WW earnings analysis
What we found in WW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
WW International reported Q1 2026 results with revenue of $168.3 million, down 9.6% from $185.2 million year-over-year, and a diluted EPS loss of $5.20, which dramatically missed estimates of a loss of $2.07. Key growth in Clinical Subscription Revenue (+31.8% YOY) was overshadowed by significant declines in Behavioral Revenue (-17.5% YOY), amid ongoing difficulties in subscriber growth and operational efficiency challenges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Q1 2026 revenue was $168.3 million, down 9.6% from $186.6 million in Q1 2025.
- Clinical Revenue Growth
- Clinical Subscription Revenue rose 31.8%, from $29.5 million in Q1 2025 to $38.8 million in Q1 2026.
- Increased Marketing Expenses
- Marketing expenses surged to $92.9 million in Q1 2026, compared to $78.8 million in Q1 2025.
- Interest Expense Reduction
- Interest expense decreased to $11.5 million in Q1 2026, down from $27.6 million in Q1 2025.
- Decline in Subscribers
- End of Period Subscribers fell by 22.6% from 3,434.1K in Q1 2025 to 2,659.2K in Q1 2026.
- Gross Margin Decrease
- Gross margin fell to 70.5% in Q1 2026 from 71.2% in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Net Loss
- Net loss for Q1 2026 was $52.0 million, compared to $72.6 million in Q1 2025, indicating ongoing financial distress.
- Subscriber Decline
- Total subscribers decreased by 17.2%, from 3,335.7K in Q1 2025 to 2,760.8K in Q1 2026, impacting profitability.
- Technology Risks
- Operational reliance on technology raises risks of service disruptions affecting future revenue and brand perception.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-5.2
- Gross margin
- 70.5%
- Operating margin
- -18.1%
What they said about what is next.
Reaffirms financial guidance for FY 2026, projecting revenue between $620 million and $635 million.
The filing reads worse than the one before it.
What came before.
- 10-K · March 16, 2026
- WW positions itself as the integrated destination for weight management in the GLP-1 era, combining its six-decade community/behavioral platform with a U.S. clinical offering that provides access to GLP-1 medications.…
- 10-Q · November 6, 2025
- WW reported revenues of $172,091,000 in the three months ended September 30, 2025, down $20,796,000 (10.8%) versus $192,887,000 in the prior-year quarter, but delivered a positive operating income of $8,035,000 versus…
- 10-Q · August 1, 2024
- WW reported quarterly revenue of $202,073,000 and diluted EPS of $0.29 for the three months ended June 29, 2024. Gross margin expanded to 67.9% and the company returned to operating income of $35,933,000 in Q2, although…
- 10-Q · May 2, 2024
- WW reported net revenue of $206,548,000 for the three months ended March 30, 2024 and a net loss of $347,902,000 (diluted loss per share $4.39). Gross profit expanded to $137,800,000 (66.7% gross margin), but the…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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