The Beachbody Company (BODY) 28th Annual ICR Conference 2026 summary

Company History, Market Position, and Brand Strength

• Founded in 1998, the company has built over 140 proprietary fitness programs and six nutrition brands, amassing nearly a billion content views and $12 billion in sales since inception.

• Operates in the $2.2 trillion combined fitness and nutrition markets, part of the $6.5 trillion global wellness industry.

• Over 32 million customers and iconic brands like P90X, Insanity, and Shakeology, with Shakeology generating $3.7 billion in sales.

• The fitness library is valued at over $500 million.

Key Strategic Changes and Turnaround Actions

• Executive Chairman Mark Goldston joined in June 2023 to lead a turnaround, shifting from MLM to a multi-channel approach including direct-to-consumer, Amazon, affiliates, and retail.

• Eliminated MLM by Q4 2024, reduced cash break-even from $900 million to $180 million, and cut headcount from over 1,000 to under 300.

• Restructured $25 million in debt, reducing interest expense by 44% and the interest rate from 28.5% to 15.5%.

• Selling and marketing expenses as a percentage of revenue dropped from over 50% to 31.9% in Q3 2025.

Financial Performance and Milestones

• Achieved eight consecutive quarters of positive adjusted EBITDA totaling $50 million, with adjusted EBITDA improving by $104 million from 2021 to 2025 YTD Q3.

• Free cash flow improved from negative $300 million in 2021 to positive $13.1 million in the first three quarters of 2025.

• Net income turned positive in Q3 2025 for the first time since the IPO, with Q3 2025 net income at $3.6 million and a $220.3 million improvement since 2021.

• Cash position as of September 30, 2025, was $33.9 million, with debt at $25 million, exceeding debt by $10 million.