Hims & Hers is owed $375.3m — and $347.4m of it is manufacturer discounts and rebates that were an immaterial balance six months ago, while accounts payable rose $323.8m over the same period

The 10-Q states they are recorded under vendor supply agreement terms, are primarily tied to inventory shipped, and totalled $347.4m at June 30 against an immaterial balance at December 31. Because the company's policy carries inventory net of those rebates, profit and cash move on different timetables. This article reports the structure and the figures; the criteria for judging them are in the subscriber section.

On the first-half cash-flow statement the increase in receivables is a $329.0m outflow, while the increase in accounts payable is a $323.8m inflow and accrued liabilities add $89.5m. So despite a $178.4m first-half net loss, operating cash flow was $53.4m ($90.0m a year earlier).

Cost of revenue rose from $128.6m to $272.4m (2.1×), taking gross margin from 76.4% to 63.8%, and general and administrative expense rose from $67.3m to $165.4m. Restructuring tied to the March 2026 shift in the US weight-loss offering was $4.6m in the quarter and $38.1m in the first half, including $28.5m of non-cash charges within cost of revenue.

On SEC EDGAR: the Q2 2026 Form 10-Q (accession 0001773751-26-000163) — 'Receivables, net' on the balance sheet, the Receivables and Inventory paragraphs in Note 2, the 'Receivables, net' and 'Accounts payable' lines in the cash-flow statement, Note 3 Acquisitions, the restructuring note, and the revenue and subscriber tables in MD&A.