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Earnings (Loss) Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	35.6	107.1
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	77.3	77.3

Earnings (Loss) Per Share

3 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

10. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of outstanding shares of common stock during the period. Diluted earnings (loss) per share is computed using the treasury stock method for stock-based awards, and the if-converted method for convertible senior notes. Under the treasury stock method, the denominator is adjusted to include, when dilutive, incremental shares issuable upon the assumed exercise of stock options, ESPP shares to be issued, and vesting of service-based and performance-based restricted stock units. Under the if-converted method, the numerator is adjusted to add back interest expense on the convertible senior notes, net of tax, and the denominator is adjusted to include incremental shares issuable upon conversion of the convertible senior notes, when the effect of applying this method is dilutive. Basic and diluted earnings (loss) per share are the same for each class of common stock because they are entitled to the same liquidation and dividend rights.

The computation of basic and diluted earnings (loss) per share is as follows:


	Three Months Ended September 30,
	2025		2024
	(in millions, except share and per share amounts)
Basic earnings (loss) per share:
Numerator:
Net income (loss)	$	13.9	$	(0.9)
Denominator:
Weighted-average common shares outstanding, basic	413,108,105		378,776,423
Earnings (loss) per share, basic	$	0.03	$	—

Diluted earnings (loss) per share:
Numerator:
Net income (loss)	$	13.9	$	(0.9)

Net income (loss) attributable to common stockholders, diluted	$	13.9	$	(0.9)
Denominator:
Weighted-average common shares outstanding, basic	413,108,105		378,776,423
Weighted-average effect of dilutive securities:



Stock-based awards	16,896,821		—

Weighted average common shares outstanding, diluted	430,004,926		378,776,423
Earnings (loss) per share, diluted	$	0.03	$	—

As of September 30, 2025 and 2024, 35.6 million and 107.1 million potentially dilutive stock-based awards, calculated as the total outstanding shares as of those period ends, were excluded from the computation of diluted earnings (loss) per share. Additionally, 77.3 million of potentially dilutive shares related to convertible senior notes, calculated under the if-converted method, were excluded from the computation of diluted earnings (loss) per share as of September 30, 2025 and 2024. These amounts were excluded as they would have been anti-dilutive.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2025	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 1,103.6	$ 1,039.5
Accounts receivable, net	70.4	101.2
Inventories, net	237.7	205.6
Prepaid expenses and other current assets	100.4	91.3
Total current assets	1,512.1	1,437.6
Property and equipment, net of accumulated depreciation and amortization of $287.4 and $298.3, respectively	219.3	239.0
Intangible assets, net	3.4	5.6
Goodwill	44.0	41.2
Restricted cash	46.0	46.2
Operating lease right-of-use assets, net	328.7	338.9
Other assets	16.7	16.8
Total assets	2,170.1	2,125.3
Current liabilities:
Accounts payable and accrued expenses	377.1	372.7
Deferred revenue and customer deposits	140.6	150.7
Current portion of debt	208.7	208.5
Operating lease liabilities, current	67.6	70.1
Other current liabilities	1.0	2.0
Total current liabilities	795.0	803.9
Convertible senior notes, net of current portion	343.9	343.6
Term loan, net of current portion	946.1	946.9
Operating lease liabilities, non-current	396.3	407.5
Other non-current liabilities	35.8	37.2
Total liabilities	2,517.2	2,539.1
Commitments and contingencies (Note 8)
Stockholders’ deficit
Common stock, $0.000025 par value; 2,500,000,000 and 2,500,000,000 shares of Class A common stock authorized, 401,756,597 and 390,579,270 shares of Class A common stock issued and outstanding as of September 30, 2025 and June 30, 2025, respectively; 2,500,000,000 and 2,500,000,000 shares of Class B common stock authorized, 15,836,724 and 15,837,270 shares of Class B common stock issued and outstanding as of September 30, 2025 and June 30, 2025, respectively.	0.0	0.0
Additional paid-in capital	5,233.2	5,183.8
Accumulated other comprehensive income	8.4	5.1
Accumulated deficit	(5,588.7)	(5,602.6)
Total stockholders’ deficit	(347.0)	(413.8)
Total liabilities and stockholders' deficit	$ 2,170.1	$ 2,125.3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2025	Jun. 30, 2025
Accumulated depreciation and amortization	$ 287.4	$ 298.3
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.000025	$ 0.000025
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares issued (in shares)	401,756,597	390,579,270
Common stock, shares outstanding (in shares)	401,756,597	390,579,270
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.000025	$ 0.000025
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares issued (in shares)	15,836,724	15,837,270
Common stock, shares outstanding (in shares)	15,836,724	15,837,270

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Consolidated Revenue	$ 550.8	$ 586.0
North America
Disaggregation of Revenue [Line Items]
Consolidated Revenue	494.4	535.9
International
Disaggregation of Revenue [Line Items]
Consolidated Revenue	$ 56.5	$ 50.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Inventories - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jun. 30, 2025
Inventory [Line Items]
Inventory reserves	$ 113.2	$ 154.8
Inventory related to returned products	33.7	64.9
Excess Accessories and Apparel
Inventory [Line Items]
Inventory reserves	$ 63.6	$ 66.8

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Oct. 28, 2024	Sep. 30, 2025	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Amount awarded to other party	$ 19.1
Supplier settlements		$ 0.0	$ 23.5

Restructuring

3 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring

4. Restructuring

In February 2022, the Company announced and began implementing a restructuring plan (the “2022 Restructuring Plan”) and in April 2024, the Company’s Board of Directors approved a new restructuring plan to expand upon its 2022 Restructuring Plan (as expanded and collectively with the 2022 Restructuring Plan, the “2024 Restructuring Plan”).

In August 2025, the Company announced a new restructuring plan (the “2025 Restructuring Plan”), which includes a reduction in global headcount and is intended to continue to improve the Company’s cost structure, operating efficiency, and profitability, while providing the opportunity to return to growth by reinvesting savings into Peloton’s differentiating capabilities. Our actions under our previous restructuring plans announced in February 2022 (the “2022 Restructuring Plan”) and in May 2024 (the “2024 Restructuring Plan”) have been substantially completed. As such, any remaining charges under these plans are included within the 2025 Restructuring Plan. The 2022, 2024, and 2025 plans, taken together, are referred to as the “Restructuring Plans.” The Company expects the Restructuring Plans to be substantially implemented by the end of fiscal year 2026, which is subject to change.

In connection with the 2025 Restructuring Plan, the Company estimates that it will incur additional cash restructuring charges of approximately $40.0 million, primarily comprised of location strategy costs, lease termination costs, and other exit costs. Additionally, the Company expects to recognize additional non-cash restructuring charges of approximately $5.0 million, primarily comprised of asset write-downs and write-offs, in connection with the continued exit of the Company’s retail and other leased locations. The Company expects these charges to be substantially incurred by the end of fiscal year 2026, which is subject to change.

Due to the actions taken pursuant to the Restructuring Plans, the Company tested certain long-lived assets (asset groups) for recoverability by comparing the carrying values of the asset group to estimates of their future undiscounted cash flows, which were generally the liquidation value, or for operating lease right-of-use assets, income from a sublease arrangement. Based on the results of the recoverability tests, the Company determined that during the three months ended September 30, 2025 and 2024, the undiscounted cash flows of certain assets (asset groups) were below their carrying values, indicating impairment. The assets were written down to their estimated fair values, which were determined based on their estimated liquidation or sales value, or for operating lease right-of-use assets, discounted cash flows of a sublease arrangement.

As a result of these restructuring initiatives, the Company incurred the charges shown in the following table. Asset write-downs and write-offs are included within Impairment expense, and the remaining charges incurred during the relevant periods are included within Restructuring expense, in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):


	Three Months Ended September 30,
	2025		2024
Cash restructuring charges:(1)	(in millions)
Severance and other personnel costs	$	(0.4)	$	(0.5)
Exit and disposal costs and professional fees	5.0		3.4
Total cash restructuring charges	4.7		2.9

Non-cash restructuring charges:(1)
Asset write-downs and write-offs	$	7.2	$	5.1
Stock-based compensation expense	(0.2)		—


Total non-cash restructuring charges	7.0		5.1

Total	$	11.7	$	8.1

_________________________

(1) All cash and non-cash restructuring charges for the three months ended September 30, 2025 related to the 2025 Restructuring Plan. All cash and non-cash restructuring charges for the three months ended September 30, 2024 related to the 2024 Restructuring Plan.

The following table presents a roll-forward of cash restructuring-related liabilities, which are included within Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets:


	Severance and other personnel costs		Exit and disposal costs and professional fees		Total
	(in millions)
Balance as of June 30, 2024	$	12.7	$	4.3	$	17.0
Cash restructuring charges(1)	(0.5)		3.4		2.9
Cash payments	(10.4)		(4.7)		(15.1)
Balance as of September 30, 2024	$	1.8	$	3.1	$	4.8

Balance as of June 30, 2025	$	23.8	$	0.8	$	24.6
Cash restructuring charges(1)	(0.4)		5.0		4.7
Cash payments	(4.8)		(4.2)		(8.9)
Balance as of September 30, 2025	$	18.6	$	1.7	$	20.3

_________________________

(1) All cash restructuring charges for the three months ended September 30, 2025 related to the 2025 Restructuring Plan. All cash restructuring charges for the three months ended September 30, 2024 related to the 2024 Restructuring Plan.

