Peloton Interactive, Inc. (PTON) · Nov 5, 2026 · Earnings

Peloton earnings beat as margins surge, subscriptions shrink

Beat — Revenue $559.2M vs ~$554.6M consensus; adjusted EBITDA $167.8M vs $135M-$145M guide

Peloton’s Q1 earnings beat revenue expectations and delivered a major margin and cash-flow jump, but paid subscriptions fell again.

Peloton is in a turnaround: it is trying to evolve from a shrinking at-home hardware business into a broader connected-fitness and wellness platform built around lower-cost treadmills, AI-powered Peloton IQ, and commercial gyms. The commercial push is real, but the central challenge remains rebuilding equipment demand and stabilizing its paid subscription base.

The quarter beat the market’s modest expectations, mainly through profitability rather than growth. Revenue of $559.2 million was slightly above the published consensus of roughly $554.6 million, while adjusted EBITDA reached $167.8 million—well above the company’s prior $135 million to $145 million Q1 guide. The filing’s GAAP result was also materially better year over year: net income rose to $96.2 million from $13.9 million.

	Q1 FY27	Q1 FY26	Consensus / prior guide
Total revenue (Financial Results)	$559.2M (+1.5%)	$550.8M	~$554.6M consensus
Adjusted EBITDA (Adjusted EBITDA reconciliation)	$167.8M (+42%)	$118.3M	$135M-$145M guide
Net income (Income Statement)	$96.2M (+591%)	$13.9M
Free cash flow (Cash Flow reconciliation)	$143.4M (+113%)	$67.4M
Paid connected-fitness subscriptions (User Metrics)	2.475M (-9%)	2.732M	2.455M-2.475M guide

The margin and cash-flow improvement is the strongest part of the update. Total gross margin expanded to 61.3% from 51.5%, helped by connected-fitness product gross margin reaching 33.4% versus 6.9% a year ago. Operating expenses fell 7% year over year, producing $145.7 million of operating cash flow and $143.4 million of free cash flow. That gives Peloton more room to fund its new product and commercial strategy without relying on fresh capital.

The turnaround is improving the economics faster than it is rebuilding the customer base. Paid connected-fitness subscriptions declined 9% year over year to 2.475 million, while paid app subscriptions fell 10% to 0.487 million. Churn improved sequentially to 1.7%, but the absolute subscriber base still contracted, and total revenue was only 2% above the prior-year quarter. The filing therefore shows better monetization and cost control—not yet a return to durable user growth.

Debt reduction materially strengthens the balance sheet, but does not change the growth problem. Peloton ended the quarter with $1.342 billion of cash against $1.299 billion of carrying-value debt, or net cash of $43.2 million. It also said it voluntarily paid down $280 million of its term loan after quarter-end, reducing gross principal debt to $1.048 billion.

Management left the full-year framework intact, so the beat improves execution credibility more than it resets the outlook. FY27 revenue remains guided to $2.3 billion-$2.4 billion, below FY26’s $2.446 billion, while adjusted EBITDA remains $475 million-$525 million and free cash flow is still targeted at at least $350 million. The company is executing ahead of its near-term profitability plan, but the larger strategic test—whether new treadmills, Peloton IQ, and commercial products can reverse subscription and hardware declines—remains unresolved.

Bottom line: This is a modestly better quarter for Peloton’s financial engine, with an earnings beat, sharply higher margins, strong cash generation, and lower debt. It strengthens the turnaround story, but does not yet prove that the underlying subscriber contraction has been reversed.

What to watch next

Q2 FY27 results, expected early February 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Peloton earnings beat as margins surge, subscriptions shrink

What to watch next

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