Smart rings have been a niche inside the wearables market. The best public look at the category so far arrived on September 21, 2026, when Oura, its best-known maker, filed an amended registration statement with the Securities and Exchange Commission. The filing shows a product whose unit sales more than doubled in a year and which is now stocked in about 8,400 retail doors.
For shoppers, the useful parts are not the growth figures but the fine print: what a ring really costs once the membership is counted, how often prices are being discounted, and what went wrong with one generation’s batteries. Here is what the filing says, and how the main subscription-free alternative compares.
Trend Signal
72/100 Strong momentum
- Emerging
- Rising
- Mainstream
- Peaking
- Cooling
Ring sales up 75% while revenue per ring slips
Oura’s September 2026 SEC filing reports 3.1 million rings sold in the nine months to June 30, 2026, up 75% from a year earlier, while average revenue per ring fell to $311 from $332 in fiscal 2024.
Our editorial reading of the cited data, not a forecast. How it is scored
By the numbers
- 3.6MOura rings sold in the 12 months ended June 30, 2026, net of returnsOura SEC filing
- 5.0MOura paid members as of June 30, 2026, up from 2.5 million a year earlierOura SEC filing
- $69.99Oura US annual membership price; the monthly plan is $5.99Oura SEC filing
- $311Oura average revenue per ring, nine months to June 30, 2026 ($332 in fiscal 2024)Oura SEC filing
What the Oura filing shows about demand
Oura’s fiscal year ends September 30. It sold 1.0 million rings in fiscal 2024 and 2.3 million in fiscal 2025, a 131% increase, then 3.1 million in the first nine months of fiscal 2026 (October 2025 through June 2026), up 75% from 1.8 million a year earlier. Revenue reached $1.21 billion in those nine months, up 74%, after $907.9 million for fiscal 2025.
The company counts about 3.6 million rings sold over the 12 months to June 30, 2026, which it puts at roughly 2% of the 212 million wearable devices IDC estimates shipped worldwide in that period. Rings remain small next to watches and bands, but they are drawing in new users: in Oura’s own survey, 33% of new members said it was their first wearable and 29% said they replaced another device.
Distribution has moved well beyond Oura’s website. About 49% of hardware revenue in the nine months came through retail partners, which the filing names as including Amazon, Best Buy, Costco and Target, and less than 20% of hardware revenue came from outside the United States.
Smart rings are growing fast from a small base, and most of that growth is happening in the US.
The real price: ring plus membership
Oura Ring 5 launched on June 4, 2026 at starting prices of $399 to $499, depending on finish. That is $50 more at the entry level than Oura Ring 4, which started at $349 to $499. Oura’s membership, which unlocks additional app features, costs $5.99 a month or $69.99 a year in the US; 63% of new members in the nine months to June 2026 started on the annual plan.
Samsung’s Galaxy Ring takes the other approach. Its usual price is $399 and, as 9to5Google noted in April 2026, Samsung does not charge extra after purchase. Over three years, that gap adds up.
The comparison is not like for like. The rings differ in app features, sensors, phone compatibility and sizing, so check what the subscription-free option leaves out before choosing on price alone.
| Cost over time (US prices) | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Oura Ring 5 (base) + annual membership | $468.99 | $538.98 | $608.97 |
| Oura Ring 5 (base) + monthly membership | $470.88 | $542.76 | $614.64 |
| Galaxy Ring at its $399 usual price, no subscription | $399 | $399 | $399 |
Discounts are already part of the market
Oura reports average revenue per unit of $311 in the nine months to June 2026, down from $326 in fiscal 2025 and $332 in fiscal 2024. The company says the figure reflects channel mix, product generations and promotions, including discounts. In other words, list prices went up while the average price actually paid went down.
Timing matters. The filing says ring sales concentrate in the October–December quarter because of Black Friday and Cyber Monday promotions; the quarter ended December 31, 2025 was the largest shown in the filing, at 1.4 million rings. Oura also lists among its risks that competitors may discount hardware or offer “a membership model with no subscription fee.”
That competitor pressure is visible at retail. In April 2026, 9to5Google reported that Samsung was again discounting the Galaxy Ring, an offer it said appears from time to time, with trade-ins lowering the price further.
Battery, warranty and patent fine print
The most useful disclosure for buyers is about reliability. Oura says “certain cohorts of Oura Ring 4 have exhibited battery performance issues,” which increased warranty claims; it replaced affected rings free of charge, in some cases outside the warranty period. Its warranty expense rose $84.4 million in fiscal 2025 because of the issue. Oura says it is monitoring Oura Ring 5 closely and gives no assurance that later generations will avoid similar problems.
