At a glance
Peloton Interactive Inc is worth $2.31B, about 38 times its fiscal 2026 earnings. Revenue fell 1.8% to $2.45B in fiscal 2026, with 2.6% kept as profit; over 5 years it has grown 9.5% a year. It pays no dividend. The stock returned −30.1% over the past year with dividends reinvested and −43.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.2% in the 2020 crash (S&P 500: 33.7%) and 82.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Peloton, founded in 2012 and based in New York City, combines home exercise machines with paid subscriptions to its fitness classes. Its Cross Training Series, launched in October 2025, includes bikes, treadmills and a rower with rotating touchscreens; it also still offers refurbished Original Bike and Bike+ models. The screens stream live and on-demand classes led by Peloton's own instructors from studios in New York City and London. People without the hardware can pay for app-only plans such as App+, App One, Strength+ and Breathwrk.
Subscriptions are the heart of the business. In fiscal 2026 (the year ended June 30, 2026), they brought in $1.68 billion, or 68.5% of Peloton's $2.45 billion in revenue. Equipment sales, including accessories, delivery, warranties and apparel, made up the other 31.5%. Peloton counted about 5.5 million Members as of June 30, 2026, meaning people on a paid plan who completed at least one workout in the prior 12 months.
Peloton also serves hotels, residential buildings and fitness operators through its Pro Series and its Precor brand, which makes commercial treadmills, ellipticals, strength machines and recovery gear such as saunas. Commercial customers span more than 60 countries. Still, revenue is concentrated close to home: North America supplied 90.2% in fiscal 2026 and international markets 9.8%.
Price history
The interactive chart needs JavaScript.
PTON -30.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Subscription | $1.68B | 68.5% |
| Connected Fitness Products | $770.4M | 31.5% |
By business segment
| Subscription | $1.68B | 68.5% |
| Connected Fitness Products | $770.4M | 31.5% |
By geography
| North America | $2.21B | 90.2% |
| International | $239.5M | 9.8% |
Latest results
- In Q4 FY2026 (ended Jun 30, 2026), revenue was $607.8M, up 0.1% from a year earlier, and net income was $61.7M (+184.3%).
- For fiscal 2026, revenue was $2.45B (-1.8% year over year; -9.5% a year from FY2021 to FY2026) with a 2.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | -9.5% weak |
|---|---|
| Operating margin | 6.6% watch |
| Free cash flow margin | 15.4% good |
| Return on assets (FY2026) | 3.1% watch |
| Net cash (cash minus debt) | $-123.4M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.02B | $-189.0M | $-480.7M |
| FY2022 | $3.58B | $-2.83B | $-2.36B |
| FY2023 | $2.80B | $-1.26B | $-470.0M |
| FY2024 | $2.70B | $-551.9M | $-85.8M |
| FY2025 | $2.49B | $-118.9M | $323.7M |
| FY2026 | $2.45B | $63.2M | $377.7M |
Valuation snapshot
| Market value | $2.31B |
|---|---|
| P/E ratio | 37.6 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PTON price data to Oct 28, 2026 | -14.4% | -30.1% | +7.0% | -43.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -14.4% |
| 2025 | -29.2% |
| 2024 | +42.9% |
| 2023 | -23.3% |
| 2022 | -77.8% |
| 2021 | -76.4% |
| 2020 | +434.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 13.9% over that stretch · deepest drop along the way 33.2%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 75.8% over that stretch · deepest drop along the way 82.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 7 sales ($1.2M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 19, 2026 | Dion C. Sanders Chief Commercial Officer | sell (plan) | $613K |
| Aug 17, 2026 | Saqib Baig Chief Accounting Officer | sell | $195K |
| Oct 15, 2026 | Charles Peter Kirol Chief Operating Officer | sell | $154K |
| Aug 17, 2026 | Karen Boone Director | sell (plan) | $134K |
| Oct 20, 2026 | Saqib Baig Chief Accounting Officer | sell (plan) | $55K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14% | May 31, 2026 |
| DNB Asset Management AS | 6.61% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.88% | Jun 30, 2026 |
| Nantahala Capital Management, LLC | 5.17% | Jun 30, 2026 |
| Vanguard Capital Management | 5.15% | Mar 31, 2026 |
| D. E. Shaw & Co., L.P. | 4% | Mar 31, 2025 |
| Morgan Stanley | 3.9% | Mar 31, 2025 |
| T. Rowe Price Investment Management, Inc. | 2.2% | Dec 31, 2025 |
| FMR LLC | 0.7% | Mar 31, 2026 |
ETFs with the most weight in PTON
| OND ProShares On-Demand ETF | 1.22% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.49% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.19% |
| VTWG Vanguard Russell 2000 Growth ETF | 0.19% |
| BBSC JPMorgan BetaBuilders U.S. Small Cap Equity Fund | 0.15% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 0.15% |
| IWO iShares Russell 2000 Growth ETF | 0.15% |
| BKSE BNY Mellon US Small Cap Core Equity ETF | 0.12% |
What could go wrong
- Members could cancel or stop signing up. Subscriptions supplied 68.5% of revenue in fiscal 2026. Peloton's annual report lists threats to sign-ups and renewals, including pricing, competing products, delivery or quality problems, and fading public interest in indoor cycling or running.
