Peloton Statistics 2026: Users and Revenue

Peloton had 2.66 million paid connected fitness subscribers at the close of Q3 fiscal 2026, down from a pandemic peak that briefly pushed the company's market cap near $50 billion. Revenue came in around $631 million for the quarter - a 1% year-over-year gain - and the company posted positive net income across a full trailing twelve-month period for the first time. Monthly subscription churn fell to 1.2%, and adjusted EBITDA rose 41% year-over-year to $126 million. The company operates in six countries, generates about 86% of its revenue in the United States, and projects full-year fiscal 2026 revenue of roughly $2.42 to $2.44 billion.

Peloton's story is one of the most dramatic in fitness-market history: a hardware-plus-subscription startup that rode pandemic demand to a $50 billion valuation, then lost roughly 96% of that value when gyms reopened, before executing a slow but measurable financial recovery. The underlying engagement data - churn rates, workout duration, NPS scores - tells a more nuanced story than the stock chart alone.

This post compiles 16 of the most important Peloton statistics for 2026, covering subscriber counts, revenue, engagement, pricing, and market context. It draws on SEC filings, investor shareholder letters, CPSC records, and market research. For broader context on how connected fitness fits the wider industry, see our fitness app statistics and home gym statistics.

1. Peloton had 2.66 million paid connected fitness subscribers in Q3 2026

Peloton ended its fiscal Q3 2026 (March 2026) with 2.662 million paid connected fitness subscriptions, according to the company's earnings release published May 7, 2026. That figure declined 218,000 year-over-year - a 7.6% drop - but came in at the midpoint of the company's own guidance range.

For lifters and fitness consumers, the subscriber figure matters because it tracks who is paying monthly for a machine-linked service, not just casual app users. The steady decline reflects hardware saturation: most households that bought a Peloton bike or treadmill during the 2020-2021 wave already have one, and new hardware sales have remained subdued. Peloton is managing this by leaning into subscription revenue and reducing churn rather than chasing subscriber growth.

Source: Peloton - Q3 FY2026 Financial Results

2. Peloton's Q3 2026 revenue was $631 million - beating its own guidance

Total revenue for Peloton's fiscal Q3 2026 was $631 million, a 1% year-over-year increase and $6 million above the company's guidance range, driven by stronger-than-expected connected fitness equipment sales across both Peloton and Precor brands, according to CNBC and the company's May 2026 earnings release.

Subscription revenue alone was $428 million, growing 2% year-over-year. Beating guidance on revenue after several years of sequential declines signals that the company's cost-cutting and product-refresh strategy is starting to stabilize the top line. For the broader connected fitness sector, even modest revenue growth at Peloton indicates sticky demand for high-quality home workout hardware paired with live and on-demand content.

Source: CNBC - Peloton PTON earnings Q3 2026

3. Peloton's monthly subscription churn fell to 1.2% in Q3 2026

The average net monthly churn rate for Peloton's connected fitness subscriptions was 1.2% in Q3 2026, improving 7 basis points year-over-year, according to the company's earnings report. That rate had been as high as 1.4% just two quarters earlier.

A 1.2% monthly churn rate is exceptionally low for a subscription fitness product - it implies an average subscriber stays on the platform for roughly seven years. The company attributes this to high Net Promoter Scores across its hardware line and to a key behavioral insight: churn is 60% lower for subscribers who engage with two or more exercise disciplines per month compared to those using only one. Variety keeps people paying.

Source: PYMNTS - Peloton Sees Decline in Subscription Churn to 1.2%

4. Subscription revenue now represents about 67% of Peloton's total revenue

In fiscal year 2025, Peloton's subscription and services segment generated $1.67 billion - about 67.2% of total revenue - while product (hardware) revenue contributed $817 million, or 32.8%, according to financial data from Bullfincher and the company's SEC filings.

That split has shifted sharply. In fiscal 2024, hardware was 36.7% of revenue. The drift toward subscriptions reflects both falling hardware demand and deliberate strategy: subscription revenue carries gross margins above 65%, versus low-to-mid teens margins on hardware. For Peloton and for connected fitness broadly, this transition mirrors a pattern seen across consumer tech - the physical device becomes the entry point while recurring software revenue drives the economics.

