Weight Watchers (WW) Q4 2025 earnings summary

Executive summary

• Exited Chapter 11, eliminated $1.1 billion in debt, and repositioned strategy to lead in a GLP-1-centric weight health market.

• 2025 total revenue and Adjusted EBITDA exceeded the high end of prior guidance, signaling strong execution despite industry transformation and financial reorganization.

• Rebuilt leadership, refreshed brand, modernized technology, and launched new clinical and behavioral offerings.

• End of period subscribers reached 2.8 million, with clinical subscribers up 42% year-over-year to 130,000, reflecting momentum in clinical offerings.

• The company is rapidly shifting toward integrated clinical and behavioral solutions, leveraging GLP-1 medications and structured support for competitive advantage.

Financial highlights

• Full year 2025 combined revenue was $710.6 million, down 9.6% year-over-year; behavioral subscription revenue declined 15.2%, while clinical subscription revenue grew 44.7%.

• Q4 2025 revenue was $163 million, down 12% year-over-year; clinical revenue grew 32%, behavioral revenue declined 17%.

• Adjusted gross margin near record highs at 74.4% in Q4; adjusted EBITDA was $18 million (11.1% margin).

• Cash and cash equivalents at year-end were $160 million, reflecting pre-spending for Q1 2026 marketing.

• Q4 gross profit margin was 70.1%; full year gross profit margin was 71.2% for the Successor period.

Outlook and guidance

• 2026 revenue expected between $620 million and $635 million; adjusted EBITDA between $105 million and $115 million.

• Q1 2026 clinical subscribers projected at 200,000, up ~100% year-over-year (adjusted for compounded semaglutide exit).

• Behavioral subscribers expected to decline to 2.45 million by end of Q1 2026, down 26% year-over-year.

• Marketing spend front-loaded in Q1 (40-45% of annual spend), with lower spend in subsequent quarters.

• Guidance reflects a shift toward higher ARPU clinical offerings and recalibrated marketing spend for the remainder of the year.