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WW International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Emerged from Chapter 11 bankruptcy on June 24, 2025, implementing a prepackaged reorganization plan that discharged $1.6 billion in prepetition debt, reduced total debt by over 70% (~$1.1 billion), and issued new equity and a $465 million term loan facility.
Adopted fresh start accounting, resulting in a lack of comparability between pre- and post-emergence financials.
Laying foundation for renewed growth in weight management by integrating clinical care, medication access, and behavioral programs, with strategic initiatives including a new Menopause program and executive team expansion.
The company operates as a single segment, focusing on Behavioral and Clinical subscription offerings, with end-of-period subscribers totaling 3.0 million, including 124,000 clinical subscribers (up 59.6% year-over-year).
GLP-1 medications and behavioral support drive superior weight loss outcomes and improved quality of life for members.
Financial highlights
Q3 2025 revenue was $172 million, down 10.8% year-over-year; clinical subscription revenues grew 35.3% to $26 million, while behavioral subscription revenues declined 12.0%.
Adjusted EBITDA was $43 million with a margin of 24.9%; gross margin improved to 72.1%.
Net loss for Q3 2025 was $58 million, with a net loss margin of 33.4% and net loss per share of $5.76.
Ended Q3 with $170 million in cash and cash equivalents, up from $152 million in Q2.
Marketing expenses were $48 million (28.1% of revenue), and capital expenditures were $3 million in Q3.
Outlook and guidance
Full-year 2025 revenue guidance narrowed to $695–$700 million, with adjusted EBITDA guidance raised to $145–$150 million.
Management expects continued disruption and competitive pressures, especially from rapid GLP-1 adoption and new market entrants.
Gross margin expected to decline modestly in Q4 due to seasonal staffing; marketing spend to increase for peak season.
The company believes it has sufficient liquidity to meet obligations for at least 12 months post-report.
Expect Q3 2025 to be the low point for clinical subscribers, with growth anticipated as medication access expands.
What drives the decline in clinical revenue per subscriber?
Outline specific growth investments post-restructuring
Explain the $53M income tax charge in Q3 2025
New app: How will it expand profitable growth?
Oral GLP-1s: What is the market impact?
Behavioral business: How to reverse subscriber decline?
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Next WW International earnings date
Q4 202526 Feb, 2026
Next WW International earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
WW International, Inc. is a provider of weight management products and services. WW International's products include: and products that support healthy weight management through nutrition and fitness. The company offers its products in Internet-based and retail channels. WW International serves consumers; professionals who counsel patients on nutrition, fitness and lifestyle changes; employers who offer employee wellness programs to help their employees manage their weight; and health care organizations. The company also provides education sessions designed to help purchasers maximize results from their entire program.
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