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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
Peloton (PTON) investor relations material
Peloton Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Feb, 2026
Executive summary
Achieved significant progress in evolving from connected fitness to connected wellness, focusing on cardio plus strength, global commercial expansion, and AI-driven personalization.
Profitability improved with Adjusted EBITDA up 39% year-over-year to $81 million and net loss reduced to $38.8 million, despite a 2.6%–3% revenue decline and a 7% drop in subscriptions.
Launched new products and features, including the Cross Training Series, Pro Series, and Peloton IQ, driving higher member engagement and innovation.
Announced and implemented a restructuring plan targeting $100 million in run-rate savings by fiscal year-end 2026, including workforce changes and facility exits.
Subscription business showed resilience with strong member retention and lower-than-expected churn despite a price increase.
Financial highlights
Q2 total revenue was $657 million, with $244 million from Connected Fitness products and $413 million from subscriptions.
Gross profit increased 4% year-over-year to $331 million, with gross margin rising to 50.5%, up 320 basis points year-over-year.
Adjusted EBITDA was $81 million, up 39% year-over-year and $6 million above guidance.
Free cash flow was $71 million in Q2; unrestricted cash and equivalents ended at $1.18 billion, up $76 million quarter-over-quarter.
Net debt decreased 52% year-over-year to $319 million.
Outlook and guidance
Full-year fiscal 2026 revenue outlook is $2.40–$2.44 billion, a 3% year-over-year decline at the midpoint.
Q3 revenue outlook is $605–$625 million, down 1% year-over-year at the midpoint.
Raised full-year gross margin guidance to ~53%, up 100 basis points from prior guidance.
Raised full-year adjusted EBITDA guidance to $450–$500 million, up 18% year-over-year at the midpoint.
Free cash flow target raised to at least $275 million for fiscal 2026.
Management believes existing cash and cash equivalents and cash flow from operations will be sufficient to meet working capital and capital expenditure needs for the next 12 months and beyond.
Analyze price increase impact on gross additions
Why lower product sales to existing members?
Reconcile innovation with reduced revenue outlook
Revised upgrade cycle expectation
Peloton IQ's impact on member behavior
Strategy for micro store expansion
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Next Peloton earnings date
Q3 20267 May, 2026
Peloton
Next Peloton earnings date
Q3 20267 May, 2026
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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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