Peloton Interactive, Inc. (PTON): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo em rápida evolução da aptidão conectada, a Peloton Interactive revolucionou como as pessoas experimentam exercícios, misturando perfeitamente a tecnologia de ponta, o conteúdo digital imersivo e o hardware premium. Ao transformar o cenário tradicional de fitness, a Peloton criou um modelo de negócios exclusivo que vai além da venda de equipamentos de exercício, oferecendo um ecossistema integrado de experiências interativas de fitness que atendem a profissionais com experiência em tecnologia, entusiastas da fitness e praticantes de treinos domésticos que procuram conveniência, personalização e personalização e Engajamento da comunidade.

Peloton Interactive, Inc. (PTON) - Modelo de negócios: Parcerias -chave

Fabricantes de equipamentos de fitness

A Peloton faz parceria com os fabricantes localizados principalmente em Taiwan e China para produção de equipamentos. A partir de 2023, os principais parceiros de fabricação incluem:

Fabricante	Localização	Tipo de equipamento
Tecnologia de fitness tônico	Taiwan	Bicicleta e quadros de bicicleta+
PreCOR	China	Componentes da esteira

Provedores de tecnologia

A Peloton colabora com os parceiros de tecnologia para aprimorar seu ecossistema digital:

• Precor: Integração de fabricação e tecnologia de equipamentos
• Tecnologia de fitness tônico: recursos avançados de fabricação
• Apple: integração com plataformas Apple Watch e iOS

Parceiros de varejo

A Peloton estabeleceu parcerias com os principais pontos de venda para distribuição de produtos:

Parceiro de varejo	Parceria estabelecida	Canal de vendas
Best Buy	2020	Vendas na loja e online
Dick's Sporting Goods	2021	Distribuição de varejo limitada

Acordos de licenciamento de música

A Peloton mantém acordos de licenciamento com grandes gravadoras:

• Grupo de Música Universal
• Sony Music Entertainment
• Grupo de Música da Warner

Instrutor de fitness e parcerias de atletas

Colaborações estratégicas com profissionais de fitness incluem:

Parceiro	Disciplina	Tipo de parceria
Robin Arzon	Correndo	Instrutor principal
Cody Rigsby	Ciclismo	Embaixador da marca

Peloton Interactive, Inc. (PTON) - Modelo de negócios: Atividades -chave

Projetar e fabricar equipamentos interativos de fitness

Saída anual de fabricação: aproximadamente 300.000 produtos de fitness conectados em 2023.

Categoria de produto	Detalhes de fabricação	Volume anual de produção
Bicicleta+	Equipamento avançado de ciclismo interior	125.000 unidades
Bicicleta original	Equipamento padrão de ciclismo interior	100.000 unidades
Piso	Esteira conectada	75.000 unidades

Desenvolvimento da plataforma de streaming de fitness proprietária

Métricas de plataforma digital a partir do quarto trimestre 2023:

• Total de assinantes: 2,77 milhões
• Assinantes mensais de fitness conectados: 1,35 milhão
• Assinantes somente digital: 1,42 milhão

Criando e produzindo conteúdo de condicionamento físico ao vivo e sob demanda

Estatísticas de produção de conteúdo:

Tipo de conteúdo	Novas aulas mensais	Biblioteca de classe total
Aulas ao vivo	500 mais de novas classes	75.000 mais de classes totais
Aulas sob demanda	250 mais de novas aulas semanalmente	Mais de 50.000 classes totais

Inovação de produtos de software e hardware

Investimento de P&D em 2023: US $ 324 milhões

• Frequência de atualização de software: grandes lançamentos trimestrais
• Ciclo de iteração de hardware: 18-24 meses
• Portfólio de patentes: 278 patentes ativas

Engajamento da comunidade digital e gerenciamento de experiência do usuário

Métricas de engajamento da comunidade:

Métrica	2023 dados
Exercícios semanais médios por assinante	4.7
Duração média da sessão	35 minutos
Taxa de retenção de usuários	92%

Peloton Interactive, Inc. (PTON) - Modelo de negócios: Recursos -chave

Hardware avançado de fitness

A partir do quarto trimestre 2023, o portfólio de hardware da Peloton inclui:

Produto	Preço médio de varejo	Unidades produzidas
Bicicleta+	$2,495	58.000 unidades
Bicicleta original	$1,445	42.000 unidades
Piso	$3,495	22.000 unidades

