Filing Flows › Peloton Interactive (PTON) › Q4 FY26 › vs Q3 FY26
Peloton Interactive (PTON) Q4 FY26 vs Q3 FY26 (quarter over quarter)
Peloton Interactive's revenue fell $23.2M (-4%) from $631M in Q3 FY26 to $608M in Q4 FY26. The biggest changes: Connected Fitness Products −$31.8M (-16%); Subscription +$8.6M (+2%). Gross margin 56.7% against 51.9% (+4.8 pts).
Peloton Interactive, Q4 FY26: revenue $608M (+0.1% year over year), operating margin 13.4%, net earnings $61.6M, operating cash flow $91.1M. The chart draws each line against Q3 FY26, the increases inside each band.
Margins
| Q4 FY26 | Q3 FY26 | Change | |
|---|---|---|---|
| Gross margin | 56.7% | 51.9% | +4.8 pts |
| Operating margin | 13.4% | 8.3% | +5.0 pts |
| Net margin | 10.1% | 4.2% | +6.0 pts |
Every line
| Line | Q4 FY26 | Q3 FY26 | Change | % |
|---|---|---|---|---|
| Subscription | $437M | $428M | $8.6M | +2% |
| Connected Fitness Products | $171M | $203M | −$31.8M | -16% |
| Revenue | $608M | $631M | −$23.2M | -4% |
| Gross profit | $344M | $327M | $17.1M | +5% |
| Cost of revenue | $263M | $304M | −$40.3M | -13% |
| Operating profit | $81.2M | $52.5M | $28.7M | +55% |
| Operating expenses | $263M | $275M | −$11.6M | -4% |
| Pre-tax earnings | $60.6M | $26.8M | $33.8M | +126% |
| Other expense, net | $20.6M | $25.7M | −$5.1M | -20% |
| Research & development | $56.9M | $58.8M | −$1.9M | -3% |
| Sales & marketing | $83.5M | $98.1M | −$14.6M | -15% |
| General & admin | $116M | $110M | $5.8M | +5% |
| Other operating costs | $6.6M | $7.5M | −$900K | -12% |
| Income tax benefit | $1.0M | −$400K | $1.4M | — |
| Net earnings | $61.6M | $26.4M | $35.2M | +133% |
| Depreciation & amortization | $11.5M | $13.6M | −$2.1M | -15% |
| Share-based compensation | $43.0M | $52.7M | −$9.7M | -18% |
| Working capital & other | $25.0M | −$60.0M | $85.0M | — |
| Operating cash flow | $91.1M | $153M | −$61.6M | -40% |
Questions
How much did Peloton Interactive's revenue grow quarter over quarter in Q4 FY26?
Peloton Interactive's revenue fell $23.2M (-4%) from $631M in Q3 FY26 to $608M in Q4 FY26.
What drove Peloton Interactive's revenue change in Q4 FY26?
Connected Fitness Products −$31.8M (-16%); Subscription +$8.6M (+2%).