Restructuring - Schedule of Restructuring Related Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 24.6	$ 17.0
Cash restructuring charges	4.7	2.9
Cash payments	(8.9)	(15.1)
Ending Balance	20.3	4.8
Severance and other personnel costs
Restructuring Reserve [Roll Forward]
Beginning Balance	23.8	12.7
Cash restructuring charges	(0.4)	(0.5)
Cash payments	(4.8)	(10.4)
Ending Balance	18.6	1.8
Exit and disposal costs and professional fees
Restructuring Reserve [Roll Forward]
Beginning Balance	0.8	4.3
Cash restructuring charges	5.0	3.4
Cash payments	(4.2)	(4.7)
Ending Balance	$ 1.7	$ 3.1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain monetary amounts, percentages, and other figures included elsewhere in these financial statements have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them. Certain immaterial amounts from the prior year have been reclassified to conform with current-year presentation.
Use of Estimates	The preparation of these financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product warranty and recall related provisions, inventory valuation and reserves, revenue recognition and related reserves, music royalty fees, valuation of long-lived assets and their associated useful lives, valuation of goodwill, fair value measurements, stock-based compensation, income taxes, future restructuring charges, and commitments and contingencies. Actual results may differ from these estimates.
Recently Issued Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted ASU 2023-09 In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU enhances income tax information primarily through changes in the rate reconciliation and income taxes paid information. It is effective for fiscal years beginning after December 15, 2024, and should be applied on a prospective basis, however retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU. ASU 2024-03 In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires the disaggregation of certain expense captions on the face of the income statement into specified categories in disclosures within the footnotes to the financial statements. It is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, and is permitted on either a prospective or retrospective basis. The Company is currently evaluating the impact of adopting this ASU. ASU 2024-04 In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. It is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods, and is permitted on either a prospective or retrospective basis. The Company is currently evaluating the impact of adopting this ASU. ASU 2025-03 In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. This ASU improves the requirements for identifying the accounting acquirer in a business combination that is effected primarily by exchanging equity interests in which a variable interest entity is acquired. It is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within those annual reporting periods, and is required to be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the legal acquiree in future business combinations. ASU 2025-05 In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. It is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods, and should be applied prospectively. The Company is currently evaluating the impact of adopting this ASU. ASU 2025-06 In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software to clarify and modernize the accounting for costs related to internal-use software. This ASU is effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, and is permitted to be applied using a prospective, modified, or retrospective transition approach. The Company is currently evaluating the impact of adopting this ASU.
Deferred Revenue and Customer Deposits	Deferred revenue is recorded for nonrefundable cash payments received for the Company’s performance obligation to transfer, or stand ready to transfer, goods or services in the future. Customer deposits represent payments received in advance before the Company transfers a good or service to the customer and are refundable.
Fair Value Measurements	The estimated fair value of the 2026 Notes and the estimated fair value of the 2029 Notes (each as defined in Note 7, Debt) are determined based on the respective closing prices on the last trading day of the reporting period. The carrying value of the Term Loan (as defined in Note 7, Debt) approximates the fair value of the Term Loan as of September 30, 2025 and June 30, 2025, respectively.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Segment Information

3 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

11. Segment Information

The Company has two reportable segments: Connected Fitness Products and Subscription. The Connected Fitness Products segment primarily derives revenue from sale of the Company's portfolio of Connected Fitness Products and related accessories, as well as Precor-branded fitness products, delivery and installation services, Peloton Bike portfolio rental products, extended warranty agreements, branded apparel, and commercial service contracts. The Subscription segment primarily derives revenue from monthly Subscription fees. There are no internal revenue transactions between the Company’s segments. Segment information is presented in the same manner that the chief operating decision maker ("CODM"), the Chief Executive Officer and President, reviews the operating results in assessing performance and allocating resources. No operating segments have been aggregated to form the reportable segments.

Beginning in the first quarter of fiscal 2026, the Company changed its measure of segment profitability to Segment Adjusted Gross profit to better align with the manner in which the CODM evaluates segment performance and makes resource allocation decisions. Segment results for the comparable prior period have been recast to reflect these changes.

Segment Adjusted Gross profit is defined as Revenue less Adjusted Cost of revenue incurred by the segment. Adjusted Cost of revenue includes costs directly related to the function of each segment, including certain corporate overhead costs, such as a portion of depreciation, rent and occupancy charges related to the Company’s corporate facilities, and personnel-related expenses for certain executives and departments (“Allocated overhead costs”).

The CODM reviews Revenue and Segment Adjusted Gross profit for both of the reportable segments, primarily by monitoring actual results compared to forecasted results as well as by reviewing year-over-year results and trending historical performance. No other significant expense categories or performance metrics are regularly provided to the CODM on a disaggregated basis. The Company does not allocate assets at the reportable segment level as these are managed on an entity wide group basis and, accordingly, the Company does not report asset information by segment.

Information on reportable segments and reconciliation to consolidated Income (loss) before income taxes is as follows:


	Three Months Ended September 30, 2025
	Connected Fitness Products		Subscription		Total
	(in millions)
Revenue	$	152.4	$	398.4	$	550.8
Consolidated Revenue					$	550.8
Less:
Adjusted Cost of revenue	141.9		125.2		267.1
Segment Adjusted Gross profit	$	10.5	$	273.2	$	283.7

Reconciliation to consolidated income before income taxes:
Allocated overhead costs					—
Sales and marketing					(66.8)
General and administrative					(100.8)
Research and development					(62.1)
Impairment expense					(8.3)
Restructuring expense					(4.4)
Supplier settlements					—
Total other expense, net					(26.7)
Income before income taxes					$	14.6


	Three Months Ended September 30, 2024
	Connected Fitness Products		Subscription		Total
	(in millions)
Revenue	$	159.6	$	426.3	$	586.0
Consolidated Revenue					$	586.0
Less:
Adjusted Cost of revenue	147.0		141.1		288.1
Segment Adjusted Gross profit	$	12.6	$	285.3	$	297.9

Reconciliation to consolidated loss before income taxes:
Allocated overhead costs					5.9
Sales and marketing					(81.9)
General and administrative					(119.5)
Research and development					(58.5)
Impairment expense					(4.9)
Restructuring expense					(2.9)
Supplier settlements					(23.5)
Total other expense, net					(12.6)
Loss before income taxes					$	—

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Debt - Components of Convertible Debt (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jun. 30, 2025
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	$ 1,536.5	$ 1,539.0
Unamortized debt issuance costs	(16.3)	(17.4)
Unamortized debt discount	(21.5)	(22.7)
Net carrying amount	1,536.5
5.50% Convertible Senior Notes due 2029 \| Convertible senior notes
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	350.0	350.0
Unamortized debt issuance costs	(6.1)	(6.4)
Net carrying amount	343.9	343.6
0.00% Convertible Senior Notes due 2026 \| Convertible senior notes
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	199.0	199.0
Unamortized debt issuance costs	(0.3)	(0.5)
Net carrying amount	198.7	198.5
0.00% Convertible Senior Notes due 2026 \| Convertible senior notes \| Term Loan Facility
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	199.0
Convertible Senior Notes Outstanding on November 16, 2025 \| Convertible senior notes \| Term Loan Facility
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	1,000.0	1,000.0
Unamortized debt issuance costs	(9.9)	(10.4)
Principal payments	(12.5)	(10.0)
Unamortized debt discount	(21.5)	(22.7)
Net carrying amount	$ 956.1	$ 956.9

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 0.7	$ 0.8
Effective tax rate	4.79%	(2576.65%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Debt - Convertible Notes and the Indenture (Details)		1 Months Ended		3 Months Ended
Debt - Convertible Notes and the Indenture (Details)	May 30, 2024	May 31, 2024 USD ($) period $ / shares	Feb. 28, 2021 USD ($) period $ / shares	Sep. 30, 2025 period	Jun. 30, 2025
Line of Credit \| Term Loan Facility
Line of Credit Facility [Line Items]
Effective interest rate	12.40%			10.70%
5.50% Convertible Senior Notes due 2029 \| Convertible senior notes
Line of Credit Facility [Line Items]
Principal amount		$ 350,000,000.0
Convertible debt, stated interest rate		5.50%		5.50%	5.50%
Value of shares available for exercise		$ 50,000,000.0
Proceeds from issuance of convertible notes, net of issuance costs		342,300,000
Purchasers' discounts and commissions		$ 7,700,000
Debt instrument, leverage ratio		0.218436
Debt instrument, conversion price (in dollars per share) \| $ / shares		$ 4.58
Redemption price percentage		100.00%
Effective interest rate				5.97%
5.50% Convertible Senior Notes due 2029 \| Convertible senior notes \| Debt Conversion Terms One
Line of Credit Facility [Line Items]
Threshold percentage of stock price trigger		130.00%		130.00%
Threshold of trading days \| period		20		20
Threshold of consecutive trading days \| period		30		30
0.00% Convertible Senior Notes due 2026
Line of Credit Facility [Line Items]
Convertible debt, stated interest rate			0.00%
0.00% Convertible Senior Notes due 2026 \| Convertible senior notes
Line of Credit Facility [Line Items]
Principal amount			$ 1,000,000,000.0
Convertible debt, stated interest rate				0.00%	0.00%
Value of shares available for exercise			125,000,000.0
Proceeds from issuance of convertible notes, net of issuance costs		$ 801,000,000	$ 977,200,000
Debt instrument, leverage ratio			0.00418
Debt instrument, conversion price (in dollars per share) \| $ / shares			$ 239.23
Redemption price percentage			100.00%
Effective interest rate				0.45%
Debt instrument aggregate cash		724,900,000
Debt extinguishment		69,800,000
Net gain on debt refinancing		$ 6,300,000
0.00% Convertible Senior Notes due 2026 \| Convertible senior notes \| Debt Conversion Terms One
Line of Credit Facility [Line Items]
Threshold percentage of stock price trigger			130.00%
Threshold of trading days \| period			20
Threshold of consecutive trading days \| period			30
Third Amended and Restated Credit Agreement \| Line of Credit \| Term Loan Facility
Line of Credit Facility [Line Items]
Debt instrument, leverage ratio	5.00
Third Amended and Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, leverage ratio	5.00
Third Amended and Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, leverage ratio	1.00

