PTON

MKT CAP:$2B

Peloton Interactive, Inc.

Market Cap

$2B

Consumer Cyclical·Leisure·🇺🇸 United States·NASDAQ

Consumer Cyc.·Leisure·🇺🇸·NASDAQ

Stock Price

$5.02-$1.10 (-17.97%)

Apr 22, 2026

Company Details

Peloton Interactive, Inc. provides interactive fitness products in North America and internationally. It offers connected fitness products with touchscreen that streams live and on-demand classes under the Peloton Bike, Peloton Bike+, Pelot...

CEO

Peter C. Stern

IPO Date

Sep 26, 2019

Website

www.onepeloton.com

Key Metrics TTM

Revenue

$2.4B

-7.0% YoY

Net Income

-$51M

EPS (Diluted)

-$0.13

Free Cash Flow

$345M

Revenue / Share

$5.84

Gross Margin

51.7%

Operating Margin

2.0%

Net Margin

-2.1%

FCF Margin

14.2%

P/S

0.9x

P/E

—

Earnings Reports

Q3 2026

May 14, 2026

PENDING

Q2 2026

Feb 5, 2026

$657M-2.6%EPS -$0.09

Q1 2026

Nov 6, 2025

$551M-6.0%EPS $0.03

FY 2025

Aug 7, 2025

$2.5B-7.8%EPS -$0.30

Q4 2025

Aug 7, 2025

$607M-5.7%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$1.1B	$281M	-$426M
Q3 22	$964M	$184M	-$736M
Q1 23	$617M	$217M	-$374M
Q2 23	$793M	$239M	-$331M
Q3 23	$749M	$270M	-$266M
Q4 23	$642M	$201M	-$226M
Q1 24	$596M	$286M	-$132M
Q2 24	$744M	$299M	-$187M
Q3 24	$718M	$310M	-$146M
Q4 24	$644M	$312M	-$63M
Q1 25	$586M	$304M	$13M
Q2 25	$674M	$318M	-$46M
Q3 25	$624M	$318M	-$32M
Q4 25	$607M	$328M	$30M
Q1 26	$551M	$284M	$41M
Q2 26	$657M	$331M	$11M

Valuation

Quarter	P/S	P/E
Q2 22	2.8x	—
Q3 22	2.4x	—
Q1 23	0.7x	—
Q2 23	0.9x	—
Q3 23	1.3x	—
Q4 23	1.0x	—
Q1 24	0.7x	—
Q2 24	0.9x	—
Q3 24	0.6x	—
Q4 24	0.5x	—
Q1 25	0.7x	—
Q2 25	1.3x	—
Q3 25	1.0x	—
Q4 25	1.2x	—
Q1 26	1.5x	—
Q2 26	1.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	-$447M	-$538M
Q3 22	-$670M	-$747M
Q1 23	-$203M	-$247M
Q2 23	-$89M	-$94M
Q3 23	-$41M	-$55M
Q4 23	-$55M	-$74M
Q1 24	-$79M	-$83M
Q2 24	-$31M	-$37M
Q3 24	$12M	$9M
Q4 24	$33M	$26M
Q1 25	$13M	$11M
Q2 25	$107M	$106M
Q3 25	$97M	$95M
Q4 25	$117M	$112M
Q1 26	$72M	$67M
Q2 26	$72M	$71M

