Hims subscribers in Q1 2027

Kalshi prediction markets indicate moderate confidence in Hims & Hers subscriber growth. Kalshi prediction markets, as of November 12, 2026, price Hims & Hers Q1 2027 subscribers above 2.7M at 85%, above 2.8M at 68%, above 2.9M at 46%, above 3M at 25%, above 3.1M at 11%, and above 3.2M at 4.5% ^[1]. The company reported 2.788M subscribers in Q3 2026, a 13% year-over-year increase but a 100K sequential decline from Q2 2026 ^[2]. This Q3 decline stemmed from measured marketing spend in domestic weight loss and international brand migrations ^[3]. Subscriber history shows 2.584M in Q1 2026 and 2.891M in Q2 2026 ^[3]. For Q3 2026, Hims & Hers reported revenue of $890.4M (+49% YoY), $105 monthly revenue per average subscriber (+30% YoY), a 57% gross margin, a $33M net loss, and $82.4M adjusted EBITDA ^[2]. The company tightened its FY2026 revenue guidance to $3.13–$3.15B and adjusted EBITDA guidance to $257–$277M (8–9% margin) ^[2]. Q4 2026 guidance targets $875–$895M revenue and $70–$90M adjusted EBITDA ^[2]. Analysts estimate 2027 revenue at approximately $3.45B, an increase from an estimated $2.89B in 2026 before guidance adjustments ^[4]. Seven analysts raised 2026 estimates since May 2026, following a deal with Novo Nordisk ^[4]. Wall Street consensus from 13 analysts is 4 Buys, 9 Holds, 0 Sells, with an average 12-month price target of $27.41–$32.75 ^[5]. Q4 2026 earnings are scheduled for February 22, 2027, with Q1 2027 earnings estimated around March 1, 2027 ^[6].

Strategic moves in GLP-1s and peptides face regulatory and competitive currents. Hims & Hers completed its acquisition of Eucalyptus for approximately $1.2B on June 2, 2026, comprising $240M upfront cash, $710M deferred, and up to $200M in earnouts ^[7]. This acquisition contributed approximately $40M in Q2 2026 revenue and corresponded with a 321% year-over-year growth in international revenue for Q3 2026 ^[8]. Regulatory developments for peptides continue; the FDA PCAC recommended adding BPC-157, KPV, TB-500, and MOTS-c to the 503A Bulk Drugs List on July 23–24, 2026, with a second PCAC meeting for five additional peptides scheduled before the end of February 2027 ^[9]. Formal FDA rulemaking is expected to take 12–24 months ^[9]. On October 28, 2026, HHS issued an interim enforcement-discretion policy tolerating the compounding of six peptides, including BPC-157, TB-500, and KPV ^[10]. Despite this, Hims' CEO has pledged to await final FDA rulemaking before launching peptide products ^[10]. An LLM Odds market prices a 40% probability of Hims selling peptides by March 31, 2027 ^[10]. Employers are expected to reduce GLP-1 weight-loss drug coverage in 2027, with approximately 10% of those currently offering coverage planning to drop it (Business Group on Health) and 5% of large employers considering or planning to drop it (Mercer) ^[4]. This shift is projected to drive patients toward D2C telehealth platforms such as Hims & Hers ^[4]. The company's CEO, Alex Mehmud, stated in August 2026 that GLP-1 out-of-pocket costs could decrease to $40–$50 per month from the previous $150–$200 range ^[11]. Hims & Hers aims for ≥$6.5B revenue and $1.3B adjusted EBITDA by 2030 ^[7]. The company's AI-native experience reached 70% of weight loss subscribers by the end of Q3 2026, with near 100% adoption targeted before year-end, and plans to add CagriSema when available ^[7]. Kalshi prediction markets for the Q1 2027 earnings call (February 22, 2027) show high probability of mentions for peptides (96%), testosterone (95%), Eucalyptus (90%), and FDA (85%) ^[6]. Hims & Hers faces an FTC lawsuit alleging the sharing of sensitive consumer health information with third-party advertising platforms without HIPAA-compatible informed consent; the CEO characterized it as 'more of a headline than a real agreement' in August 2026 ^[9]. Bank of America reduced its price target for HIMS to $30, citing uncertainty from the FTC lawsuit ^[12].