The Beachbody Company (BODY) Q4 2025 earnings summary

Executive summary

• Completed a major business model transformation in 2025, shifting from multi-level marketing (MLM) to a five-pronged omni-channel and affiliate approach, including direct-to-consumer, Amazon, retail, affiliate, and win-back programs, and ceasing connected fitness inventory sales.

• Achieved positive operating income and net income for both Q4 and the full year 2025, marking the first time since 2021 for both metrics and the second consecutive quarter of net income.

• Positive free cash flow for the full year and strong cash position with over $39 million on the balance sheet.

• Launched new digital fitness and nutrition products, including 10 Minute BODi and P90X Generation Next, with strong early customer engagement.

• Entering retail distribution for the first time, with Shakeology and P90X supplements launching in Sprouts and other retailers in 2026.

Financial highlights

• Q4 2025 revenue was $55.5 million, down 7.3% sequentially and 35.7% year-over-year; full year revenue was $251.7 million, down 39.9%.

• Q4 operating income was $8.2 million, a $41.1 million improvement from a $32.9 million loss in Q4 2024.

• Q4 net income was $5.2 million, compared to a $34.6 million net loss in Q4 2024; full year net loss narrowed to $2.9 million from $71.6 million.

• Adjusted EBITDA for Q4 was $12.9 million, up 48% year-over-year; full-year adjusted EBITDA was $30.8 million, up 8.8%.

• Gross margin improved to 74.5% in Q4 and 73.0% for the year.

Outlook and guidance

• Q1 2026 revenue guidance: $49–$54 million; net income guidance: -$2 million to $1 million; adjusted EBITDA: $4–$7 million.

• First clean year-over-year comparison for the new business model expected in Q3 2026.

• Anticipates a shift toward a higher mix of Nutrition & Other revenue by end of 2026, with gross margin targets of 69–73%.