Peloton Interactive, Inc.
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Range $6 – $10
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About the company
Peloton Interactive, Inc. operates globally, providing interactive fitness equipment and services. The company's main offerings include internet-connected exercise machines like the Peloton Bike, Bike+, Tread, and Tread+, which feature integrated touchscreens for streaming live and on-demand workout classes.
- CEO
- Peter C. Stern
- IPO
- 2019
- Employees
- 2,199
- HQ
- New York City, NY, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $2.09B
- P/E
- 35.01
- Fwd P/E
- 15.54
- PEG
- 0.04
- P/S
- 0.85
- P/B
- -15.63
- EV/EBITDA
- 15.88
- Div Yield
- 0.00%
- Gross Margin
- 52.61%
- Op Margin
- 7.61%
- Net Margin
- 2.58%
- ROE
- -20.60%
- ROIC
- 11.61%
Latest fiscal year · YoY change
- Revenue
- $2.45B-1.8%
- Gross Profit
- $1.29B+1.5%
- Op Income
- $186.20M
- Net Income
- $63.20M+153.2%
- EPS
- $0.14+146.7%
- OCF Growth
- +16.4%
- FCF Growth
- +16.7%
- 52W High
- $8.28
- 52W Low
- $3.65
- 50D MA
- $5.42
- 200D MA
- $5.34
- Beta
- 2.53
- RSI (14)
- 47
- Avg Volume
- 8.51M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Peloton delivered modest Q4 revenue growth, record profitability, and a better-margin FY27 outlook, while leaning on new products, commercial expansion, and AI-driven personalization to support future growth.· August 6, 2026
- Q4 revenue was $608 million, up slightly year over year and $6 million above implied guidance; total gross margin was 56.7%, up 260 basis points year over year.
- FY26 was Peloton’s first full year of positive net income and operating income, at $63 million and $161 million, with adjusted EBITDA of $468 million and free cash flow of $378 million.
- Management guided FY27 revenue to $2.3 billion-$2.4 billion, adjusted EBITDA to $475 million-$525 million, gross margin to roughly 54%, and minimum free cash flow of at least $350 million.
- Peloton said it will launch the Peloton Commercial series by the end of calendar 2026 and first new consumer product categories in fall 2027, framing those launches as the path to revenue acceleration.
- Churn remains a focus: Q4 net churn was 2.2%, up 37 basis points year over year, but management expects churn to be roughly flat for FY27 as the involuntary-churn issue normalizes.
Q4 total revenue was $608 million, slightly positive year over year and above the high end of implied guidance by $6 million. Q4 gross profit was $344 million, up $16 million or 5% year over year, and gross margin was 56.7%, up 260 basis points year over year. Q4 adjusted EBITDA was $142 million, or $166 million excluding a $24 million legal contingency accrual, and Q4 free cash flow was $89 million, down $24 million or 21% year over year due mainly to working-capital timing. Full-year FY26 results included $63 million of positive net income, $161 million of operating income, $468 million of adjusted EBITDA, and $378 million of free cash flow; adjusted EBITDA rose $65 million or 16% and free cash flow rose $54 million or 17% year over year. For FY27, management guided revenue to $2.3 billion-$2.4 billion, gross margin to roughly 54% (about 140 basis points higher year over year), adjusted EBITDA to $475 million-$525 million, Q1 revenue to $545 million-$565 million, Q1 gross margin to roughly 57%, Q1 adjusted EBITDA to $135 million-$145 million, ending Connected Fitness subscriptions to 2.455 million-2.475 million in Q1, and minimum free cash flow of at least $350 million.
Peter Stern framed FY26 as a year of strategic transformation, highlighting progress from connected fitness toward a broader connected wellness ecosystem. He emphasized product innovation, including the Cross-Training Series, Peloton IQ, and the Scope acquisition, plus commercial expansion, micro stores, Spotify distribution, and wearables partnerships. His tone was optimistic and forward-looking, repeatedly stressing that Peloton is building a product pipeline that could expand total addressable market and support revenue acceleration in FY28 and beyond.
Sid Thacker focused on the financial strengthening of the business, emphasizing strong churn economics, high-margin recurring revenue, and free cash flow generation. He cited Q4 revenue of $608 million, gross margin of 56.7%, adjusted EBITDA of $142 million, SBC of $43 million, and cash of $1.21 billion, with net debt down to $93 million and leverage at 2.8x gross / 0.3x net. He also noted $3 million of tariff refunds received year to date, the $23.8 million legal contingency accrual tied to the NEC patent issue, and the start of a refinancing process aimed at lowering cost of capital and improving flexibility.
Analysts pressed on the size and timing of new product launches, whether revenue growth should become a more important metric, the involuntary churn spike, tariff refunds, capital allocation, and the legal verdict/licensing impact. Management said new consumer-category products will arrive in fall 2027 (FY28), with commercial products launching sooner, and that revenue should be front-loaded on equipment sales before subscriptions build over time. On churn, management said the Q4 increase was about half due to one-time payment reactivation issues and half due to the lingering price increase effect, and that involuntary churn has begun normalizing after reversing the algorithm change. On capital allocation, management said refinancing comes first, then decisions on buybacks, M&A, or other uses of excess cash based on long-term shareholder value.