Source: Peloton Interactive Revenue by Segment - Bullfincher

5. Peloton's peak market cap was nearly $50 billion in January 2021

Peloton stock hit an all-time intraday high of $171.09 on January 14, 2021, giving the company a market capitalization approaching $50 billion - up from an IPO price of $29 in September 2019, according to CNBC. The stock rose roughly 760% between mid-March 2020 and mid-January 2021 as pandemic gym closures drove explosive demand for home fitness equipment.

The pandemic-era surge was real: Peloton added 3.3 million members between March 2020 and June 2021 and briefly recorded $4 billion in annual revenue for fiscal year 2021. But the valuation rested on assumptions of permanent behavioral change that did not hold once vaccines arrived and gyms reopened. By mid-2026, the stock had fallen roughly 96% from its peak - one of the steepest post-pandemic corrections in consumer tech.

Source: CNBC - Inside Peloton's rapid rise and bitter fall

6. Annual revenue peaked at $4 billion in fiscal 2021 and has declined every year since

Peloton's annual revenue peaked at approximately $4 billion in fiscal year 2021 (ended June 30, 2021), then fell to $3.5 billion in fiscal 2022, $2.8 billion in fiscal 2023, $2.7 billion in fiscal 2024, and approximately $2.4 billion in fiscal 2025, according to CNBC and company filings.

Full-year fiscal 2026 revenue guidance is $2.42 to $2.44 billion - a further 2% annual decrease. The consistent revenue decline reflects structural issues: a saturated early-adopter base, strong competition from NordicTrack and other connected equipment brands, and the loss of the pandemic-era demand spike. The company has stabilized cash flow and EBITDA through aggressive cost reductions rather than revenue growth.

Source: CNBC - Inside Peloton's rapid rise and bitter fall

7. Peloton's adjusted EBITDA rose 41% year-over-year to $126 million in Q3 2026

Peloton reported adjusted EBITDA of $126 million in Q3 fiscal 2026, up 41% from the same quarter in fiscal 2025, according to its May 2026 earnings release. Free cash flow reached $151 million for the quarter, up 59% year-over-year.

These are the metrics the company now uses to demonstrate its turnaround is real: top-line revenue has been shrinking, but the profitability of what remains has improved substantially. Operating expenses fell 25% year-over-year in fiscal 2025, and gross margin on the connected fitness product line improved by 870 basis points. The message for investors - and for subscribers evaluating whether the platform will still exist in five years - is that leaner Peloton is financially healthier Peloton.

Source: GlobeNewsWire - Peloton Q3 FY2026 Financial Results

8. Peloton also has about 552,000 paid app-only subscribers

At the end of fiscal year 2025, Peloton had approximately 552,000 paid App subscriptions - users who pay for the content platform without owning Peloton hardware - according to the company's Q4 2025 shareholder letter published August 7, 2025. This segment had fallen from over 700,000 at its peak.

The app-only tier matters because it represents Peloton's attempt to compete in a crowded digital fitness market without requiring a $1,695 to $2,695 hardware purchase. But attracting and retaining pure-digital subscribers against free YouTube workouts and cheaper alternatives like Apple Fitness+ has proven difficult. Overall active platform members - those who completed at least one workout in the trailing twelve months - totaled roughly 5.8 million as of early 2026.

Source: SEC - Peloton Q4 2025 Shareholder Letter

9. Peloton's workforce shrank from 8,600 at its peak to about 2,600 by June 2025

Peloton employed approximately 8,600 people at its pandemic-era peak, then cut its workforce to roughly 2,600 by June 2025 through a series of restructuring rounds, according to reporting from Retail Dive and InvestorPlace. A 15% reduction in 2024 removed about 400 positions.

The workforce contraction mirrors the revenue decline and reflects how fundamentally the company's scope changed. Peloton built out manufacturing, delivery, and service operations to support high hardware sales volumes that no longer exist. Outsourcing manufacturing (to Taiwanese partners), ending in-house delivery, and cutting engineering headcount were all part of right-sizing the cost structure to match a smaller, subscription-focused business.

