded GLP-1 injections on its website, often at a steep discount to brand-name options from Novo and Eli Lilly.
The FDA then issued a statement vowing to “take action against non-FDA-approved GLP-1 drugs,” naming compounding pharmacies like Hims as targets. FDA general counsel Mike Stuart said the agency was referring Hims to the Justice Department over potential violations of the Food, Drug, and Cosmetic Act.
Short Interest and Stock Performance
Short interest in HIMS climbed to its highest level in at least a year in January, according to Reuters.
The stock is now down more than 52% in 2026 and over 69% in the past 12 months.
Grosslight expects investors to focus on messaging around the company’s GLP-1 business, which he estimates accounts for about one-third of total revenue.
The company’s Q1 2026 guidance and its compounded GLP-1 strategy remain the two central points of scrutiny heading into the next quarter.
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