PELOTON INTERACTIVE, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data PELOTON INTERACTIVE, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	435	915	1,826	4,022	3,582	2,800	2,701	2,491	2,446
Cost of revenue	245	531	988	2,567	2,884	1,877	1,494	1,223	1,159
Gross profit	190	384	838	1,454	698	924	1,207	1,268	1,287
Research and development	23.4	54.8	89.1	248	360	318	305	234	243
Selling and marketing	151	324	477	728	1,019	648	659	422	400
General and administrative	62.4	207	351	662	963	798	651	527	430
Operating expenses	237	586	918	1,642	3,432	2,121	1,736	1,305	1,126
Operating income	-47.5	-202	-80.7	-188	-2,734	-1,197	-529	-36.2	161
Interest expense		1.7	2	14.8	43	97.1	113	135	124
Interest income		8.7	18.2	7.9	2.3	26.4	35.1	32.7	36.4
Other non-operating income	-0.3	6.7	12.3	-10.4	-74.1	-60.9	-23.2	-79.3	-97.6
Pre-tax income	-47.8	-196	-68.4	-198	-2,808	-1,258	-552	-116	63.1
Income tax	0.1	0.1	3.3	-9.2	19.6	3.7	-0.2	3.4	-0.1
Net income	-47.9	-196	-71.6	-189	-2,828	-1,262	-552	-119	63.2
EBITDA	-40.9	-181	-40.5	-124	-2,591	-1,073	-420	53.5	218
EPS, basic	-2.18	-10.72	-0.32	-0.64	-8.77	-3.64	-1.51	-0.30	0.15
EPS, diluted	-2.18	-10.72	-0.32	-0.64	-8.77	-3.64	-1.51	-0.30	0.14
Shares, basic (weighted)	21.9	22.9	221	294	322	347	366	390	425
Shares, diluted (weighted)	21.9	22.9	221	294	322	347	366	390	436

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	152	162	1,036	1,135	1,254	814	698	1,040	1,207
Short-term investments		216	720	472	0
Receivables		18.5	34.6	71.4	83.6	97.2	104	101	82.5
Inventory		137	245	937	1,105	523	330	206	135
Other current assets		48.4	125	203	193	205	135	91.3	64.9
Total current assets		582	2,159	2,818	2,635	1,639	1,266	1,438	1,489
Property, plant and equipment		250	242	592	611	445	354	239	165
Lease right-of-use assets		0	493	580	663	524	435	339	284
Goodwill	4.2	4.3	39.1	210	41.2	41.2	41.2	41.2	44
Intangible assets		19.5	16	248	41.3	25.6	15	5.6	11.7
Other non-current assets		8.5	31.8	36.7	34.3	22.7	21	16.8	21.4
Total assets		865	2,982	4,486	4,029	2,769	2,185	2,125	2,056
Accounts payable		92.2	136	364	93	76.5	85.4	66.7	53.5
Accrued liabilities		105	362	989	797	478	432	373	311
Deferred revenue		90.8	364	165	201	187	164	151	140
Short-term debt				0	7.5	7.5	10	209	10
Total current liabilities		291	772	1,243	1,106	761	685	804	525
Lease liabilities		0	508	620	725	594	503	408	348
Other non-current liabilities		0.4	23.4	38.3	50.7	30.1	25.7	37.2	33.7
Total liabilities		462	1,304	2,732	3,436	3,064	2,704	2,539	2,196
Total debt				0	7.5	7.5	1,549	1,539	1,330
Paid-in capital		90.7	2,362	2,619	4,291	4,620	4,949	5,184	5,385
Retained earnings		-630	-694	-883	-3,711	-4,932	-5,484	-5,603	-5,539
Other comprehensive income		0.2	10.1	18.2	12.2	16.8	15.9	5.1	15
Shareholders' equity	-316	-539	1,678	1,754	593	-295	-519	-414	-140
Total equity	-316	-539	1,678	1,754	593	-295	-519	-414	-140
Total liabilities and equity		865	2,982	4,486	4,029	2,769	2,185	2,125	2,056