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025
Restructuring Cost and Reserve [Line Items]
Non cash charges	$ 7.0	$ 5.1
Employee Reduction, Facility Closings
Restructuring Cost and Reserve [Line Items]
Expected cost			$ 40.0
Asset Impairment and Stock Based Compensation Charges
Restructuring Cost and Reserve [Line Items]
Non cash charges			$ 5.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT - USD ($) shares in Millions, $ in Millions	Total	Common Stock Class A and Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance (in shares) at Jun. 30, 2024		376.3
Beginning balance at Jun. 30, 2024	$ (519.1)	$ 0.0	$ 4,948.6	$ 15.9	$ (5,483.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation, net of withholding taxes (in shares)		4.5
Activity related to stock-based compensation, net of withholding taxes	48.1		48.1
Issuance of common stock under employee stock purchase plan (in shares)		0.4
Issuance of common stock under employee stock purchase plan	1.5		1.5
Other comprehensive income (loss)	(9.9)			(9.9)
Net loss	(0.9)				(0.9)
Ending balance (in shares) at Sep. 30, 2024		381.3
Ending balance at Sep. 30, 2024	(480.3)	$ 0.0	4,998.2	6.0	(5,484.6)
Beginning balance (in shares) at Jun. 30, 2025		406.4
Beginning balance at Jun. 30, 2025	(413.8)	$ 0.0	5,183.8	5.1	(5,602.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation, net of withholding taxes (in shares)		10.7
Activity related to stock-based compensation, net of withholding taxes	47.4		47.4
Issuance of common stock under employee stock purchase plan (in shares)		0.5
Issuance of common stock under employee stock purchase plan	2.1		2.1
Other comprehensive income (loss)	3.3			3.3
Net loss	13.9				13.9
Ending balance (in shares) at Sep. 30, 2025		417.6
Ending balance at Sep. 30, 2025	$ (347.0)	$ 0.0	$ 5,233.2	$ 8.4	$ (5,588.7)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of these financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product warranty and recall related provisions, inventory valuation and reserves, revenue recognition and related reserves, music royalty fees, valuation of long-lived assets and their associated useful lives, valuation of goodwill, fair value measurements, stock-based compensation, income taxes, future restructuring charges, and commitments and contingencies. Actual results may differ from these estimates. There have been no material changes to the Company’s significant accounting policies from its Annual Report on Form 10-K for the fiscal year ended June 30, 2025. Recently Issued Accounting Pronouncements Accounting Pronouncements Not Yet Adopted ASU 2023-09 In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU enhances income tax information primarily through changes in the rate reconciliation and income taxes paid information. It is effective for fiscal years beginning after December 15, 2024, and should be applied on a prospective basis, however retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU. ASU 2024-03 In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires the disaggregation of certain expense captions on the face of the income statement into specified categories in disclosures within the footnotes to the financial statements. It is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, and is permitted on either a prospective or retrospective basis. The Company is currently evaluating the impact of adopting this ASU. ASU 2024-04 In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. It is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods, and is permitted on either a prospective or retrospective basis. The Company is currently evaluating the impact of adopting this ASU. ASU 2025-03 In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. This ASU improves the requirements for identifying the accounting acquirer in a business combination that is effected primarily by exchanging equity interests in which a variable interest entity is acquired. It is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within those annual reporting periods, and is required to be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the legal acquiree in future business combinations. ASU 2025-05 In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. It is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods, and should be applied prospectively. The Company is currently evaluating the impact of adopting this ASU. ASU 2025-06 In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software to clarify and modernize the accounting for costs related to internal-use software. This ASU is effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, and is permitted to be applied using a prospective, modified, or retrospective transition approach. The Company is currently evaluating the impact of adopting this ASU.

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Consolidated Revenue	$ 550.8	$ 586.0
Deferred revenue	86.9		$ 91.7
Customer deposits	53.7		$ 59.0
Revenue recognized that was previously included in deferred revenue	75.6	80.6
Lease revenue	9.2	12.5
United States
Disaggregation of Revenue [Line Items]
Consolidated Revenue	475.3	515.4
United States \| Product Warranty
Disaggregation of Revenue [Line Items]
Consolidated Revenue	$ 4.0	$ 6.1
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total revenue	86.00%	88.00%
United States \| Revenue Benchmark \| Geographic Concentration Risk \| Product Warranty
Disaggregation of Revenue [Line Items]
Percentage of total revenue	1.00%	1.00%

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jun. 30, 2025	May 31, 2024	Feb. 28, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 1,536.5	$ 1,539.0
Estimated Fair Value	1,964.2	1,818.1
Unamortized debt discount	21.5	22.7
Debt issuance costs, net	$ 16.3	$ 17.4
0.00% Convertible Senior Notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, stated interest rate				0.00%
0.00% Convertible Senior Notes due 2026 \| Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, stated interest rate	0.00%	0.00%
Carrying Amount	$ 199.0	$ 199.0
Estimated Fair Value	195.2	192.3
Debt issuance costs, net	$ 0.3	$ 0.5
5.50% Convertible Senior Notes due 2029 \| Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, stated interest rate	5.50%	5.50%	5.50%
Carrying Amount	$ 350.0	$ 350.0
Estimated Fair Value	781.5	635.8
Debt issuance costs, net	6.1	6.4
Term Loan due and payable on May 30, 2029 \| Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	987.5	990.0
Estimated Fair Value	$ 987.5	$ 990.0

Restructuring (Tables)

3 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges


	Three Months Ended September 30,
	2025		2024
Cash restructuring charges:(1)	(in millions)
Severance and other personnel costs	$	(0.4)	$	(0.5)
Exit and disposal costs and professional fees	5.0		3.4
Total cash restructuring charges	4.7		2.9

Non-cash restructuring charges:(1)
Asset write-downs and write-offs	$	7.2	$	5.1
Stock-based compensation expense	(0.2)		—


Total non-cash restructuring charges	7.0		5.1

Total	$	11.7	$	8.1

_________________________

Schedule of Restructuring Related Liabilities

The following table presents a roll-forward of cash restructuring-related liabilities, which are included within Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets:


	Severance and other personnel costs		Exit and disposal costs and professional fees		Total
	(in millions)
Balance as of June 30, 2024	$	12.7	$	4.3	$	17.0
Cash restructuring charges(1)	(0.5)		3.4		2.9
Cash payments	(10.4)		(4.7)		(15.1)
Balance as of September 30, 2024	$	1.8	$	3.1	$	4.8

Balance as of June 30, 2025	$	23.8	$	0.8	$	24.6
Cash restructuring charges(1)	(0.4)		5.0		4.7
Cash payments	(4.8)		(4.2)		(8.9)
Balance as of September 30, 2025	$	18.6	$	1.7	$	20.3

_________________________

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The Company recorded a provision from income taxes of $0.7 million and $0.8 million for the three months ended September 30, 2025 and 2024, respectively. Furthermore, the Company's effective tax rates were 4.79% and (2,576.65)% for the three months ended September 30, 2025 and 2024, respectively. The income tax provision and the effective tax rate are primarily driven by state and international taxes. The Company maintains a valuation allowance on the majority of its deferred tax assets as it has concluded that it is more likely than not that the deferred assets will not be utilized. One Big Beautiful Bill Act On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the United States, which made permanent or extended many of the provisions from the Tax Cuts and Jobs Act of 2017. The immediate expensing of domestic research and experimental expenditures for tax years beginning after December 31, 2024 is now permanent, as is 100% bonus depreciation for qualified property acquired and placed in service after January 19, 2025. The bill permanently reinstates the more favorable EBITDA approach for calculating the business interest deduction limitation under Section 163(j). There are also changes to the effective rates and calculations on GILTI, FDII, and BEAT, among other provisions. The Company has accounted for the provisions of the OBBBA in its condensed consolidated financial statements. The changes are not expected to affect the Company’s U.S. net deferred tax assets or liabilities, as the Company continues to maintain a full valuation allowance against those balances.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 17
-Subparagraph (b)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Minimum Guarantee Royalty Payments Due Under Music License Agreements

The following represents the Company's guaranteed payments under music license agreements, as of September 30, 2025:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2026 (remaining)	$	58.7
2027	1.3
2028	0.2
2029	—
2030	0.3

Total	$	60.5

Commitments and Contingencies - Minimum Guarantee Royalty Payments Due (Details) - Royalty Guarantees, Commitments $ in Millions	Sep. 30, 2025 USD ($)
Future Minimum Payments
2026 (remaining)	$ 58.7
2027	1.3
2028	0.2
2029	0.0
2030	0.3
Total	$ 60.5

Earnings (Loss) Per Share (Tables)

3 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The computation of basic and diluted earnings (loss) per share is as follows:


	Three Months Ended September 30,
	2025		2024
	(in millions, except share and per share amounts)
Basic earnings (loss) per share:
Numerator:
Net income (loss)	$	13.9	$	(0.9)
Denominator:
Weighted-average common shares outstanding, basic	413,108,105		378,776,423
Earnings (loss) per share, basic	$	0.03	$	—

Diluted earnings (loss) per share:
Numerator:
Net income (loss)	$	13.9	$	(0.9)

Net income (loss) attributable to common stockholders, diluted	$	13.9	$	(0.9)
Denominator:
Weighted-average common shares outstanding, basic	413,108,105		378,776,423
Weighted-average effect of dilutive securities:



Stock-based awards	16,896,821		—

Weighted average common shares outstanding, diluted	430,004,926		378,776,423
Earnings (loss) per share, diluted	$	0.03	$	—

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Revenue - Standard Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 24.5	$ 20.3
Provision for warranty accrual	4.3	7.1
Warranty claims	(5.8)	(7.1)
Balance at end of period	$ 23.1	$ 20.3

Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the estimated fair values and carrying amounts of the Company’s financial instruments that are not recorded at fair value on the Condensed Consolidated Balance Sheets. All of these liabilities’ fair value are considered Level 2:


	September 30, 2025				June 30, 2025
	Carrying Amount(1)		Estimated Fair Value		Carrying Amount(1)		Estimated Fair Value
	(in millions)
0.00% Convertible Senior Notes due 2026	$	199.0	$	195.2	$	199.0	$	192.3
5.50% Convertible Senior Notes due 2029	350.0		781.5		350.0		635.8
Term Loan due and payable on May 30, 2029	987.5		987.5		990.0		990.0
Total	$	1,536.5	$	1,964.2	$	1,539.0	$	1,818.1

_________________________

(1) Carrying Amount excludes unamortized debt discount and issuance costs of $21.5 million and $16.3 million, respectively, as of September 30, 2025, and unamortized debt discount and issuance costs of $22.7 million and $17.4 million, respectively, as of June 30, 2025.

