Total End of Period Subscribers of 2.8 million; End of Period Clinical Subscribers of 130 thousand, up 42% year-over-year with continued growth in first quarter 2026
Fourth Quarter Total Revenue of $163 million; Clinical Subscription Revenue of $27 million, up 32% year-over-year
Fourth Quarter Net Loss of $6 million; Net Loss Margin of 3.6%; Adjusted EBITDA1 of $18 million and Adjusted EBITDA Margin1 of 11.1%
Provides First Quarter 2026 End of Period Subscriber Estimates and Full Year 2026 Financial Guidance
NEW YORK, March 16, 2026 (GLOBE NEWSWIRE) -- WW International, Inc. (NASDAQ:WW) ("Weight Watchers" or the "Company"), the global leader in science-backed weight management, today announced its results for the fourth quarter and full year fiscal 2025 ended December 31, 20252 in this Earnings Press Release and a Shareholder Letter posted on the Company's Corporate Website.
"Our industry is undergoing a profound transformation driven by GLP-1 medications, and Weight Watchers is evolving alongside it," said Tara Comonte, CEO of Weight Watchers. "Throughout Q4, we continued expanding our clinical capabilities and building the digital experiences needed to support members in this new era of weight health. Our strategy is rooted in combining access to GLP-1 medications with the behavioral support and community that have defined Weight Watchers for decades. As research continues to highlight the importance of pairing medication with structured support, this comprehensive weight health platform represents our long-term competitive advantage. In fact, members who regularly engage with our GLP-1 Success Program lose 29 percent more body weight, on average, than those who use medication without structured behavioral support."
Comonte added, "While significant work remains ahead to fully realize this vision, we are encouraged by early signs of progress including strong Clinical growth, improved brand momentum, and early engagement across our evolving product ecosystem. We view 2026 as an important inflection year, unlocking the potential for sustainable future growth. The year ahead will focus on continuing our transformation and positioning Weight Watchers as the premier global destination for weight health in the GLP-1 era."
"Our fourth quarter results were consistent with our strategic and financial objectives, and we're pleased that our 2025 Revenue and Adjusted EBITDA1,2 exceeded our previously provided 2025 guidance," said Felicia DellaFortuna, CFO of Weight Watchers. "As our industry evolves and our business continues to shift toward integrated solutions, our revenue mix and operating profile are evolving alongside it. While our Behavioral business continues to face secular pressures and post financial reorganization headwinds, strong Clinical growth - driven by both new and lapsed member acquisition as well as existing member upgrades from our Behavioral business - reflects the progress we are making in transforming the Company. With a significantly improved financial foundation following our reorganization, we remain focused on disciplined execution, thoughtful investment in growth, and maintaining healthy Adjusted EBITDA margins1 as we navigate this multi-year transition."
Business Updates
Q4 Clinical Subscription Revenue and End of Period Clinical Subscriber growth remained strong at 32% and 42% year-over-year, respectively. Q4 Clinical Subscription Revenue grew to 17% of Total Subscription Revenue, up from 11% in Q4 2024. End of Period Clinical Subscriber momentum accelerated in Q1 2026 despite lapping significant prior year growth in Q1 2025 driven by the Company's former compounded semaglutide offering.
Q4 Total Revenue declined 12% year-over-year, reflecting increasing consumer interest toward GLP-1 medications amid continued multi-year secular headwinds in the Behavioral business, coupled with the commercial impact from the Company's Chapter 11 financial reorganization.
Q4 Net Loss Margin was 3.6%. Q4 Adjusted EBITDA Margin1 was 11.1%, which declined year-over-year primarily due to $10 million of marketing spend from additional calendar days as a result of the Company's adoption of a new fiscal calendar, which ends December 31. Strategic brand marketing investments were also made in Q4 ahead of peak season.
Cash and Cash Equivalents at December 31, 2025 of $160 million reflecting a portion of marketing spend related to the first quarter 2026, which represents the Company's highest quarterly marketing spend of the year due to seasonal demand.
Following the Company's successful financial reorganization, 2026 marks the first stage of a multi-year transformation as both the weight health market and the Company undergo significant foundational shifts. The Company is rapidly unifying its clinical capabilities with its behavioral heritage to create a weight health ecosystem, while proactively shifting its offerings toward higher ARPU, integrated care models in service of superior member outcomes.
