Peloton Interactive, Inc. · NASDAQ:PTON
Peloton Interactive — Q4 2026 Earnings Presentation
34 slides from Peloton Interactive's earnings presentation, Aug 6, 2026
Slide 1: Earnings Update Q4 FY2026
PELOTON Earnings Update Q4EY2026
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 S
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: Key Results
Key Results FY2026 1 1 Connected Fitness Revenue Gross Margin Adjusted EBITDA Free Cash Flow Subscriptions 2 $2,446m 52.6% $468m $378m 2.553m 1.8% YoY 170 bps YoY 16.0% YoY 16.7% YoY 8.8% YoY Above Above Below Above In- line ($2,420m - $2,440m guidance) (~52.5% guidance) ($470m - $480m guidance) (~$
Slide 5: Peloton invests in the future of Pilates with Skōp acquisition
Peloton invests in the future of Pilates with targeted acquisition of Skōp As an early innovator in Connected Pilates, Skōp brings foundational technologies and deep expertise that will build on Peloton’s leadership in at- home Pilates, helping us push further into strength and scale our comprehensi
Slide 6: Commercial Business Unit
Commercial Business Unit Achieved double digit revenue growth in FY2026 Launching Fall 2026: The Commercial Series Peloton’s first - ever Bike and Tread designed for high - traffic gym environments expected to be available in Q2 FY2027 Renderings of Peloton Commercial Series © Peloton 2012-2026, Pel
Slide 7: FY26 Product & Content Updates
FY26 Product & Content Updates Cross Training Series: Peloton’s first portfolio - wide refresh, standardizing swivel screen to optimize cross training. Peloton IQ: AI- powered personalized software providing workout recommendations, performance insights, form feedback & rep counting. Content Library
Slide 8: Fourth Quarter Fiscal 2026 Results
01 Fourth Quarter Fiscal 2026 Results © Peloton 2012-2026, Peloton Interactive, Inc. All rights reserved. 8
Slide 9: Revenue
Revenue Delivered positive revenue growth YoY ($m) +0.1% YoY 657 631 Q4 Total Revenue 607 608 551 $608m 199 244 203 171 152 $1m / 0.1% YoY Q4 Subscription Revenue $437m 408 398 413 428 437 $28m / 7% YoY Q4 Connected Fitness Products Revenue Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 $171m Connected Con
Slide 10: Total Gross Margin
Total Gross Margin Increased 260 bps YoY 1 +260 bps YoY 56.7% 54.1% 51.5% 51.9% 50.5% Q4 Total Gross Profit $344m $16m / 5% YoY Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 1. Beginning in Q1 FY 26 , the Company now assigns executive compensation and other corporate overhead costs associated with our cor
Slide 11: Segment Adjusted Gross Margins
1 Segment Adjusted Gross Margins Subscription Adjusted Gross Margin Increased 277 bps YoY Q4 Connected Fitness Products Q4 Subscription Adj. Gross Margin 1 Adj. Gross Margin 1 13.4% 73.6% - 283 bps YoY 1 +277 bps YoY 1 1 17.3% 1.1% 73.6% 1 1 16.2% 71.9% 72.1% 13.9% 71.1% 13.4% 1.1% 1 70.8% 68.6% 11.
Slide 12: Operating Expenses and SBC
Operating Expenses and SBC Exceeded $100m of run - rate cost savings in FY26 1 ($m) Q4 Stock - Based Q4 Adj. Operating Expenses Compensation Expense ($m) $257m $43m $700 - $5m / - 2% YoY 70.0% $120 - $10m / - 19% YoY 30.0% 63% 63% 103 $600 56% 57% 60.0% $100 25.0% 51% 51% 44% 49% $500 471 50.0% 43%
Slide 13: Profitability
Profitability Profitability Quarterly Adj. EBITDA / Free Cash Flow 1 ($m) Gains driven by Adj. EBITDA disciplined gains driven by cost management disciplined cost management 140 151 142 126 112 118 89 81 67 71 Q4 Adjusted EBITDA 1 $142m am Q4 FY25 Q1 FY26 Q2 FY26 Adjusted EBITDA Q3 FY26 Free Cash Fl
Slide 14: Balance Sheet
Balance Sheet Meaningful deleveraging enabling next phase of strategic capital allocation 11.2x Reduction in Gross Leverage Q4 Net Debt 1 $93m - $367m / - 80% YoY 14.0x 7.2x Reduction in Net Leverage Q4 Gross Leverage Ratio 1 7.5x 2.8x - 1.0x YoY 6.2x 4.6x 3.8x 3.8x 3.6x Q4 Net Leverage Ratio 1 2.9x
Slide 15: Ending Paid Connected Fitness Subscriptions
Ending Paid Connected Fitness Subscriptions Highly retentive, high margin subscription business Ending Paid Connected Fitness Avg. Net Monthly Paid Connected 1,2 Fitness Subscription Churn 1 Subscriptions (000s) 26% CAGR since FY19 2,998 2,976 2,917 2,800 2,553 2,317 2.2% 1.9% 1.8% 1.6% 1.2% 17bps i
Slide 16: Outlook
02 Outlook © Peloton 2012-2024, Peloton Interactive, Inc. All © rights Peloton reserved. 2012-2026, Peloton Interactive, Inc. All rights reserved. 16
Slide 17: Outlook for Full Year FY27
Outlook for Full Year FY27 As Reported Full Year FY27 Range % Change (Midpoint) FY26 Low High YoY Financial Results ($m) Total Revenue $2,446 $2,300 $2,400 - 3.9% Total Gross Margin 52.6% ~54.0% 140 bps Adjusted EBITDA 1 $468 $475 $525 6.8% Free Cash Flow 1 $378 at least $350 1. Non - GAAP measure .