Peloton showed that it can generate meaningful profit and cash while still investing in growth, with FY26 producing positive net income, operating income, and strong free cash flow. Management sounded confident that commercial expansion, Peloton IQ, wearables integrations, and future product launches could reaccelerate revenue, while churn and margins remain supported by a loyal, high-retention membership base.
Near-term growth is still modest, with FY27 revenue guided to decline 3.9% at the midpoint and Q1 Connected Fitness subscriptions guided down year over year. Churn was higher in Q4 due to payment reactivation issues and the prior price increase, and management acknowledged that new-category products are not coming until FY28, so the bigger growth story is still ahead rather than immediate. The legal contingency accrual and ongoing tariff uncertainty add some financial noise, even if management does not expect the royalty impact to be material.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 97.5%
- Shares Outstanding
- 417.16M
- Float Shares
- 406.67M
of shares held by institutions
476 13F filers
Buy/sell ratio 0.97. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for PTON, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| James E. BanksSenate · IN | Sell | Jun 5, 26 | Filing → |
| Maria Elvira SalazarHouse · FL27 | Buy | Mar 19, 26 | Filing → |
| James E. BanksHouse · IN03 | Buy | Jun 9, 23 | Filing → |
| John Wright HickenlooperSenate · CO | Sell | Apr 28, 23 | Filing → |
| Chris JacobsHouse · NY27 | Sell | Apr 11, 22 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Apr 11, 22 | Filing → |
| James E. BanksHouse · IN03 | Buy | Nov 15, 21 | Filing → |
| James E. BanksHouse · IN03 | Buy | Nov 12, 21 | Filing → |
| James E. BanksHouse · IN03 | Buy | Nov 12, 21 | Filing → |
| Marie NewmanHouse · IL03 | Sell | Jun 18, 21 | Filing → |
| Tom MalinowskiHouse · NJ07 | Buy | Oct 22, 19 | Filing → |
| Tom MalinowskiHouse · NJ07 | Buy | Sep 27, 19 | Filing → |
| Tom MalinowskiHouse · NJ07 | Sell | Nov 19, 19 | Filing → |
| Tom MalinowskiHouse · NJ07 | Sell | May 11, 21 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 65.03M | ▲ 32.71M |
| Vanguard Group Inc | 39.23M | ▲ 591.30K |
| Dnb Asset Management As | 38.12M | ▲ 15.43M |
| Vanguard Portfolio Management LLC | 24.24M | ▲ 4.91M |
| Vanguard Capital Management LLC | 18.77M | ▲ 802.58K |
| D. E. Shaw & Co., Inc. | 17.05M | ▼ 809.44K |
| State Street Corp | 16.14M | ▲ 7.03M |
| Quinn Opportunity Partners LLC | 13.37M | ▼ 686.00K |
| T. Rowe Price Investment Management, Inc. | 12.83M | ▲ 1.21M |
| Geode Capital Management, LLC | 10.81M | ▲ 820.31K |
| Pale Fire Capital Se | 7.73M | ▲ 1.49M |
| Goldman Sachs Group Inc | 5.80M | ▼ 1.07M |
Held by 374 ETFs
Biggest fund positions in PTON by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Sep 15, 26 | Caldwell Nick V. | other | 115,741 |
| Sep 15, 26 | Caldwell Nick V. | other | 61,969 |
| Sep 15, 26 | Caldwell Nick V. | other | 115,741 |
| Sep 15, 26 | Stern Peter C | other | 196,328 |
| Sep 15, 26 | Stern Peter C | other | 100,226 |
| Sep 15, 26 | Stern Peter C | other | 196,328 |
| Sep 9, 26 | Boone Karen | other | 9,022 |
| Sep 9, 26 | Boone Karen | other | 9,022 |
| Sep 9, 26 | Bruzzo Chris | other | 9,022 |
| Sep 9, 26 | Bruzzo Chris | other | 9,022 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our PTON coverage
Recent articles, reports, and earnings notes.
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$1,000 Invested in Peloton Interactive (PTON) at Its 52-Week Low Is Worth This Much Today
fool.com · Oct 5
Peloton gets to keep 'buy' rating from UBS as it launches cheaper, foldable treadmill
proactiveinvestors.com · Sep 23
Peloton's Collapse Continues
247wallst.com · Sep 23
Most Active Options Report: KHC, PTON
schaeffersresearch.com · Sep 23
The company is the healthiest it's ever been, says Peloton CEO Peter Stern
youtube.com · Sep 22
Peloton Debuts the Peloton Tread Flex alongside Miley in 'Let Yourself Run' Creative Campaign
businesswire.com · Sep 22
Peloton is revamping its treadmills with new features in the next phase of its turnaround
cnbc.com · Sep 22
Peloton Launches Foldable Peloton Tread Flex – Its Most Affordable Treadmill Ever – and New AI-Powered Coaching Features for Runners, Walkers and Hikers
businesswire.com · Sep 22
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