Fiscal 2026 Guidance
Guidance reflects estimates for First Quarter 2026 Total End of Period Subscribers of approximately 2.65 million, including End of Period Clinical Subscribers of approximately 200 thousand, following a strategic concentration of marketing spend in Q1 to drive brand repositioning and Clinical growth.
The Company's full year outlook reflects i) an opening subscriber headwind from 2025; ii) an accelerating mix shift between the Behavioral and Clinical lines of business driving ARPU accretion; and iii) reduced marketing spend for the remaining quarters of the year which will be recalibrated across the portfolio in order to manage relative maturity profiles of these business lines.
Revenue guidance of $620 million to $635 million.
Adjusted EBITDA1 guidance of $105 million to $115 million.
Fourth Quarter and Full Year 2025 Conference Call and Webcast
The Company has scheduled a conference call today at 8:30 a.m. ET to discuss results. The webcast of the conference call will be available on the Company's corporate website, corporate.ww.com, under Events and Presentations. A replay of the webcast will be available on this site for at least 90 days.
1Statement regarding Non-GAAP Financial Measures
To supplement the Company's consolidated results presented in accordance with accounting principles generally accepted in the United States ("GAAP"), the Company has disclosed non-GAAP financial measures of operating results that exclude or adjust certain items. The Company presents in this release non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization expenses and share-based compensation expense ("EBITDA"); and for each period presented, EBITDA adjusted, as applicable, for (a) goodwill and other intangible assets impairments, (b) reorganization items, net related to the Company's emergence from its Chapter 11 financial reorganization, (c) transaction costs related to strategic alternatives and the Company's Chapter 11 financial reorganization, (d) net restructuring charges associated the 2025 restructuring plan and previously disclosed 2024, 2023, and 2022 restructuring plans, (e) former Chief Executive Officer ("CEO") separation expenses, and (f) other items such as the impact of foreign exchange gains and losses as indicated in the reconciliations below that management believes are not indicative of ongoing operations ("Adjusted EBITDA"). The Company also presents gross profit, marketing expenses, selling, general and administrative expenses, and product development expenses on a non-GAAP basis that adjusts for similar items, as further indicated in the reconciliations below.
As exchange rates are an important factor in understanding period-to-period comparisons, the Company believes in certain cases the presentation of results on a constant currency basis in addition to reported results helps improve investors' ability to understand the Company's operating results and evaluate the Company's performance in comparison to prior periods. Constant currency information compares results between periods as if exchange rates had remained constant period-over-period. The Company uses results on a constant currency basis as one measure to evaluate the Company's performance. In this press release, the Company calculates constant currency by calculating current-year results using prior-year foreign currency exchange rates. The Company generally refers to such amounts calculated on a constant currency basis as excluding or adjusting for the impact of foreign currency or being on a constant currency basis. These results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP and are not meant to be considered in isolation. Results on a constant currency basis, as the Company presents them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP.
Management believes these non-GAAP financial measures provide useful supplemental information to investors regarding the performance of the Company's business and are useful for period-over-period comparisons of the performance of the Company's business. While the Company believes that these non-GAAP financial measures are useful in evaluating the Company's business, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies. See "Reconciliation of Non-GAAP Financial Measures" in this release and reconciliations, if any, included elsewhere in this release for a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures.
A reconciliation of the forward-looking full year Adjusted EBITDA outlook to net income cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of the Company's control, or cannot be reasonably predicted. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results.
2Fresh Start Accounting and Predecessor and Successor Periods
In connection with the Company's emergence from its financial reorganization process on June 24, 2025, the Company applied fresh start accounting which resulted in Successor and Predecessor financial statement presentation. References to "Successor" relate to the Company's operations for the three months ended December 31, 2025 and the period from June 25, 2025 through December 31, 2025. References to "Predecessor" relate to the Company's operations for the period from December 29, 2024 through June 24, 2025 and the three months and fiscal year ended December 28, 2024. Accordingly, the consolidated financial statements after June 24, 2025 are not comparable with the consolidated financial statements as of or prior to that date.
