What is Peloton?
Connected fitness and wellness platform combining exercise hardware, subscriptions, content, apps, and commercial equipment.
- Category
- Connected fitness
- Headquarters
- New York, NY
- Founded
- 2012
- Employees
- Post-restructuring; not freshly disclosed
- Total funding
- Public; IPO/debt history
- Status
- NASDAQ: PTON
What is Peloton?
Peloton is a connected fitness and wellness company built around subscription content, exercise hardware, mobile apps, and a growing commercial offering. In Q3 FY2026 it reported $631 million of revenue, 5.8 million members, and 2.662 million paid connected fitness subscriptions.
Peloton sells networked fitness equipment and recurring access to instructor-led content across cycling, running, rowing, strength, yoga, Pilates, and wellness. The company became a pandemic-era growth story, then restructured around subscriptions, margin improvement, debt reduction, retail partnerships, and broader wellness use cases.
The latest public results show a business stabilizing financially even as connected-fitness subscribers decline. Q3 FY2026 revenue was $630.9 million, subscription revenue was $428.0 million, adjusted EBITDA was $126.2 million, and net debt fell to $173 million. The June 2026 seller signal is a mature turnaround account with strong consumer brand reach, not a hypergrowth hardware startup.
What does Peloton offer?
Peloton offers connected fitness hardware, app subscriptions, all-access memberships, fitness content, wellness apps, and commercial equipment.
- Cross Training Bike· Hardware
- Cross Training Bike+· Hardware
- Tread and Tread+· Hardware
- Row+· Hardware
- All-Access Membership· Subscription
- Peloton App One and App+· Subscription
- Strength+ and Breathwrk· Wellness apps
- Commercial Series Bike and Tread· Commercial
How does Peloton make money?
Peloton makes money from hardware sales, subscription memberships, app subscriptions, commercial fitness equipment, partnerships, and content/wellness extensions.
Peloton's hardware prices in 2026 include the Cross Training Bike at $1,695 and Bike+ at $2,695, with Tread and Tread+ pricing disclosed on product pages. Subscription pricing is the recurring core: All-Access Membership is $49.99 per month, App+ is $28.99 per month, App One is $15.99 per month through iOS, and Strength+ has its own lower-priced tier.
The model has shifted from hardware growth to subscription durability and operating leverage. In Q3 FY2026, subscription revenue of $428.0 million was about two-thirds of total revenue and carried a 71.1% gross margin, while connected-fitness products generated lower gross margin and more cyclicality. Growth now comes from retention, pricing, new content, commercial equipment, partnerships such as Spotify, and better hardware distribution.
Who leads Peloton?
Peloton is led by CEO and President Peter Stern, with Sid Thacker appointed CFO effective June 22, 2026 and Saqib Baig serving as interim CFO until then.
- Peter SternCEO and PresidentCEO since January 2025Former Apple/Ford services executive leading Peloton's turnaround and wellness-platform strategy.
- Sid ThackerIncoming Chief Financial OfficerEffective June 22, 2026Former Rent the Runway finance executive appointed to oversee global finance and corporate strategy.
- Saqib BaigChief Accounting Officer; interim CFO until June 22, 2026Interim CFO in 2026Maintains accounting leadership during the CFO transition.
- Jay HoagBoard ChairLongtime board leadershipSupports governance through CEO transition and turnaround.
How do you contact Peloton's leadership?
Peloton does not publish a verified personal executive email pattern. Use investor relations, support, press, partner, or commercial sales channels rather than guessed personal addresses.
Personal format not verified; use public Peloton contact channels- Sid ThackerIncoming Chief Financial OfficerUse https://investor.onepeloton.com/investor-resources/contact-us
How much funding has Peloton raised?
Peloton is a public company, so the current capital view is its 2019 IPO, public debt structure, cash, debt reduction, and free cash flow rather than private funding rounds.
Peloton went public in 2019 and later used public debt and refinancing to manage the post-pandemic reset. As of March 31, 2026, Peloton reported $1.126 billion of cash and cash equivalents, $1.299 billion of GAAP total debt, and $173 million of net debt, down 70% year over year.
The Q3 FY2026 capital signal is materially better than the crisis narrative of prior years: net income was $26.4 million, adjusted EBITDA was $126.2 million, and free cash flow was $150.5 million for the quarter. That said, the company still expects ending paid connected fitness subscriptions to decline for FY2026, so capital allocation remains disciplined.
How did Peloton get here?
Peloton scaled from connected-bike startup to pandemic winner, then restructured into a subscription-led public fitness platform.
- 2012FoundedPeloton is founded in New York around connected indoor cycling.
- 2019IPOPeloton lists publicly on Nasdaq under PTON.
- 2020-2021Pandemic demand surgeHome fitness demand drives rapid growth in hardware and subscriptions.
- 2022-2024Restructuring periodThe company cuts costs, changes leadership, and refinances after demand normalizes.
- Jan 2025Peter Stern becomes CEOFormer Apple/Ford services executive takes over the turnaround.
- May-Jun 2026Q3 profit and CFO transitionPeloton reports Q3 net income and appoints Sid Thacker as CFO effective June 22.
Who are Peloton's competitors?
Peloton competes with connected fitness hardware companies, digital fitness subscriptions, gyms, and wellness platforms.
- iFITConnected fitness ecosystem behind NordicTrack and ProForm equipment.
- TonalWall-mounted strength training system focused on resistance coaching.
- EchelonLower-priced connected bikes, rowers, treadmills, and app subscriptions.
- Apple Fitness+App-first fitness subscription bundled into Apple's broader services ecosystem.
- Planet FitnessLow-cost gym membership alternative with broad physical-club access.
Peloton — frequently asked questions