Fair Value Measurements

3 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

Fair Value Measurements of Other Financial Instruments


	September 30, 2025				June 30, 2025
	Carrying Amount(1)		Estimated Fair Value		Carrying Amount(1)		Estimated Fair Value
	(in millions)
0.00% Convertible Senior Notes due 2026	$	199.0	$	195.2	$	199.0	$	192.3
5.50% Convertible Senior Notes due 2029	350.0		781.5		350.0		635.8
Term Loan due and payable on May 30, 2029	987.5		987.5		990.0		990.0
Total	$	1,536.5	$	1,964.2	$	1,539.0	$	1,818.1

_________________________

The estimated fair value of the 2026 Notes and the estimated fair value of the 2029 Notes (each as defined in Note 7, Debt) are determined based on the respective closing prices on the last trading day of the reporting period.

The carrying value of the Term Loan (as defined in Note 7, Debt) approximates the fair value of the Term Loan as of September 30, 2025 and June 30, 2025, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Debt (Tables)

3 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Convertible Debt

The net carrying amount of the 2029 Notes was as follows:


	September 30, 2025		June 30, 2025
	(in millions)
Principal	$	350.0	$	350.0
Unamortized debt issuance costs	(6.1)		(6.4)
Net carrying amount	$	343.9	$	343.6

The following table sets forth the interest expense recognized related to the 2029 Notes:


	Three Months Ended September 30,
	2025		2024
	(in millions)
Amortization of debt issuance costs	$	0.3	$	0.3
Total non-cash interest expense related to the 2029 Notes	0.3		0.3
Cash interest expense	4.8		4.8
Total interest expense related to the 2029 Notes	$	5.1	$	5.1

The net carrying amount of the 2026 Notes was as follows:


	September 30, 2025		June 30, 2025
	(in millions)
Principal	$	199.0	$	199.0
Unamortized debt issuance costs	(0.3)		(0.5)
Net carrying amount	$	198.7	$	198.5

The following table sets forth the interest expense recognized related to the 2026 Notes:


	Three Months Ended September 30,
	2025		2024
	(in millions)
Amortization of debt issuance costs	$	0.2	$	0.2
Total interest expense related to the 2026 Notes	$	0.2	$	0.2

The net carrying amount of the Term Loan was as follows:


	September 30, 2025		June 30, 2025
	(in millions)
Principal	$	1,000.0	$	1,000.0
Principal payments	(12.5)		(10.0)
Unamortized debt discount	(21.5)		(22.7)
Unamortized debt issuance costs	(9.9)		(10.4)
Net carrying amount	$	956.1	$	956.9

The following table sets forth the interest expense recognized related to the Term Loan:


	Three Months Ended September 30,
	2025		2024
	(in millions)
Amortization of debt discount	$	1.2	$	1.1
Amortization of debt issuance costs	0.6		0.5
Total non-cash interest expense related to the Term Loan	1.8		1.6
Cash interest expense	24.9		28.9
Total interest expense related to the Term Loan	$	26.6	$	30.5

Schedule of Maturities of Debt Instruments

The following table sets forth maturities of the Company’s debt instruments, including convertible notes payable, gross of debt issuance costs and debt discounts, as of September 30, 2025:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2026 (remaining)(1)	$	206.5
2027	10.0
2028	10.0
2029	960.0
2030	350.0

Total	$	1,536.5

____________________________

(1) Includes $7.5 million related to the Term Loan and $199.0 million related to the 2026 Notes.

Debt - Schedule of Maturities of Debt Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jun. 30, 2025
Debt Instrument [Line Items]
2026 (remaining)	$ 206.5
2027	10.0
2028	10.0
2029	960.0
2030	350.0
Net carrying amount	1,536.5
Principal	1,536.5	$ 1,539.0
Term Loan Facility
Debt Instrument [Line Items]
2026 (remaining)	7.5
0.00% Convertible Senior Notes due 2026 \| Convertible senior notes
Debt Instrument [Line Items]
Net carrying amount	198.7	198.5
Principal	199.0	$ 199.0
0.00% Convertible Senior Notes due 2026 \| Convertible senior notes \| Term Loan Facility
Debt Instrument [Line Items]
Principal	$ 199.0

Debt

3 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

7. Debt

Convertible Notes due 2029

In May 2024, the Company issued $350.0 million aggregate principal amount of 5.50% Convertible Senior Notes due 2029 (the “2029 Notes”) in a private offering, including the exercise in full of the option granted to the initial purchasers to purchase $50.0 million of the 2029 Notes. The 2029 Notes were issued pursuant to an Indenture (the “2029 Notes Indenture”) between the Company and U.S. Bank Trust Company, National Association, as trustee. The 2029 Notes bear interest at a rate of 5.50% per annum, payable semi-annually in arrears on June 1 and December 1 of each year. The net proceeds from this offering of 2029 Notes were approximately $342.3 million, after deducting the initial purchasers' discounts and commissions of $7.7 million.

Each $1,000 principal amount of the 2029 Notes is initially convertible into 218.4360 shares of Class A common stock, which is equivalent to an initial conversion price of approximately $4.58 per share. The conversion rate is subject to customary adjustments under certain circumstances in accordance with the terms of the 2029 Notes Indenture. In addition, if certain corporate events that constitute a make-whole fundamental change occur or the Company elects to redeem the 2029 Notes, then the conversion rate will, in certain circumstances, be increased for a specified period of time.

The 2029 Notes will mature on December 1, 2029, unless earlier converted, redeemed, or repurchased. The 2029 Notes will be convertible at the option of the holders at certain times and upon the occurrence of certain events. A holder may convert its 2029 Notes during any calendar quarter, if the last reported sale price per share of Class A common stock exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter. The last reported sale price of Class A common stock exceeded 130% of the conversion price of the 2029 Notes for more than 20 trading days during the 30 consecutive trading days, including the last trading day, ended September 30, 2025. Accordingly, as of October 1, 2025, the 2029 Notes may be converted at the option of the applicable holder through December 31, 2025.

On or after September 1, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2029 Notes, in multiples of $1,000 principal amount, at the option of the applicable holder.

The Company may satisfy any conversion obligation under the 2029 Notes by paying and/or delivering, as the case may be, cash, shares of the Class A common stock or a combination of cash and shares of Class A common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the 2029 Notes Indenture. If all of the 2029 Notes were to be converted prior to December 31, 2025, the Company’s current intention would be to settle such conversion in shares of Class A common stock.

The Company may redeem for cash all or any portion (subject to the partial redemption limitation described in the 2029 Notes Indenture) of the 2029 Notes, at its option, on or after June 7, 2027 and on or before the 20th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Class A common stock exceeds 130% of the conversion price then in effect on (1) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (2) the trading day immediately before the date the Company sends such notice at a redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 2029 Notes, which means that the Company is not required to redeem or retire the 2029 Notes periodically.

Upon the occurrence of a fundamental change (as defined in the 2029 Notes Indenture), subject to certain conditions, holders may require the Company to repurchase all or a portion of the 2029 Notes for cash at a price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The definition of fundamental change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock.

The 2029 Notes are senior unsecured obligations of the Company and rank senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment to any of the Company’s existing and future indebtedness that is not so subordinated; effectively subordinated in right of payment to any of the Company’s existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities of current or future subsidiaries of the Company (including trade payables and to the extent the Company is not a holder thereof, preferred equity, if any, of the Company’s subsidiaries).

The effective interest rate upon issuance of the 2029 Notes was 5.97%, which is the effective interest rate as of September 30, 2025.

The net carrying amount of the 2029 Notes was as follows:


	September 30, 2025		June 30, 2025
	(in millions)
Principal	$	350.0	$	350.0
Unamortized debt issuance costs	(6.1)		(6.4)
Net carrying amount	$	343.9	$	343.6

The following table sets forth the interest expense recognized related to the 2029 Notes:


	Three Months Ended September 30,
	2025		2024
	(in millions)
Amortization of debt issuance costs	$	0.3	$	0.3
Total non-cash interest expense related to the 2029 Notes	0.3		0.3
Cash interest expense	4.8		4.8
Total interest expense related to the 2029 Notes	$	5.1	$	5.1

Convertible Notes due 2026

In February 2021, the Company issued $1.0 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2026 (the “2026 Notes”) in a private offering, including the exercise in full of the option granted to the initial purchasers to purchase $125.0 million of the 2026 Notes. The 2026 Notes were issued pursuant to an Indenture (the “2026 Notes Indenture”) between the Company and U.S. Bank National Association, as trustee. The net proceeds from the offering were approximately $977.2 million, after deducting the initial purchasers’ discounts and commissions and the Company’s offering expenses. The 2026 Notes do not bear regular interest, and the principal amount of the 2026 Notes does not accrete.