For purposes of 2025 Adjusted EBITDA compared to previously provided guidance, 2025 Adjusted EBITDA reflects the Successor period from June 25, 2025 through December 31, 2025 combined with the Predecessor period from December 29, 2024 through June 24, 2025.
Definitions
"Behavioral" business refers to providing subscriptions to the Company's digital product offerings with the option to add on unlimited access to the Company's workshops.
"Clinical" business refers to providing subscriptions to the Company's clinical product offerings provided by Weight Watchers Clinic combined with the Company's digital subscription product offerings and unlimited access to the Company's workshops.
"Revenue" - "Subscription Revenue" consists of the aggregate of: (a) "Behavioral Subscription Revenue", the fees associated with subscriptions for the Company's Behavioral offerings; and (b) "Clinical Subscription Revenue", the fees associated with subscriptions for the Company's Clinical offerings. In addition, "Other Revenue" (formerly known as "product sales and other") consists of revenue from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenue. Prior to fiscal 2024, Other Revenue included sales of consumer products.
"Incoming Subscribers" - "Subscribers" refer to Behavioral subscribers and Clinical subscribers who participate in recurring bill programs in Company-owned operations. The "Incoming Subscribers" metric reports Subscribers in Company-owned operations at a given period start. Recruitment and retention are key drivers for this metric. Management utilizes this metric to monitor changes in the subscriber base which directly impacts the Company's revenue growth and trends.
"End of Period Subscribers" - "End of Period Subscribers" metric reports Subscribers in Company-owned operations at a given period end. Recruitment and retention are key drivers for this metric. Management utilizes this metric to monitor changes in the subscriber base which directly impacts the Company's revenue growth and trends.
"Monthly Subscription Revenue Per Average Subscriber" ("ARPU") - The "Monthly Subscription Revenue Per Average Subscriber" metric reports the monthly fees associated with subscriptions for the Company's offerings divided by the Average Subscriber for its businesses. Monthly Subscription Revenue for both quarterly and year-to-date periods for each respective business are calculated as Subscription Revenue divided by the number of months in the respective quarterly or year-to-date period. The "Average Subscriber" for quarterly periods for each respective business is the average of its Incoming Subscribers and End of Period Subscribers for the respective quarterly period. The "Average Subscriber" for year-to-date periods for each respective business is the average of its Incoming Subscribers at the beginning of the fiscal year and its End of Period Subscribers for each quarter end within the respective year-to-date period. Management utilizes this metric to consider revenue growth and trends on a per subscriber basis.
About Weight WatchersWeight Watchers is the global leader in science-backed weight management, offering an integrated support system built for the GLP-1 era that combines scientific expertise, medication, cutting-edge technology, and human connection. With more than 60 years of experience, Weight Watchers is the most studied commercial weight management program in the world, delivered through its No. 1 U.S. doctor-recommended weight-loss program. Its holistic, personalized approach also includes U.S.-based clinical interventions and access to GLP-1 medications when clinically appropriate, and a global network of coaches and community support. Since 1963, the company has led with science to deliver its members the personalized support they need to reach and sustain their goals. Members can access these solutions directly, or through Weight Watchers for Business' full-spectrum platform for employers, health plans, and payers. In a landscape crowded with contradictory advice, isolating apps, and one-size-fits-all solutions, Weight Watchers offers a proven path forward that is rooted in research, grounded in empathy and designed to help every member feel better in their body and live a longer, healthier life. For more information, visit weightwatchers.com.
