The Beachbody Company (BODY) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $45.2M, down 24.5% YoY; net income was $3.3M and Adjusted EBITDA was $6.4M, both above guidance.

• Fifth consecutive quarter of GAAP operating income and net income, and 12th consecutive quarter of positive Adjusted EBITDA.

• Growth remained pressured by legacy subscriber attrition and slower retail rollout as strategy shifts toward nutrition and omni-channel distribution.

• 9M revenue declined 24.0% to $149.1M, while net income improved to $7.0M from an $8.1M loss and Adjusted EBITDA rose to $21.0M from $17.9M.

Financial highlights

• Q3 gross profit was $32.0M and gross margin was 70.7%, down 390 bps YoY; operating expenses fell to $30.7M from $39.7M.

• Q3 operating income was $1.3M versus $5.0M; adjusted net income was $0.6M versus $4.3M, and Adjusted EBITDA was $6.4M versus $9.5M.

• 9M operating expenses decreased 31% to $100.6M; adjusted net income was $4.0M versus an adjusted net loss of $3.6M.

• Q3 net income included a $2.7M noncash gain from warrant fair-value changes.

Outlook and guidance

• Q4 revenue guidance is $38M–$42M; net income is forecast at -$2M to $1M, adjusted net income at $1M–$4M, and Adjusted EBITDA at $6M–$9M.

• Q4 outlook includes ~$3M of restructuring expense, primarily termination benefits; the October nutrition restructuring is expected to reduce headcount by ~80 employees, or 31% of the workforce.

• Management expects adequate liquidity for operations and debt service for at least 12 months and plans continued cost control and working-capital management.