Oura’s standard terms are a 30-day right of return on direct purchases and a one-year limited warranty, except where law requires longer. If you buy through a retailer, check that store’s own return window as well.
Patents shape which rings reach US shelves. Oura filed complaints at the US International Trade Commission against Circular, Ultrahuman and RingConn in March 2024, and Circular agreed to license Oura’s patents in June 2024, TechCrunch reported. In September 2025 Oura announced the ITC had ruled in its favor against Ultrahuman and RingConn. On December 12, 2025, Samsung filed its own ITC complaint alleging that certain Oura products infringe four patents, seeking relief that could restrict imports of some Oura rings.
Who a smart ring suits
A ring suits people who want passive tracking without a screen. Oura says members wore the ring for a median of about 23 hours a day in its third fiscal quarter of 2026, and it quotes up to eight days of battery life.
A ring is a weaker fit if you want notifications, GPS or a display, or if you dislike subscriptions; a subscription-free ring or a screenless band are the alternatives to price out. Sizing matters more than with a watch. Oura’s filing credits retail stores with in-store sizing; online, a sizing kit for the brand you plan to buy is the safer route.
Data handling is worth a look too. Ultrahuman said a March 27, 2026 breach of an internal analytics system exposed account details, contact information and transaction history, though not passwords or payment data, 9to5Google reported.
Price a ring over three years, size it before you buy, and keep the receipt.
What to watch next
- How the ITC handles Samsung’s December 2025 complaint against Oura, which seeks import restrictions on some Oura rings.
- Oura’s next financial disclosures, and whether average revenue per ring keeps falling below $311.
- Holiday 2026 pricing on Oura Ring 4 and the Galaxy Ring now that Oura Ring 5 is the lead model.
Where to start
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Smart ring options compared on ongoing cost and fit
| Product type | Good fit for | Where to look |
|---|---|---|
| Smart ring without subscription | Fits buyers who dislike subscriptions | See listings on AmazonOpens Amazon search results, not one listing: check the model on the product page. |
| Smart ring sizing kit | Fits buying a ring online | See listings on AmazonOpens Amazon search results, not one listing: check the model on the product page. |
| Screenless fitness band | Fits tracking without a screen or ring | 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.
Smart ring without subscription
Where to look: Amazon
The math favors a one-time purchase over three years. Confirm the app works with your phone and which features stay free.
- One-time price
- Galaxy Ring has sold well below list
- Fewer app features on some models
- Phone compatibility varies
Smart ring sizing kit
Where to look: Amazon
Rings are unforgiving on fit. Wear the sizer for a day on the finger you plan to use before ordering.
- Avoids a wrong-size return
- Cheap relative to the ring
- Brand-specific
- Adds a few days before ordering
Screenless fitness band
Where to look: Amazon
An alternative for people who want passive tracking but find rings uncomfortable. Read the subscription terms before buying.
- No screen, like a ring
- Easier to size than a ring
- Visible on the wrist
- Some need a subscription too
More: Tech and Gadgets trends and how the Trend Signal is scored.
Sources
- Oura Inc. Form S-1/A registration statement, September 21, 2026 — U.S. Securities and Exchange Commission
- Oura press releases, 2025–2026 — Oura
- Galaxy Ring has dropped to $299 again — 9to5Google
- Ultrahuman says recent security breach didn’t affect passwords or credit cards — 9to5Google
- Circular will pay competitor Oura royalties to sell its smart ring in the US — TechCrunch
Questions readers ask
How much does an Oura membership cost in 2026?
$5.99 a month or $69.99 a year in the US, according to Oura’s September 2026 SEC filing. Oura Ring 5 itself starts at $399 to $499 depending on finish.
Is there a smart ring without a subscription?
Yes. Samsung does not charge extra for the Galaxy Ring after purchase, as 9to5Google noted in April 2026; the ring’s usual price is $399, and Samsung discounts it from time to time.
Did the Oura Ring 4 have battery problems?
Oura’s SEC filing says certain batches of Oura Ring 4 showed battery performance issues and that it replaced affected rings free of charge, in some cases outside the one-year warranty.
How many smart rings does Oura sell?
About 3.6 million in the 12 months to June 30, 2026, according to its filing, which it estimates at roughly 2% of the 212 million wearables IDC counted worldwide over the same period.