Extenso conteúdo da biblioteca de fitness

Estatísticas da biblioteca de conteúdo:

• Total Live and On-Demand Classes: 24.000+
• Número de instrutores de fitness: 185
• Adições semanais de novas turmas: 70-90 aulas

Software proprietário e aplicativo móvel

Métricas de desenvolvimento de software:

• Gastos anuais de P&D: US $ 394 milhões
• Tamanho da equipe de engenharia de software: mais de 450 engenheiros
• Downloads de aplicativos móveis: 6,2 milhões de usuários ativos

Reputação da marca

Avaliação e reconhecimento da marca:

Métrica	Valor
Valor da marca	US $ 1,2 bilhão
Classificação de satisfação do cliente	4.7/5
Pontuação do promotor líquido	68

Força de trabalho qualificada

Composição da força de trabalho:

• Total de funcionários: 2.780
• Força de trabalho de engenharia: 35% do total de funcionários
• Posse média dos funcionários: 3,2 anos

Peloton Interactive, Inc. (PTON) - Modelo de negócios: proposições de valor

Experiência conveniente em fitness em casa

A partir do quarto trimestre de 2023, a Peloton relatou 3 milhões de assinantes de fitness conectados. O equipamento de fitness em casa da empresa inclui:

Produto	Faixa de preço	Principais recursos
Bicicleta+	$2,495	Resistência automatizada, tela rotativa
Bicicleta	$1,445	Tela fixa, resistência manual
Piso	$3,495	Cinto de toque de 20 polegadas, cinto absorvente de choque

Aulas de alta qualidade, interativas ao vivo e sob demanda

Peloton oferece:

• Mais de 25.000 classes pré-gravadas
• Aulas diárias ao vivo: aproximadamente 20-30 por dia
• Categorias de classe: ciclismo, corrida, força, ioga, meditação

Métricas personalizadas de rastreamento e desempenho

Os recursos de rastreamento de desempenho incluem:

• Métricas de saída em tempo real
• Rastreamento de registros pessoais
• Ranking da tabela de classificação

Tipo métrico	Dados rastreados
Ciclismo	Watts, cadência, resistência
Correndo	Ritmo, distância, inclinação
Força	Conclusão do treino, rastreamento de representantes

Comunidade de fitness digital envolvente

Estatísticas de engajamento da comunidade:

• Membros totais: 6,9 milhões (quarto trimestre 2023)
• Assinantes digitais: 3 milhões
• Exercícios mensais por assinante: 21.2

Instruções de nível profissional dos principais treinadores

Categoria de treinador	Número de treinadores	Classificação média de classe
Instrutores de ciclismo	35	4.7/5
Instrutores de corrida	25	4.6/5
Instrutores de força	40	4.5/5

Preço de assinatura: Associação de All-Access por US $ 44/mês a partir de 2024.

Peloton Interactive, Inc. (PTON) - Modelo de negócios: Relacionamentos do cliente

Plataformas e fóruns da comunidade digital

A partir do quarto trimestre de 2023, a Peloton relatou 3,0 milhões de assinantes de fitness conectados se envolvendo ativamente em plataformas digitais.

Métrica da plataforma	Usuários totais
Membros da comunidade digital	3,000,000
Participantes mensais ativos	2,200,000

Recomendações de treino personalizadas

O mecanismo de recomendação orientado a AI da Peloton processa mais de 500 milhões de pontos de dados de exercícios anualmente.

• Algoritmo de personalização Precisão: 87%
• O usuário médio recebe 12 sugestões de treino personalizado por semana

Rastreamento de desempenho do usuário e monitoramento de progresso

Métrica de rastreamento de desempenho	Valor
Métricas rastreadas totais por usuário	24 indicadores de desempenho individuais
Engajamento semanal médio do usuário	4.2 exercícios

Suporte ao cliente através de vários canais

O Peloton mantém uma infraestrutura de suporte multicanal com tempos de resposta e métricas de disponibilidade.

• Suporte de bate -papo ao vivo disponível 16 horas por dia
• Tempo médio de resposta ao atendimento ao cliente: 7,5 minutos
• Resposta de suporte por e -mail dentro de 24 horas

Modelo de lealdade e engajamento baseado em assinatura

O modelo de receita de assinatura da Peloton demonstra uma forte retenção de clientes.

