Weight Watchers (WW) Q2 2026 earnings summary

Executive summary

• Emerged from Chapter 11 bankruptcy in June 2025, applying fresh start accounting and establishing a new capital structure, resulting in non-comparable Predecessor and Successor periods.

• Achieved ongoing progress in multi-year transformation, with improved financial footing, positive operating cash flow in Q2, and reaffirmed full-year 2026 revenue and adjusted EBITDA guidance.

• Q2 2026 revenue was $162.3 million, down 14% year-over-year, driven by Behavioral declines but offset by strong Clinical growth.

• Net income for Q2 2026 was $14.1 million, including a $4.6 million gain from debt extinguishment; diluted EPS was $1.41.

• Leadership transition occurred in March 2026, with the CEO resigning and an Interim Office of the Chief Executive established.

Financial highlights

• Q2 2026 revenue: $162.3 million (down 14% year-over-year); ARPU increased 10.2% to $20.90 due to a shift to higher-value tiers.

• Clinical subscription revenue grew 30.4% to $39.9 million, now 24.6% of total revenue; Behavioral subscription revenue declined 22.7% to $121.5 million.

• Q2 net income was $14.1 million; adjusted EBITDA was $39.8 million (24.5% margin); Q2 gross margin was 70.3%, with adjusted gross margin at 73.6%.

• Marketing expense was $47.9 million (29.5% of revenue), higher than prior year due to reorganization.

• Cash and cash equivalents at June 30, 2026, were $101.5 million.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $620–$635 million and adjusted EBITDA at $105–$115 million.

• Clinical subscription revenue expected to represent 25–30% of 2026 total revenue.

• Continued growth in Core+ subscribers and moderation in behavioral subscriber declines anticipated.

• Expect positive operating cash flow for full year 2026; no need for additional liquidity anticipated in the next 12 months.

• Management expects continued market disruption and competitive pressures, especially from rapid adoption of GLP-1 medications and new entrants.