格隆汇8月7日｜网上健身及设备商Peloton公布第四财季业绩，营收6.07亿美元，同比下降5.7%，高于分 析师平均预期的5.8亿美元；录得净利润2160万美元，而去年同期亏损3050万美元；每股盈利5美分，而 分析师预期每股亏损6美分。Peloton计划裁减员工人数、削减间接支出以及搬迁部分办事处，以削减成 本。该公司预计2026财年营收将在24亿至25亿美元之间，高于分析师预期的24.1亿美元。 ...

Financial Data and Key Metrics Changes - The company generated $324 million of free cash flow in fiscal year 2025, an increase of $49 million year over year [20] - Net debt was reduced by $343 million or 43% year over year, indicating significant deleveraging [20] - Total revenue for Q4 was $607 million, outperforming guidance by $21 million, primarily driven by higher hardware sales [22] Business Line Data and Key Metrics Changes - Paid Connected Fitness subscriptions decreased by 80,000 quarter over quarter, ending at 2.8 million, a 6% decrease year over year [21] - Connected Fitness products revenue decreased by $13 million or 6% year over year, while subscription revenue decreased by $23 million or 5% year over year [22][23] - Total gross profit for Q4 was $328 million, a 5% increase year over year, with total gross margin at 54.1%, up 560 basis points year over year [23] Market Data and Key Metrics Changes - The company plans to expand its global presence through hotel partnerships and retail expansion, with a successful MicroStore pilot in Nashville and a second store opened in Utah [13] - The commercial business unit, which includes Precor, operates in over 9,000 hotels, indicating a strong market presence [16] Company Strategy and Development Direction - The company aims to evolve from a cardio fitness partner to a comprehensive wellness partner, focusing on strength, mental well-being, sleep, recovery, and nutrition [11][12] - Plans include employing advanced technologies like AI for personalized coaching and insights [13] - The company is targeting $100 million in run rate cost savings by the end of fiscal year 2026 through optimizing indirect spend and restructuring [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a significant market opportunity in the U.S. for fitness and wellness, particularly among households with incomes over $75,000 [58] - The company anticipates a pivot towards revenue growth starting in Q2 of fiscal year 2026, driven by product innovations and seasonal trends [80] Other Important Information - The company has launched Peloton Repowered, a platform for buying and selling used equipment, enhancing accessibility [14] - The company is committed to generating meaningful free cash flow, targeting at least $200 million in fiscal year 2026, despite anticipated tariff exposure [32] Q&A Session Summary Question: How does Peloton see the opportunity for growth as Americans focus more on health and fitness? - Management noted that younger demographics are expanding their definition of wellness, leading to a strategy that incorporates a holistic approach to fitness, including strength and mental health [37] Question: What are management's thoughts on current levels of stock-based compensation? - Management acknowledged that while stock-based compensation aligns employee interests with shareholders, it has historically been too high, but they expect a reduction in fiscal year 2026 [41][42] Question: Can you go over the cadence of the $100 million cost savings? - Management indicated that half of the run rate savings have been actioned, with the remainder expected to be realized throughout the year, focusing on indirect spend optimization and workforce relocations [52] Question: What are the expectations for gross margin for 2026? - Management expects gross margin improvement across both subscription and hardware segments, driven by lower service costs and optimizations in content production [64]

FY2025 Highlights * For a reconciliation of all non-GAAP financial measures to their most directly comparable GAAP financial measure, and rationale for why we rely on these measures, see the reconciliation tables below. FY2025 Shareholder Letter August 7, 2025 Dear Shareholders, 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 re ...

Core Viewpoint - Peloton Interactive Inc. is facing significant challenges, including tariffs and sales pressure, as it prepares to report its fourth-quarter and full-year fiscal 2025 earnings, with analysts maintaining a cautious outlook on the company's growth prospects [1][2][3]. Financial Performance - Peloton is expected to report a 9% year-over-year decline in quarterly sales to $586 million, which is at the high end of company guidance and slightly above the FactSet consensus of $581 million [4]. - The company anticipates a near-term impact of approximately $5 million in free cash flow pressure for the fourth quarter due to evolving trade conditions [2]. - Adjusted EBITDA is projected to be $85 million, near the top of the company's implied range of $66 million to $86 million, while gross margin is expected to be 51.4%, trailing the 52.3% consensus [5]. Subscriber and Revenue Trends - Connected fitness subscribers are forecasted to decline by 5.8% year-over-year and 3% sequentially to 2.81 million [5]. - Hardware sales are estimated to drop by 17%, and subscription revenue is expected to decrease by 5% [4]. Strategic Initiatives - The company has implemented strategic changes, including leadership adjustments under CEO Peter Stern, promotional activities during Amazon Prime Day, and potential modifications to the $44 all-access membership fee [3]. - The launch of the Peloton Repowered marketplace is also part of the company's efforts to innovate and retain customers [3]. Analyst Ratings and Market Performance - Telsey Advisory Group analyst Dana Telsey has reiterated a Market Perform rating on Peloton with a price forecast of $8, applying a ~1.5x EV/Sales multiple to the FY26 sales forecast of $2.47 billion [1][4]. - Peloton shares were trading lower by 7.91% to $6.58 at the time of publication [5].