Métrica de assinatura	Valor
Taxa de assinatura mensal	US $ 44/mês
Taxa anual de retenção de assinatura	92%
Total de assinantes	3,200,000

Peloton Interactive, Inc. (PTON) - Modelo de negócios: canais

Plataforma de vendas on-line direta ao consumidor

O canal de vendas primário da Peloton é sua plataforma on-line direta ao consumidor, que gerou US $ 3,23 bilhões em receita no ano fiscal de 2022. A plataforma on-line permite que os clientes comprem:

• Bicicletas Peloton
• Peloton em esteiras
• Assinaturas de fitness digital

Tipo de canal	Receita anual	Porcentagem de vendas totais
Vendas on -line diretas	US $ 3,23 bilhões	68.7%

Lojas parceiras de varejo

A Peloton expandiu sua presença no varejo por meio de parcerias com:

• Best Buy
• Dick's Sporting Goods

Parceiro de varejo	Número de locais	Disponibilidade do produto
Best Buy	Mais de 1.000 lojas	Bicicletas e acessórios
Dick's Sporting Goods	Mais de 850 lojas	Selecione equipamentos de fitness

Aplicativo móvel

Estatísticas de aplicativos móveis da Peloton a partir de 2023:

• Downloads de aplicativos totais: 6,2 milhões
• Usuários ativos mensais: 2,1 milhões
• Disponível em plataformas iOS e Android

Site da empresa

O site da Peloton (www.onepeloton.com) serve como um canal crítico de vendas e informações com:

• Visitantes mensais do site: 4,5 milhões
• Taxa de conversão: 3,2%
• Duração média da sessão: 7,5 minutos

Canais de marketing de mídia social

Plataforma	Contagem de seguidores	Taxa de engajamento
Instagram	1,2 milhão	4.3%
Facebook	850,000	3.7%
Twitter	450,000	2.9%

Peloton Interactive, Inc. (PTON) - Modelo de negócios: segmentos de clientes

Entusiastas do fitness

De acordo com o relatório financeiro do Q4 2023 do Peloton, esse segmento representa aproximadamente 42% de sua base de usuários total.

Características do segmento	Percentagem
Frequência regular de exercício	68%
Renda familiar média anual	$150,000
Faixa etária	25-45 anos

Profissionais com experiência em tecnologia

Os dados do usuário da Peloton indicam que esse segmento compreende 28% de sua base de clientes.

• Taxa média de adoção de tecnologia: 76%
• Renda anual mediana: US $ 185.000
• Ocupação primária: tecnologia, finanças, consultoria

Indivíduos urbanos de alta renda

Esse segmento representa 22% do total de clientes do Peloton.

Métricas de mercado urbano	Valor
Renda familiar média anual	$225,000
Concentração geográfica	10 principais áreas metropolitanas
Taxa de propriedade do dispositivo	93%

Praticantes de treino doméstico

Após a pandemia Covid-19, esse segmento cresceu para 35% da base de clientes da Peloton.

• Preferência de treino em casa: 82%
• Duração média do treino semanal: 4,5 horas
• Disposição do investimento de equipamentos: US $ 2.500 média

Millennials e Gen Z Fitness Consumidores

Esse segmento demográfico constitui 48% do total de usuários do Peloton.

Dados demográficos	Percentagem
Millennials (25-40 anos)	35%
Gen Z (18-24 anos)	13%
Taxa de engajamento digital	95%
Consumo de conteúdo de fitness de mídia social	87%

Peloton Interactive, Inc. (PTON) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Peloton registrou despesas de P&D de US $ 361,2 milhões, representando 19,1% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 361,2 milhões	19.1%
2022	US $ 575,4 milhões	22.6%

Custos de produção de fabricação e hardware

Os custos de produção de hardware da Peloton para o ano fiscal de 2023 foram de aproximadamente US $ 503,7 milhões.

• Custo médio por bicicleta: US $ 1.445
• Custo médio por piso: US $ 3.295
• Mercancação de fabricação: 15-20% dos custos totais de produção

Criação de conteúdo e compensação do instrutor

A Peloton aloca aproximadamente US $ 75-90 milhões anualmente para criação de conteúdo e compensação de instrutores.

Categoria de conteúdo	Alocação anual
Salários do instrutor	US $ 40-50 milhões
Produção de conteúdo	US $ 35-40 milhões

Marketing e aquisição de clientes

As despesas de marketing para o ano fiscal de 2023 totalizaram US $ 247,3 milhões, representando 13,1% da receita total.