Each $1,000 principal amount of the 2026 Notes is initially convertible into 4.1800 shares of Class A common stock, which is equivalent to an initial conversion price of approximately $239.23 per share. The conversion rate is subject to customary adjustments under certain circumstances in accordance with the terms of the 2026 Notes Indenture. In addition, if certain corporate events that constitute a make-whole fundamental change occur or the Company elects to redeem the 2026 Notes, then the conversion rate will, in certain circumstances, be increased for a specified period of time.

The 2026 Notes will mature on February 15, 2026, unless earlier converted, redeemed, or repurchased. The 2026 Notes will be convertible at the option of the holders at certain times and upon the occurrence of certain events. As of September 30, 2025, the 2026 Notes are classified as Current portion of debt on the Condensed Consolidated Balance Sheets due to their upcoming maturity date.

On or after August 15, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2026 Notes, in multiples of $1,000 principal amount, at the option of the holder. Upon conversion, the Company may satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of Class A common stock or a combination of cash and shares of Class A common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the 2026 Notes Indenture.

The Company may redeem for cash all or any portion (subject to the partial redemption limitation described in the 2026 Notes Indenture) of the 2026 Notes, at its option, on or before the 20th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Class A common stock exceeds 130% of the conversion price then in effect on (1) each of at least 20 trading days (whether or not

consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (2) the trading day immediately before the date the Company sends such notice at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus any accrued and unpaid special interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2026 Notes, which means that the Company is not required to redeem or retire the 2026 Notes periodically.

Upon the occurrence of a fundamental change (as defined in the 2026 Notes Indenture), subject to certain conditions, holders may require the Company to repurchase all or a portion of the 2026 Notes for cash at a price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date. The definition of fundamental change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock.

The 2026 Notes are senior unsecured obligations of the Company and rank senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated in right of payment to the 2026 Notes; equal in right of payment to any of the Company’s existing and future indebtedness that is not so subordinated; effectively subordinated in right of payment to any of the Company’s existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities of current or future subsidiaries of the Company (including trade payables and to the extent the Company is not a holder thereof, preferred equity, if any, of the Company’s subsidiaries).

Repurchase of a Portion of the 2026 Convertible Notes

In May 2024, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Notes to repurchase $801.0 million of aggregate principal amount of the 2026 Notes for an aggregate of $724.9 million of cash. The Company accounted for this repurchase of the 2026 Notes as a debt extinguishment under ASC 470-50, Debt – Modifications and Extinguishments (“ASC 470-50”). The Company recorded a $69.8 million gain on early extinguishment of debt during the fiscal year ending June 30, 2024, which included the write-off of previously deferred debt issuance costs of $6.3 million, which was included within Net gain on debt refinancing on the Consolidated Statements of Operations and Comprehensive Loss within the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

The effective interest rate upon issuance of the 2026 Notes was 0.45%, which is the effective interest rate as of September 30, 2025.

The net carrying amount of the 2026 Notes was as follows:


	September 30, 2025		June 30, 2025
	(in millions)
Principal	$	199.0	$	199.0
Unamortized debt issuance costs	(0.3)		(0.5)
Net carrying amount	$	198.7	$	198.5

The following table sets forth the interest expense recognized related to the 2026 Notes:


	Three Months Ended September 30,
	2025		2024
	(in millions)
Amortization of debt issuance costs	$	0.2	$	0.2
Total interest expense related to the 2026 Notes	$	0.2	$	0.2

Termination of Capped Call Transactions

In connection with the offering of the 2026 Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “Capped Call Transactions”). In the last quarter of its fiscal year ending June 30, 2024, the Company terminated the Capped Call Transactions in their entirety pursuant to negotiated termination agreements with each such counterparty.

Third Amended and Restated Credit Agreement

On May 30, 2024, the Company entered into a Third Amended and Restated Credit Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Third Amended and Restated Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent, and certain banks and financial institutions party thereto as lenders and issuing banks.

The Third Amended and Restated Credit Agreement provides for a $1.0 billion term loan facility (the “Term Loan”), which will be due and payable on May 30, 2029. The Term Loan amortizes in quarterly installments of 0.25%, payable at the end of each fiscal quarter and on the maturity date.

The Third Amended and Restated Credit Agreement also provides for a $100.0 million revolving credit facility (the “Revolving Facility”), which will mature on May 30, 2029. The Company is only required to meet the total liquidity covenant, set at $250.0 million for the last business day of any week, and the subscription revenues covenant, set at $1.2 billion for the four-quarter trailing period, to the extent any revolving loans are borrowed and outstanding.

The Revolving Facility, when drawn, bears interest at a rate equal to, at the Company’s option, either the Alternate Base Rate (as defined in the Third Amended and Restated Credit Agreement) plus 4.00% per annum or the Term SOFR Rate (as defined in the Third Amended and Restated Credit Agreement) plus 5.00% per annum. The Company is required to pay an annual commitment fee of 0.500% or 0.375% per annum, depending on whether the First Lien Net Leverage Ratio (as defined in the Third Amended and Restated Credit Agreement) is greater or less than 5.00 to 1.00, on a quarterly basis based on the unused portion of the Revolving Facility.

The Term Loan initially bears interest at a rate equal to, at the Company’s option, either the Alternate Base Rate (as defined in the Third Amended and Restated Credit Agreement) plus 5.00% per annum or the Term SOFR Rate (as defined in the Third Amended and Restated Credit Agreement) plus 6.00% per annum. The applicable rate for Alternate Base Rate loans or Term SOFR Rate loans is subject to a 0.50% step down, depending on whether the First Lien Net Leverage Ratio is less than 5.00 to 1.00 as measured on a quarterly basis. Any borrowing at the Alternate Base Rate is subject to a 1.00% floor and the Term SOFR Rate is subject to a 0.00% floor.

The Third Amended and Restated Credit Agreement contains customary affirmative covenants as well as customary negative covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, incur liens or grant negative pledges, make loans and investments, conduct certain transactions with affiliates, sell certain assets, enter into certain swap agreements, guarantee obligations of third parties, declare dividends or make certain distributions, and undergo a merger or consolidation or certain other transactions. The Third Amended and Restated Credit Agreement also contains certain customary events of default. Certain baskets and covenant levels have been adjusted and will apply equally to both the Term Loan and Revolving Facility for so long as the Term Loan is outstanding.

The obligations under the Third Amended and Restated Credit Agreement with respect to the Term Loan and the Revolving Facility are secured by substantially all of the Company’s assets, with certain exceptions set forth in the Third Amended and Restated Credit Agreement, and are required to be guaranteed by certain material subsidiaries of the Company if, at the end of future financial quarters, certain conditions are not met.

During each of the three months ended September 30, 2025 and 2024, the Company incurred total commitment fees of $0.1 million, which are included in Interest expense in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

As of September 30, 2025, the Company had drawn the full amount of the Term Loan and had not drawn on the Revolving Facility, and the Company had $987.5 million total outstanding borrowings under the Third Amended and Restated Credit Agreement.

In connection with the execution of the Third Amended and Restated Credit Agreement, the Term Loan was accounted for as a modification, extinguishment, or new loan for certain lenders in accordance with ASC 470-50. Accordingly, incremental discount and debt issuance costs of $10.0 million and $2.3 million, respectively, will be amortized to Interest expense using the effective interest method over the term of the Third Amended and Restated Credit Agreement. Furthermore, the Company expensed $8.7 million of debt issuance costs incurred with third parties related to loss on debt modification and recognized a $7.5 million loss on extinguishment related to previously deferred debt discount and debt issuance costs, which was included within Net gain on debt refinancing on the Consolidated Statements of Operations and Comprehensive Loss within the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

As of September 30, 2025, the Company had not drawn any amount under the Revolving Facility and as such did not have to test the financial covenants under the Third Amended and Restated Credit Agreement. The Company is required to pledge or otherwise restrict a portion of cash and cash equivalents as collateral for standby letters of credit. As of September 30, 2025, the Company had outstanding letters of credit totaling $46.0 million, which are classified as Restricted cash on the Condensed Consolidated Balance Sheets.

Upon entering into the Term Loan, the effective interest rate was 12.4% and the current effective interest rate as of September 30, 2025 is 10.7%.

