Executive Summary

The company has not yet published its Q1 2026 earnings press release or earnings call; below is a preview anchored on S&P Global consensus and the most recent management disclosures (Q3 2025, Q2 2025). Actual Q1 2026 results should be compared to these benchmarks when released .
FY 2025 guidance was narrowed to the high end: Revenues $695–$700M (from $685–$700M) and Adjusted EBITDA $145–$150M (from $140–$150M), suggesting confidence into peak season and early 2026 catalysts (including expected oral GLP‑1 launches) .
Clinical momentum remains the bright spot (Q3 2025 clinical revenue +35% y/y; clinical subscribers +60% y/y), while behavioral acquisition headwinds persist; gross margin and adjusted EBITDA profile improved on tighter cost discipline and a more variable cost structure .
Strategic partnerships (NovoCare, LillyDirect, Amazon Pharmacy) and a platform re‑platform (app/website; AI tools) are designed to reduce friction in medication access and modernize the member experience, potentially a Q1 2026 demand catalyst .
Stock reaction will likely hinge on: clinical subscriber stabilization off the Q3 trough, ARPU trajectory as 12‑month commitments grow, and visibility to FY 2026 growth levers (oral GLP‑1 adoption, brand modernization, pricing strategy) .

What Went Well and What Went Wrong

What Went Well

Clinical revenue growth and retention: Q3 2025 Clinical Subscription Revenues +35.3% y/y; retention of members previously prescribed compounded semaglutide exceeded expectations, with ~20% conversion to branded/oral meds .
Profitability resilience: Q3 2025 Adjusted EBITDA $43M; Adjusted EBITDA margin 24.9% on disciplined cost management and timing of marketing spend; nearly 70% of cost of revenue was variable .
Strategic rebuild and partnerships: Emergence from restructuring reduced debt >70% (~$1.1B), enabling growth investments; collaborations with NovoCare/LillyDirect and Amazon Pharmacy improve access and pharmacy logistics .

What Went Wrong

Behavioral weakness: Total revenues down 10.8% y/y in Q3 2025 on ongoing recruitment challenges; behavioral EOP subscribers down 20% y/y .
Tax impact and GAAP loss: Q3 2025 net loss of $58M, negatively impacted by a $53M income tax expense; diluted EPS $(5.76) .
Transition pressure: ARPU declined sequentially in Q3 2025 due to transitioning compounded semaglutide members and increased 12‑month clinical commitments; management flagged Q3 as the trough in clinical subscribers .

Financial Results

Note: Q1 2026 actuals are not yet published; consensus benchmarks are shown for preview. Use these to frame expectations pending company results release.

Revenue, Profitability, and EPS

Metric	Q1 2025	Q2 2025	Q3 2025	Q1 2026 Consensus
Revenue ($USD Millions)	$186.6	$189.2	$172.1	$155.0*
Gross Margin %	71.2%	—	72.1%	—
Net Loss ($USD Millions)	$(72.6)	—	$(57.5)	—
Diluted EPS ($USD)	$(0.91)	—	$(5.76)	$(1.05)*
Adjusted EBITDA ($USD Millions)	$26.9	—	$42.8	$6.45*

Values with an asterisk (*) are S&P Global consensus estimates for Q1 2026; Values retrieved from S&P Global.

Segment Revenue Breakdown

Segment	Q2 2025	Q3 2025
Behavioral Subscription Revenues ($USD Millions)	$157.3	$145.2
Clinical Subscription Revenues ($USD Millions)	$30.6	$25.8
Other Revenues ($USD Millions)	$1.31	$1.16
Total Revenues ($USD Millions)	$189.2	$172.1

Key KPIs

KPI	Q2 2025	Q3 2025
End of Period Subscribers (000s)	3,167	2,986
Behavioral EOP Subscribers (000s)	3,040	2,862
Clinical EOP Subscribers (000s)	127	124
Monthly Subscription Revenues per Avg Subscriber ($)	$18.97	$18.52
Monthly Behavioral ARPU ($)	$16.54	$16.39
Monthly Clinical ARPU ($)	$78.00	$68.52

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenues ($USD Millions)	FY 2025	$685–$700	$695–$700	Raised to high end
Adjusted EBITDA ($USD Millions)	FY 2025	$140–$150	$145–$150	Raised to high end
Cash Taxes ($USD Millions)	FY 2025	—	~$15–$20	New context (cash tax outlook)

