Equity Profile

HIMS

Hims & Hers Health, Inc.

Health CareHealth Care Services$6.7B

Aug10Mon

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Hims & Hers Health, Inc. is a healthcare company focused on providing accessible health and wellness products and services, primarily through telehealth....

Key Metrics to Watch

Customer Growth

Tracking customer growth is crucial as it indicates the company's ability to attract and retain users in a competitive market.

N/A

Average Revenue Per User (ARPU)

ARPU helps assess how effectively the company is monetizing its customer base, which is vital for profitability.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

HIMS Q2-2026 Earnings Preview

Context

Company Snapshot

Hims & Hers Health, Inc. is a healthcare company focused on providing accessible health and wellness products and services, primarily through telehealth. As a player in the healthcare services sector, it taps into growing trends of digital health and consumer demand for personalized care.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

-29.24%

Avg Stock Reaction

+1.42%

Last Quarter Recap

In Q1 2026, Hims & Hers reported an earnings per share (EPS) of -$0.40, significantly missing expectations. Despite this, the stock rose by 3.08% the following day, indicating some investor optimism.

Management Promises & Guidance

Focus on expanding telehealth services.
Commitment to improving customer acquisition strategies.
Plans to enhance product offerings and user experience.

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Hims & Hers' upcoming earnings, especially after a significant EPS miss last quarter. The market is looking for signs of recovery in customer growth and revenue generation.

Bull Case

If the company shows strong customer growth and improved ARPU, it could signal a turnaround, leading to a positive stock reaction.

Bear Case

Conversely, if the company fails to demonstrate progress in key metrics, it may face further declines in stock price, reflecting ongoing concerns about its business model.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current customer growth rate compared to previous quarters?

This metric will indicate whether the company is successfully attracting new users and retaining existing ones, which is critical for future revenue.

How has the average revenue per user changed this quarter?

Changes in ARPU will provide insights into the company's pricing strategy and overall monetization effectiveness.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Hims & Hers to improve customer retention and revenue per user, given the increasing demand for telehealth services.

Supporting Evidence

The options market is pricing a 28.74% move, indicating expectations for significant volatility that may not align with historical performance.

The company's previous customer growth rates suggest a rebound is possible, despite recent challenges.

Key Risk

If customer growth exceeds 10%, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around whether Hims & Hers can effectively grow its customer base while maintaining or improving revenue per user.

Bull Confirmed If

Demonstrating customer growth of over 10% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

A decline in ARPU by more than 5% would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±28.74%

Historical Avg

±2.2%

Pricing rich

The options market is pricing in a significant move, indicating heightened volatility expectations around the earnings report.

Options are pricing ±28.7% while HIMS has averaged ±2.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

1.0%

30d HV

87.6%

Calls (4.5M)P/C Ratio: 0.35Puts (1.3M)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Health Care

n=30

Fade rate: 13 of 29 (45%)

This setup has occurred 30 times across Health Care in the last 2 years. 13 of 29 faded and 16 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 3.6%, with a raw directional average of -1.3% (modestly negative historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Hims & Hers beats expectations, history suggests a stock increase of around 1.31%, confirming a positive outlook for growth.

In-Line / Cautious

An in-line report with cautious commentary may lead to a muted reaction, as investors weigh the implications for future growth.

Miss

If the company misses expectations, history suggests a potential decline of about 1.61%, reflecting ongoing concerns about its business model.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on customer acquisition strategies and their effectiveness.
2Any changes in pricing strategy or product offerings.
3Insights into the competitive landscape and how Hims & Hers plans to differentiate.
4Management's outlook on future revenue growth and profitability.
5Details on any new partnerships or collaborations that could enhance service delivery.

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Company Snapshot

Hims & Hers Health, Inc. is a healthcare company focused on providing accessible health and wellness products and services, primarily through telehealth....

Key Metrics to Watch

Customer Growth

Tracking customer growth is crucial as it indicates the company's ability to attract and retain users in a competitive market.

N/A

Average Revenue Per User (ARPU)

ARPU helps assess how effectively the company is monetizing its customer base, which is vital for profitability.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

HIMS Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

-29.24%

Avg Stock Reaction

+1.42%

Last Quarter Recap

In Q1 2026, Hims & Hers reported an earnings per share (EPS) of -$0.40, significantly missing expectations. Despite this, the stock rose by 3.08% the following day, indicating some investor optimism.

Management Promises & Guidance

Focus on expanding telehealth services.
Commitment to improving customer acquisition strategies.
Plans to enhance product offerings and user experience.

Expectations

Wall Street Expectations

Bull Case

If the company shows strong customer growth and improved ARPU, it could signal a turnaround, leading to a positive stock reaction.

Bear Case

Conversely, if the company fails to demonstrate progress in key metrics, it may face further declines in stock price, reflecting ongoing concerns about its business model.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current customer growth rate compared to previous quarters?

This metric will indicate whether the company is successfully attracting new users and retaining existing ones, which is critical for future revenue.

How has the average revenue per user changed this quarter?

Changes in ARPU will provide insights into the company's pricing strategy and overall monetization effectiveness.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Hims & Hers to improve customer retention and revenue per user, given the increasing demand for telehealth services.

Supporting Evidence

The options market is pricing a 28.74% move, indicating expectations for significant volatility that may not align with historical performance.

The company's previous customer growth rates suggest a rebound is possible, despite recent challenges.

Key Risk

If customer growth exceeds 10%, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around whether Hims & Hers can effectively grow its customer base while maintaining or improving revenue per user.

Bull Confirmed If

Demonstrating customer growth of over 10% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

A decline in ARPU by more than 5% would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±28.74%

Historical Avg

±2.2%

Pricing rich

The options market is pricing in a significant move, indicating heightened volatility expectations around the earnings report.

Options are pricing ±28.7% while HIMS has averaged ±2.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

1.0%

30d HV

87.6%

Calls (4.5M)P/C Ratio: 0.35Puts (1.3M)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Health Care

n=30

Fade rate: 13 of 29 (45%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Hims & Hers beats expectations, history suggests a stock increase of around 1.31%, confirming a positive outlook for growth.

In-Line / Cautious

An in-line report with cautious commentary may lead to a muted reaction, as investors weigh the implications for future growth.

Miss

If the company misses expectations, history suggests a potential decline of about 1.61%, reflecting ongoing concerns about its business model.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on customer acquisition strategies and their effectiveness.
2Any changes in pricing strategy or product offerings.
3Insights into the competitive landscape and how Hims & Hers plans to differentiate.
4Management's outlook on future revenue growth and profitability.
5Details on any new partnerships or collaborations that could enhance service delivery.