Bull case
Hims & Hers Health is supported by rapid top-line growth, with 2Q26 revenue of $753.2 million up 38.2% year over year, adjusted EBITDA of $60.3 million above expectations, and subscribers rising to 2.891 million while monthly revenue per average subscriber increased 21% to $92. The bullish view also rests on expanding categories and geographies: strong branded weight-loss demand, testosterone replacement therapy scaling toward a $100 million annual run rate, and international expansion after Eucalyptus, which helped drive international revenue growth and is expected to lift revenue to at least $600 million in 2026. Although margins are pressured by mix shift and reinvestment, management’s AI and operational efficiencies are improving retention, lowering support burden, and positioning the platform for durable operating leverage and long-term scale.