- Profits are new, thin and unproven. Peloton earned $63.2 million in fiscal 2026 after net losses in each of the five prior years. Revenue has shrunk from $4.02 billion in fiscal 2021 to $2.45 billion, and profits may not last.
- Misjudging demand has already been costly. Peloton orders equipment far in advance. Past drops in demand left it with excess stock that it wrote down in value or sold at discounts, plus supplier disputes that sometimes led to lawsuits.
- Tariffs and reliance on few manufacturers. Peloton relies on a limited number of suppliers, contract manufacturers and logistics partners, so a disruption could leave it short of products. Tariffs have already hurt results and may continue to.
- More debt than cash on hand. As of June 30, 2026, Peloton owed $1.33 billion against $1.21 billion of cash and investments. Its Term Loan and revolving credit line carry covenants, or conditions, that may restrict how it runs the business.
- Class A shareholders have limited voting power. Peloton has two share classes. Class B shares, held by certain directors and others, concentrate voting control, limiting Class A holders' say over board elections and any sale of the company.
Recent events
- Executive or board change
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
For income and retirement investors
Peloton does not pay a dividend and reported no share buybacks from fiscal 2022 through fiscal 2026 (years ending June 30). An income investor would get no cash payout; any return would come only from the share price. Peloton turned a profit in fiscal 2026 after five years of losses, earning $0.14 per diluted share, with $377.7 million of free cash flow (cash left after running and investing in the business). It owed $1.33 billion against $1.21 billion of cash and investments as of June 30, 2026.
The shares have fallen hard in downturns. In the 2020 COVID crash they dropped 33.2% but regained their prior peak by April 13, 2020. In the 2022 bear market they fell 82.1% and had not regained that peak as of October 28, 2026. The deepest drop in about seven years of trading was 98.3%. A single stock like Peloton carries far more risk than a diversified fund.
Questions investors ask
Does Peloton pay a dividend?
No. Peloton does not pay a dividend, and it reported no dividends or share buybacks from fiscal 2022 through fiscal 2026 (its fiscal year ends June 30). The company turned a profit only in fiscal 2026, after net losses in each of the five prior years, and it owed more than it held in cash and investments as of June 30, 2026. An income investor would receive no regular payout from the stock.
How does Peloton make money?
Mostly from subscriptions. In fiscal 2026, the year ended June 30, 2026, subscriptions brought in $1.68 billion, or 68.5% of Peloton's $2.45 billion in revenue. Members pay monthly or annually for classes on Peloton bikes, treadmills and rowers, or for app-only plans. The other 31.5% came from equipment, including home machines, commercial Pro Series and Precor gear, accessories, delivery, warranties and apparel. North America supplied 90.2% of revenue.
Is Peloton profitable?
Yes, but only just. In fiscal 2026, the year ended June 30, 2026, Peloton earned $63.2 million of net income on $2.45 billion of revenue, a net margin (profit as a share of sales) of 2.6%. That followed five straight years of losses, including $2.83 billion in fiscal 2022. Free cash flow, the cash left after running and investing in the business, was $377.7 million. Revenue still fell 1.8% from the prior year, and the company warns in its annual report that it may not stay profitable.
How much has Peloton stock fallen?
A great deal. As of October 28, 2026, the shares were down 94% over five years and 30.1% over one year. They lost 76.4% in 2021 and 77.8% in 2022, and their deepest fall from a peak was 98.3%. The price has also swung sharply: volatility, a measure of how widely it moves, was 61.1% over the year to October 28, 2026. There were good stretches too, including a 42.9% gain in 2024.
How much debt does Peloton have?
About $1.33 billion as of June 30, 2026, a bit more than its $1.21 billion of cash and investments. That left net debt (debt minus cash) of about $123 million. Shareholders' equity was negative $139.7 million, meaning recorded liabilities exceeded assets. Peloton's Term Loan and revolving credit facility carry covenants, or conditions, that may restrict how it operates; failing to comply could hurt its finances.