Revenue and same-store sales are declining sharply, and the company is burning cash. The reiterated guidance implies no near-term inflection. Monitor Q2 2026 for any signs of stabilization in same-store sales and franchise license sales. The heavy debt load ($523.7M) relative to cash ($21.5M) and negative equity ($372M) makes this a high-risk name.
Price Chart
Executive Summary
Xponential Fitness reported Q1 2026 revenue of $60.7M, down 21% YoY, and a GAAP net loss of $0.02 per share, narrowing from a $0.10 loss in Q1 2025. Same-store sales declined 6% and Adjusted EBITDA fell 25% to $20.4M. The company reiterated its full-year 2026 guidance, which calls for a 16% revenue decline and 6% Adjusted EBITDA decline at the midpoint, signaling continued contraction.
Key Financial Metrics
Key Facts
- Revenue of $60.7M decreased 21% YoY from $76.9M
- GAAP net loss of $0.02 per share vs $0.10 loss in Q1 2025
- North America same-store sales declined 6% vs +6% growth in Q1 2025
- Adjusted EBITDA of $20.4M, down 25% from $27.3M
- Full-year 2026 guidance reiterated: revenue $260-270M (down 16% at midpoint), Adjusted EBITDA $100-110M (down 6% at midpoint)
- Net cash used in operating activities was $21.7M vs $5.8M provided in Q1 2025
- Total long-term debt of $523.7M vs $21.5M cash; stockholders' deficit of $372M
- Equipment revenue down 61% YoY; merchandise revenue down 90% YoY due to logistics model change
Financial Impact
Revenue decline of 21% YoY ($60.7M vs $76.9M); Adjusted EBITDA decline of 25% ($20.4M vs $27.3M); operating cash burn of $21.7M
Risk Factors
- Continued same-store sales decline (6% drop in Q1) signals weakening franchisee unit economics
- Operating cash burn of $21.7M in Q1; cash balance fell from $45.9M to $21.5M in one quarter
- Total debt of $523.7M vs market cap of $326M — highly leveraged balance sheet
- Revenue guidance implies another 16% decline for full year 2026; no catalyst for reversal visible
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-212028 |
| Document: d63903d8k.htm | 0001193125-26-212028 |
| Document: 0001193125-26-212028-index-headers.html | 0001193125-26-212028 |
| Document: 0001193125-26-212028-index.html | 0001193125-26-212028 |
| Document: 0001193125-26-212028.txt | 0001193125-26-212028 |
| 8-K Data (Synthetic) | 0001193125-26-212028 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | 8-K | $5.03 $4.91 | ▲ +2.39% | ▲ +1.99% | $4.70 (+6.56%) |
May 18, 2026 19w ago | 8-K | $4.57 $6.79 | ▲ +48.58% | ▲ +47.00% | $4.70 (+2.84%) |
May 14, 2026 20w ago | 8-K | $5.11 $6.47 | ▼ −26.61% | ▼ −27.47% | $4.70 (+8.02%) |
May 7, 2026 21w ago | 8-K | $5.60 $5.34 | ▲ +4.64% | ▲ +4.67% | $4.70 (+16.07%) |
Apr 8, 2026 25w ago | 3 | $7.35 $6.52 | ▼ −11.29% | ▼ −19.84% | $4.70 (−36.05%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access