# 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

![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](https://aiswingx.com/static/covers/hims-2026q2_cover.jpg?v=1790082916)

**Q2 2026 10-Q: revenue $753.2m (+38%), subscribers 2.89m (+19%), an operating loss of $97.2m against a $26.7m profit a year earlier, net loss $86.3m. 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. First-half operating cash flow of $53.4m held up because a $329.0m build in receivables was offset by a $323.8m rise in payables. Goodwill went from $278.3m to $1,101.7m 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.

- 종목: HIMS (Hims & Hers Health)
- 분기: 2026Q2 · 10-Q
- 작성: 2026-09-22 13:15 UTC · 업데이트: 2026-09-22 14:29 UTC
- 원문: https://aiswingx.com/p/hims-2026q2

## 숫자 하나
Receivables $375.3m (from $32.1m), of which manufacturer discount and rebate receivables are $347.4m (immaterial at December 31). First-half cash flow: receivables −$329.0m vs payables +$323.8m → operating cash flow $53.4m ($90.0m a year earlier). Cost of revenue $272.4m vs $128.6m (2.1×) → gross margin 63.8% vs 76.4%. Eucalyptus: net assets $968.5m including $790.3m of goodwill, cash paid $318.1m.

## 비유 하나
(구독자 전용)

## 출처 하나
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

## 다음 분기에 볼 것
(구독자 전용)

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## What happened

Hims & Hers Health (HIMS) sells prescription and over-the-counter products for hair loss, weight, sexual health and skin as online subscriptions.

Its quarterly report (10-Q) for Q2 2026 shows revenue of **$753.2m**, up 38% from $544.8m a year earlier: US revenue $621.8m (+16%) and rest-of-world revenue $131.4m (from $7.5m). Subscribers reached 2,891 thousand (+19%) and monthly revenue per average subscriber $92 (+21%). Yet the operating result swung from a $26.7m profit to a **$97.2m loss**, and the bottom line from a $42.5m profit to an **$86.3m loss**.

The balance sheet carries a line that was not there at the end of last year: **Receivables, net of $375.3m**, against $32.1m at December 31. The note explains it: receivables "primarily consists of **manufacturer's discount and rebate receivables** related to the Company's vendor supply agreements, as well as Platform Partner trade receivables, wholesale trade receivables, income tax refund receivables, and other receivables". Those manufacturer discount and rebate receivables "are recorded based on the contract terms of the associated vendor supply agreements, are primarily related to the volume of inventory shipped, and totaled **$347.4 million as of June 30, 2026, with an immaterial balance as of December 31, 2025**".

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

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## FAQ

**Q. 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.

**Q. 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. So despite a $178.4m first-half net loss, operating cash flow was $53.4m ($90.0m a year earlier).

**Q. 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. 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.

**Q. 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.