• Custo de aquisição de clientes (CAC): US $ 150-200 por novo assinante
• Gastes de marketing digital: 60-70% do orçamento total de marketing
• Campanhas de conscientização da marca: US $ 50-60 milhões anualmente

Infraestrutura de tecnologia e manutenção de plataforma

Os custos de infraestrutura de tecnologia para o ano fiscal de 2023 foram de aproximadamente US $ 215,6 milhões.

Componente de infraestrutura	Despesa anual
Serviços em nuvem	US $ 85-95 milhões
Manutenção da plataforma	US $ 70-80 milhões
Segurança cibernética	US $ 30-40 milhões

Peloton Interactive, Inc. (PTON) - Modelo de negócios: fluxos de receita

Vendas de hardware (bicicletas, esteiras)

A partir do quarto trimestre de 2023, a Peloton registrou receita de hardware de US $ 228,8 milhões. O preço médio de venda do produto foi de aproximadamente US $ 1.995 para bicicleta+ e US $ 1.445 para modelos de bicicleta padrão.

Produto	Preço médio de venda	Volume anual de vendas (EST.)
Bicicleta	$1,445	75.000 unidades
Bicicleta+	$1,995	45.000 unidades
Piso	$3,495	25.000 unidades

Taxas mensais de assinatura para conteúdo digital

A Peloton reportou US $ 295,6 milhões em receita de assinatura de condicionamento físico conectado para o quarto trimestre 2023. As taxas de assinatura mensais são estruturadas da seguinte forma:

• Associação de acesso total: US $ 44 por mês
• Associação digital: US $ 12,99 por mês
• Total de assinantes: 3,0 milhões a partir do quarto trimestre 2023

Associações de classe de fitness digital

A receita de associação digital atingiu US $ 83,1 milhões no quarto trimestre de 2023, com aproximadamente 1,1 milhão de assinantes somente digital.

Acessórios e vendas de mercadorias

A receita de acessórios e vestuário totalizou US $ 47,2 milhões no quarto trimestre 2023. As principais categorias de produtos incluem:

Categoria de produto	Faixa de preço médio
Vestuário para treino	$40 - $128
Acessórios para exercícios	$25 - $150
Calçados	$98 - $145

Parcerias do Programa de Bem -Estar Corporativo

A receita de parceria corporativa foi de aproximadamente US $ 15,3 milhões no quarto trimestre 2023. As empresas parceiras incluem:

• Lululemon
• Amazon
• Vários programas de bem -estar corporativo

Receita anual total para 2023: US $ 3,23 bilhões

Peloton Interactive, Inc. (PTON) - Canvas Business Model: Value Propositions

You're looking at what keeps members coming back to Peloton Interactive, Inc.'s ecosystem, even as the market shifts. The value proposition centers on delivering a premium, integrated fitness and wellness experience that bridges the gap between home convenience and studio quality. This is what Peloton is selling as of late 2025.

Immersive, studio-quality fitness experience at home is the foundation. This is supported by the engagement metrics showing that members are deeply involved. In the fourth quarter of fiscal year 2025, Peloton ended with 2.80 million Paid Connected Fitness Subscriptions and 552 thousand Ending Paid App Subscriptions. The average monthly workout time per Paid Connected Fitness Subscription actually increased by 4% year-over-year in Q4 2025, showing continued high usage of the core offering.

The content offering remains a core draw, which includes access to a vast library of over 25,000 on-demand classes. This content library is continuously updated, with new content dropping daily across modalities. Furthermore, the company is actively managing this library, with live classes now loading into the on-demand catalog in three distinct batches per day.

The social element drives stickiness. The platform offers a strong social connection via the live Leaderboard and community features. You see this in the launch of features like Team Feed and Community Teams, where members who joined teams showed higher engagement and connected with other members at a faster pace than before joining. This network effect helps keep churn in check; the average net monthly Paid Connected Fitness Subscription churn in Q4 2025 was 1.8%.

Peloton Interactive, Inc. is executing on its total wellness expansion, moving beyond just cardio. This is evidenced by the significant member participation in non-cardio content during Q4 2025:

• 2 million Members engaged in Strength content.
• 1.2 million Members engaged in Sleep & Recovery content.
• 400,000 Members engaged in Mental Wellbeing content.

