What Are Hims & Hers Health Stock Bears Missing?
The June closing of the Eucalyptus acquisition transformed Hims & Hers Health (HIMS) into what the company now calls a global consumer health platform. Bears may be overlooking this shift. Investors probably still view the firm as a U.S. telehealth company. The company is losing money, and the stock lost 55.3% in twelve months while the S&P 500 gained 16.2%. So, how big is Hims & Hers outside the U.S.?
Hims & Hers Expects At Least $600 Million Abroad
The company projects its international business will generate at least $600 million of revenue in 2026. This target represents a meaningful portion of a raised full-year outlook spanning $3.1 billion to $3.3 billion. Reaching that mark would push overseas sales to nearly a fifth of the company total. Operations now cover multiple markets. The U.K., Australia and Germany each already generate more than $100 million in annualized revenue. Management says Canada is on track to join them.
This international presence is already visible in reported sales. Hims & Hers reported revenue of $753 million for fiscal Q2 2026. U.S. operations generated $622 million of that total. As a result, about $131 million came from outside the U.S.
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Does Hims & Hers Make Money Abroad Yet?
Not yet. The company is currently prioritizing scale ahead of profit. The international business is expected to run at or near breakeven on an adjusted EBITDA basis in 2026.
This matters, as bears can point to ongoing financial losses alongside regulatory pressure. Hims & Hers reported a net loss of $142 million over the four quarters to June 30, 2026. On July 29, 2026, the FTC filed a complaint accusing the company of serious business misconduct. A report on September 1, 2026, said the FDA had warned telehealth companies over unapproved weight-loss drugs.
Growth metrics indicate Hims & Hers no longer relies on the U.S. alone. Revenue grew 38.2% in fiscal Q2 2026 from a year earlier, while U.S. revenue grew 16%. The reported quarter also included the Eucalyptus deal closing in June.
On the profit side, the business abroad is not yet making money. The company notes that gross margins will stay below historically achieved levels as branded weight loss products and international revenue become a larger share of the overall business. Gross margin was 63.8% in fiscal Q2 2026, compared to 76.4% a year earlier.
What Could Still Go Wrong For Hims & Hers?
That $600 million figure remains a forecast, and it only accounts for sales. This international expansion also required capital. Hims & Hers made an upfront payment of about $225 million when the Eucalyptus deal closed. At June 30, 2026, total debt was $1,546 million, compared to $841 million of cash and short-term investments.
If sales abroad fall short of that forecast or remain at breakeven, the company is still left with its loss, the FTC complaint, and that debt.
Sales abroad for Hims & Hers already look large enough to matter, but they add little profit so far. International adjusted EBITDA is the number to watch in the financial report expected on or around November 9, 2026.
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