Slide 1: Earnings Update Q3 FY2026
TO\N Earnings Update Q3 FY2026
Slide 2: Disclaimer
Disclaimer SAFE HARBOR STATEMENT This presentation contains forward -looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward - looking statements to be covered by the safe harbor provisions for forward -looking statements contained in Sec
Slide 3: Disclaimer (cont’d)
Disclaimer (cont’d) NON - GAAP FINANCIAL MEASURES This presentation includes references to non- GAAP financial measures, including Adjusted EBITDA, Trailing Twelve Months Adjusted EBITDA, Free Cash Flow, Trailing Twelve Months Free Cash Flow, Adjusted Operating Expenses, Adjusted Operating Expenses
Slide 4: Our Purpose / Our Mission
[Our Purpose / Our Mission] Our purpose Empower people to live fit, strong, long, and happy Our mission Bring integrated fitness and wellness experiences to Members anytime, anywhere © Peloton 2012-2026, Peloton Interactive, Inc. All © rights Peloton reserved. 2012-2026, Peloton Interactive, Inc. Al
Slide 5: Four strategic pillars
Improve Member outcomes Four strategic pillars Meet Members Members for life Business excellence everywhere © Peloton 2012-2024, Peloton Interactive, Inc. All © rights Peloton reserved. 2012-2026, Peloton Interactive, Inc. All rights reserved. 5
Slide 6: Key Results
Key Results Q3 FY2026 Connected Fitness Revenue Gross Margin Adj. EBITDA 1 Free Cash Flow 1 Subscriptions 2 $631m 52% $126m $151m 2.662m 1% YoY 90 bps YoY 41% YoY 59% YoY - 7.6% YoY Above Below In- line In- line ($605m - $625m guidance) (54% guidance) ($120m - $135m guidance) (2.650m - 2.675m guidan
Slide 7: Commercial Business Unit
Commercial Business Unit Achieved double digit revenue growth and announced upcoming release of the Commercial Series, Peloton’s first - ever Bike and Tread designed for high - traffic gym environments Commercial Business Unit Revenue 14% YoY Renderings of Peloton Commercial Series, expected to be l
Slide 8: Content Licensing with Spotify
Content Licensing with Spotify Peloton featured on Spotify’s Fitness platform in most countries where Spotify is available 1,400 classes and growing A curated collection of Strength, Pilates, Barre, Yoga, Stretching, Meditation, Floor Cardio, and Outdoor classes © Peloton 2012-2026, Peloton Interact
Slide 9: Third Quarter Fiscal 2026 Results
01 Third Quarter Fiscal 2026 Results © Peloton 2012-2026, Peloton Interactive, Inc. All rights reserved. 9
Slide 10: Revenue
Revenue Delivered positive revenue growth YoY ($m) +1% YoY 657 624 631 Q3 Total Revenue 607 551 $631m 205 199 244 203 152 $7m / 1% YoY Q3 Subscription Revenue $428m 419 408 398 413 428 $9m / 2% YoY Q3 Connected Fitness Products Revenue Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 $203m Subscription Reven
Slide 11: Total Gross Margin
Total Gross Margin Increased 90 bps YoY 1 +90 bps YoY 54.1% 51.0% 51.5% 51.9% 50.5% Q3 Total Gross Profit $327m $9m / 3% YoY Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 1. Beginning in Q1 FY 26 , the Company now assigns executive compensation and other corporate overhead costs associated with our corpor
Slide 12: Segment Adjusted Gross Margins
1 Segment Adjusted Gross Margins Segment Adjusted Gross Margins Increased YoY Q3 Connected Fitness Products Q3 Subscription Adj. Gross Margin 1 Adj. Gross Margin 1 11.3% 71.1% +70 bps YoY 1 +310 bps YoY 1 1 71.9% 1 72.1% 17.3% 1.1% 1.1% 71.1% 1 16.2% 14.3% 13.9% 70.8% 3.7% 11.3% 69.0% 1 10.6% 68.6%
Slide 13: Operating Expenses and SBC
Operating Expenses and SBC On track to achieve at least $100m of run- rate cost savings in FY26 1 ($m) Q3 Stock - Based Q3 Adj. Operating Expenses Compensation Expense ($m) $267m $53m $700 - $50m / - 16% YoY 70.0% $120 - $15m / - 22% YoY 30.0% 63% 63% 103 $600 56% 57% 60.0% $100 25.0% 51% 51% 44% 49
Slide 14: Profitability
Profitability Profitability Quarterly Adj. EBITDA / Free Cash Flow 1 ($m) Gains Gainsdriven drivenby bydisciplined disciplined cost costmanagement management 140 151 126 112 118 89 95 81 67 71 Q3 Adjusted EBITDA 1 $126m am Q3 FY25 Q4 FY25 Q1 FY26 Adjusted EBITDA Q2 FY26 Free Cash Flow Q3 FY26 +$37m
Slide 15: Balance Sheet
Balance Sheet Meaningful deleveraging enabling next phase of strategic capital allocation 11.1x Reduction in Gross Leverage Q3 Net Debt 1 $173m - $412m / - 70% YoY 14.0x 7.1x Reduction in Net Leverage Q3 Gross Leverage Ratio 1 7.5x 2.9x - 1.7x YoY 6.2x 4.6x 3.8x 3.8x 3.6x Q3 Net Leverage Ratio 1 2.9
Slide 16: Ending Paid Connected Fitness Subscriptions
Ending Paid Connected Fitness Subscriptions Average Net Monthly Paid Connected Fitness Subscription Churn improved year - over- year Ending Paid Connected Fitness Avg. Net Monthly Paid Connected 1,2 Fitness Subscription Churn 1 Subscriptions (000s) 28% CAGR since FY19 2,998 2,976 2,917 1.9% 2,800 1.
