Hims & Hers Health (HIMS) Stock: What to Expect From Q1 Earnings Today

TLDR

• HIMS reports Q1 2026 earnings after the bell on Monday, May 11
• Revenue consensus sits at $616M–$619M, with analysts expecting just 5.2% year-on-year growth — down sharply from 111% growth in Q1 2025
• HIMS struck a deal with Novo Nordisk in March, gaining the right to sell brand-name Wegovy and Ozempic — but those sales only started March 26, so the Q1 impact may be minimal
• EPS is expected to come in at 3–4 cents, a roughly 90% year-over-year drop
• The stock is up nearly 50% over the past month but carries over 35% short interest and a consensus Hold rating from 17 analysts

Hims & Hers Health (HIMS) goes into Monday’s earnings report at $28.46, up roughly 32% over the past month and around 77% off its 52-week low from February 27. Despite that run, the stock is still down more than 23% year to date.

Hims & Hers Health, Inc., HIMS

Wall Street is bracing for a “reset quarter.” Revenue consensus sits in the $616M–$619M range, implying just 5.2% year-on-year growth. That’s a steep drop from the 111% growth HIMS posted in Q1 2025.

The big story heading into earnings is the company’s pivot away from compounded GLP-1 weight-loss drugs toward brand-name Novo Nordisk products. After Novo Nordisk dropped its patent infringement lawsuit on March 9, the two companies struck a deal allowing HIMS to sell Wegovy and Ozempic through its platform.

There’s a catch, though. Those products only went live on the platform on March 26. With Q1 books closing March 31, any real revenue impact is likely to show up in Q2 instead.

Subscriber Numbers in the Spotlight

Analysts will also be watching subscriber growth closely. HIMS crossed 2.5 million subscribers near the end of 2025 — a 16% jump from the 2.2 million it had at the end of 2024, and well above the 1.5 million it had at end of 2023.

Retention matters here too. Around 82% of users stay on the platform beyond three months, and approximately 90% of recurring revenue comes from the existing customer base. If HIMS can show that subscriber numbers are holding or growing, it supports the case for full-year guidance.

EPS expectations are low — consensus is just 3 to 4 cents, which would be roughly a 90% year-over-year decline. That may already be priced in, but a miss could still accelerate selling in a stock that’s already seen heavy short activity.

Analyst Sentiment Stays Cautious

Of the 17 analysts covering HIMS, four rate it a Buy, 12 rate it a Hold, and one rates it a Sell. The average 12-month price target is $31.86 — about 12% above Friday’s close of $28.46.

Short interest remains elevated at more than 35% of the float, equating to nearly 70 million shares. With a beta of 2.43, this stock moves sharply in both directions.

Institutional buying did pick up in Q1, with selling 88% lower than buying — a reversal from the heavy outflows seen in Q4 2025.

The FDA has also proposed removing semaglutide, tirzepatide, and liraglutide from its 503B bulks list, which would effectively make HIMS’s earlier decision to exit the compounded GLP-1 market look like a smart move in hindsight.

HIMS has missed Wall Street’s revenue estimates multiple times over the past two years. Earnings are due after the close on Monday, May 11.

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