Q4 25 EPS
$0.05
BEAT +194.52%
Est. $-0.05
Q4 25 Revenue
$606.9M
BEAT +4.65%
Est. $579.9M
vs S&P Since Q4 25
-40.3%
TRAILING MARKET
PTON -21.4% vs S&P +18.9%
Full Year 2025 Results
FY 25 EPS
$-0.30
BEAT +27.90%
Est. $-0.42
FY 25 Revenue
$2.49B
BEAT +1.18%
Est. $2.46B
Market Reaction
Did PTON Beat Earnings? Q4 2025 Results
Peloton delivered a sharper-than-expected turnaround in Q4 FY25, posting earnings per share of $0.05 against a consensus estimate of negative $0.05, a 200.00% beat, while revenue of $606.90 million cleared the $577.93 million consensus by 5.01% despi… Read more Peloton delivered a sharper-than-expected turnaround in Q4 FY25, posting earnings per share of $0.05 against a consensus estimate of negative $0.05, a 200.00% beat, while revenue of $606.90 million cleared the $577.93 million consensus by 5.01% despite falling 5.7% year over year. The headline story was profitability: the company recorded its first quarterly GAAP net income of $21.60 million, a dramatic reversal from a $30.50 million net loss in the year-ago period, with adjusted EBITDA reaching $140.00 million and nearly doubling year over year. The outperformance was driven primarily by stronger-than-expected hardware sales and a 560 basis point expansion in total gross margin to 54.1%, as cost discipline pushed operating expenses down 20% year over year. Still, the company announced another round of job cuts targeting 6% of its global workforce as part of a new restructuring plan aimed at delivering at least $100.00 million in run-rate savings by end of FY26. Looking ahead, Peloton guided FY26 revenue of $2.40 to $2.50 billion and adjusted EBITDA of $400.00 to $450.00 million, with management targeting its first-ever positive full-year operating income.
Key Takeaways
- • Connected Fitness Products revenue outperformance driven by higher-than-expected hardware sales of both Peloton and Precor products
- • Total gross margin expanded 560 bps YoY to 54.1%, driven by improvements in both segments
- • Connected Fitness Products gross margin improved 900 bps YoY to 17.3%
- • Subscription gross margin improved 370 bps YoY to 71.9%, aided by $11M one-time music royalty adjustments
- • Operating expenses decreased 20% YoY, exceeding $200M run-rate cost savings target
- • Average monthly workout time per Paid Connected Fitness Subscription increased 4% YoY in Q4
- • Inventory reduction created significant net working capital benefit to Free Cash Flow
PTON YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
PTON Revenue by Segment
With YoY comparisons, source: SEC Filings
“When I started at Peloton, I promised to share our strategy during our fiscal year-end earnings. So here it is–simple and short, with the assurance that we will bring this strategy to life throughout the year, including through a reveal of our innovations before our next earnings call.”
— Peter Stern, Q4 2025 Earnings Press Release
PTON Earnings Trends
PTON vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PTON EPS Trend
Earnings per share: estimate vs actual
PTON Revenue Trend
Quarterly revenue: estimate vs actual
PTON Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 MISS | $0.08 | $0.06 | -20.42% | $630.9M | +2.13% |
| Q2 26 MISS | $-0.06 | $-0.09 | -53.85% | $656.5M | -2.76% |
| Q1 26 BEAT | $0.00 | $0.03 | +934.48% | $550.8M | +1.80% |
| Q4 25 BEAT FY | $-0.05 | $0.05 | +194.52% | $606.9M | +4.65% |
| FY Full Year | $-0.42 | $-0.30 | +27.90% | $2.49B | +1.18% |
| Q3 25 MISS | $-0.06 | $-0.12 | -110.53% | $624.0M | +0.44% |