The Beachbody Company (BODY) Q2 2026 earnings summary

Executive summary

• Achieved fourth consecutive quarter of positive operating and net income, and eleventh consecutive quarter of positive adjusted EBITDA, reflecting durable operational discipline and a strengthened business model.

• Total Q2 2026 revenue was $49.6 million, down 22.4% year-over-year, with digital revenue at $31.2 million (down 21.5%) and nutrition/other revenue at $18.5 million (down 23.7%).

• Gross margin for Q2 2026 was 72.0%, nearly flat year-over-year.

• Continued strategic shift from legacy MLM to an omni-channel, nutrition-led model, with retail and Amazon rollouts gaining momentum.

• Adjusted EBITDA for Q2 2026 was $6.7 million, up 45.7% year-over-year.

Financial highlights

• Six-month revenue was $103.9 million, down 24% year-over-year; six-month gross margin was 71.9%.

• Operating income for Q2 2026 was $1.7 million, up from a $4.0 million loss YoY; net income was $1.4 million, compared to a $5.9 million loss YoY.

• Adjusted net income for the first half was $3.4 million, compared to a $7.9 million loss in 2025.

• Operating expenses for Q2 2026 were $34.1 million, down 5% sequentially and 32.1% year-over-year.

• Free cash flow for the first half was negative $5.7 million, primarily due to inventory build for nutrition and retail rollout.

Outlook and guidance

• Q3 2026 revenue guidance: $44–$48 million; net income (loss): ($3)–$3 million; adjusted EBITDA: $1–$6 million.

• Expect digital to comprise ~60% and nutrition/other ~40% of Q3 revenue, with a shift toward higher nutrition mix by year-end.

• Digital gross margin target: 86–88%; nutrition/other: 42–45%; total gross margin: 68–71%.

• Guidance excludes certain items such as changes in fair value of warrant liabilities and potential impairments.

• Management expects existing cash and equivalents to provide sufficient liquidity for at least the next twelve months.