The Beachbody Company, Inc.’s sales fell 35.8 percent in the fourth quarter but were at the mid-point of guidance. The El Segundo, CA-based fitness and nutrition company also reported earnings for the second consecutive quarter that topped guidance.

“Over the past two years, we have taken bold steps to completely transform our company, and our 4th quarter results are indicative of our successful efforts,” said Carl Daikleler, co-founder and BODi’s Chief Executive Officer. “Looking ahead, our strengthened financial position, along with our innovation pipeline, launching in early 2026, will leverage the brand equity we have built in P90X, Insanity, and Shakeology across new channels and price points, which fundamentally broadens our addressable market while maintaining the operational discipline that delivered this turnaround.”

“This was the second consecutive quarter of net income and the ninth consecutive quarter of positive adjusted EBITDA. In addition, the company generated positive free cash flow for the year, and our cash position is strong with over $39 million of cash on the balance sheet,” said Mark Goldston, BODi’s executive chairman. “We’ve built the operational framework and financial flexibility to capitalize on a massive market opportunity that represents the next phase of our growth strategy.”

Fourth Quarter 2025 Results

  • Total revenue was $55.5 million, compared to $86.4 million in the prior-year period.
  • Digital revenue was $34.3 million compared to $50.4 million in the prior-year period, and digital subscriptions totaled 0.87 million in the fourth quarter.
  • Nutrition and Other revenue were $21.2 million compared to $34.8 million in the prior-year period, and nutritional subscriptions totaled 0.08 million in the fourth quarter.
  • Connected Fitness revenue was $0.0 million, compared to $1.2 million in the prior year period, as we ceased selling bike inventory in the first quarter of 2025.
  • Gross margin was 74.5 percent compared to 70.5 percent in the prior year period.
  • Total operating expenses were $33.2 million compared to $93.8 million in the prior-year period, which included a $20.0 million impairment of goodwill.
  • Operating income improved by $41.1 million to $8.2 million, the Company’s second consecutive quarter of operating income, compared to an operating loss of $32.9 million in the prior year period. The current period included a $2.2 million benefit from the reversal of a bonus accrual recorded in the third quarter, and the Company did not record a bonus accrual in the current period.
  • Net income was $5.2 million compared to a net loss of $34.6 million in the prior year period, which included a $20.0 million impairment of goodwill.
  • Adjusted EBITDA was $12.9 million compared to $8.7 million in the prior year period.
  • Adjusted net income (loss) was income of $7.2 million compared to a loss of $4.7 million in the prior year period.

Beachbody’s guidance for the quarter had called for sales in the range of $50 million and $57 million, net income in the range of a loss of $1 billion to earnings of $3 million, and adjusted EBITDA in the range of $5 million to $9 million.

Full Year 2025 Results

  • Total revenue was $251.7 million, down from $418.8 million in the prior year.
  • Digital revenue was $153.3 million compared to $224.3 million in the prior year.
  • Nutrition and Other revenue were $97.6 million compared to $187.8 million in the prior year.
  • Connected Fitness revenue was $0.9 million, down from $6.6 million in the prior year, as the company ceased selling bike inventory in the first quarter of 2025.
  • Gross margin was 73.0 percent compared to 68.6 percent in the prior year period.
  • Total operating expenses were $178.3 million compared to $353.6 million in the prior year, which included a $20.0 million impairment of goodwill.
  • Operating income increased by $71.7 million to $5.5 million, the company’s first full-year operating income since going public, compared with an operating loss of $66.2 million in the prior year.
  • Net loss was $2.9 million compared to a net loss of $71.6 million in the prior year, which included a $20.0 million impairment of goodwill.
  • Adjusted EBITDA was $30.8 million compared to $28.3 million in the prior year.
  • Adjusted net income was $3.5 million, the company’s first full-year adjusted net income since going public, compared with a loss of $31.2 million in the prior year.
  • Cash provided by operating activities for the year ended December 31, 2025, was $21.8 million compared to cash provided by operating activities of $2.6 million in the prior year, and cash used in investing activities was $4.4 million compared to cash provided by investing activities of $1.1 million in the prior year. Free cash flow was $17.4 million compared to $(2.0) million in the prior year.

Image courtesy The Beachbody Company