For most of its history, the question of whether Peloton was worth it was about the price of the bike. In 2026 it is more about the membership. The fiscal year that ended June 30, 2026 was the first in Peloton’s history with positive full-year net income, $63.2 million, but it got there with fewer members paying more, not with more people buying machines.
That shift changes the math for anyone shopping now. Here is what the company’s filings, its recall history and its newest hardware say about where connected fitness is heading, and who still gets their money’s worth.
Trend Signal
30/100 Weak momentum
- Emerging
- Rising
- Mainstream
- Peaking
- Cooling
Members shrinking as prices rise and hardware resets
Peloton ended June 2026 with 2.553 million paid connected fitness subscriptions, down 8.8% in a year, and guided to roughly 9.8% fewer by the end of September 2026.
Our editorial reading of the cited data, not a forecast. How it is scored
By the numbers
- 2.553MPaid Peloton connected fitness subscriptions at the end of June 2026, down 8.8% in a yearPeloton
- $49.99Monthly All-Access membership after the October 2025 increase, up from $44Athletech News
- 2.2%Average net monthly connected fitness churn, April to June 2026, vs 1.8% a year earlierPeloton
- 833,000Original Series Bike+ units recalled in November 2025 over breaking seat postsCPSC
Fewer members, paying more
Peloton reported revenue of $2.446 billion for the fiscal year ended June 30, 2026, down from $2.4908 billion a year earlier. Paid connected fitness subscriptions, the members who own Peloton hardware, fell by 247,000 to 2.553 million, and average net monthly churn in the April to June quarter was 2.2%, up from 1.8% a year before.
Revenue held up because of price. Athletech News reported that in October 2025 Peloton raised All-Access from $44 to $49.99 a month, App+ from $24 to $28.99 and App One from $12.99 to $15.99. Peloton’s annual report says subscription revenue still rose $1.9 million for the year, to $1,675.6 million, mainly because of those increases and higher content licensing revenue, partly offset by fewer subscribers.
The trade-off shows in guidance. Peloton expects revenue of $2.3 billion to $2.4 billion in the fiscal year that began July 1, 2026, and 2.455 million to 2.475 million paid connected fitness subscriptions at the end of September 2026. Athletech News reported that CEO Peter Stern attributed the expected revenue decline to churn created by the subscription price hikes.
Peloton now earns more from each member and loses members faster, so buyers should price the subscription before the machine.
A rebuilt lineup with a cheaper tread
In October 2025 Peloton replaced its hardware with the Cross Training Series: a Cross Training Bike, Bike+, Tread, Tread+ and Row+. Its annual report says it stopped selling the original Tread, Tread+ and Row, while continuing to sell refurbished original Bikes and Bike+ units. Premium models added a camera for form feedback and rep tracking, according to Athletech News, and the Peloton IQ software adds AI-generated plans and progress insights.
Machine sales kept sliding. Connected fitness product revenue fell $46.8 million to $770.4 million for the fiscal year and dropped 14% year over year in the June quarter. On September 22, 2026, Peloton announced three treadmills, putting a lower price on the entry model.
Stern told Athletech News the company is going all-in on tread, running, walking and hiking, and said a product at the Flex price point unlocks opportunities for Peloton. New IQ running features, including run form analysis and heart-rate zone workouts, were slated for October 1, 2026.
| Treadmill | Announced price | Note |
|---|---|---|
| Tread Flex | $2,195 | Foldable, entry-level option |
| Tread Vision | $3,495 | Middle of the new range |
| Tread+ Vision | $6,695 | Top of the new range |
The used and rental routes, and their fine print
A shrinking member base leaves plenty of secondhand machines, and Peloton has built rules around them. According to its annual report, it has offered Peloton Rental in select markets since March 2022, announced a Used Equipment Activation Fee for machines bought on the secondary market in August 2024, and launched Peloton Repowered, an equipment and accessories resale marketplace, in June 2025.
Check recall status before handing over cash. The Consumer Product Safety Commission announced in May 2023 a recall of about 2.2 million original Peloton Bikes, model PL01, sold from January 2018 through May 2023, because the seat post assembly can break during use. In November 2025 it added about 833,000 Original Series Bike+ units, model PL02, sold from January 2020 through April 2025, for the same hazard. In both cases the remedy is a free seat post that owners install themselves.
- Ask for the model and serial number; PL01 and PL02 are the recalled bike models
- Confirm the free replacement seat post was installed
- Budget for the activation fee Peloton applies to secondhand machines
- Add 12 months of All-Access at $49.99, or $599.88 a year by our arithmetic
Where Peloton is steering next
The company is spreading into disciplines that do not need a bike. In its fourth-quarter results Peloton said it completed the acquisition of Skōp, which it called an early innovator in connected Pilates, and Peloton said engagement with its existing Pilates classes rose 48% year over year in its third fiscal quarter, according to a Bloomberg report carried by Athletech News. Precor, its commercial brand, posted higher sales that partly offset weaker Peloton-branded hardware in fiscal 2026.