Slide 17: Outlook
03 Outlook © Peloton 2012-2024, Peloton Interactive, Inc. All © rights Peloton reserved. 2012-2026, Peloton Interactive, Inc. All rights reserved. 17
Slide 18: Outlook for Full Year FY26
Outlook for Full Year FY26 As Reported Full Year FY26 Guide % Change (Midpoint) FY25 Low High YoY Financial Results ($m) Total Revenue $2,491 $2,420 $2,440 - 2% Total Gross Margin 1 50.9% ~52.5% 160 bps Adjusted EBITDA 2 $404 $470 $480 18% Free Cash Flow 2 $324 ~ $350 8% User Metrics (m) Ending Paid
Slide 19: Webcast Information
Webcast Information We will host a live call at 8:30 a.m. ET on Thursday, May 7, 2026 to discuss our financial results . To avoid delays, we encourage participants to register at least 15 minutes before the start of the call. A live webcast of the call and our earnings presentation will be available
Slide 20: Our Business
02 Our Business © Peloton 2012-2026, Peloton Interactive, Inc. All rights reserved. 20
Slide 21: World Class Equipment
Connected Fitness Segment World Class Equipment 1 Our equipment has an average NPS above 70 1. NPS measured using Q3 FY26 NPS for all Original Series equipment, except Original Series Tread+ due to smaller survey sample siz e, which uses Q2 FY26 NPS. © Peloton 2012-2026, Peloton Interactive, Inc. Al
Slide 22: World Class Equipment
Connected Fitness Segment World Class Equipment Commercial Business Unit serves 80,000+ facilities across 60+ countries © Peloton 2012-2026, Peloton Interactive, Inc. All rights reserved. 22
Slide 23: Engaging Content
Subscription Segment Engaging Content Expert Instructors teach live and on - demand Expansive Content Library: Currently over 50,000 live and on- demand classes across more than 15 disciplines, ensuring fresh, daily engagement for every fitness level World - Class Talent: Over 50 premier Instructors
Slide 24: Diversified Member Engagement
Subscription Segment Diversified Member Engagement Q3 FY26 Proportion of Workouts by Discipline Pilates engagement increased +48% year - over- year in Q3 More than 400,000 Members completed a workout from the new HiLit training plan (mix of Strength, Pilates, Tread, and Mobility classes ) Cardio: Bo
Slide 25: Intuitive Software
Subscription Segment Intuitive Software Peloton IQ, Teams , and Club Peloton designed to keep Members engaged Peloton IQ Teams Club Peloton Data - driven coaching and Social engagement engine Gamified reward system personalized insights to driving accountability and lower designed to incentivize dai
Slide 26: Financial Appendix
04 Financial Appendix © Peloton 2012-2024, Peloton Interactive, Inc. All © rights Peloton reserved. 2012-2026, Peloton Interactive, Inc. All rights reserved. 26
Slide 27: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA Non-GAAP Financial Measures Quarter Ended Trailing Twelve Months (“TTM”) Ended (1) Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 (in millions) Net (loss) income $ (47.7) $ 21.6 $ 13.9 $ (38.8) $ 26.4 $ (171.0) $
Slide 28: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Non-GAAP Financial Measures Quarter Ended Trailing Twelve Months (“TTM”) Ended (1) Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 (in millions) Net cash provided by operating activities 96.
Slide 29: Change in Segment Measure of Profitability
Change in Segment Measure of Profitability Beginning in Q1 FY26, the Company changed its measure of segment profitability to Segment Adjusted Gross profit to better align with the manner in which our chief operating decision maker evaluates segment performance and makes resource allocation decisions
Slide 30: Reconciliation of Total Operating Expenses to Adjusted Operating Expenses
Reconciliation of Total Operating Expenses to Adjusted Operating Expenses Non-GAAP Financial Measures Quarter Ended Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 (in millions) Total operating expenses 417.6 486.5 455.9 375.3 291.2 364.3 350.5 298.5 242.4 345
Slide 31: Reconciliation of Total Debt to Net Debt
Reconciliation of Total Debt to Net Debt Non-GAAP Financial Measures As Of Quarter End Q3 FY26 Q3 FY25 (in millions) Current portion of debt $ 10.0 $ 208.2 Convertible senior notes, net of current portion 344.6 343.3 Term loan, net of current portion 944.8 947.6 Total debt (1) 1,299.4 1,499.2 Less:
Slide 32: Gross Principal Debt Outstanding, Net of Cash, Gross Leverage Ratio, and Net Leverage Ratio
Gross Principal Debt Outstanding, Net of Cash and cash equivalents, Gross Leverage Ratio, and Net Leverage Ratio Non-GAAP Financial Measures Trailing Twelve Months (“TTM”) Ended Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 (dollars in millions) Net (loss) income $ (393.5) $ (290.6) $ (171