NASDAQ$PTON
Peloton Interactive · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Peloton Interactive reported Q4 2025 results with revenue of $606.9 million and net income of $21.6 million.
Peloton delivered Q4 revenue of $606.9 million, exceeding guidance, with strong gross margin expansion to 54.1% and positive net income of $21.6 million. The company generated $112.4 million in free cash flow and reduced net debt by 43% year-over-year. FY2025 total revenue reached $2.49 billion with Adjusted EBITDA of $403.6 million.
- Q4 total revenue of $606.9 million outperformed guidance, driven by higher hardware sales and subscription revenue.
- Connected Fitness Products gross margin improved 900 bps year-over-year to 17.3%, and subscription gross margin rose 370 bps to 71.9%.
- Achieved positive GAAP net income of $21.6 million and Adjusted EBITDA of $140.0 million in Q4.
- Ended FY2025 with $1.04 billion in cash and reduced net debt to $459 million, a 43% year-over-year decrease.
Headline financials
Revenue & EPS history
Peloton · Revenue · Quarterly
$607M
Revenue by segment
Peloton · $607M total across 2 segments · Q4 2025
- Subscription$408M—67.3%
- Connected Fitness Products$199M—32.7%
Forward guidance
FY2026 guidance includes total revenue of $2.4-2.5 billion, total gross margin of 51.0%, and Adjusted EBITDA of $400-450 million. Q1 FY2026 revenue expected at $525-545 million with Adjusted EBITDA of $90-100 million.
Tailwinds
- Targeting at least $200 million free cash flow in FY2026
- Restructuring plan expected to deliver $100 million run-rate savings by end of FY2026
- Focus on strength, mobility, and new wellness categories to drive member engagement
Headwinds
- Expected 2% revenue decline year-over-year at midpoint
- Tariff exposure estimated to impact free cash flow by ~$65 million
- Continued decline in Peloton hardware sales and paid subscriptions
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
+0.1%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+2.3%
Avg return
30 days after
54%
15 / 28 earnings
Positive
+44.0%
Q4 2024
Best reaction
-38.1%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | +8.5% | +3.5% | +10.8% | |
| Q2 2026 | -25.7% | -26.4% | -35.2% | |
| Q1 2026 | +13.8% | +11.2% | -4.3% | |
| Q4 2025 | +0.6% | +15.1% | +13.4% | |
| Q3 2025 | -6.9% | -2.4% | +4.6% | |
| Q2 2025 | +12.0% | +15.3% | -18.1% | |
| Q1 2025 | +9.0% | +15.2% | +55.5% | |
| Q4 2024 | +44.0% | +43.5% | +45.8% | |
| Q3 2024 | +6.5% | +27.0% | +13.0% | |
| Q2 2024 | -23.7% | -21.2% | -17.3% | |
| Q1 2024 | +8.3% | +1.2% | +29.3% | |
| Q4 2023 | -21.1% | -16.2% | -36.2% | |
| Q3 2023 | -11.6% | -11.3% | -5.2% | |
| Q2 2023 | +31.3% | +22.1% | +7.2% | |
| Q1 2023 | +8.8% | +11.0% | +54.1% | |
| Q4 2022 | -21.3% | -28.9% | -36.9% | |
| Q3 2022 | -12.7% | +12.3% | -21.3% | |
| Q2 2022 | +30.3% | +16.6% | -24.0% | |
| Q1 2022 | -38.1% | -44.2% | -51.6% | |
| Q4 2021 | -10.2% | -13.8% | -20.3% | |
| Q3 2021 | +1.4% | +10.2% | +24.7% | |
| Q2 2021 | +0.8% | +0.4% | -28.6% | |
| Q1 2021 | +5.8% | -11.3% | -3.5% | |
| Q4 2020 | -7.8% | -6.3% | +34.9% | |
| Q3 2020 | +21.8% | +18.2% | +26.7% | |
| Q2 2020 | -13.4% | -14.6% | -25.4% | |
| Q4 2019 | -0.5% | +5.7% | +43.5% | |
| Q1 2020 | -6.5% | -4.4% | +27.2% | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — |
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