Hims & Hers (HIMS) Q1 2026 Earnings Preview: GLP-1 Pivot, Subscriber Surge & Stock Catalyst Watch

TradingKey - Hims & Hers Health (HIMS) is due to release its Q1 2026 results after the closing bell today. Below, we outline what investors should watch for in today's report.

Not many names on this week's earnings calendar have as compelling a back-story as Hims & Hers Health. The subscription-based telemedicine startup currently finds itself at the intersection of two of the most compelling secular investment themes on the market – digital health and GLP-1 weight loss. 

As a result, today's Q1 2026 print marks one of the most closely watched events on this earnings calendar. Entering tonight, the stock has risen more than 45% over the past month amid highly charged expectations.

Subscribers, Stickiness, And Personalized Solutions

The bullish thesis on Hims & Hers Health revolves around the scalability and stickiness of its recurring revenue business model. Full-year 2025 revenue clocked in at approximately $2.35 billion, marking 59% YoY growth, along with bottom-line income of $128 million and $318 million of Adjusted EBITDA. In other words, Hims & Hers has certainly managed to find product-market fit at scale. The growth in subscribers remained strong, hitting nearly 2.5 million by Q3 2025 (+21% YoY).

Critically, HIMS is not just adding subscribers — it's deepening them. Subscribers using personalized treatment plans increased by 50% YoY in Q3 2025, driving nearly 50% of revenue growth. The personalized care model, where each patient receives custom-tailored treatment plans for issues ranging from sexual health all the way to hormone imbalances and weight loss, is what gives Hims & Hers its competitive edge over traditional telehealth platforms.

Outlook-wise, the company has set out some ambitious goals to pursue in the coming years. Specifically, the company launched 2030 targets of at least $6.5 billion in revenue and $1.3 billion of Adjusted EBITDA. This translates to five-year compounding of around 20% annually from 2025 levels. Whether investors give that credit today depends heavily on what tonight's report says about 2026 trajectory.

Regulatory Uncertainty Around GLP-1s

It's hard to discuss Hims & Hers without mentioning GLP-1s. The company has built a highly profitable business segment based on the sale of compounded semaglutide, which is essentially the generic version of Novo Nordisk's popular Ozempic and Wegovy. Unfortunately for the company, regulators have changed their tune on this practice over the course of 2025 and into early 2026.

Following warning letters from the FDA in March 2026, Hims & Hers has signed a partnership deal with Novo Nordisk under which it agrees to cease all advertising and promotion of compounded GLP-1 solutions and switch to selling branded products only. Under the terms of the deal, Hims & Hers becomes the official distribution partner of Novo Nordisk bringing both Ozempic and Wegovy (in pills and injection forms) to the platform. In essence, this represents a major pivot from the role of disruptor into that of a distributor.

In terms of performance guidance, management has indicated that Q1 revenue will stand between $600 million and $625 million. This projection includes approximately a $65 million headwind from the cessation of marketing and promotion of compounded GLP-1 solutions. The key question in tonight's call will be whether this is already priced in and how effectively non-GLP-1 revenue lines (hair, skin, hormones, mental health, etc.) will manage to absorb the hit.

HIMS at $29.14 Surges 3.08% – Daily Breakout Above Key Trendline Resistance

Hims & Hers Health (HIMS) closed at $29.14 with a gain of $0.87 (+3.08%) on heavy 61M volume. The green impulse bar broke out and closed above the black multi-month descending trendline and the red MA trendline, signalling a bullish reversal from the February lows around $13.52, as price continues to follow the blue ascending trendline.

Hims & Hers Health (HIMS) Price Chart - Source: Tradingview

Price continues to consolidate above the blue trendline and holds higher lows since March base formation. Price is consolidating in a falling wedge and is now at the measured breakout with the latest candle forming a bullish engulfing at the center of the channel, and with red MA at $25.49 (acting as support), and the blue MA at $18.98 (trailing).

At the bottom of the chart, the oscillator is above 58 showing the positive divergence from the prior bottoms indicating increasing momentum and remaining headroom prior to being overbought.

Resistance at $31.57, $31.66, $36.72, and Support at $28.55, $25.49.

Trade idea: Longs @ $29.50 targeting $31.66, $36.72, stop @ $25.49.

Valuation

Hims & Hers is an expensive stock by traditional healthcare metrics. The stock is currently trading at roughly 2.3x sales for 2026 versus an average valuation of 15x forward P/E in the wider healthcare industry. The reason for such lofty valuations is purely because the market assigns a technology-style valuation multiple to the business, driven by its recurring nature.

The analyst community is split, but net constructive. The consensus rating heading into tonight stands at Moderate Buy with price targets between $21 and $35. Deutsche Bank downgraded its target from $28 to $25 but maintained a Hold. On the other hand, BofA raised its price target to $32 from $30 while also maintaining a Hold rating. This discrepancy stems from uncertainty over the revenue impact of transitioning to branded GLP-1s. Bulls view the partnership with Novo Nordisk as a positive long term development, while bears see margin compression and risk to subscribers.

Image Source: https://www.tipranks.com/stocks/hims/forecast

One additional factor worth considering is the level of short interest. At approximately 34% of float with 2-3 days to cover, this poses a potential risk in the event of a strong earnings beat.

The Post-Earnings Play

As noted above, Hims & Hers is well positioned to play into the theme of rising discretionary health care spending on top of a backdrop of strong consumer health habits. Health and wellness has proven incredibly resilient in times of economic pressure, and Hims & Hers' subscription model – where clients pay monthly for medications, consults and treatment plans – exhibits a characteristic closer to that of a consumer staple than a discretionary.

Tonight's Print Setup

The consensus among analysts expects revenue of approximately $616.85 million with EPS of $0.13. The guidance provided by the company indicates a range of $600–625 million, meaning that a beat on the top line appears relatively achievable. What may serve as the key catalyst to push the price action in one or another direction, however, is guidance in terms of the full-year 2026 projection. Currently, management has projected full-year revenue to stand between $2.7 and $2.9 billion with Adjusted EBITDA of $300-375 million.

Conclusion

Hims & Hers is set to report its earnings after the closing bell. The stock has delivered strong operational performance so far but remains highly speculative due to regulatory concerns. Short interest is elevated and leaves room for strong gains on the back of any short covering following a beat. Investors will look to see whether the GLP-1 issue proved costly for the Q1 print and if the company is able to provide a positive update on its GLP-1 partnership with Novo Nordisk.