The net carrying amount of the Term Loan was as follows:


	September 30, 2025		June 30, 2025
	(in millions)
Principal	$	1,000.0	$	1,000.0
Principal payments	(12.5)		(10.0)
Unamortized debt discount	(21.5)		(22.7)
Unamortized debt issuance costs	(9.9)		(10.4)
Net carrying amount	$	956.1	$	956.9

The following table sets forth the interest expense recognized related to the Term Loan:


	Three Months Ended September 30,
	2025		2024
	(in millions)
Amortization of debt discount	$	1.2	$	1.1
Amortization of debt issuance costs	0.6		0.5
Total non-cash interest expense related to the Term Loan	1.8		1.6
Cash interest expense	24.9		28.9
Total interest expense related to the Term Loan	$	26.6	$	30.5

Maturities of Debt Instruments

The following table sets forth maturities of the Company’s debt instruments, including convertible notes payable, gross of debt issuance costs and debt discounts, as of September 30, 2025:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2026 (remaining)(1)	$	206.5
2027	10.0
2028	10.0
2029	960.0
2030	350.0

Total	$	1,536.5

____________________________

(1) Includes $7.5 million related to the Term Loan and $199.0 million related to the 2026 Notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Debt - Components of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Term Loan Facility
Interest Expense, Debt [Abstract]
Amortization of debt discount	$ 1.2	$ 1.1
Amortization of debt issuance costs	0.6	0.5
Total non-cash interest expense related to the 2029 Notes	1.8	1.6
Cash interest expense	24.9	28.9
Total interest expense related to the 2026 Notes	26.6	30.5
5.50% Convertible Senior Notes due 2029
Interest Expense, Debt [Abstract]
Amortization of debt issuance costs	0.3	0.3
Total non-cash interest expense related to the 2029 Notes	0.3	0.3
Cash interest expense	4.8	4.8
Total interest expense related to the 2026 Notes	5.1	5.1
0.00% Convertible Senior Notes due 2026
Interest Expense, Debt [Abstract]
Amortization of debt issuance costs	0.2	0.2
Total interest expense related to the 2026 Notes	$ 0.2	$ 0.2

Debt - Third Amended and Restated Credit Agreement (Details) - USD ($)		3 Months Ended
	May 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025
Line of Credit Facility [Line Items]
Debt issuance costs incurred		$ 16,300,000		$ 17,400,000
Deferred debt discount and debt issuance costs		$ 2,400,000	$ 2,100,000
Term Loan Facility \| Line of Credit
Line of Credit Facility [Line Items]
Effective interest rate	12.40%	10.70%
Term Loan Facility \| Third Amended and Restated Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000.0
Quarterly installments payable	0.25%
Debt instrument, leverage ratio	5.00
Term Loan Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Floor rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Term Loan Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maturity Period One
Line of Credit Facility [Line Items]
Basis spread on variable rate	5.00%
Term Loan Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maturity Period Two
Line of Credit Facility [Line Items]
Basis spread on variable rate	6.00%
Commitment fee percentage	0.50%
Term Loan Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maturity Period Two \| Floor rate
Line of Credit Facility [Line Items]
Commitment fee percentage	0.00%
Term Loan Facility \| Second Amended and Restated Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity (greater than)		$ 987,500,000
Revolving Credit Facility \| Third Amended and Restated Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 100,000,000.0
Line of credit facility, liquidity covenant	250,000,000.0
Line of credit facility, maximum amount outstanding during period	$ 1,200,000,000
Commitment fees incurred		100,000	$ 100,000
Proceeds from borrowings under credit facility		0
Debt incremental discount		10,000,000
Debt issuance costs		2,300,000
Debt issuance costs incurred		8,700,000
Deferred debt discount and debt issuance costs		7,500,000
Revolving Credit Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, leverage ratio	5.00
Revolving Credit Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, leverage ratio	1.00
Revolving Credit Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maturity Period One
Line of Credit Facility [Line Items]
Basis spread on variable rate	4.00%
Revolving Credit Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maturity Period One \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.50%
Revolving Credit Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maturity Period One \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.375%
Revolving Credit Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maturity Period Two
Line of Credit Facility [Line Items]
Basis spread on variable rate	5.00%
Letter of Credit
Line of Credit Facility [Line Items]
Standby letters of credit outstanding		$ 46,000,000

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net income (loss) attributable to Class A and Class B common stockholders	$ 13.9	$ (0.9)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	413,108,105	378,776,423
Earnings (loss) per share, basic (in dollars per share)	$ 0.03	$ 0
Numerator:
Net income (loss) attributable to Class A and Class B common stockholders	$ 13.9	$ (0.9)
Net income (loss) attributable to Class A and Class B common stockholders	$ 13.9	$ (0.9)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	413,108,105	378,776,423
Weighted-average common shares outstanding, diluted (in shares)	430,004,926	378,776,423
Earnings (loss) per share, diluted (in dollars per share)	$ 0.03	$ 0
Stock-based awards
Denominator:
Weighted-average effect of dilutive securities: stock-based awards and convertible senior notes (in shares)	16,896,821	0

Segment Information - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Revenue	$ 550.8	$ 586.0
Consolidated Revenue	550.8	586.0
Adjusted Cost of revenue	267.1	288.1
Segment Adjusted Gross profit	283.7	297.9
Reconciliation to consolidated income before income taxes:
Allocated overhead costs	0.0	5.9
Sales and marketing	(66.8)	(81.9)
General and administrative	(100.8)	(119.5)
Research and development	(62.1)	(58.5)
Impairment expense	(8.3)	(4.9)
Restructuring expense	(4.4)	(2.9)
Supplier settlements	0.0	(23.5)
Total other expense, net	(26.7)	(12.6)
Income (loss) before income taxes	14.6	0.0
Connected Fitness Products
Segment Reporting Information [Line Items]
Revenue	152.4	159.6
Adjusted Cost of revenue	141.9	147.0
Segment Adjusted Gross profit	10.5	12.6
Subscription
Segment Reporting Information [Line Items]
Revenue	398.4	426.3
Adjusted Cost of revenue	125.2	141.1
Segment Adjusted Gross profit	$ 273.2	$ 285.3

Revenue (Tables)

3 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company’s revenue disaggregated by geographic region was as follows:


	Three Months Ended September 30,
	2025		2024
	(in millions)
North America	$	494.4	$	535.9


International	56.5		50.1
Total Revenue	$	550.8	$	586.0

Schedule of Product Warranty Liability

Activity related to the Company’s accrual for its estimated future product warranty obligation was as follows:


	Three Months Ended September 30,
	2025		2024
	(in millions)
Balance at beginning of period	$	24.5	$	20.3
Provision for warranty accrual	4.3		7.1
Warranty claims	(5.8)		(7.1)
Balance at end of period	$	23.1	$	20.3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows from Operating Activities:
Net income (loss)	$ 13.9	$ (0.9)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	16.8	24.8
Stock-based compensation expense	47.2	47.2
Non-cash operating lease expense	14.8	14.7
Amortization of debt discount and issuance costs	2.4	2.1
Impairment expense	8.3	4.9
Net foreign currency adjustments	3.8	(14.8)
Changes in operating assets and liabilities:
Accounts receivable	30.7	2.0
Inventories	(30.0)	0.7
Prepaid expenses and other assets, current and non-current	(9.5)	12.1
Accounts payable and accrued expenses	4.7	(48.7)
Deferred revenue and customer deposits	(9.6)	(9.4)
Operating lease liabilities, net	(21.1)	(21.9)
Other liabilities	(0.4)	(0.3)
Net cash provided by operating activities	71.9	12.5
Cash Flows from Investing Activities:
Capital expenditures	(4.5)	(1.8)
Business combinations	(2.2)	0.0
Proceeds from sale of Peloton Output Park	0.0	4.2
Net cash (used in) provided by investing activities	(6.7)	2.4
Cash Flows from Financing Activities:
Principal repayment of Term Loan	(2.5)	(2.5)
Proceeds from employee stock purchase plan withholdings	0.7	0.7
Proceeds from employee stock plans	0.1	6.5
Net cash (used in) provided by financing activities	(1.7)	4.8
Effect of exchange rate changes	0.3	1.5
Net change in cash, cash equivalents, and restricted cash	63.9	21.2
Cash, cash equivalents, and restricted cash — Beginning of period	1,085.8	750.9
Cash, cash equivalents, and restricted cash — End of period	1,149.6	772.1
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	33.3	38.7
Cash paid for income taxes	3.2	1.1
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Accrued and unpaid capital expenditures, including software	$ 0.2	$ 0.2

Restructuring - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash restructuring charges
Severance and other personnel costs	$ (0.4)	$ (0.5)
Exit and disposal costs and professional fees	5.0	3.4
Total cash restructuring charges	4.7	2.9
Non-cash restructuring charges
Asset write-downs and write-offs	7.2	5.1
Stock-based compensation expense	(0.2)	0.0
Total non-cash restructuring charges	7.0	5.1
Total	$ 11.7	$ 8.1