Slide 18: Outlook for Q1 FY27
Outlook for Q1 FY27 As Reported Q1 FY27 Range % Change (Midpoint) Q1 FY26 Low High YoY Financial Results ($m) Total Revenue $551 $545 $565 0.8% Total Gross Margin 51.5% ~57.0% 550 bps Adjusted EBITDA 1 $118 $135 $145 18.4% User Metrics (m) Ending Paid Connected Fitness 2.732 2.455 2.475 - 9.8% Subsc
Slide 19: Webcast Information
Webcast Information We will host a live call at 8:30 a.m. ET on Thursday, August 6, 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 availa
Slide 20: Our Business
03 Our Business © Peloton 2012-2026, Peloton Interactive, Inc. All rights reserved. 20
Slide 21: 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. 21 2012-2026, Peloton Interactive, Inc.
Slide 22: 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. 22
Slide 23: World Class Equipment
Connected Fitness Segment World Class Equipment 1 All Cross Training Series equipment measured has an NPS above 70 1. NPS measured using Q4 FY26 NPS for Cross Training Series equipment. © Peloton 2012-2026, Peloton Interactive, Inc. All rights reserved. 23
Slide 24: World Class Equipment
PELOTON World Class Equipment
Slide 25: Engaging Content
Subscription Segment Engaging Content Expert Instructors teach live and on - demand Expansive Content Library: Currently over 65,000 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 26: Diversified Member Engagement
Subscription Segment Diversified Member Engagement Q4 FY26 Workouts by Discipline Recovery & Sleep 12% Meditation 3% Pilates workouts increased +44% year - over- year in Q4 Cardio Strength 55% 30% Cardio: Boxing, Cardio, Cycling, Outdoor, Row, Running, and Walking Meditation: Meditation (excluding S
Slide 27: 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 designed to incentivize daily opti
Slide 28: Financial Appendix
04 Financial Appendix © Peloton 2012-2024, Peloton Interactive, Inc. All © rights Peloton reserved. 2012-2026, Peloton Interactive, Inc. All rights reserved. 28
Slide 29: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA Non-GAAP Financial Measures Quarter Ended Trailing Twelve Months (“TTM”) Ended (1) Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 (in millions) Net income (loss) $ 21.6 $ 13.9 $ (38.8) $ 26.4 $ 61.6 $ (118.9) $ (
Slide 30: Reconciliation of Operating Cash Flow 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) Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 (in millions) Net cash provided by operating activities 117
Slide 31: 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 32: 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 Q4 FY26 (in millions) Total operating expenses 417.6 486.5 455.9 375.3 291.2 364.3 350.5 298.5 2
Slide 33: Reconciliation of Total Debt to Net Debt
Reconciliation of Total Debt to Net Debt Non-GAAP Financial Measures As Of Quarter End Q4 FY26 Q4 FY25 (in millions) Current portion of debt $ 10.0 $ 208.5 Convertible senior notes, net of current portion 344.9 343.6 Term loan, net of current portion 944.2 946.9 Total debt (1) 1,299.1 1,498.9 Less:
Slide 34: Gross Principal Debt Outstanding and Leverage Ratios
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 Q4 FY26 (dollars in millions) Net (loss) income $ (393.5) $ (290.6