Peloton Interactive (PTON) FY2023 results: revenue $2.8 billion, down 21.8% on the year

Peloton Interactive, Inc. (PTON) reported revenue of $2.8 billion for fiscal 2023, the year ended 30 June 2023, down 21.8% on the year before. Net income was -$1.3 billion, and diluted earnings per share $-3.64. The figures are the company's own, from the 10-K it filed with the SEC on 23 August 2023.

Revenue

$2.8 billion

-21.8% on the year

FY2018FY2023

Operating margin

-42.8%

-76.3% a year earlier

FY2018FY2023

Net income

-$1.3 billion

FY2018FY2023

Diluted EPS

-$3.64

FY2018FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,800	3,582	4,022	-21.8%
Cost of revenue	1,877	2,884	2,570	-34.9%
Gross profit	924	698	1,452	+32.2%
Gross margin	33.0%	19.5%	36.1%
Research and development	318	360	248	-11.4%
Operating income	-1,197	-2,734	-188
Operating margin	-42.8%	-76.3%	-4.7%
Interest expense	97.1	43.0	14.8	+125.8%
Pre-tax income	-1,258	-2,808	-198
Income tax	3.7	19.6	-9.2	-81.1%
Net income	-1,262	-2,828	-189
Net margin	-45.1%	-78.9%	-4.7%
Diluted EPS	-$3.64	-$8.77	-$0.64

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	-388	-2,020	-240
Capital expenditure	82.4	337	241	-75.6%
Free cash flow	-470	-2,357	-481
Free cash flow margin	-16.8%	-65.8%	-12.0%
Cash from investing	-69.9	153	-585
Cash from financing	76.8	2,015	917	-96.2%
Depreciation and amortisation	124	143	63.8	-13.0%
Share-based compensation	405	328	194	+23.3%
Diluted shares, weighted	347m	322m	294m	+7.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	-295	593	1,754
Debt	1,686	1,562	830	+8.0%
Operating lease liabilities	594	725	620	-18.1%
Other liabilities	784	1,149	1,281	-31.7%
Total liabilities and equity	2,769	4,028	4,486	-31.3%
Fixed assets	445	611	592	-27.2%
Goodwill	41.2	41.2	210	0.0%
Intangible assets	25.6	41.3	248	-38.0%
Investments	n/a	0.0	472
Cash and equivalents	814	1,254	1,135	-35.1%
Receivables	97.2	83.6	71.4	+16.3%
Inventory	523	1,104	937	-52.7%
Other assets	824	893	820	-7.8%
Total assets	2,769	4,028	4,486	-31.3%

10-K for the year ended 30 June 2023, filed 23 August 2023: the filing.