This news release includes "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, any statements about the Company's plans, strategies, objectives, initiatives, and prospects. The Company generally uses the words "may," "will," "could," "expect," "anticipate," "believe," "estimate," "plan," "intend," "aim" and similar expressions in this news release to identify forward-looking statements. The Company bases these forward-looking statements on its current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions, including, among other things: the Company's recent emergence from bankruptcy, which could adversely affect its business and relationships and subjects us to risks and uncertainties; competition from other weight management and health and wellness industry participants or the development of more effective or more favorably perceived weight management methods; the Company's failure to continue to retain and grow its subscriber base; the Company's ability to be a leader in the rapidly evolving and increasingly competitive clinical weight management and weight loss market; the Company's ability to continue to develop new, innovative services and products and enhance its existing services and products or the failure of its services, products or brands to continue to appeal to the market, or its ability to successfully expand into new channels of distribution or respond to consumer trends or sentiment; the Company's ability to successfully implement strategic initiatives; the effectiveness and efficiency of its advertising and marketing programs, including the strength of its social media presence; the impact on the Company's reputation of actions taken by its franchisees, licensees, suppliers, affiliated provider entities, PCs' healthcare professionals, and other partners; the recognition of asset impairment charges; the loss of key personnel, strategic partners or consultants or failure to effectively manage and motivate the Company's workforce; the Company's ability to successfully make acquisitions or enter into collaborations or joint ventures, including its ability to successfully integrate, operate or realize the anticipated benefits of such businesses; uncertainties related to a downturn in general economic conditions or consumer confidence, including as a result of the existing inflationary environment, changes in tariffs and escalating trade tensions, rising interest rates, the potential impact of political and social unrest and increased volatility in the credit and capital markets; the seasonal nature of the Company's business; the Company's failure to maintain effective internal control over financial reporting; the impact of events that impede accessing resources or discourage or impede people from gathering with others; the early termination by us of leases; the inability to renew certain of the Company's licenses, or the inability to do so on terms that are favorable to us; the dependence of the Company's payments system on third-party service providers; the impact of the Company's exposure to variable rate indebtedness; the ability to generate sufficient cash to service the Company's debt and satisfy its other liquidity requirements; uncertainties regarding the satisfactory operation of the Company's technology or systems; the impact of data security breaches and other malicious acts or privacy concerns, including the costs of compliance with evolving privacy laws and regulations; the Company's ability to successfully integrate and use artificial intelligence in its business; the Company's ability to enforce its intellectual property rights both domestically and internationally, as well as the impact of its involvement in any claims related to intellectual property rights; the impact of existing and future laws and regulations; risks related to the Company's exposure to extensive and complex healthcare laws and regulations; the outcomes of litigation or regulatory actions; risks and uncertainties associated with the Company's international operations, including regulatory, economic, political, social, intellectual property, and foreign currency risks, which risks may be exacerbated as a result of war and terrorism; the Company's ability to engage in share repurchases and pay cash dividends in the foreseeable future; risks related to the actions of activist shareholders and anti-takeover provisions in the Company's articles of incorporation and bylaws; risks related to the actions of the Company's shareholders and the exclusive forum provisions in its articles of incorporation; the possibility that the Company could fail to maintain the listing of the Company's common stock on Nasdaq; and other risks and uncertainties, including those included in this press release and those detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission (the "SEC") (which are available on the SEC's EDGAR database at www.sec.gov and via the Company's website at corporate.ww.com). You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those discussed herein, could cause the Company's results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company's filings with the SEC (which are available on the SEC's EDGAR database at www.sec.gov and via the Company's website at corporate.ww.com).