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	1. Description of Business and Basis of Presentation Description and Organization Peloton Interactive, Inc. (“Peloton” or the “Company”) is a leading global fitness and wellness company that empowers its Members to live fit, strong, long, and happy by providing fitness and wellness products and services they can use anytime, anywhere. Peloton has a highly engaged community of Members, which the Company defines as any individual who has a Peloton account through a Paid Connected Fitness Subscription or a Paid App Subscription, inclusive of the Peloton App+, App One, Strength+, and Breathwrk Memberships (the “Peloton Apps”), and engages in one or more workouts in the trailing 12-month period. As a category innovator at the nexus of fitness and wellness, technology, and media, the Company delivers experiences through Peloton’s world-renowned Instructors, premium hardware and innovative software, personalization, and extensive modalities and content formats. During the three months ended September 30, 2025, the Company’s Connected Fitness Products portfolio included the Original Series Peloton Bike, Bike+, Tread, Tread+, Row, Guide (discontinued as of July 2025), and various Precor products. In October 2025, the Company launched a refreshed portfolio of Connected Fitness Products called the Cross Training Series, including the Cross Training Bike, Bike+, Tread, Tread+, and Row+. The Company continues to sell the refurbished Original Series Peloton Bike and Bike+. Additionally, the Company launched the Peloton Pro Series, a refresh of its portfolio of commercial-certified Peloton-branded products, which now include the Bike+ Pro, Tread+ Pro, and Row+ Pro. The Company’s revenue is generated primarily from recurring Subscription revenue and the sale of its Connected Fitness Products. The Company defines a “Paid Connected Fitness Subscription” as a person, household, or commercial property, such as a hotel or residential building, that has paid for a subscription to a Connected Fitness Product (a Connected Fitness Subscription with a successful credit card billing or with prepaid subscription credits or waivers). “Paid App Subscriptions” include all App+, App One, Strength+, or Breathwrk subscriptions for which the Company currently receives payment. Basis of Presentation and Consolidation The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. The condensed consolidated balance sheet as of June 30, 2025, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations of the SEC. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (the "Form 10-K"). However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. The condensed consolidated financial statements include the accounts of Peloton Interactive, Inc. and its subsidiaries in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows, and the changes in stockholders’ deficit for the interim periods. The results for the three months ended September 30, 2025 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending June 30, 2026, or any other period. Certain monetary amounts, percentages, and other figures included elsewhere in these financial statements have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them. Certain immaterial amounts from the prior year have been reclassified to conform with current-year presentation.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Karen Boone [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 13, 2025, Karen Boone, a member of our Board of Directors, entered into a pre-arranged stock trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act (a “Rule 10b5-1 Plan”). Ms. Boone’s Rule 10b5-1 Plan provides for the potential sale of up to an aggregate of 50,000 shares of Class A common stock.
Name	Karen Boone
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 13, 2025
Saqib Baig [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 2, 2025, Saqib Baig, our Chief Accounting Officer, entered into a Rule 10b5-1 Plan. Mr. Baig’s Rule 10b5-1 Plan provides for the potential sale of up to an aggregate of (i) 120,000 shares of Class A common stock and (ii) 225,385 shares of Class A common stock upon the vesting of certain restricted stock units (“RSUs”), in each case vesting between February 15, 2026 and November 15, 2026. Each RSU represents a contingent right to receive one share of Class A common stock.
Name	Saqib Baig
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 2, 2025
Expiration Date	November 15, 2026
Arrangement Duration	439 days
Nick Caldwell [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 5, 2025, Nick Caldwell, our Chief Product Officer, terminated a Rule 10b5-1 Plan dated December 6, 2024 and entered into a new Rule 10b5-1 Plan. Mr. Caldwell’s Rule 10b5-1 Plan provides for the potential sale of up to an aggregate of (i) 180,000 shares of Class A common stock and (ii) 1,056,031 shares of Class A common stock upon the vesting of certain RSUs, in each case vesting between September 15, 2025 and September 15, 2026. Each RSU represents a contingent right to receive one share of Class A common stock.
Karen Boone Trading Arrangement, Class A Common Stock [Member] \| Karen Boone [Member]
Trading Arrangements, by Individual
Aggregate Available	50,000
Saqib Baig Trading Arrangement, Class A Common Stock [Member] \| Saqib Baig [Member]
Trading Arrangements, by Individual
Aggregate Available	120,000
Saqib Baig Trading Arrangement, Class A Common Stock RSU [Member] \| Saqib Baig [Member]
Trading Arrangements, by Individual
Aggregate Available	225,385
Nick Caldwell September 2025 Plan [Member] \| Nick Caldwell [Member]
Trading Arrangements, by Individual
Name	Nick Caldwell
Title	Chief Product Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 5, 2025
Expiration Date	September 15, 2026
Arrangement Duration	375 days
Nick Caldwell December 2024 Plan [Member] \| Nick Caldwell [Member]
Trading Arrangements, by Individual
Name	Nick Caldwell
Title	Chief Product Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	September 5, 2025
Nick Caldwell Trading Arrangement, September 2025 Plan, Class A Common Stock [Member] \| Nick Caldwell [Member]
Trading Arrangements, by Individual
Aggregate Available	180,000
Nick Caldwell Trading Arrangement, September 2025 Plan, Class A Common Stock RSU [Member] \| Nick Caldwell [Member]
Trading Arrangements, by Individual
Aggregate Available	1,056,031

Revenue

3 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

Disaggregation of Revenue

The Company’s revenue disaggregated by segment, excluding sales-based taxes, is included in Note 11, Segment Information. The Company’s revenue disaggregated by geographic region was as follows:


	Three Months Ended September 30,
	2025		2024
	(in millions)
North America	$	494.4	$	535.9


International	56.5		50.1
Total Revenue	$	550.8	$	586.0

During the three months ended September 30, 2025 and 2024, the Company’s revenue attributable to the United States, included within North America above, was $475.3 million and $515.4 million, or 86% and 88% of total revenue, respectively.

Deferred Revenue and Customer Deposits

Deferred revenue is recorded for nonrefundable cash payments received for the Company’s performance obligation to transfer, or stand ready to transfer, goods or services in the future. Customer deposits represent payments received in advance before the Company transfers a good or service to the customer and are refundable.

As of September 30, 2025 and June 30, 2025, deferred revenue of $86.9 million and $91.7 million, respectively, and customer deposits of $53.7 million and $59.0 million, respectively, were included in Deferred revenue and customer deposits on the Company’s Condensed Consolidated Balance Sheets.

In the three months ended September 30, 2025 and 2024, the Company recognized revenue of $75.6 million and $80.6 million, respectively, that was included in the deferred revenue balance as of June 30, 2025 and 2024, respectively.

The Company applies the practical expedient as per ASC 606-10-50-14, Revenue from Contracts with Customers and does not disclose information related to remaining performance obligations due to their original expected terms being one year or less.

Product Warranty

The Company offers a standard product warranty that its Connected Fitness Products will operate under normal, non-commercial use covering the touchscreen and most original Bike, Bike+, Tread, Tread+, Row, Row+, and Guide components. The Company has the obligation, at its option, to either repair or replace the defective product. At the time revenue is recognized, an estimate of future warranty costs is recorded as a component of cost of revenue. Factors that affect the warranty obligation include historical as well as current product failure rates, service delivery costs incurred in correcting product failures, and warranty policies and business practices. The Company’s products are manufactured by contract manufacturers and, in certain cases, the Company may have recourse to such contract manufacturers.

Activity related to the Company’s accrual for its estimated future product warranty obligation was as follows:


	Three Months Ended September 30,
	2025		2024
	(in millions)
Balance at beginning of period	$	24.5	$	20.3
Provision for warranty accrual	4.3		7.1
Warranty claims	(5.8)		(7.1)
Balance at end of period	$	23.1	$	20.3

The Company also offers the option for customers in some markets to purchase an extended warranty and service contract that extends or enhances the technical support, parts, and labor coverage offered as part of the base warranty included with the Connected Fitness Products for additional periods beyond the standard product warranty period.

Extended warranty revenue is recognized ratably over the extended warranty coverage period and is included in Connected Fitness Products Revenue in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company’s revenue attributable to extended warranty was $4.0 million and $6.1 million, representing 1% of total revenue during each of the three months ended September 30, 2025 and 2024.

Lessor arrangements

The Company leases Peloton Bike portfolio products under the Peloton Rental program. Lease revenue is recognized on a straight-line basis over the term of the lease within Connected Fitness Products Revenue and was $9.2 million and $12.5 million for the three months ended September 30, 2025 and 2024, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 12
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jun. 30, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 25.6	$ 22.7
Finished products	325.3	337.6
Total inventories	350.9	360.4
Less: Reserves	(113.2)	(154.8)
Total inventories, net	237.7	205.6
Other inventory, in transit	$ 42.9	$ 40.3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Consolidated Revenue	$ 550.8	$ 586.0
Total cost of revenue	267.1	282.2
Gross profit	283.7	303.8
Operating expenses:
Sales and marketing	66.8	81.9
General and administrative	100.8	119.5
Research and development	62.1	58.5
Impairment expense	8.3	4.9
Restructuring expense	4.4	2.9
Supplier settlements	0.0	23.5
Total operating expenses	242.4	291.2
Income from operations	41.3	12.5
Other expense, net:
Interest expense	(32.3)	(35.4)
Interest income	9.8	8.1
Foreign exchange (loss) gain	(3.8)	14.8
Other expense, net	(0.3)	(0.1)
Total other expense, net	(26.7)	(12.6)
Income (loss) before income taxes	14.6	0.0
Income tax expense	0.7	0.8
Net income (loss)	13.9	(0.9)
Net income (loss) attributable to Class A and Class B common stockholders	13.9	(0.9)
Net income (loss) attributable to Class A and Class B common stockholders	$ 13.9	$ (0.9)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.03	$ 0
Diluted (in dollars per share)	$ 0.03	$ 0
Weighted-average common shares outstanding:
Basic (in shares)	413,108,105	378,776,423
Weighted average common shares outstanding, diluted	430,004,926	378,776,423
Other comprehensive income (loss):
Change in foreign currency translation adjustment	$ 3.3	$ (9.9)
Total other comprehensive income (loss)	3.3	(9.9)
Comprehensive income (loss)	17.3	(10.8)
Connected Fitness Products
Consolidated Revenue	152.4	159.6
Total cost of revenue	141.9	145.0
Subscription
Consolidated Revenue	398.4	426.3
Total cost of revenue	$ 125.2	$ 137.2

Inventories (Tables)

3 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, net consisted of the following:


	September 30, 2025		June 30, 2025
	(in millions)
Raw materials	$	25.6	$	22.7

Finished products(1)	325.3		337.6
Total inventories(2)	350.9		360.4
Less: Reserves	(113.2)		(154.8)
Total inventories, net	$	237.7	$	205.6

_________________________

(1) Includes $42.9 million and $40.3 million of finished goods inventory in transit, products owned by the Company that have not yet been received at a Company distribution center, as of September 30, 2025 and June 30, 2025, respectively.

(2) As of September 30, 2025 and June 30, 2025, there was no work-in-process within inventories.