Finally, the hardware quality is validated by customer sentiment. You can see this in the high-quality hardware with a superior Net Promoter Score (NPS) above 70. Specifically, in Q3 2025, all Cardio hardware products achieved an NPS above 70, with the Tread exceeding an NPS of 80 (on a scale of -100 to 100). This high score is a key differentiator for the premium equipment line, which generated $198.6 million in revenue in Q4 2025.

Here's a quick look at how the subscription value underpins the financial structure as of Q4 2025:

Metric	Value (Q4 FY2025)	Context
Total Subscription Revenue	$408.3 million	Represents the majority of Q4 revenue.
Total Gross Margin	54.1%	Up 560 basis points year-over-year.
Connected Fitness Products Gross Margin	17.3%	Improved by 900 basis points year-over-year in Q4.
Ending Paid Connected Fitness Subscriptions	2.80 million	Reflected a net decrease of 80,000 from the prior quarter.

The company is also demonstrating operational discipline that reinforces the long-term value. Peloton generated over $320 million in GAAP Net Cash Provided by Operating Activities for the full fiscal year 2025, and its Net Debt decreased by 43% to $459 million year-over-year. To be fair, the retail footprint has shrunk significantly, down to 13 showrooms from 37 at the end of fiscal 2025, which suggests a strategic shift away from high-cost physical presence toward digital value delivery.

Peloton Interactive, Inc. (PTON) - Canvas Business Model: Customer Relationships

You're looking at how Peloton Interactive, Inc. keeps its members engaged and loyal as of late 2025. It's all about high-touch digital service and community reinforcement.

High-touch, community-driven engagement through live classes remains a core pillar. Over 50 instructors run live classes each week, offering real-time motivation. This community aspect is reinforced through features like the Teams feature, which saw 70,000 teams created as of Q3 FY25. For major events, engagement spikes; over 50,000 members participated live in the Thanksgiving Day Turkey Burn.

Automated, personalized content recommendations are becoming more sophisticated. The Pace Targets feature for the Tread, for instance, is now used by over 80% of Tread members as of Q3 FY25. Furthermore, the Personalized Plans feature, which rolled out in January 2025, was started by nearly 500,000 members by the end of Q3 FY25.

Member satisfaction metrics show tangible improvement from prior periods. Member support satisfaction (MSAT) reached 4.3/5 in Q2 FY25, a significant jump from 3.1 in Q2 FY24. Member loyalty, measured by Net Promoter Scores (NPS), is also strong, with all Bike and Tread products exceeding 70 in Q2.

Self-service and peer support are integrated into the platform experience. The digital-only offering remains relevant, with Paid App subscriptions totaling 573,000 at the end of Q3 FY25. New digital offerings, like the Strength+ app, reached over 220,000 monthly active users in Q3.

Loyalty is directly tied to cross-discipline engagement, which is a key lever to reduce churn. Members who engage with two or more workout disciplines per month see churn rates that are 60% lower than those engaging with only one discipline. This focus on variety is evident in usage: over 2 million unique Members completed a Strength workout in Q2 FY25, contributing 735 million minutes of total workout time. The volume of Strength workouts taken in Q2 equaled 75% of the total number of Cycling workouts taken.

Here's a quick look at how key retention and engagement metrics stacked up across recent quarters:

Metric	Q2 FY25	Q3 FY25
Average Net Monthly CF Churn Rate	1.4%	1.2%
Ending Paid Connected Fitness Subs (Millions)	2.88	2.88
Ending Paid App Subscriptions (Thousands)	579	573
MSAT Score (Scale of 5)	4.3	N/A

The focus on driving engagement across different modalities is a direct strategy to secure the recurring revenue stream. If onboarding takes 14+ days, churn risk rises, but strong satisfaction scores suggest the existing base is sticky.

Peloton Interactive, Inc. (PTON) - Canvas Business Model: Channels

You're looking at how Peloton Interactive, Inc. gets its products and services into the hands of its members as of late 2025. The strategy is clearly shifting, moving away from a large physical footprint toward a more distributed, capital-light approach. This is all about meeting the customer where they are, whether that's online, in a small boutique, or even at work.

The primary engine remains Direct-to-Consumer (DTC) via the Peloton website and app. This is where the majority of the business is still transacted, especially for subscriptions. For the three months ended September 30, 2025, North America, which is heavily reliant on this direct channel, contributed $494.4 million to total revenue. The e-commerce platform on the desktop and mobile websites provides the core brand experience for hardware sales and subscription management.