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-47.9	-196	-71.6	-189	-2,828	-1,262	-552	-119	63.2
Depreciation and amortization	6.6	21.7	40.2	63.8	143	124	109	89.7	57.2
Stock-based compensation	8.5	89.5	88.8	194	328	405	312	230	199
Deferred income tax	0	-0.3	-0.9	-21.1	4.7	-1.5	-1	0.7	-2.5
Change in receivables	-4.1	-9.1	11.3	15.1	-12.8	-13.8	-7	2.8	18.6
Change in inventory	-9.6	-111	-95.6	-587	-174	538	163	137	81.3
Change in payables	41	117	133	440	-169	-347	-95.5	-94	-71.1
Cash from operations	49.7	-109	376	-240	-2,020	-388	-66.1	333	388
Capital expenditures	-28	-83	-153	-241	-337	-82.4	-19.7	-9.3	-9.9
Acquisitions	-28.7	-0.1	-45	-478	-11	0	0
Purchases of investments	0	-250	-1,200	-449	0	0
Sales and maturities of investments	0	36	435	666	211	0	0
Cash from investing	-56.7	-298	-741	-585	153	-69.9	26.8	-5.1	-21.4
Debt issued			0	0	696	0	987	0	0
Debt repaid	-3.1	0	0	0	0	-7.5	-743	-10	-10
Stock issued	7.4	9.3	37.4	57.6	84.3	79.8	41.2	11.2	0.6
Share buybacks	0	-130	0	0
Cash from financing	3.1	417	1,240	917	2,015	76.8	-94.4	1.7	-208
Exchange rate effect	0	0.2	-1.2	6.7	-26.5	8.6	-1	5.3	3
Net change in cash	-3.9	11.3	874	98.7	122	-372	-135	335	162
Free cash flow	21.7	-192	223	-481	-2,357	-470	-85.8	324	378
Interest paid	0.3	1.1	1.9	1.3	1	79	95.6	127	122
Income taxes paid	0	0	4.1	3.5	15.2	14.9	0	2.6	5.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $4.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	52.6%	Gross profit / revenue.
Operating margin	6.6%	Operating income / revenue.
EBITDA margin	8.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.6%	Pre-tax income / revenue.
Net margin	2.6%	Net income / revenue.
FCF margin	15.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.8%	Cash from operations / revenue.
Effective tax rate	-0.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.0%	Net income / average total assets.
Return on invested capital (ROIC)	365.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.9%	Research and development expense / revenue.
Stock-based pay / revenue	8.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-9.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-2.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	307.3%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	16.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	16.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-3.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-14.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	11.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.84x	Current assets / current liabilities.
Quick ratio	2.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.30x	(Cash + short-term investments) / current liabilities.
Debt / assets	64.7%	Total debt / total assets.
Liabilities / assets	106.8%	Total liabilities / total assets.
Net debt	$123.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.57x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.30x	Operating income / interest expense.
Working capital	$964.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$195.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.17x	Revenue / average total assets.
Fixed asset turnover	12.1x	Revenue / average property, plant and equipment.
Inventory turnover	6.80x	Cost of revenue / average inventory.
Days inventory	54 days	365 x average inventory / cost of revenue.
Receivables turnover	26.6x	Revenue / average receivables.
Days sales outstanding	14 days	365 x average receivables / revenue.
Days payables	19 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	48 days	Days inventory + days sales outstanding - days payables.
FCF conversion	597.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.14	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.15	Net income per basic share, as reported (split-adjusted).
Revenue per share	$5.61	Revenue / diluted weighted shares.
FCF per share	$0.87	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.89	Cash from operations / diluted weighted shares.
Book value per share	-$0.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.45	Tangible book value / shares outstanding.
Cash per share	$2.77	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.16B	Share price x shares outstanding.
Enterprise value	$2.28B	Market cap + total debt - cash - short-term investments.
P/E	34.2x	Market cap / net income. Only when net income is positive.
P/S	0.88x	Market cap / revenue.
P/FCF	5.72x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.57x	Market cap / cash from operations, when positive.
EV/Sales	0.93x	Enterprise value / revenue.
EV/EBIT	14.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.04x	Enterprise value / free cash flow, when both are positive.
FCF yield	17.5%	Free cash flow / market cap.
Earnings yield	2.9%	Net income / market cap (the inverse of P/E).

What was PELOTON INTERACTIVE, INC.'s revenue in fiscal 2026?

PELOTON INTERACTIVE, INC. reported revenue of $2.45B for fiscal 2026, 1.8% lower than the year before.

Was PELOTON INTERACTIVE, INC. profitable in fiscal 2026?

Yes. Net income was $63.2M, a net margin of 2.6%.

How much free cash flow did PELOTON INTERACTIVE, INC. generate in fiscal 2026?

Cash from operations of $387.6M minus capital expenditures of $9.9M left free cash flow of $377.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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