What happened
Hims & Hers Health (HIMS) sells prescription and over-the-counter products for hair loss, weight, sexual health and skin as online subscriptions.
HIMSHims & Hers Health·2026Q2 10-QPaidFiling score 65 · Moderate
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Hims & Hers is owed $375.3m, and $347.4m of it is manufacturer rebates
Q2 2026 10-Q: revenue $753.2m (+38%), 2.89m subscribers. A new balance-sheet line, Receivables of $375.3m, is 93% manufacturer discount and rebate receivables, and the company states inventory cost is carried net of those rebates. Goodwill rose sharply on the Eucalyptus acquisition
Hims & Hers Health (HIMS) reported second-quarter 2026 revenue of $753.2m, up 38%, and swung from a $26.7m operating profit a year earlier to a $97.2m operating loss. The balance sheet in the 10-Q filed on August 10 carries a line that was not there at the end of last year: Receivables, net of $375.3m. At December 31 the same line was $32.1m.
In plain terms
Revenue grew 38%, but the business swung to an operating loss. What stands out is a new $375.3m of receivables, 93% of which is money manufacturers have promised back as discounts on goods already bought — a balance that barely existed at the end of last year. The company lowers inventory cost by that promised amount in advance. The goods themselves are still unpaid for, so payables also rose $323.8m: two large balances leaning on each other.
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65 Filing score · Moderate
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FAQ
Why do the rebate receivables matter?
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.
How is operating cash flow positive?
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.
What caused the operating loss?
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.
Where can I verify these numbers?
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.
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Hims & Hers Health Form 10-Q for Q2 2026 (as of June 30): balance sheet, the Receivables and Inventory paragraphs in the significant-accounting-policies note, cash-flow statement (changes in receivables and payables), acquisitions note (Eucalyptus), restructuring note, convertible-notes note, and the US/international revenue and subscriber tables in MD&A · SEC EDGAR · This article is not investment advice. Disclaimer