The company is actively reshaping its physical presence, moving toward smaller formats. The plan for owned retail showrooms is a story of contraction followed by a targeted, smaller-scale expansion. This is a clear pivot from the past.

Showroom Type	Status/Count (Late 2025)	FY2025 Activity
Legacy Retail Showrooms (US/Canada)	13 remaining at end of Q4 FY2025 (excluding micro-stores)	Exited 24 locations in fiscal 2025
Microstore Showrooms (US)	Planned to reach 10 by holiday season 2025	Expanded from 1 (opened late 2024) to 2 operational by September 2025, with 8 more planned
Total Traditional Showrooms (US)	5 remaining in the US as of September 2025 (CA and TX)	Had over 75 showrooms at one point

Third-party retail partnerships are becoming a more significant part of the hardware distribution mix, helping to broaden geographic reach without the overhead of owned stores. This is a key part of the strategy to 'Meet members anywhere'.

• The brand expanded its reach across 46 states through a new retail partnership with Johnson Fitness & Wellness.
• The company is shifting focus from large, traditional retail stores to smaller boutiques along mall walkways.
• Analyst consensus suggests future growth depends partly on expansion through third-party retailers like Amazon.

The Peloton Repowered marketplace for certified used equipment is a newer, strategic channel designed to capture value from the secondary market and improve subscriber retention. This initiative went national in July 2025.

Repowered Program Metric	Value/Detail (As of Late 2025)
Seller Payout Share	70% of the final sale price
Peloton/Archive Share	Remaining 30% split between Peloton and Archive
Buyer Activation Fee	Reduced to $45 (down from $95)
Seller Incentive	Discounts on new gear, up to $600 off a future purchase (e.g., $600 off Tread+)
Beta Test Activity (June 2025)	Over 400 equipment listings created in NYC, Boston, D.C. metro areas

The B2B segment, encompassing corporate wellness and hospitality partnerships, serves as a channel for both hardware placement and subscription acquisition. This segment is supported by the Precor business line.

• The Corporate Wellness benefit reported high retention, with over 93% of clients renewing year over year (data from 2023, but cited as part of the ongoing B2B structure).
• In the 12 months leading up to August 2023, there were over 7.5 million rides taken on Peloton Bikes in commercial settings globally.
• In hospitality, over 75% of surveyed Peloton Members are more likely to choose a hotel if it features Peloton equipment.
• The commercial segment is gaining momentum in hospitality and residential markets, creating new revenue opportunities.

The company is focused on improving unit economics across all these sales channels to ensure profitable growth. Finance: draft 13-week cash view by Friday.

Peloton Interactive, Inc. (PTON) - Canvas Business Model: Customer Segments

You're looking at the core audience for Peloton Interactive, Inc. as of late 2025. This group is primarily defined by their capacity and desire for premium, at-home fitness solutions.

The base of the Connected Fitness ecosystem is the dedicated user, often characterized as affluent and time-constrained, seeking high-quality, on-demand instruction. The total community size, based on the fiscal year 2025 annual report, hovered around 6 million members across all offerings.

The most critical segment is the paying hardware owner, whose commitment fuels the platform. Here's a snapshot of the subscription base metrics around the end of fiscal year 2025:

Segment Metric	Reporting Period	Number/Amount
Paid Connected Fitness Subscribers	Q3 FY25	2.88 million
Paid App Subscribers	Q4 FY25	552 thousand
Average Net Monthly Paid Connected Fitness Subscription Churn	Q3 FY25	1.6%
Average Net Monthly Paid Connected Fitness Subscription Churn	Q4 FY25	1.8%

The geographic segmentation shows a heavy reliance on the domestic market, though international expansion is a clear strategic focus. For the three months ended September 30, 2025, North America generated $494.4 million in total revenue, while international markets contributed $56.5 million. To be fair, the United States alone represented 86% of total revenue for that same quarter. International revenue for the full fiscal year 2025 was reported at $216.5M.

Peloton Interactive, Inc. is also targeting growth through non-traditional channels, which includes commercial entities. This segment is being bolstered by the Precor acquisition. You can see this effort in action through specific pilots:

• Pilot program with the YMCA of Metropolitan Chicago included 100 Bike+ and Rows units.
• This pilot spanned 15 locations across the city.

The company's focus on expanding its reach beyond the core home user is evident in these commercial tests. Finance: draft 13-week cash view by Friday.