Source: Retail Dive - Peloton lays off 15% of global workforce

10. Peloton's Net Promoter Score for its hardware exceeded 80 for the Tread in Q3 2025

Peloton's Tread product line achieved an NPS above 80 in Q3 2025, while all Bike products scored above 70, according to the Q3 2025 Shareholder Letter. Member Support satisfaction scores reached 4.3 out of 5, improving 20% year-over-year.

NPS scores in the 70-80 range are considered exceptional in consumer hardware and place Peloton alongside brands like Apple and Costco at the top of loyalty metrics. High NPS translates directly to lower churn and more organic word-of-mouth acquisition. For connected fitness consumers, this is a signal that the people who own Peloton hardware are genuinely satisfied with the experience - even as subscriber counts and stock price tell a more complicated story.

Source: Peloton Q3 2025 Shareholder Letter

11. Cycling accounts for 58% of all Peloton workouts

Indoor cycling is Peloton's dominant workout category, making up approximately 58% of all workouts completed on the platform, according to Business of Apps data compiled from company reports. Running and walking workouts grew 5% and 11% year-over-year in Q3 2025, respectively.

The cycling dominance reflects Peloton's hardware origin: the Bike was the founding product, built the brand, and still anchors most subscriptions. But the growth in running and walking workouts - and the fact that over 80% of Tread users engage with Pace Targets - shows members are exploring disciplines beyond the one that drove their initial purchase. Multi-discipline engagement is both a retention lever and a signal of genuine platform stickiness.

Source: Business of Apps - Peloton Revenue and Usage Statistics

12. Peloton raised the All-Access subscription price to $49.99/month in October 2025

In October 2025, Peloton increased the All-Access membership price from $44 to $49.99 per month - its first increase since April 2022 - alongside hardware price adjustments, according to CNBC. App One (app-only basic tier) rose from $12.99 to $15.99/month, and App+ rose from $24 to $28.99/month.

The price increases came alongside a revamped equipment lineup and the launch of new AI-powered features branded "Peloton IQ." For subscribers, the increases are significant: the all-access plan now costs nearly $600 per year on top of hardware that costs $1,695 to $2,695. For the company, improving average revenue per user is a higher-margin path to growth than trying to add net new subscribers in a saturated market.

Source: CNBC - Peloton revamps equipment, raises prices

13. Peloton generates about 86% of its revenue from the United States

Approximately 86% of Peloton's total revenue in fiscal 2025 came from the United States, with the remainder split across the UK, Canada, Germany, Austria, and Australia, according to Business of Apps. The company operates in six countries as of 2025.

Geographic concentration this heavy makes Peloton unusually exposed to US consumer spending cycles. The company has expanded its Amazon distribution in the UK and Germany to grow international revenue more efficiently, but international markets remain a small fraction of the base. For fitness-tech investors, the question is whether Peloton can replicate its US cult-brand dynamic in European markets where home gym culture is less entrenched.

Source: Business of Apps - Peloton Revenue and Usage Statistics

14. The connected gym equipment market is projected to reach $14 billion by 2033

The global connected gym equipment market was valued at $1.85 billion in 2025 and is projected to grow at a compound annual growth rate of 14% to reach $4.66 billion by 2032, according to Grand View Research. Broader definitions that include all interactive fitness hardware and software put the 2033 addressable market above $14 billion.

Peloton's shrinking revenue sits against a backdrop of overall market expansion. The company's challenge is not that demand for connected fitness is falling - it is that competition has grown dramatically from iFIT (NordicTrack, ProForm), Apple Fitness+, Garmin, and a wave of cheaper smart bikes. The market is growing; Peloton's share of it is contracting. That dynamic is precisely what a new fitness-tech entrant building a smarter tracker can aim to exploit.

Source: Grand View Research - Connected Gym Equipment Market

15. Peloton agreed to pay a $19 million CPSC penalty for delayed Tread+ recall reporting

In January 2023, the US Consumer Product Safety Commission announced that Peloton agreed to pay a $19,065,000 civil penalty settlement related to its Tread+ treadmill recall, according to official CPSC records. The CPSC found that Peloton received reports of incidents as early as December 2018 but did not immediately report them.

