10-K annual report · filed Aug 6, 2026

PELOTON INTERACTIVE, INC. (PTON) FY2026 10-K Annual Report

Short answer

PELOTON INTERACTIVE, INC. (PTON) filed its fiscal 2026 10-K annual report with the SEC on Aug 6, 2026. It reported revenue of $2.4B (−1.8% year over year) and net income of $63M.

  • Top risk flagged: Regulatory risk: U.S. Supreme Court invalidated IEEPA tariffs (Feb 20, 2026); exposure to Section 122 tariffs at 10% and uncertainty over tariff refunds

FY2026 key financial metrics · XBRL

Revenue
$2.4B
−1.8% YoY
Net income
$63M
+153.2% YoY
Operating margin
6.6%
+8.0 pp YoY
Gross margin
52.6%
+1.7 pp YoY
EPS (diluted)
$0.14
+146.7% YoY
ROE
-45.2%
−74.0 pp YoY
Operating cash flow
$388M
+16.4% YoY

Source: XBRL data from the PELOTON INTERACTIVE, INC. (PTON) FY2026 10-K on SEC EDGAR. USD.

PELOTON INTERACTIVE, INC. FY2026 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core business: Global fitness and wellness platform delivering integrated hardware, software, media, and Instructor-led content to 5.5 million Members worldwide
  • New products: Launched Cross Training Series and Peloton Pro Series in Oct 2025 with rotating HD touchscreens, movement-tracking cameras, and enhanced features
  • Strategic shift: Discontinued Original Tread, Tread+, and Row sales; focus shifted to new Cross Training and Pro Series targeting consumer and commercial markets
  • Quantitative metric: Total employees 2,262 (1,736 U.S., 526 international) as of June 30, 2026, reflecting global operational scale
  • Noteworthy fact: Introduced Peloton IQ AI-powered personalization and launched Peloton Rental program enabling bike rental with bundled membership access

Management Discussion & Analysis

  • Revenue $2,446.0M, down 1.8% YoY; Connected Fitness Products $770.4M (-5.7%), Subscription $1,675.6M (+0.1%)
  • Gross margin fell for Connected Fitness Products to 11.7% vs 13.6%, Subscription margin rose to 71.4% vs 69.1%
  • Subscription segment best performing: gross profit $1,196.3M (+3.4%), Connected Fitness Products worst: gross profit $90.4M (-18.7%)
  • Operating cash flow $387.6M (+16.4%), Free Cash Flow $377.6M (+16.8%); $199.0M 2026 Notes repaid, $9.9M capex, no dividends or buybacks reported
  • Management highlights cost structure improvements via restructuring; key risks include trade tariffs, product recalls, and macroeconomic conditions impacting demand

Risk Factors

  • Regulatory risk: U.S. Supreme Court invalidated IEEPA tariffs (Feb 20, 2026); exposure to Section 122 tariffs at 10% and uncertainty over tariff refunds
  • Geopolitical risk: Supply chain concentration in Taiwan, China, Thailand; risk from regional trade disputes, hostilities, or natural disasters impacting contract manufacturers
  • Operational risk: Sole reliance on single contract manufacturers with no qualified alternatives; disruptions or capacity issues may delay product delivery and increase costs
  • Competitive risk: Intense competition from larger firms and emerging technologies like AI; competitors may launch superior or lower-cost fitness products and content faster
  • Financial risk: Credit facility covenants require minimum liquidity $250M and subscription revenue $1.2B trailing four quarters, limiting operational flexibility and risk of default

Generated from the filing text; verify against the original. How to read a 10-K

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