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.…
Earnings analysis · 10-Q
WW earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-5.2
What stood out
-
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.
What to watch
-
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.
Management's outlook
Reaffirms financial guidance for FY 2026, projecting revenue between $620 million and $635 million.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.