Key Partners
- ~51 product vendors; top five = 47% of output (FACT 10-K).
- Made in Vietnam 40%, Cambodia 18%, Sri Lanka 11%, Indonesia 11% (FACT).
- ~65 fabric suppliers; Taiwan 34%, China Mainland 29% (FACT).
- Ambassadors + fitness studios = local credibility (FACT 10-K / corporate site).
- 45 third-party licensed stores, mostly Middle East (FACT).
- Peloton provides digital classes to members (FACT 10-K / membership page).
Key Activities
- Fabric + fit R&D with independent testing (FACT 10-K).
- Run 811 owned stores (Feb 2026) → 825 (Aug 2026) (FACT).
- Omni-channel ops — BOPIS, ship-from-store, one inventory pool (FACT).
- Ambassador + store community programming (FACT corporate site).
- Like New re-commerce — inspect and resell trade-ins (FACT 10-K).
Key Resources
- Premium brand; 56.6% FY25 gross margin (FACT).
- Proprietary fabrics protected as trade secrets (FACT 10-K).
- 811 stores; $1,426 sales per sq ft FY25 (FACT).
- Owned DC in Groveport, Ohio (FACT 10-K).
- ~39,000 employees worldwide (FACT 10-K).
- Ambassador network + Membership data (INFERENCE as moat).
Value Propositions
- Technical fabrics + flattering fits (FACT 10-K).
- Built for yoga, run, train, golf, tennis (FACT).
- Women's 63% / men's 24% / accessories 13% of FY25 revenue (FACT).
- Free hemming + receipt-free returns for members (FACT).
- Like New trade-in for credit (FACT).
Customer Relationships
- Free Membership, US & Canada (FACT).
- Tiers by yearly spend — Collective / Plus / Pinnacle (FACT).
- Perks — early drops, hemming, receipt-free returns, events (FACT).
- Ambassadors + store community events (FACT corporate).
- Sweat Collective 25% off for fitness pros (FACT help center).
- Member count not disclosed — not shown.
Channels
- Company-operated stores $5.05B (FACT).
- E-commerce $4.92B incl. app, WeChat, marketplaces (FACT).
- Other channels $1.13B — outlets, pop-ups, wholesale, Like New, licensees (FACT).
- 58 outlets clear older inventory (FACT).
- 825 owned stores by Aug 2, 2026 (FACT Q2 FY26).
Customer Segments
- Women's apparel 63% of FY25 revenue (FACT).
- Men's 24% — growth pillar (FACT).
- Americas 71% of revenue, −1% (FACT).
- China Mainland 16%, +28.9% (FACT).
- Fitness pros, studios, corporate buyers (FACT).
Cost Structure
- COGS $4.82B = 43.4% of FY25 revenue (FACT).
- SG&A $4.07B = 36.6% (FACT).
- Advertising $617.5M FY25 (FACT 10-K).
- Distribution costs $359.7M (FACT).
- Q2 FY26 tariff refunds $134.5M (FACT).
Revenue Streams
- FY25 net revenue $11.10B, +5% (FACT).
- Women's $7.0B · men's $2.66B · accessories $1.44B (FACT).
- Membership = $0 (FACT).
- Q2 FY26 revenue $2.42B, −4%; comps −9% (FACT).
- FY26 guide $10.35–$10.50B (FACT).