8-K ·Filed Aug 6, 2026

PTON

PELOTON INTERACTIVE, INC.
MIXED
Impact 6/10
Horizonweeks Processed1mo ago SEC0001639825-26-000032
8-K Item 2.02: Earnings release
Actionable Insight ◆ Mixed

The FY27 revenue guidance decline (-3.9% YoY at midpoint) signals continued hardware contraction, but the subscription business (7% YoY growth, 73.6% gross margin) and strong FCF generation provide a floor. Watch Q1 FY27 subscription churn (2.2% in Q4, up 40bps YoY) and whether the doubling of microstores can stabilize equipment revenue. The 0.3x net leverage ratio gives balance sheet flexibility for buybacks or M&A.

DirectionMixed
Confidencehigh
Horizonweeks
Latest settled — T+20d
PTON ▼ -2.27% at T+20d
NEUTRAL call ✗ call lost -2.27% · α vs SPY -2.87% · entry $5.51 → $5.38
Next anchor: T+60d in 28d
Latest observation: T+37 -12.52% FF3 residual α
Entry anchored
Aug 6, 06:59 AM ET
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call +3.18% · α +2.57%
$5.68
settled 8w ago
T+5d
+1.00%
call +1.00% · α -0.21%
$5.56
settled 7w ago
T+20d
-2.27%
call -2.27% · α -2.87%
$5.38
settled 29d ago
T+60d
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call — · α —
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in 28d

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Executive Summary

Peloton reported Q4 FY2026 revenue of $607.7M (flat YoY, +$1M) and GAAP diluted EPS of $0.13, beating consensus estimates of $0.12 by 6.2%. Full-year FY26 GAAP net income was $63.2M (first full year of profitability), and Adjusted EBITDA grew 16% YoY to $468.2M. However, FY27 revenue guidance of $2.3B-$2.4B implies a 3.9% YoY decline at the midpoint, and Connected Fitness Product revenue fell 14% YoY in Q4, signaling ongoing hardware headwinds that offset subscription strength.

Key Financial Metrics

EPS
$0.13
est $0.12 · +8.3%
Revenue
$607.7M
est $597.1M · +1.8% · +0.1% YoY
Rating
in line
Guidance
$2.3B-$2.4B
lowered
Free Cash Flow
$88.7M
Gross Margin
56.7%

Key Facts

  • Q4 FY2026 total revenue $607.7M, up $1M YoY (flat)
  • GAAP diluted EPS $0.13 vs consensus $0.12 (6.2% beat)
  • Full-year FY26 GAAP net income $63.2M — first full year of profitability
  • Full-year FY26 Adjusted EBITDA $468.2M, up 16% YoY
  • Full-year FY26 Free Cash Flow $377.6M, up 17% YoY
  • Q4 Connected Fitness Product revenue $171.1M, down 14% YoY
  • Q4 Subscription revenue $436.6M, up 7% YoY; Subscription Gross Margin 73.6%
  • Ending Paid Connected Fitness Subscriptions 2.553M, down 8.8% YoY
  • FY27 revenue guidance $2.3B-$2.4B, implying 3.9% decline at midpoint
  • FY27 Adjusted EBITDA guidance $475M-$525M, up 6.8% at midpoint
  • Net Debt reduced 80% YoY to $92.6M; Net Leverage Ratio 0.3x

Financial Impact

Q4 revenue $607.7M (flat YoY); FY27 revenue guidance implies ~3.9% decline at midpoint; FY27 Adjusted EBITDA guided $475M-$525M (+6.8% YoY at midpoint)

revenueepssubscription revenueconnected fitness product revenueadjusted EBITDAfree cash flownet debt

Risk Factors

  • FY27 revenue guidance implies continued top-line contraction (-3.9% YoY)
  • Connected Fitness Product revenue declined 14% YoY in Q4, hardware headwinds persist
  • Paid Connected Fitness Subscriptions down 8.8% YoY; churn increased to 2.2% in Q4
  • $23.8M nonrecurring legal contingency in Q4 related to patent litigation
  • FY27 FCF target of at least $350M is below FY26 actual of $377.6M

Market Snapshot

Exchange
Nasdaq
Sector
Sporting & Athletic Goods, NEC
Analyst Consensus
54% bullish (28 analysts)

Investment Themes

Industrials & Manufacturing

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001639825-26-000032
Document: pton-20260806.htm0001639825-26-000032
Document: 0001639825-26-000032-index-headers.html0001639825-26-000032
Document: 0001639825-26-000032-index.html0001639825-26-000032
Document: 0001639825-26-000032.txt0001639825-26-000032
8-K Data (Synthetic)0001639825-26-000032
12 reports for PTON
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Aug 21, 2026
6w ago
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NEUTRAL ★ 4/10
$5.41 $4.95▼ −8.50%▼ −7.98%$4.97 (−8.23%)
Aug 18, 2026
6w ago
Insider Cluster
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$5.47 $4.90▼ −10.42%▼ −8.47%$4.97 (−9.23%)
Aug 18, 2026
6w ago
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$5.47 $4.90▼ −10.42%▼ −8.47%$4.97 (−9.23%)
Aug 6, 2026
8w ago
8-K
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16w ago
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May 26, 2026
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8-K
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19w ago
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$5.70 $5.43▼ −4.70%▼ −4.54%$4.97 (−12.86%)
May 7, 2026
21w ago
8-K
MIXED ★ 6/10
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Apr 23, 2026
23w ago
Press Release
NEUTRAL ★ 3/10
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