Peloton Interactive, Inc. — research brief

# Peloton Interactive, Inc. — research brief

**Slug:** peloton  
**Date:** 2026-10-04  
**Industry:** Connected Fitness / Consumer Hardware + Subscription  
**Accent:** `#FF1C26`  
**Status:** Public company (NYSE: PTON); FY ends June 30

## Label key
- **FACT** — Peloton IR / SEC earnings release / 10-K-adjacent press tables; onepeloton.com shop & membership / Support articles
- **SECONDARY** — reputable press summarizing company filings (use sparingly)
- **INFERENCE** — teaching connection (labeled; not a cited metric)

## Primary sources (FACT)
1. Q4 & FY2026 earnings press release (SEC HTML): https://www.sec.gov/Archives/edgar/data/1639825/000163982526000032/q4fy2026earningspressrelea.htm
2. Investor news (may be bot-blocked): https://investor.onepeloton.com/news-releases/news-release-details/peloton-announces-q4-fy2026-financial-results
3. Membership compare: https://www.onepeloton.com/membership
4. Membership fee changes (US): https://support.onepeloton.com/s/article/Peloton-Membership-Membership-Fee-Changes?language=en_US
5. App vs All-Access: https://support.onepeloton.com/s/article/Peloton-Membership-Peloton-App-Memberships-vs-Peloton-All-Access-Membership
6. Understanding App Membership: https://support.onepeloton.com/s/article/Peloton-Membership-Understanding-Your-App-Membership
7. Shop Bike: https://www.onepeloton.com/shop/bike
8. Shop Bike+: https://www.onepeloton.com/shop/bike-plus
9. Shop Tread / Tread+ / Tread Flex / Row+: https://www.onepeloton.com/shop/tread · tread-plus · tread-flex · row-plus

## Key figures used on canvas
| Metric | Value | Label | Source |
|---|---|---|---|
| FY26 total revenue (YE Jun 30, 2026) | $2.446B | FACT | Q4/FY26 earnings release |
| FY26 Connected Fitness Products rev | $770.4M | FACT | Earnings release SoO |
| FY26 Subscription revenue | $1,675.6M | FACT | Earnings release SoO |
| Q4 FY26 total revenue | $607.7M | FACT | Earnings release |
| Q4 CFP / Subscription | $171.1M / $436.6M | FACT | Earnings release |
| FY26 GAAP net income | $63.2M (first full-year net profit) | FACT | Earnings release |
| FY26 Adjusted EBITDA | $468.2M (+16% YoY) | FACT | Earnings release (non-GAAP) |
| FY26 FCF | $377.6M (+17% YoY) | FACT | Earnings release (non-GAAP) |
| FY26 op. cash flow | $387.6M | FACT | Earnings release |
| Ending Paid Connected Fitness Subs (Q4) | 2.553M (−8.8% YoY) | FACT | Earnings release |
| Ending Paid App Subs (Q4) | 0.503M (−9% YoY) | FACT | Earnings release |
| Members (Q4, trailing-12 workout) | 5.5M | FACT | Earnings release |
| Q4 / FY26 total gross margin | 56.7% / 52.6% | FACT | Earnings release |
| Q4 Subscription GM / Contrib. margin | 73.6% / 76.3% | FACT | Earnings release |
| Q4 CFP gross margin | 13.4% | FACT | Earnings release |
| Cash & cash equivalents (Jun 30, 2026) | $1,206.6M | FACT | Balance sheet in release |
| Total debt / Net Debt* | $1.299B / $92.6M | FACT | Earnings release (Net Debt non-GAAP) |
| All-Access Membership (US) | $49.99 / month | FACT | Support fee-change + compare articles (Oct 2025 change) |
| App+ (US, Peloton bill) | $28.99 / mo; $289.99 / yr | FACT | Support App Membership article |
| App One (US, Peloton bill) | $12.99 / mo; $129 / yr | FACT | Support App Membership article |
| App One (US, iOS App Store) | $15.99 / mo; $159.99 / yr | FACT | Support fee-change / compare |
| Cross Training Bike (US list) | $1,695 | FACT | onepeloton.com/shop/bike |
| Cross Training Bike+ (US list) | $2,695 | FACT | onepeloton.com/shop/bike-plus |
| Tread Flex / Tread Vision / Tread+ Vision | $2,195 / $3,495 / $6,695 | FACT | Financing copy on shop/tread (+ plus pages) |
| Row+ (US list) | $3,495 | FACT | onepeloton.com/row-plus |
| Refurbished Original Bike / Bike+ | $1,145 / $1,395 | FACT | shop/bike + bike-plus |
| Bike+ rental | $150 / mo | FACT | shop/bike-plus |
| Commercial BU | Double-digit YoY revenue growth in FY26 | FACT | Earnings business highlights |
| Other FY26 highlights | Spotify partnership; Skōp (Connected Pilates) acquisition; microstores to double in FY27 | FACT | Earnings business highlights |

## Model read (teaching arc)
**Hardware + Connected Fitness subscription hybrid — Bike / Tread / Row sales (and Precor / commercial) → All-Access Membership (~$49.99/mo household on hardware) → digital-only App One / App+ → instructor live+OD content + community + Peloton IQ → financing / refurbished / rental / microstores → international + commercial refresh.**

Peloton is a **public connected-fitness platform**. Connected Fitness Products seed the installed base; **Subscription** (All-Access on hardware + App tiers) is the majority of revenue and carries ~70%+ subscription gross margins. FY26 was the first full year of GAAP net profitability amid still-declining paid Connected Fitness and App subscription counts — teaching tension: high-margin recurring revenue vs. hardware/sub net adds.

## Product ladder (features — FACT)
| Tier | What users get | Source |
|---|---|---|
| Hardware (Bike / Bike+ / Treads / Row+) | Connected equipment; All-Access required for full touchscreen content | Shop pages |
| All-Access Membership | Household profiles; full live/OD library on hardware + App; Scenic, programs, Peloton IQ features | Membership + Support |
| App+ | Unlimited classes on App (incl. Bike/Tread/Row classes on phone/tablet); no hardware touchscreen | Support App Membership |
| App One | App classes with limits (tier below App+) | Support App Membership |
| Refurbished / rental | Lower upfront hardware; membership still separate | Shop bike / bike-plus |
| Commercial / Precor | Gyms & commercial equipment (Precor brand) | Earnings highlights |

## Do not invent
- Current MAU/DAU beyond disclosed Members / Paid Subs metrics
- Exact % revenue mix beyond disclosed CFP vs Subscription line items
- Undisclosed ARPU / LTV / CAC
- Exact headcount
- International list prices as US FACT