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Company Research3 May 2024
Companies That Had Their IPO in 2019: Bull Market and Tech Dominance
Discussing the stock and IPO market in 2019, and the factors that led to the overall bullish performance of stocks during the year.
Peloton (PTON) investor relations material
Peloton Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary6 Nov, 2025
Executive summary
Voluntary recall of 877,800 Original Series Bike Plus units in the US and Canada due to seat post issues, with $16.5 million accrued for related costs and financial impact reflected in results and guidance.
Q1 FY2026 net income reached $14 million, up $15 million year-over-year, with adjusted EBITDA at $118 million, a $2 million increase year-over-year and $18 million above guidance.
Total revenue for Q1 FY2026 was $551 million, down 6% year-over-year but $6 million above guidance, primarily from recurring subscriptions and Connected Fitness Products sales.
Major product launches included Peloton IQ, Cross Training Series, and Pro Series, driving a favorable mix shift toward premium products and supporting future growth.
Strategic expansion into wellness (Breathwork acquisition, menopause support, HSS partnership), retail footprint (micro stores, Johnson Fitness partnership, Australia launch), and commercial business via Precor integration.
Financial highlights
Q1 revenue was $551 million, with $152 million from Connected Fitness Products and $398 million from subscriptions, exceeding guidance by $6 million.
Net income was $14 million, compared to a net loss of $0.9 million in the prior year.
Adjusted EBITDA was $118 million, up 2% year-over-year and $18 million above guidance.
Free cash flow was $67 million, up $57 million year-over-year, aided by tariff-related timing and cost savings.
Cash and cash equivalents stood at $1.1 billion as of September 30, 2025.
Outlook and guidance
Full-year FY2026 revenue outlook unchanged at $2.4–$2.5 billion, a 2% decrease year-over-year at midpoint.
Q2 FY2026 revenue expected between $665 million and $685 million, up 0.2% year-over-year and 23% quarter-over-quarter.
Full-year gross margin guidance raised to 52%, up 100–110 bps from prior guidance.
Adjusted EBITDA guidance raised to $425–$475 million, up $25 million from prior guidance.
Minimum free cash flow target raised by $50 million to at least $250 million for fiscal 2026.
Impact of Bike+ accrual on product margin?
Strategy to reverse paid subscription decline?
When will new products drive revenue growth?
Capital allocation post-refinancing
Commercial unit growth and profitability
New wellness offerings member engagement
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Next Peloton earnings date
AGM 20259 Dec, 2025
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Frequently asked questions
Revolutionizing the home workout
Peloton is a fitness technology company offering a unique at-home workout experience. With state-of-the-art stationary bikes and treadmills, combined with live and on-demand fitness classes, users can engage in personalized workouts led by experienced instructors. Peloton has become a prominent player in the fitness industry, providing convenient access to immersive workouts and fostering a global community of individuals through their built-in software.
The vision
Peloton was founded in 2012 with the objective of bringing immersive and engaging workout experiences to people's homes. The company aimed to revolutionize the fitness industry by combining technology and fitness classes with stationary bikes and treadmills. By offering live and on-demand workouts led by top instructors through their connected equipment, Peloton provides convenient access to high-quality fitness experiences. Their foundation was built on the vision of making fitness accessible, personalized, and engaging for individuals seeking to achieve their health and wellness goals in the comfort of their own homes.
The bikes
Pelotons bikes are designed with a sleek and modern aesthetic, featuring a durable frame and high-quality construction. They are equipped with a touchscreen display that allows users to access a variety of live and on-demand fitness classes. The bikes offer adjustable features, such as seat height and handlebar position, to accommodate different user preferences. Peloton also manufactures and sells treadmills, even if they’re mostly known and recognized for their bikes.
Engaging workout plans and skilled instructors
Peloton offers a robust software platform that is integral to its workout experience. The platform provides access to a vast library of live and on-demand fitness classes led by expert instructors. Users can choose from various workout plans tailored to different fitness levels, goals, and preferences, including cycling, running, strength training, yoga, and more. The software allows users to track their performance metrics, set goals, and join virtual communities for added motivation. With its emphasis on personalization and convenience, Peloton's software enhances the workout experience by providing a diverse range of classes and the flexibility to exercise at one's own pace and schedule.
What makes Peloton different from competitors like Technogym, Nautilus, and Brunswick is not only their focus on modern design and sleek looking products, but also their dedication to incorporating technology and accessible workout plans directly into their products.
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