Peloton statistics show a global connected-fitness business measured through members, paid subscriptions, equipment and subscription revenue, profitability, cash flow and retention. The figures below cover Peloton’s fiscal year ended June 30, 2025, the quarters ended June 30 and September 30, 2025, and company-defined global populations where stated.
Key Peloton Statistics
The most useful headline figures are:
- 6.2 million Peloton members at the end of Q1 FY2025 were global accounts active in the trailing 12 months.
- 6.0 million Peloton members at the end of Q4 FY2025 were global accounts active in the trailing 12 months.
- 5.9 million Peloton members at the end of Q1 FY2026 were global accounts active in the trailing 12 months.
- 2.896 million paid Connected Fitness subscriptions at the end of Q1 FY2025 were global subscriptions excluding paused accounts.
- 2.800 million paid Connected Fitness subscriptions at the end of Q4 FY2025 were global subscriptions excluding paused accounts.
- 2.732 million paid Connected Fitness subscriptions at the end of Q1 FY2026 were global subscriptions excluding paused accounts.
- 0.588 million paid App subscriptions at the end of Q1 FY2025 were current-payment global Peloton App subscriptions.
- $2,490.8 million of total revenue in FY2025 came from Peloton’s consolidated global business.
- $1,673.7 million of subscription revenue in FY2025 came from Peloton’s global Subscription segment.
- $817.1 million of Connected Fitness Products revenue in FY2025 came from the segment including Peloton and Precor products.
- 71.9% subscription gross margin in Q4 FY2025 was reported for Peloton’s global Subscription segment.
- 6.9% Connected Fitness Products gross margin in Q1 FY2026 was reported for the global segment including Peloton and Precor products.
- $1,268.3 million of total gross profit in FY2025 was reported on a consolidated GAAP basis.
- $21.6 million of net income in Q4 FY2025 was reported by Peloton on a consolidated GAAP basis.
- $118.3 million of adjusted EBITDA in Q1 FY2026 was reported as a non-GAAP consolidated measure.
- $112.4 million of free cash flow in Q4 FY2025 was reported as a non-GAAP consolidated measure.
- $1,039.5 million of cash and cash equivalents at June 30, 2025 was held by Peloton on a consolidated balance sheet.
- 1.6% average net monthly Connected Fitness churn in Q1 FY2026 covered Peloton’s global paid Connected Fitness subscriptions.
Contents
- Peloton membership and subscription statistics
- Peloton revenue and business mix trends
- Peloton product economics and gross margins
- Peloton profitability and operating-cost statistics
- Peloton cash flow and balance-sheet statistics
- Peloton app engagement and subscription-retention metrics
Peloton Membership and Subscription Statistics
Peloton’s member measure is broader than its paid subscription counts. The company defines Members as people with a paid Connected Fitness or paid App account who completed at least one workout in the trailing 12 months, so membership is not interchangeable with subscriptions or unique paying households.
| Period end | Members (millions) | Paid Connected Fitness (millions) | Paid App (millions) |
|---|---|---|---|
| Q1 FY2025 | 6.2 | 2.896 | 0.588 |
| Q4 FY2025 | 6.0 | 2.800 | 0.552 |
| Q1 FY2026 | 5.9 | 2.732 | Not reported |
Source: Peloton Announces Q1 2026 Financial Results, Raises Full Year 2026 Adjusted EBITDA Guidance and Q4 2025 Shareholder Letter. Members are global accounts active in the trailing 12 months; paid Connected Fitness excludes paused subscriptions, while paid App figures are current-payment subscriptions.
The member count moved from 6.2 million at Q1 FY2025 end to 6.0 million at Q4 FY2025 end and 5.9 million at Q1 FY2026 end. Paid Connected Fitness subscriptions were 2.896 million, 2.880 million and 2.800 million at Q1 FY2025, Q3 FY2025 and Q4 FY2025 ends, then 2.732 million at Q1 FY2026 end.
Paid App subscriptions were 0.588 million at Q1 FY2025 end and 0.552 million at Q4 FY2025 end. These measures describe different populations and should not be added to the member count.