Peloton Interactive, Inc. (PTON) - Canvas Business Model: Cost Structure

You're looking at the engine room of Peloton Interactive, Inc., and honestly, the costs here show where the big bets are placed. A major component is the high fixed cost tied to talent and content creation. Think about the on-demand library; that requires continuous investment in production studios, equipment, and, critically, the instructors themselves. While Peloton Interactive, Inc. doesn't publish a line item for 'Instructor Salaries,' we know this is a key talent cost. For context, historical reports suggested senior instructors could command salaries approaching $500,000 annually, plus equity awards, and earn between $500 to $750 per live class taught. That's a significant, relatively fixed commitment to maintain the content quality you expect.

Also significant are the costs associated with the physical goods-hardware manufacturing, logistics, and warehousing. These are variable but substantial. We saw the impact of managing this in fiscal year 2025 (FY25), where the cost of revenue for Connected Fitness Products decreased by $237.1 million year-over-year, which helped drive the Connected Fitness Products Gross Margin up to 17.3% in Q4 FY25. This reduction points directly to efforts to streamline the supply chain and inventory management, which are inherently costly areas for a hardware-centric business.

To give you a clearer picture of the operating expense profile as of the end of FY25, here's the breakdown from the fourth quarter:

Operating Expense Category (Q4 FY25)	Amount (Millions USD)	Year-over-Year Change
Total Operating Expenses (Including Restructuring)	$298.5	20% Decrease
Sales and Marketing Expenses	$80.6	28% Decrease
General and Administrative Expenses	$125.1	33% Decrease
Research and Development Expenses	$55.8	20% Decrease

You'll notice the company made serious headway in trimming the fat across the board. For the full fiscal year 2025, Peloton Interactive, Inc. reported that operating expenses were reduced by 25% year-over-year. This was part of a plan that successfully delivered at least $200 million of annualized run-rate cost savings by the end of FY25. Still, the focus on efficiency continues; the current cost restructuring plan targets achieving at least $100 million of additional run-rate savings by the end of fiscal year 2026 (FY26). This involves reducing the global team, paring back indirect spend, and relocating some work.

The digital platform itself carries its own set of costs, primarily technology development and cloud service fees. While not explicitly itemized separately from the operating expenses table above, the Research and Development (R&D) expense in Q4 FY25 was $55.8 million, a 20% decrease year-over-year. This R&D spend covers the ongoing development of the software, AI features like Peloton IQ, and the infrastructure needed to stream classes globally, which includes significant cloud hosting and data processing fees to support millions of active users.

Peloton Interactive, Inc. (PTON) - Canvas Business Model: Revenue Streams

You're looking at how Peloton Interactive, Inc. actually brings in the money as of late 2025. It's a mix of the recurring stuff and the one-time hardware sales, and they've added a new fee to capture value from the used market.

Here's the quick math on the revenue breakdown for the fourth quarter of fiscal year 2025 (Q4 FY25):

Revenue Component	Q4 FY25 Amount (in millions)
Subscription Revenue	$408.3 million
Connected Fitness Products Revenue	$198.6 million
Total Revenue	$606.9 million

That total revenue for Q4 FY25 of $606.9 million came in above their implied guidance range of $571 million to $586 million, which is a solid beat driven by hardware sales.

For the full fiscal year 2025, the company's guidance for Total Revenue was in the range of $2.43 - $2.48 billion.

The revenue streams are clearly segmented, but you need to watch the nuances in the subscription side:

• Subscription Revenue, which was $408.3 million in Q4 FY25, is the core recurring engine.
• Connected Fitness Products Revenue (hardware sales), which was $198.6 million in Q4 FY25, is the transactional side.

The Used Equipment Activation Fee Revenue is a newer component you need to track. This stream was introduced in Q1 FY25. In Q4 FY25, this new fee revenue partly offset the year-over-year decrease in overall Subscription Revenue.

Peloton Interactive, Inc. also generates revenue from other sources, though specific figures for the full year aren't always broken out separately in the top-line summary. These include:

• Used Equipment Activation Fee Revenue (new stream in FY25).
• Apparel and accessories sales.

The Subscription Revenue in Q4 FY25 decreased year-over-year by 5%, or $23.2 million, due to lower Paid Connected Fitness Subscriptions and lower Paid App Subscriptions, but that Used Equipment Activation Fee Revenue provided a partial offset.

Finance: draft Q1 FY26 revenue projection by next Tuesday.