Peloton: From Defense To Offense

Note: Review all PTON research on the TSOH Investment Research website

While there is a growing list of notable positive developments at Peloton, which I’ll discuss momentarily, they lie lower in the pecking order than the one big issue for the thesis: unsustainable connected fitness (CF) subscriber losses. The number of paid CF subscribers is on track to fall ~9% in FY26, to ~2.6 million; while this still reflects impressive long-term gains, with ~5x sub growth since YE FY19 (~26% CAGR), the recent declines need to be halted.