The cheaper tiers shape the decision too. Peloton’s annual report describes App One as unlimited strength, yoga, Pilates, outdoor running and other classes, with equipment-based cardio classes such as cycling, treadmill and rowing limited to a few per month. App+, now $28.99 a month, covers the full app library except Lanebreak and Scenic content, though app members cannot take classes through Peloton-branded hardware.
Who should buy now and who should wait
By our arithmetic from announced prices, the first year with a new Tread Flex and All-Access costs about $2,795: $2,195 for the machine plus $599.88 in membership, before delivery or accessories. People who already work out at home several times a week and value live classes get the most from it, and All-Access lets a whole household keep individual profiles, according to the annual report.
People who are unsure should start cheaper. A used bike with a confirmed recall repair plus the activation fee, a rental, or an app tier on equipment you already own all test the habit before a big commitment. The counter-signal to watch is pricing: Peloton warned in its annual report that it may introduce shipping and return fees or tariff surcharges, and in our read a company losing members also has reasons to run promotions.
What to watch next
- Peloton’s results for the quarter ending September 30, 2026, and whether subscriptions land in its 2.455 million to 2.475 million range
- Holiday pricing on the Tread Flex and Cross Training Bike, the first real test of demand for the cheaper tread
- Any Pilates hardware built on the Skōp acquisition, which Peloton has not announced
Where to start
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Lower-cost ways into connected fitness compared
| Product type | Good fit for | Where to look |
|---|---|---|
| Indoor exercise bike with Bluetooth | Fits app-only memberships | See listings on AmazonOpens Amazon search results, not one listing: check the model on the product page. |
| Equipment mat for bike or treadmill | Fits any home cardio machine | See listings on AmazonOpens Amazon search results, not one listing: check the model on the product page. |
| Indoor cycling shoes with cleats | Fits clip-in bike pedals | See listings on AmazonOpens Amazon search results, not one listing: check the model on the product page. |
Product types that fit the trend described above, not tested models. Check the exact listing before you buy. How we pick them.
Indoor exercise bike with Bluetooth
Where to look: Amazon
For people testing the habit on an app tier such as App+ at $28.99 a month. Check which fitness apps the bike pairs with before buying.
- Works with app classes on your own equipment
- Lower upfront cost than a connected bike
- No built-in class screen
- Metric support varies by app
Equipment mat for bike or treadmill
Where to look: Amazon
Measure the machine footprint, including a folded treadmill, before choosing a size.
- Protects floors from sweat and scuffs
- Works for new and used machines
- Must match the machine footprint
- Adds another line to the budget
Indoor cycling shoes with cleats
Where to look: Amazon
Check the cleat standard the pedals on your bike use before ordering, since systems differ between brands.
- Firm connection to the pedals
- Stiffer sole for indoor rides
- Cleat systems are not interchangeable
- Adds to first-year cost
More: Fitness and Training trends and how the Trend Signal is scored.
Sources
- Peloton Announces Q4 & FY2026 Financial Results — Peloton via GlobeNewswire
- Peloton Interactive Form 10-K for the fiscal year ended June 30, 2026 — SEC
- Peloton Signals New Era With AI Fitness Coaching, Equipment Overhaul — Athletech News
- Peloton Is Going All-In on Running Amid Endurance Sports Boom — Athletech News
- Peloton Gives Disappointing Outlook in Blow to Comeback Bid — Athletech News
- Peloton Acquires Pilates Startup Skōp in Growing Wellness Push — Athletech News
- Peloton Recalls Two Million Exercise Bikes Due to Fall and Injury Hazards — CPSC
- Peloton Recalls Original Series Bike+ Exercise Bikes Due to Fall and Injury Hazards — CPSC
Questions readers ask
How much is a Peloton membership in 2026?
Athletech News reported that in October 2025 Peloton raised All-Access from $44 to $49.99 a month, App+ from $24 to $28.99 and App One from $12.99 to $15.99. All-Access is the tier for people who own Peloton hardware.
Is Peloton losing subscribers?
Yes. Paid connected fitness subscriptions fell 8.8% to 2.553 million in the year to June 30, 2026, and Peloton guided to 2.455 million to 2.475 million by September 30, 2026.
Is a used Peloton bike safe to buy?
Check the model and serial number first. CPSC recalls cover about 2.2 million original Bikes (PL01) and about 833,000 Original Series Bike+ units (PL02) with seat posts that can break; Peloton offers a free self-installed replacement seat post.
What does the Peloton Tread Flex cost?
Athletech News reported a $2,195 price for the foldable Tread Flex when Peloton announced it on September 22, 2026, alongside the $3,495 Tread Vision and the $6,695 Tread+ Vision.