The Tread+ recall in May 2021 covered approximately 125,000 units. At that point, 72 incidents had been reported - including one child fatality and 29 injuries to children. The final tally reached 351 incidents and 90 injuries. Beyond the human cost, the recall episode demonstrated how product safety crises can accelerate a brand's financial unraveling: the recall news coincided closely with Peloton's stock decline and triggered the first wave of executive departures.

Source: CPSC - Peloton Recalls Tread+ Treadmills

16. 66% of Peloton bike users are aged 25-44, and cycling is the most popular home fitness activity

Sixty-six percent of Peloton bike users fall between ages 25 and 44, with 62% earning between $50,000 and $150,000 per year, according to Business of Apps citing company demographic data. Indoor cycling remains the most popular home fitness activity category in the US.

The demographic profile - upper-middle-income, professionally employed, time-constrained adults in their prime earning years - is not accidental. The Peloton product was priced and positioned for exactly this segment from launch. It also explains why engagement remains high even as subscriber counts fall: the people who own Peloton equipment are motivated, consistent exercisers for whom a $49.99/month subscription is a reasonable line item. The challenge is that this premium segment is finite.

Source: Business of Apps - Peloton Revenue and Usage Statistics

What the data actually says about Peloton in 2026

Peloton's headline metrics - subscriber decline, revenue contraction, a stock 96% below its peak - paint a picture of a company in freefall. But the operating fundamentals tell a more complicated story. Monthly churn at 1.2% is class-leading. NPS scores above 70 across all hardware put Peloton in the top tier of consumer brands. Adjusted EBITDA rose 41% year-over-year and free cash flow is strongly positive.

The business model has fundamentally shifted. Hardware is a shrinking, low-margin entry point. Subscription services at 67% of revenue and gross margins above 65% are the real business. The workforce has been cut by 70% from peak levels. Those are the structural changes of a company adapting to a post-pandemic reality, not one disappearing.

The deeper lesson for fitness consumers is about connected training in general. As the fitness app statistics data shows, the market rewards platforms that keep people engaged across multiple workout types - not just the one that sold the hardware. Peloton's own data confirms it: members who use two or more disciplines have 60% lower churn. The equipment you buy is less important than the system that keeps you training consistently.

Peloton's turnaround depends not on selling more bikes, but on proving that its content and community are worth $600 per year on top of a multi-thousand-dollar hardware purchase - a value proposition that ultimately comes down to whether the platform keeps members working out.

Build your own consistent training record

Peloton's strongest retention metric is multi-discipline engagement. Subscribers who log cardio, strength, and other modalities together are far less likely to quit than those who use only one feature. That pattern shows up in workout tracker data too: the people who build durable habits tend to log consistently across workout types, not just during peak motivation.

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Frequently Asked Questions

How many Peloton subscribers are there in 2026?

Peloton had 2.662 million paid connected fitness subscribers at the end of Q3 fiscal 2026 (March 2026), according to the company's May 2026 earnings release. An additional 552,000 subscribers paid for the app-only tier as of end of fiscal year 2025, bringing total paid subscriptions to just over 3.2 million.

What is Peloton's monthly churn rate?

Peloton's average net monthly churn rate for connected fitness subscriptions was 1.2% in Q3 fiscal 2026, improving 7 basis points year-over-year. That rate is exceptionally low for a fitness subscription product and implies an average subscriber tenure of roughly seven years.

How much revenue does Peloton generate?

Peloton generated approximately $2.4 billion in total revenue in fiscal year 2025, with subscription and services contributing about $1.67 billion (67%) and hardware contributing $817 million (33%). Full-year fiscal 2026 guidance is $2.42 to $2.44 billion, a further 2% decline year-over-year.

Why did Peloton's stock crash so dramatically?

Peloton stock fell roughly 96% from its January 2021 peak of $171.09 to levels near $7 by 2024, driven by the end of pandemic gym closures, a major treadmill recall, declining hardware sales, and operating losses that exceeded $1 billion in fiscal 2022. The company has since cut its workforce from 8,600 to roughly 2,600, exited hardware manufacturing, and pivoted to a subscription-first model that has produced positive free cash flow and improving EBITDA by 2026.