WW International, Inc.

Q2 revenue was $162.3 million, down from $189.2 million in Q2 2025. Adjusted EBITDA was $39.8 million, a 24.5% margin, versus a loss of $1.8 million in Q1 2026 and $65.3 million in Q2 2025. Gross margin was 70.3% and adjusted gross margin was 73.6%. ARPU increased 10.2% year over year. Net income was $14.1 million, including a $4.6 million gain on extinguishment of debt, and the quarter included $25.9 million of depreciation and amortization. For the full year 2026, the company reaffirmed revenue guidance of $620 million to $635 million and adjusted EBITDA guidance of $105 million to $115 million. It also expects clinical subscription revenue to be 25% to 30% of total 2026 revenue, modestly lower adjusted gross margin than 2025 but still above 72%, modestly higher marketing expense as a percentage of revenue than 2025, and positive operating cash flow for the full year.

Jonathan Volkmann emphasized that WeightWatchers is differentiating itself by combining FDA-approved GLP-1 access with human support from clinicians, dietitians, coaches, and community. He framed the company’s offering as a “best of both worlds” model and said the platform is becoming more relevant as the market shifts toward medication-based weight loss. His tone was confident, with repeated emphasis on the company’s integrated ecosystem, flexibility across Core, Core+, and Med+, and the belief that the strategy is building momentum.

Felicia DellaFortuna said the quarter showed “ongoing progress” in the multiyear transformation, with 2 of 3 subscription tiers stable or growing and operating cash flow turning positive. She highlighted 541 thousand Core+ subscribers, 197 thousand clinical subscribers, $162.3 million in revenue, 70.3% gross margin, 73.6% adjusted gross margin, and $39.8 million of adjusted EBITDA. On the balance sheet, she said cash and cash equivalents were $101.5 million, operations generated approximately $24.3 million of cash, the company paid down $36.8 million of term loan debt, and the remaining term loan balance was $423.6 million; she also said annual interest expense should fall by approximately $4 million. She reaffirmed 2026 guidance and said interest costs should be about $45 million to $50 million, cash taxes $5 million to $10 million, and marketing spend should be lower in Q3 before ramping in Q4.

There were no analyst questions during the call. As a result, no management follow-up was needed on demand trends, GLP-1 mix shift, or the impact of lower marketing spend beyond the prepared remarks. The only implied investor focus areas were the durability of clinical subscriber growth, the expected moderate decline in clinical subs from lower marketing, and the company’s ability to keep margins above 72% while investing through the back half of the year.