Peloton Interactive (PTON) FY2025 results: revenue $2.5 billion, down 7.8% on the year

Peloton Interactive, Inc. (PTON) reported revenue of $2.5 billion for fiscal 2025, the year ended 30 June 2025, down 7.8% on the year before. Net income was -$119 million, and diluted earnings per share $-0.30. The figures are the company's own, from the 10-K it filed with the SEC on 7 August 2025.

Revenue

$2.5 billion

-7.8% on the year

FY2018FY2025

Operating margin

-1.5%

-19.6% a year earlier

FY2018FY2025

Net income

-$119 million

FY2018FY2025

Diluted EPS

-$0.30

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	2,491	2,700	2,800	-7.8%
Cost of revenue	1,222	1,494	1,877	-18.2%
Gross profit	1,268	1,206	924	+5.1%
Gross margin	50.9%	44.7%	33.0%
Research and development	234	305	318	-23.2%
Operating income	-36.2	-529	-1,197
Operating margin	-1.5%	-19.6%	-42.8%
Interest expense	134	112	97.1	+19.6%
Pre-tax income	-116	-552	-1,258
Income tax	3.4	-0.2	3.7
Net income	-119	-552	-1,262
Net margin	-4.8%	-20.4%	-45.1%
Diluted EPS	-$0.30	-$1.51	-$3.64

$ 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	FY2025	FY2024	FY2023	On the year
Operating cash flow	333	-66.1	-388
Capital expenditure	9.3	19.7	82.4	-52.8%
Free cash flow	324	-85.8	-470
Free cash flow margin	13.0%	-3.2%	-16.8%
Cash from investing	-5.1	26.8	-69.9
Cash from financing	1.7	-94.4	76.8
Depreciation and amortisation	89.7	109	124	-17.6%
Share-based compensation	230	312	405	-26.3%
Diluted shares, weighted	390m	366m	347m	+6.7%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	-414	-519	-295
Debt	1,539	1,549	1,686	-0.6%
Operating lease liabilities	408	503	594	-19.0%
Other liabilities	593	652	784	-9.1%
Total liabilities and equity	2,125	2,185	2,769	-2.7%
Fixed assets	239	354	445	-32.4%
Goodwill	41.2	41.2	41.2	0.0%
Intangible assets	5.6	15.0	25.6	-62.7%
Cash and equivalents	1,040	698	814	+49.0%
Receivables	101	104	97.2	-2.3%
Inventory	206	330	523	-37.6%
Other assets	493	644	824	-23.5%
Total assets	2,125	2,185	2,769	-2.7%

10-K for the year ended 30 June 2025, filed 7 August 2025: the filing.