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Peloton Interactive, Inc.
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NASDAQ: PTON Consumer Discretionary Leisure 🔎 Screen
$2.1B
Market Cap
—
P/E
0.66
PEG
11.3%
ROCE
-22.8%
ROE
-11.72
D/E
6.6%
OPM
-37.4%
% from 52W High
23
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for PTON including FX impact
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📈 Price History
Ratio Health
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About

Peloton Interactive, Inc. provides fitness and wellness products and services in North America and internationally. It offers connected fitness products, such as the Original Bike and Original Bike+; Cross Training Bike, Bike+, Tread, Tread+, and Row+; Peloton Bike+ Pro, Tread+ Pro, and Row+ Pro; and Precor Cardio, Precor Strength, Connected Fitness Solutions, and Wellness Solutions. The company also provides all-access, rental, and Peloton App memberships. In addition, the company leases Peloton Bike products. The company sells its products through e-commerce, third-party retail partners, owned micro-store showrooms, and its commercial business unit. Peloton Interactive, Inc. was founded in 2012 and is headquartered in New York, New York.

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📈 Growth Pattern
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⭐ Superinvestors Holding PTON
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 544.9K $2.3M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Peloton achieves positive YoY revenue growth, free cash flow $151M in Q3 FY2026.
Revenue & Profitability
Q3 FY2026 total revenue was $631 million, exceeding guidance by $6 million and representing positive year-over-year growth. Adjusted EBITDA was $126 million, up $37 million or 41% year-over-year. Free cash flow was $151 million, an increase of $56 million or 59% year-over-year. The company expects to achieve positive net income on a full-year basis in fiscal 2026, the first time in its history. Full-year fiscal 2026 revenue guidance is $2.42-$2.44 billion, adjusted EBITDA guidance $470-$480 million, and free cash flow guidance around $350 million.
Outlook
Management sees a growing global commercial fitness equipment market segment, estimated at over $10 billion and expanding due to rising global health awareness and demand for digitally enabled fitness facilities. The path to sustained year-over-year revenue growth is expected to be non-linear, but the underlying growth vectors are clearer. The company is operating from a position of strategic optionality and expects investors to see revenue growth materialize first before subscriber growth.
Growth Drivers
Key growth levers discussed include the Commercial Business Unit, which grew revenue 14% year-over-year in Q3 and has significant international expansion potential via Precor's global presence. The Spotify content licensing partnership provides a high-margin, diversified revenue stream and expands Peloton's reach. New hardware and features are expected in fall 2026, with a focus on more accessible pricing in existing modalities and expansion in strength equipment. The company also sees opportunities in mental well-being, nutrition, and hydration.
Balance Sheet & CapEx
Not discussed in this earnings call. The company mentioned disciplined R&D spend within a set envelope but provided no specific CapEx guidance.
Margins
Total gross margin in Q3 was 51.9%, an increase of 90 basis points year-over-year but 210 basis points below guidance due to opportunistic promotions. Full-year fiscal 2026 total gross margin guidance is roughly 52.5%, an improvement of 160 basis points year-over-year. Total operating expenses decreased 16% year-over-year, reflecting cost structure rightsizing. The company remains on track to achieve at least $100 million of run rate cost savings by the end of fiscal 2026 and is delivering over $1 million of annualized revenue per employee.
Key Risks
Tariffs remain a moving target: imported Peloton and Precor hardware are no longer subject to Section 232 tariffs but remain subject to MFN, Sections 122, and 301 tariffs. IEEPA refund processing is pending with U.S. Customs and Border Protection. Full-year fiscal 2026 tariff exposure is estimated at roughly $30 million of free cash flow, down $15 million from prior guidance. Other risks include seasonal fluctuations, promotional intensity impact on gross margins, and the non-linear path to sustained revenue growth.
Generated by AI · Q3 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q4 2026 Q4 2026 2026-08-06
Achieved first full year of positive net and operating income, with strong cash flow and margin improvements. FY 2027 guidance anticipates stable churn, higher margins, and new product launches to drive future growth, despite a slight revenue decline.
Q3 2026 Q3 2026 2026-05-07
Q3 revenue and profitability exceeded guidance, driven by equipment sales and commercial growth. Strategic partnerships, cost discipline, and new content are fueling margin expansion and cash flow, with positive net income and operating income expected for FY26.
Q2 2026 Q2 2026 2026-02-05
Q2 saw strong profitability, margin expansion, and a 52% reduction in net debt, despite revenue falling short due to lower equipment sales to existing members. Commercial and subscription segments performed well, and guidance was raised for gross margin, adjusted EBITDA, and free cash flow.
Q1 2026 Q1 2026 2025-11-06
Q1 results exceeded guidance on most metrics, with strong free cash flow and improved margins despite a voluntary recall. Guidance for fiscal 2026 was raised for gross margin, adjusted EBITDA, and free cash flow, reflecting cost savings and favorable product mix.
Q4 2025 Q4 2025 2025-08-07
Q4 and FY25 results exceeded all key financial goals, with strong free cash flow, margin expansion, and significant cost reductions. FY26 guidance anticipates a slight revenue decline but improved margins and EBITDA, with growth expected in later quarters and continued deleveraging.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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