Peloton Revenue and Business Mix Trends
Peloton’s reported revenue separates Connected Fitness Products from subscriptions. The annual mix shows subscription revenue as the larger reported segment, while the quarterly figures show the scale of both activities around the fiscal-year transition.
| Period | Total revenue (USD millions) | Connected Fitness Products (USD millions) | Subscription (USD millions) |
|---|---|---|---|
| Q4 FY2025, three months ended June 30, 2025 | 606.9 | 198.6 | 408.3 |
| Q1 FY2026, three months ended September 30, 2025 | 550.8 | 152.4 | 398.4 |
| FY2025 ended June 30, 2025 | 2,490.8 | 817.1 | 1,673.7 |
Source: Q4 2025 Shareholder Letter and Peloton Announces Q1 2026 Financial Results, Raises Full Year 2026 Adjusted EBITDA Guidance.
For FY2025, Connected Fitness Products revenue was $817.1 million and Subscription revenue was $1,673.7 million, alongside $2,490.8 million of total consolidated revenue. The products segment includes Peloton and Precor products, while the Subscription segment includes paid Connected Fitness and App subscriptions and related subscription revenue.
Q4 FY2025 total revenue was $606.9 million, including $198.6 million from Connected Fitness Products and $408.3 million from subscriptions. In Q1 FY2026, total revenue was $550.8 million, with $152.4 million from Connected Fitness Products and $398.4 million from subscriptions.
Peloton Product Economics and Gross Margins
The segment margins show a clear difference between product and subscription economics. Product gross margin was 17.3% in Q4 FY2025 and 6.9% in Q1 FY2026, while subscription gross margin was 71.9% and 68.6% in those periods.
| Segment and period | Revenue (USD millions) | Gross profit (USD millions) | Gross margin |
|---|---|---|---|
| Connected Fitness Products, Q4 FY2025 | 198.6 | 34.4 | 17.3% |
| Connected Fitness Products, Q1 FY2026 | 152.4 | 10.5 | 6.9% |
| Subscription, Q4 FY2025 | 408.3 | 293.7 | 71.9% |
| Subscription, Q1 FY2026 | 398.4 | 273.2 | 68.6% |
Source: Q4 2025 Shareholder Letter and Peloton Announces Q1 2026 Financial Results, Raises Full Year 2026 Adjusted EBITDA Guidance.
For FY2025, Connected Fitness Products gross profit was $111.2 million. The reported quarterly product gross profits were $34.4 million in Q4 FY2025 and $10.5 million in Q1 FY2026.
Subscription gross profit was $293.7 million in Q4 FY2025 and $273.2 million in Q1 FY2026. The Q4 FY2025 subscription margin included an $11.0 million one-time accrued music-royalty adjustment; Peloton said the adjusted margin would have been 69.2%, so the reported 71.9% and adjusted figure are not equivalent measures.
Peloton Profitability and Operating-Cost Statistics
Peloton reported positive GAAP net income in both of the supplied quarters, alongside adjusted EBITDA as a separate non-GAAP measure. Operating expenses declined from Q4 FY2025 to Q1 FY2026, but the periods are different quarters and Q4 FY2025 included restructuring and impairment expenses in the reported total.
| Period | Total gross profit (USD millions) | Total gross margin | Operating expenses (USD millions) | Net income (USD millions) | Adjusted EBITDA (USD millions) |
|---|---|---|---|---|---|
| Q4 FY2025 | 328.1 | 54.1% | 298.5 | 21.6 | 140.0 |
| Q1 FY2026 | 283.7 | 51.5% | 242.4 | 13.9 | 118.3 |
| FY2025 | 1,268.3 | Not reported here | Not reported here | Not reported here | Not reported here |
Source: Q4 2025 Shareholder Letter and Peloton Announces Q1 2026 Financial Results, Raises Full Year 2026 Adjusted EBITDA Guidance.