A Wall Street analyst upgraded the stock and increased the price target. Attractive valuation At a roughly $2.5 billion market cap, the stock trades at less than 7 times' Kocharian's EBITDA forecast. However, investors should keep in mind that Kocharian is much higher than other analysts on her projection. While Peloton will likely never be the darling it was during the pandemic, the fundamentals do seem to be improving. Peloton is certainly not one of my favorite stocks in the market, but the risk-reward p ...

Group 1 - Peloton shares increased by 18.8% to close at $7.34, following an upgrade to Buy from UBS analyst, indicating renewed investor confidence in the company's turnaround potential [1] - The company is expected to report a quarterly loss of $0.06 per share, which is a year-over-year change of +25%, with revenues projected at $579.86 million, down 9.9% from the previous year [2] - The consensus EPS estimate for Peloton has remained unchanged over the last 30 days, suggesting that stock price movements may not sustain without trends in earnings estimate revisions [3] Group 2 - Peloton holds a Zacks Rank of 2 (Buy) within the Leisure and Recreation Products industry, which includes Amer Sports, Inc. that also has a Zacks Rank of 2 [4] - Amer Sports, Inc. has a consensus EPS estimate of $0.02 for the upcoming report, reflecting a year-over-year change of -60% [5]

Core Viewpoint - Peloton Interactive Inc's stock has seen a significant increase following an upgrade from UBS, indicating potential for further bullish sentiment in the market [1] Group 1: Stock Performance - Peloton's stock is currently trading at $6.84, up 10.7% after UBS upgraded its rating to "buy" and raised the price target to $11 from $7.50 [1] - Despite the recent gains, Peloton's stock has a year-to-date deficit of 22.4% and has struggled to break resistance at $7 since a bear gap on June 17 [2] - The stock has shown an 84.7% year-over-year lead, indicating strong long-term performance despite recent challenges [2] Group 2: Analyst Ratings and Market Sentiment - Out of 22 analysts covering Peloton, 13 have a "hold" or worse rating, suggesting room for more bullish notes [1] - The stock's short interest is significant, making up 18.7% of its available float, which could lead to a short squeeze [1] Group 3: Options Trading Activity - Options traders are exhibiting a more bullish sentiment, with a 50-day call/put volume ratio of 12.13, higher than 98% of readings from the past year [3] - There has been a notable increase in call options trading, with 19,000 calls traded, which is four times the typical volume, compared to 3,046 puts [4] - The most active options contract is the weekly 8/1 7-strike call, indicating new positions being opened [4]

Core Insights - Peloton is launching a national expansion of its bike and treadmill resale marketplace, named Repowered Marketplace, after a successful pilot program [2][4] - The marketplace allows users to list pre-owned Peloton equipment, with sellers receiving 70% of the sale proceeds [2][5] - The beta test in select cities resulted in approximately 400 equipment listings, indicating strong interest in second-hand sales [3][5] Company Strategy - Peloton's CEO emphasized that the resale market is a significant avenue for acquiring new members, particularly as many Peloton bikes are underutilized [5] - The company is focusing on new initiatives like the resale marketplace to address a 13% drop in sales reported in May, marking the third consecutive year of revenue decline [5] - The shift in strategy includes a greater emphasis on subscriptions and transitioning from traditional retail stores to smaller boutique locations [5] Market Trends - Research indicates that consumers are increasingly interested in secondhand shopping, especially during economic downturns, as it allows for an average savings of 30% [6] - The current economic climate, including new tariffs, is driving consumers to seek cost-saving options, making resale marketplaces more appealing [6]

Core Points - Peloton Interactive, Inc. will release its fourth quarter and fiscal year 2025 financial results on August 7, 2025, before the U.S. stock market opens [1] - A conference call and live audio webcast will be held at 8:30 a.m. (Eastern Time) on the same day to discuss the financial results [1] - Management will address select questions from retail and institutional investors regarding business updates and quarterly financial results [2] Company Overview - Peloton provides members with high-quality equipment, innovative software, expert instruction, and a supportive fitness community [4] - The company was founded in 2012 and is headquartered in New York City, serving millions of members across various countries including the US, UK, Canada, Germany, Australia, and Austria [4]

Core Insights - Peloton Interactive continues to face significant challenges in growth and profitability following a post-pandemic decline, with little indication of a turnaround in its recent quarterly reports [1][4][9] - The company's stock has decreased by 20% in the first half of the year, reflecting broader market trends and weakening consumer sentiment [2][6] - Leadership changes, including the appointment of Peter Stern as CEO and Charles Kirol as COO, have not yet translated into improved business performance [4][6] Financial Performance - Revenue for the first half of the year fell by 9% to $673.9 million, with a decline in both subscribers and members [5] - In fiscal Q3, revenue further declined by 13% to $624 million, although cost-cutting measures improved the GAAP net loss from $167.3 million to $47.7 million [7] - Despite these challenges, the company has managed to turn an adjusted EBITDA loss of $81.7 million from the previous year into a profit of $58.4 million [5][7] Market Reactions - The stock experienced a brief increase in February following a Q2 earnings report, but subsequently fell due to external market pressures rather than company-specific news [4][6] - A significant drop of 12% occurred on June 17 after the Senate blocked a provision allowing Health Savings Accounts to be used for Peloton equipment [7] Future Outlook - While Peloton is making progress on its bottom line through cost-cutting strategies and has raised its revenue guidance, steady growth in revenue and subscribers remains elusive [9]