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PTON

Peloton Interactive, Inc.

PTON

Peloton Interactive, Inc. • NASDAQ
$6.79 ▲ 1.04% (+0.07)
Market Cap $2.71 B
52w High $10.89
52w Low $4.63
Dividend Yield 0%
P/E -25.15
Volume 3.27M
Outstanding Shares 398.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $550.8M ▼ $242.4M ▼ $13.9M ▼ 2.524% ▼ $0.034 ▼ $63.7M ▼
Q4-2025 $606.9M ▼ $298.5M ▼ $21.6M ▲ 3.559% ▲ $0.054 ▲ $75.4M ▲
Q3-2025 $624M ▼ $350.4M ▼ $-47.7M ▲ -7.644% ▲ $-0.12 ▲ $21.7M ▲
Q2-2025 $674M ▲ $364.3M ▲ $-92M ▼ -13.65% ▼ $-0.24 ▼ $-33.8M ▼
Q1-2025 $585.9M $291.2M $-900K -0.154% $-0.002 $68.6M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $1.104B ▲ $2.17B ▲ $2.517B ▼ $-347.1M ▲
Q4-2025 $1.04B ▲ $2.125B ▲ $2.539B ▼ $-413.7M ▲
Q3-2025 $914.3M ▲ $2.065B ▼ $2.556B ▼ $-491.3M ▲
Q2-2025 $829M ▲ $2.11B ▼ $2.607B ▼ $-497.2M ▼
Q1-2025 $722.3M $2.157B $2.638B $-480.4M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $13.9M ▼ $71.9M ▼ $-6.7M ▼ $-1.7M ▼ $64.1M ▼ $67.4M ▼
Q4-2025 $21.6M ▲ $117.1M ▲ $-4.7M ▼ $-400K ▲ $125.2M ▲ $112.4M ▲
Q3-2025 $-47.7M ▲ $96.7M ▼ $-2.1M ▼ $-1.9M ▼ $85M ▼ $94.6M ▼
Q2-2025 $-92M ▼ $106.7M ▲ $-700K ▼ $-800K ▼ $106.7M ▲ $106M ▲
Q1-2025 $-900K $12.5M $2.4M $4.8M $21.2M $10.7M

Revenue by Products

Product Q1-2025Q3-2025Q4-2025Q1-2026
Product
Product
 $160.00M ▲$210.00M ▲$450.00M ▲$150.00M ▼
Subscription and Circulation
Subscription and Circulation
 $430.00M ▲$420.00M ▼$830.00M ▲$400.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Peloton’s revenue has been drifting down from its pandemic peak, but its core profitability picture is slowly improving. Gross profit has recovered from a weak patch, suggesting better pricing, product mix, or cost control. Operating losses and net losses remain meaningful, but the gap has narrowed over the last few years, indicating the business is moving toward a leaner, more sustainable cost structure. Earnings per share are still in the red, yet the direction of change is toward smaller losses rather than deeper ones. Overall, the income statement tells a story of a company still in turnaround mode, not yet healthy, but less distressed than before.

Balance Sheet

Balance Sheet The balance sheet shows a company that has shrunk from its earlier scale and is carrying a heavy financial load. Total assets have come down, reflecting past write-downs, lower inventory needs, or reduced investment levels. Cash is sizable relative to the business, which provides some breathing room, but debt is also high and has become large relative to the asset base. Shareholders’ equity has turned negative and stayed there for several years, which is a sign of past accumulated losses and a leveraged capital structure. In plain terms, the balance sheet is a weak point and a key area of risk that constrains how aggressively the company can invest or absorb future shocks.

Cash Flow

Cash Flow Peloton’s cash flow has improved meaningfully from the worst of its restructuring period. A few years ago the company was burning cash in its day-to-day operations and investing heavily, which led to large negative free cash flow. More recently, operating cash flow has turned positive and free cash flow has followed, helped by tighter spending and lower capital investment. Capital expenditures are now relatively modest, so most of the improvement is coming from better working capital management and reduced operating losses. The shift to positive free cash flow is an encouraging sign, but it is still early and depends on Peloton maintaining discipline and stabilizing its revenue base.

Competitive Edge

Competitive Edge Peloton still has a recognizable brand and a loyal community, especially among its core subscribers, but the market is far more crowded and mature than during the pandemic boom. Its main edge comes from its integrated ecosystem: premium hardware, engaging content, star instructors, and software that ties it together. The subscription base and community features create some stickiness, and the upfront cost of the equipment makes it inconvenient for users to switch to rivals. At the same time, home fitness demand has normalized, traditional gyms have regained appeal, and other connected fitness and content platforms compete aggressively on price and variety. Peloton’s competitive position is solid but no longer unchallenged; it must execute well on product quality, content, and pricing to preserve its advantages.

Innovation and R&D

Innovation and R&D Peloton continues to lean on product and software innovation as a core part of its identity. The refreshed “Cross Training” hardware line and the rollout of Peloton IQ, its AI-driven coaching system, show a push toward more personalized, interactive workouts rather than just streaming classes. The focus is shifting from pure cardio to full-body training and broader wellness, including breathing and mental health content through acquisitions like Breathwrk. On the hardware side, features like swivel screens and upgraded processors support more flexible, content-rich experiences. However, cost-cutting and the drive for positive cash flow mean R&D spending must be more targeted, raising the risk that innovation slows or becomes more incremental. The long-term moat will depend on how well Peloton balances financial caution with continued product and software differentiation.

Summary

Peloton is in the midst of a long, complex transition from hyper-growth pandemic winner to a more normal, subscription-driven fitness company. The income statement shows revenues off their highs but losses narrowing. The balance sheet is burdened by high debt and negative equity, which remains a central financial vulnerability despite a meaningful cash cushion. Cash flow has swung from heavy burn to modestly positive, signaling better discipline and a focus on sustainability. Competitively, Peloton still benefits from brand strength, community, and an integrated hardware–software–content model, but it operates in a much tougher, more crowded market. Its innovation strategy—AI coaching, cross-training hardware, and holistic wellness content—is promising and aligns with consumer trends, yet it must be funded carefully given financial constraints. Overall, the company’s trajectory has improved from its low point, but it remains a turnaround story with both clear progress and significant ongoing risks.

NEWS

November 25, 2025 · 4:05 PM UTC

Peloton Announces Participation in the Morgan Stanley Global Consumer & Retail Conference

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November 13, 2025 · 11:00 AM UTC

Peloton Hits the Fast Lane as Official Fitness Partner of the FORMULA 1 HEINEKEN LAS VEGAS GRAND PRIX 2025

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November 6, 2025 · 4:01 PM UTC

Peloton Announces Q1 2026 Financial Results, Raises Full Year 2026 Adjusted EBITDA Guidance

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October 24, 2025 · 7:43 AM UTC

Halper Sadeh LLC Encourages Peloton Interactive, Inc. Shareholders to Contact the Firm to Discuss Their Rights

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October 23, 2025 · 4:05 PM UTC

Peloton Interactive, Inc. Announces Date of First Quarter Fiscal 2026 Earnings Release and Conference Call

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