FY2025 total gross profit was $1,268.3 million. For the quarter ended June 30, 2025, total gross profit was $328.1 million, total gross margin was 54.1%, operating expenses were $298.5 million, net income was $21.6 million and adjusted EBITDA was $140.0 million.
For the quarter ended September 30, 2025, total gross profit was $283.7 million, total gross margin was 51.5%, operating expenses were $242.4 million, net income was $13.9 million and adjusted EBITDA was $118.3 million. Adjusted EBITDA is non-GAAP and should not be read as the same measure as GAAP net income.
Peloton Cash Flow and Balance-Sheet Statistics
Cash generation and balance-sheet figures provide a separate view of Peloton’s financial position. Operating cash flow and free cash flow describe quarterly activity, while cash, debt and net debt are balance-sheet measures at June 30, 2025.
| Measure | Q4 FY2025 | Q1 FY2026 | Balance-sheet date where applicable |
|---|---|---|---|
| Net cash provided by operating activities (USD millions) | 117.1 | 71.9 | Quarter ended June 30 or September 30, 2025 |
| Free cash flow (USD millions) | 112.4 | 67.4 | Quarter ended June 30 or September 30, 2025 |
| Cash and cash equivalents (USD millions) | — | — | 1,039.5 at June 30, 2025 |
| Total debt (USD millions) | — | — | 1,498.9 at June 30, 2025 |
| Net debt (USD millions) | — | — | 459.4 at June 30, 2025 |
Source: Q4 2025 Shareholder Letter. Free cash flow is non-GAAP, and net debt is company-reported total debt less cash and cash equivalents rather than a GAAP balance-sheet line.
Q4 FY2025 net cash provided by operating activities was $117.1 million and free cash flow was $112.4 million. The corresponding Q1 FY2026 figures were $71.9 million of operating cash flow and $67.4 million of free cash flow.
At June 30, 2025, Peloton held $1,039.5 million of cash and cash equivalents, reported $1,498.9 million of total debt and reported net debt of $459.4 million. For comparison, cash and cash equivalents were $697.6 million at June 30, 2024; these are point-in-time balances, not cash generated during a period.
Peloton App Engagement and Subscription-Retention Metrics
Churn is reported as a quarterly average of monthly net churn, not as a single annual percentage. For Connected Fitness, cancellations and pauses are churn events, while unpauses and reactivations reduce the churn count; paused subscriptions are excluded from ending paid Connected Fitness subscription counts.
| Subscription type and period | Average monthly churn | Definition and scope |
|---|---|---|
| Paid Connected Fitness, Q1 FY2025 | 1.9% | Global paid subscriptions; quarterly average of monthly net churn |
| Paid Connected Fitness, Q3 FY2025 | 1.2% | Global paid subscriptions; quarterly average of monthly net churn |
| Paid Connected Fitness, Q4 FY2025 | 1.8% | Global paid subscriptions; quarterly average of monthly net churn |
| Paid Connected Fitness, Q1 FY2026 | 1.6% | Global paid subscriptions; quarterly average of monthly net churn |
| Paid App, Q1 FY2025 | 8.5% | Global paid App subscriptions; quarterly average |
| Paid App, Q3 FY2025 | 8.1% | Global paid App subscriptions; quarterly average |
| Paid App, Q4 FY2025 | 6.4% | Global paid App subscriptions; quarterly average |
Source: Q4 2025 Shareholder Letter and Peloton Announces Q1 2026 Financial Results, Raises Full Year 2026 Adjusted EBITDA Guidance.
Average net monthly paid Connected Fitness churn was 1.9% in Q1 FY2025, 1.2% in Q3 FY2025, 1.8% in Q4 FY2025 and 1.6% in Q1 FY2026. Average monthly paid App churn was 8.5% in Q1 FY2025, 8.1% in Q3 FY2025 and 6.4% in Q4 FY2025.
Peloton said the subscription data-model migration was immaterial for comparisons covering Q1 FY2025, Q4 FY2025 and Q1 FY2026. The company stopped reporting paid App churn starting in FY2026, so no Q1 FY2026 App churn figure is supplied here.