For investor inquiries, please contact:John Mills or Anna Kate Heller [email protected]
For media inquiries, please contact:Lizzy Levitan [email protected]
WW INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
UNAUDITED
Successor
Predecessor
December 31,
December 28,
2025
2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
160,279
$
53,024
Restricted cash
6,298
3,003
Receivables (net of allowances: December 31, 2025 - $1,651 and December 28, 2024 - $3,166)
16,378
14,428
Prepaid income taxes
8,097
11,676
Prepaid marketing and advertising
9,275
4,969
Prepaid expenses and other current assets
13,277
15,548
TOTAL CURRENT ASSETS
213,604
102,648
Property and equipment, net
8,115
15,798
Operating lease assets
2,933
42,047
Goodwill
200,135
239,583
Other intangible assets, net
490,664
115,762
Deferred income taxes
16,482
16,686
Other noncurrent assets
14,825
17,752
TOTAL ASSETS
$
946,758
$
550,276
LIABILITIES AND TOTAL EQUITY (DEFICIT)
CURRENT LIABILITIES
Portion of operating lease liabilities due within one year
$
1,260
$
8,168
Accounts payable
9,212
17,803
Salaries and wages payable
34,375
53,143
Accrued marketing and advertising
22,985
12,805
Accrued interest
1,084
11,322
Deferred acquisition payable
—
15,503
Other accrued liabilities
23,049
20,593
Income taxes payable
6,006
2,339
Deferred revenue
28,565
31,655
TOTAL CURRENT LIABILITIES
126,536
173,331
Long-term debt, net
465,466
1,430,643
Long-term operating lease liabilities
1,893
44,322
Deferred income taxes
34,021
14,762
Other noncurrent liabilities
771
1,590
TOTAL LIABILITIES
628,687
1,664,648
TOTAL EQUITY (DEFICIT)
Successor common stock, $0 par value; 1,000,000 shares authorized; 9,992 shares issued at December 31, 2025
378,777
—
Predecessor common stock, $0 par value; 1,000,000 shares authorized; 130,048 shares issued at December 28, 2024
—
—
Predecessor treasury stock, at cost, 49,997 shares at December 28, 2024
—
(3,024,710
)
(Accumulated deficit) retained earnings
(62,095
)
1,936,170
Accumulated other comprehensive income (loss)
1,389
(25,832
)
TOTAL EQUITY (DEFICIT)
318,071
(1,114,372
)
TOTAL LIABILITIES AND TOTAL EQUITY (DEFICIT)
$
946,758
$
550,276
WW INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
UNAUDITED
Successor
Predecessor
Three Months Ended
Three Months Ended
December 31, 2025
December 28, 2024
Subscription revenue, net(1)
$
161,454
$
181,733
Other revenue, net(2)
1,358
2,680
Revenue, net
162,812
184,413
Cost of subscription revenue(3)
48,556
55,786
Cost of other revenue
161
114
Cost of revenue
48,717
55,900
Gross profit
114,095
128,513
Marketing expenses
65,474
48,207
Product development expenses
8,872
8,873
Selling, general and administrative expenses
52,688
35,211
Operating (loss) income
(12,939
)
36,222
Interest expense
11,767
27,031
Other income, net
(17
)
(4,188
)
(Loss) income before income taxes
(24,689
)
13,379
Benefit from income taxes
(18,856
)
(11,745
)
Net (loss) income
$
(5,833
)
$
25,124
(Net loss) earnings per share
Basic
$
(0.58
)
$
0.31
Diluted
$
(0.58
)
$
0.31
Weighted average common shares outstanding
Basic
9,988
79,890
Diluted
9,988
81,005
Note: Totals may not sum due to rounding.
(1) "Subscription revenue, net" consist of the aggregate of: (a) net "Behavioral Subscription Revenue", the fees associated with subscriptions for the Company's Behavioral offerings; and (b) net "Clinical Subscription Revenue", the fees associated with subscriptions for the Company's Clinical offerings.
(2) "Other revenue, net" consist of revenue from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenue.
(3 )"Cost of subscription revenue" consists of cost of revenue and operating expenses for the Company's Behavioral and Clinical services.
WW INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
UNAUDITED
Successor
Predecessor
Period from
Period from
June 25, 2025
December 29, 2024
Fiscal Year Ended
through December 31, 2025
through June 24, 2025
December 28, 2024
Subscription revenue, net(1)
$
344,461
$
360,953
$
776,993
Other revenue, net(2)
2,609
2,615
8,928
Revenue, net
347,070
363,568
785,921
Cost of subscription revenue(3)
99,722
100,026
250,954
Cost of other revenue
233
158
1,864
Cost of revenue
99,955
100,184
252,818
Gross profit
247,115
263,384
533,103
Marketing expenses
116,662
110,871
236,467
Product development expenses
17,108
25,281
42,158
Selling, general and administrative expenses
115,663
78,480
175,667
Franchise rights acquired impairments
—
27,549
315,033
Operating (loss) income
(2,318
)
21,203
(236,222
)
Reorganization items, net
—
(1,143,918
)
—
Interest expense
24,742
38,664
108,954
Other expense (income), net
1,257
6,685
(1
)
(Loss) income before income taxes
(28,317
)
1,119,772
(345,175
)
Provision for income taxes
33,778
1,669
526
Net (loss) income
$
(62,095
)
$
1,118,103
$
(345,701
)
(Net loss) earnings per share
Basic
$
(6.22
)
$
13.93
$
(4.34
)
Diluted
$
(6.22
)
$
13.80
$
(4.34
)
Weighted average common shares outstanding