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2025)	Previous Mentions (Q3 2025)	Current Period (Q1 2026)	Trend
Clinical growth and medication access	55% y/y clinical revenue growth; transition off compounded semaglutide; insurance PA engine as advantage	Clinical revenue +35% y/y; ~20% conversion from compounded to branded/oral; Q3 clinical subscriber trough	Anticipated oral GLP‑1 launches early 2026; partnerships (NovoCare/LillyDirect/Amazon) to reduce friction	Positive tailwinds into 2026
Digital/app re‑platform & AI	Foundational re‑platform, unify behavioral & clinical, leverage data	New CTO; modernized app/website; AI tools for support and operations	First versions targeted for peak, rolling releases through 2026	Execution phase starting
Behavioral acquisition & brand	Bankruptcy headlines pressured acquisition; brand refresh planned	Menopause program launch; influencer strategy; shift to full‑funnel	Value‑based pricing over time; peak season campaigns to reassert WW	Gradual rebuild
Cost structure & margins	$100M run‑rate savings; move to variable cost structure	~70% variable cost of revenue; expect Q4 margin dip on seasonal staffing	Q1 typically highest marketing spend; lagged revenue recognition	Margin cadence seasonally sensitive
Regulatory/legal (compounding)	Ceased compounded semaglutide Rx; transitioning members	Retention better than expected; conversions to branded/oral	Market moving to broader coverage and lower prices; WW emphasizes compliance and outcomes	Normalizing landscape

Management Commentary

CEO framing the thesis: “GLP‑1s are a breakthrough...real success...comes from combining science, healthy habits, accountability, and connection...our integrated care model...positions WeightWatchers as the leading comprehensive solution” .
On execution and profitability: “Our healthier balance sheet has enabled us to begin investing in growth opportunities, while continuing to deliver strong profitability” .
Clinical retention and transitions: “We successfully converted approximately 20% of our compounding members directly into our ongoing clinical program...insurance‑covered GLP‑1s, cash‑pay via NovoCare/LillyDirect, and oral kits” .
Platform modernization: “The first version of the new app we are targeting to launch by early next year in time for peak...subsequent releases...over the course of next year” .
Partnership leverage: “New collaboration with Amazon Pharmacy...real‑time availability, automatic coupon savings, free two‑day shipping for Prime members” .

Q&A Highlights

Retention dynamics: Better‑than‑expected clinical retention through transition off compounded meds; strategic push to 12‑month commitments, supporting LTV while softening ARPU sequentially .
Partnerships roadmap: NovoCare/LillyDirect integrations and Amazon Pharmacy collaboration designed to reduce access friction and improve affordability/logistics .
Menopause program: Dual pathway (with/without clinic) targeting women’s health; strong brand moments and demand signals post‑launch .
Peak season and oral GLP‑1 catalyst: Early 2026 oral GLP‑1 launches expected to unlock new top‑funnel demand among injection‑averse users .
Brand/influencer strategy shift: Moving from deep discounting/bottom‑funnel to full‑funnel, authentic content led by clinicians/coaches/members .

Estimates Context

Q1 2026 Wall Street consensus benchmarks (S&P Global):

Primary EPS Consensus Mean: $(1.05)*
Revenue Consensus Mean: $155.01M*
EBITDA Consensus Mean: $6.45M*
Number of EPS/Revenue estimates: 1 each*

Values retrieved from S&P Global.

Without company‑reported Q1 2026 results yet, we expect investors to focus on:

Clinical subscriber stabilization off Q3 trough; conversion rates to branded/oral therapies .
ARPU trajectory under 12‑month commitments and promotional mix .
Margin cadence amid peak‑season marketing and staffing; lagged revenue recognition vs spend .

Key Takeaways for Investors

Clinical remains the core growth vector; partnerships plus expected oral GLP‑1s in early 2026 should expand access and demand; monitor clinical EOP and recruitment .
Behavioral acquisition is recovering from bankruptcy headlines but remains a 2026 opening headwind; brand modernization and pricing architecture are medium‑term levers .
Profitability quality improved: higher variable cost mix and disciplined OpEx support robust adjusted EBITDA margins; expect seasonal margin dip near Q4/Q1 .
Guidance raised to high end for FY 2025 revenue/Adjusted EBITDA; track if Q1 2026 momentum sustains this trajectory into FY 2026 .
ARPU dynamics: Year‑over‑year ARPU growth from clinical mix, but sequential pressure from longer commitments; watch ARPU vs retention trade‑offs .
Strategic catalysts: App/website re‑platform, AI workflows, menopause program, B2B RxFlexFund, and international telehealth pilots (e.g., CheqUp) broaden reach .
Trading implications near print: With only one estimate in S&P consensus for Q1 2026*, dispersion is low; stock likely to react to clinical stabilization, ARPU/margin cadence, and any update to FY 2026 outlook.

WW INTERNATIONAL, INC. (WW)·Q1 2026 Earnings Summary