Q2 26 EPS
$-0.09
MISS 53.85%
Est. $-0.06
Q2 26 Revenue
$656.5M
MISS 2.76%
Est. $675.1M
vs S&P Since Q2 26
+21.6%
BEATING MARKET
PTON +30.4% vs S&P +8.8%
Market Reaction
Did PTON Beat Earnings? Q2 2026 Results
Peloton turned in a mixed second quarter for fiscal 2026, missing on both the top and bottom lines as softer Connected Fitness Product sales to existing members weighed on results. Revenue declined 2.6% year-over-year to $656.50 million, falling shor… Read more Peloton turned in a mixed second quarter for fiscal 2026, missing on both the top and bottom lines as softer Connected Fitness Product sales to existing members weighed on results. Revenue declined 2.6% year-over-year to $656.50 million, falling short of the $675.13 million consensus, while a loss per share of $0.09 came in 53.85% wider than the $0.06 estimate. Yet beneath the headline misses, the profitability story offered more encouragement: gross margin expanded 320 basis points to 50.5% and Adjusted EBITDA surged 39% year-over-year to $81.40 million, beating guidance's high end by $6.00 million. The quarter also carried an executive transition, with CFO Liz Coddington announcing her departure as Peloton released results. Looking ahead, management raised full-year Adjusted EBITDA guidance to $450.00 million to $500.00 million, up $25.00 million from prior targets, and lifted its Free Cash Flow minimum to $275.00 million, signaling growing confidence in the company's financial trajectory even as revenue guidance was trimmed to $2.40 billion to $2.44 billion.
Key Takeaways
- • 39% year-over-year growth in Adjusted EBITDA driven by operational discipline
- • Gross margin expanded 320 bps year-over-year to 50.5%
- • Better-than-expected subscription churn following membership price increases
- • 7% year-over-year increase in Average Workout Time per Connected Fitness Subscription
- • Double-digit revenue growth in Commercial Business Unit
- • Net Debt reduced 52% year-over-year
PTON YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
PTON Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our second quarter represented the most substantial period of innovation at Peloton since our founding. At the same time, our financial performance demonstrated our continued operational discipline, resulting in 39% year-over-year growth in Adjusted EBITDA and reducing Net Debt by 52% year-over-year, proving we can simultaneously innovate and increase our profitability.”
— Peter Stern, Q2 2026 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% |