Capital Expenditures

Quarter	CapEx
Q2 22	$91M
Q3 22	$77M
Q1 23	$44M
Q2 23	$6M
Q3 23	$14M
Q4 23	$19M
Q1 24	$4M
Q2 24	$6M
Q3 24	$3M
Q4 24	$7M
Q1 25	$2M
Q2 25	$700.0K
Q3 25	$2M
Q4 25	$5M
Q1 26	$5M
Q2 26	$900.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+6.5%	+55.0%
Q3 22	-23.6%	+33.2%
Q1 23	-34.2%	-20.0%
Q2 23	-1.6%	-3.5%
Q3 23	-34.0%	-34.9%
Q4 23	-33.4%	-48.9%
Q1 24	-3.4%	-26.5%
Q2 24	-6.2%	-17.2%
Q3 24	-4.2%	-14.9%
Q4 24	+0.2%	-18.6%
Q1 25	-1.6%	-21.2%
Q2 25	-9.4%	-22.6%
Q3 25	-13.1%	-24.0%
Q4 25	-5.7%	-18.3%
Q1 26	-6.0%	-11.1%
Q2 26	-2.6%	-10.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$0	0.0%
Q3 22	$117M	12.1%
Q1 23	$0	0.0%
Q2 23	$82M	10.3%
Q3 23	$0	0.0%
Q4 23	$71M	11.1%
Q1 24	$74M	12.5%
Q2 24	$0	0.0%
Q3 24	$68M	9.4%
Q4 24	$103M	16.0%
Q1 25	$47M	8.1%
Q2 25	$0	0.0%
Q3 25	$68M	10.8%
Q4 25	$53M	8.8%
Q1 26	$47M	8.6%
Q2 26	$56M	8.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 22	$100M	$223M	$349M
Q3 22	$77M	$242M	$228M
Q1 23	$88M	$194M	$139M
Q2 23	$80M	$173M	$217M
Q3 23	$78M	$167M	$155M
Q4 23	$72M	$163M	$138M
Q1 24	$79M	$148M	$146M
Q2 24	$80M	$155M	$224M
Q3 24	$77M	$153M	$170M
Q4 24	$69M	$186M	$112M
Q1 25	$59M	$120M	$82M
Q2 25	$60M	$127M	$148M
Q3 25	$60M	$151M	$107M
Q4 25	$56M	$125M	$81M
Q1 26	$62M	$101M	$67M
Q2 26	$65M	$103M	$152M

Revenue Segments

Quarter	Product	Subscription and Circulation
Q1 24	$181M	$415M
Q2 24	$319M	$425M
Q3 24	$280M	$438M
Q4 24	$212M	$431M
Q1 25	$160M	$426M
Q3 25	$206M	$419M
Q1 26	$152M	$398M
Q2 26	$244M	$413M

Revenue by Geography

Quarter	Non-US	North America
Q2 22	$99M	$1.0B
Q3 22	$91M	$873M
Q1 23	$50M	$567M
Q2 23	$55M	$738M
Q3 23	$56M	$693M
Q4 23	$48M	$594M
Q1 24	$47M	$549M
Q2 24	$57M	$686M
Q3 24	$58M	$660M
Q4 24	$51M	$592M
Q1 25	$50M	$536M
Q3 25	$52M	$572M
Q1 26	$57M	$494M
Q2 26	$65M	$592M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$879M	$0	$879M
Q4 22	$1.3B	$0	$1.3B
Q1 23	$939M	$0	$939M
Q2 23	$871M	$0	$871M
Q3 23	$874M	$0	$874M
Q4 23	$814M	$0	$814M
Q1 24	$749M	$0	$749M
Q2 24	$738M	$0	$738M
Q3 24	$795M	$0	$795M
Q4 24	$698M	$0	$698M
Q1 25	$722M	$0	$722M
Q2 25	$829M	$0	$829M
Q3 25	$914M	$0	$914M
Q4 25	$1.0B	$0	$1.0B
Q1 26	$1.1B	$0	$1.1B
Q2 26	$1.2B	$0	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	317M	+5.3%	-8.8%
Q3 22	334M	+5.3%	+12.9%
Q1 23	339M	+1.5%	+14.7%
Q2 23	342M	+0.9%	+13.5%
Q3 23	350M	+2.5%	+10.5%
Q4 23	356M	+1.5%	+6.5%
Q1 24	359M	+0.9%	+5.8%
Q2 24	362M	+1.1%	+6.0%
Q3 24	368M	+1.5%	+5.0%
Q4 24	374M	+1.5%	+5.1%
Q1 25	379M	+1.4%	+5.6%
Q2 25	386M	+1.8%	+6.4%
Q3 25	394M	+2.2%	+7.1%
Q4 25	402M	+2.1%	+7.7%
Q1 26	430M	+6.9%	+13.5%
Q2 26	417M	-3.0%	+8.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$168.2K	7K
Q3 22	$143.0K	7K
Q1 23	$165.6K	4K
Q2 23	$212.9K	4K
Q3 23	$201.2K	4K
Q4 23	$232.3K	3K
Q1 24	$215.4K	3K
Q2 24	$268.9K	3K
Q3 24	$259.6K	3K
Q4 24	$277.2K	2K
Q1 25	$252.3K	2K
Q2 25	$290.3K	2K
Q3 25	$268.7K	2K
Q4 25	$282.9K	2K
Q1 26	$256.8K	2K
Q2 26	$306.1K	2K

Revenue / Employee