COVER - shares	3 Months Ended
COVER - shares	Sep. 30, 2025	Nov. 03, 2025
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-39058
Entity Registrant Name	Peloton Interactive, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3533761
Entity Address, Address Line One	441 Ninth Avenue, Sixth Floor
Entity Address, Postal Zip Code	10001
Entity Address, City or Town	New York
Entity Address, State or Province	NY
City Area Code	929
Local Phone Number	567-0006
Title of 12(b) Security	Class A common stock, $0.000025 par value per share
Trading Symbol	PTON
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY)	Q1
Amendment Flag	false
CIK	0001639825
Fiscal Year End Date	--06-30
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		401,969,748
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		15,836,724

Inventories

3 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventories

6. Inventories

Inventories, net consisted of the following:


	September 30, 2025		June 30, 2025
	(in millions)
Raw materials	$	25.6	$	22.7

Finished products(1)	325.3		337.6
Total inventories(2)	350.9		360.4
Less: Reserves	(113.2)		(154.8)
Total inventories, net	$	237.7	$	205.6

_________________________

(2) As of September 30, 2025 and June 30, 2025, there was no work-in-process within inventories.

The Company periodically assesses and adjusts the value of inventory for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods. The Company’s recorded inventory reserves as of September 30, 2025 primarily consisted of $63.6 million related to excess accessories and apparel inventory and $33.7 million related to excess Connected Fitness Products. The Company’s recorded inventory reserves as of June 30, 2025 primarily consisted of $66.8 million related to excess accessories and apparel inventory and $64.9 million related excess returned Connected Fitness Products, including Guide.

Segment Information (Tables)

3 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Key Performance Measures by Segment

Information on reportable segments and reconciliation to consolidated Income (loss) before income taxes is as follows:


	Three Months Ended September 30, 2025
	Connected Fitness Products		Subscription		Total
	(in millions)
Revenue	$	152.4	$	398.4	$	550.8
Consolidated Revenue					$	550.8
Less:
Adjusted Cost of revenue	141.9		125.2		267.1
Segment Adjusted Gross profit	$	10.5	$	273.2	$	283.7

Reconciliation to consolidated income before income taxes:
Allocated overhead costs					—
Sales and marketing					(66.8)
General and administrative					(100.8)
Research and development					(62.1)
Impairment expense					(8.3)
Restructuring expense					(4.4)
Supplier settlements					—
Total other expense, net					(26.7)
Income before income taxes					$	14.6


	Three Months Ended September 30, 2024
	Connected Fitness Products		Subscription		Total
	(in millions)
Revenue	$	159.6	$	426.3	$	586.0
Consolidated Revenue					$	586.0
Less:
Adjusted Cost of revenue	147.0		141.1		288.1
Segment Adjusted Gross profit	$	12.6	$	285.3	$	297.9

Reconciliation to consolidated loss before income taxes:
Allocated overhead costs					5.9
Sales and marketing					(81.9)
General and administrative					(119.5)
Research and development					(58.5)
Impairment expense					(4.9)
Restructuring expense					(2.9)
Supplier settlements					(23.5)
Total other expense, net					(12.6)
Loss before income taxes					$	—

Commitments and Contingencies

3 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Music License Agreements

The Company is subject to minimum royalty payments associated with certain music license agreements. The following represents the Company's guaranteed payments under music license agreements, as of September 30, 2025:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2026 (remaining)	$	58.7
2027	1.3
2028	0.2
2029	—
2030	0.3

Total	$	60.5

Legal and Regulatory Proceedings

The Company is, or may become, a party to legal and regulatory proceedings with respect to a variety of matters in the ordinary course of its business, including the matters set forth below. The Company denies the allegations in the active matters described below and intends to vigorously defend against such matters.

Some of the Company’s legal and regulatory proceedings, including matters and litigation that center around intellectual property claims, may be based on complex claims involving substantial uncertainties and unascertainable damages. Accordingly, except for proceedings that have settled or been terminated, or except where otherwise indicated below, it is not possible to determine the probability of loss or estimate damages for such matters, and therefore, the Company has not established reserves for any of these proceedings. When the Company

determines that a loss is both probable and reasonably estimable, the Company records a liability, and, if the liability is material, discloses the amount of the liability reserved.

Unless otherwise disclosed below, while it is reasonably possible that a loss may be incurred, the Company is unable to estimate a range of potential loss due to the complexity and current status of these lawsuits. In these matters, the Company has not established a reserve.

The Company evaluates, on a regular basis, developments in its legal proceedings and other contingencies that could affect the amount of liability, including amounts in excess of any previous accruals and reasonably possible losses disclosed, and makes adjustments and changes to the Company’s accruals and disclosures, as appropriate. For the matters the Company discloses that do not include an estimate of the amount of loss or range of losses, such an estimate is not possible or is immaterial.

Given that the Company’s legal and regulatory proceedings are subject to uncertainty, there can be no assurance that such legal and regulatory proceedings, either individually or in the aggregate, will not have a material adverse effect on its business, results of operations, financial condition or cash flows.

In May 2021, the Company initiated a voluntary recall of its Tread+ product in collaboration with the U.S. Consumer Product Safety Commission (“CPSC”). In December 2022, the Company entered into a settlement agreement with the CPSC regarding matters related to the Tread+ recall. In the settlement, the Company agreed to pay a $19.1 million civil penalty, resolving the CPSC’s charges that the Company violated the Consumer Product Safety Act (the “CPSA”). On May 18, 2023, the Company and the CPSC jointly announced the approval of a rear guard repair for the recalled Tread+. In 2021, the U.S. Department of Justice and Department of Homeland Security subpoenaed the Company for documents and other information related to the Company’s statutory obligations, including under the CPSA.

On October 26, 2021 and January 24, 2022, the United States District Court for the Eastern District of New York consolidated four stockholder derivative actions purportedly brought on behalf of the Company against certain of the Company’s officers and directors under the caption In re Peloton Interactive, Inc. Derivative Litigation, Master File No. 21-cv-02862-CBA-PK (the “EDNY Derivative Action”), which alleged, among other claims, breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste, and violations of Section 14(a) of the Exchange Act related to the Peloton Tread+ and the safety of the product. Alan Chu, Moshe Genack, Xingqi Liu and Anthony Franchi were appointed as co-lead plaintiffs. On December 14, 2022, two putative verified stockholder derivative actions in the Court of Chancery of the State of Delaware, purportedly brought on behalf of the Company against certain of the Company’s officers and directors asserting similar allegations to those made in the EDNY Derivative Action, were consolidated as In re Peloton Interactive, Inc. Stockholder Derivative Litigation, Consol. Case No. 2022-1051-KSJM (the “Chancery Derivative Action”). On December 22, 2022, a stockholder filed a related putative stockholder derivative action in the United States District Court for the District of Delaware, asserting similar allegations to those in the EDNY Derivative Action and the Chancery Derivative Action against certain of the Company’s officers and directors, captioned Blackburn v. Foley, et al., Case No. 22-cv-01618-GBW (the “Blackburn Action”). The EDNY Derivative Action, the Chancery Derivative Action, and the Blackburn Action were all stayed pending the resolution of a related securities class action in the United States District Court for the Eastern District of New York (the “EDNY Class Action”). The court entered a final judgment in the EDNY Class Action on July 9, 2024. The parties in the EDNY Derivative Action, the Chancery Derivative Action, and the Blackburn Action agreed to a settlement-in-principle to resolve those derivative actions on July 29, 2024, and plaintiffs filed a motion for preliminary approval of that settlement in the EDNY Derivative Action on November 15, 2024, which was granted on April 7, 2025. Following a final approval hearing on June 13, 2025, the court presiding over the EDNY Derivative Action approved the settlement on July 1, 2025 and entered judgment on July 2, 2025. The Blackburn Action was dismissed with prejudice on July 10, 2025. The parties in the Chancery Derivative Action have likewise stipulated to dismissal with prejudice, and a hearing is scheduled for November 24, 2025.

On May 11, 2023, in collaboration with the CPSC, the Company announced a voluntary recall of the original Peloton Bike (not Bike+) sold in the U.S. from January 2018 to May 2023 related to its seat post, and the Company is offering a free replacement seat post as the approved repair. On June 9, 2023, Sam Solomon filed a putative securities class action against the Company and certain of the Company’s officers in the U.S. District Court for the Eastern District of New York, Case No. 1:23-cv-04279-MKB-JRC (the “2023 Securities Litigation”). Jia Tian and David Feigelman were appointed as co-lead plaintiffs. On November 6, 2023, co-lead plaintiffs filed an amended complaint purportedly on behalf of a class consisting of those individuals who purchased or otherwise acquired the Company’s common stock between May 6, 2021 and August 22, 2023, alleging that the defendants made false and/or misleading statements relating to the seat post recall in violation of Sections 10(b) and 20(a) of the Exchange Act. On February 2, 2024, defendants served a motion to dismiss the amended complaint. Briefing on defendants’ motion to dismiss the amended complaint in the 2023 Securities Litigation was completed on May 17, 2024. On February 14, 2025, the court issued a memorandum and order granting defendants’ motion to dismiss and dismissing the amended complaint with leave to file a second amended complaint. On April 11, 2025, co-lead plaintiffs filed a second amended complaint asserting similar claims under Sections 10(b) and 20(a) of the Exchange Act, purportedly on behalf of the same proposed class. On May 21, 2025, defendants served a motion to dismiss the second amended complaint. Briefing on defendants’ motion to dismiss the second amended complaint in the 2023 Securities Litigation was completed on July 28, 2025.

On September 27, 2023, Courtney Cooper and Abdo P. Faissal filed a verified stockholder derivative complaint, purportedly on behalf of the Company against certain of the Company’s officers and directors, captioned Cooper v. Boone, et. al., Case No. 23-cv-07193-MKB-MMH, in the U.S. District Court for the Eastern District of New York, which alleges breaches of fiduciary duties and violations of Section 14(a) of the Exchange Act, as well as a claim for contribution under Sections 10(b) and 21D of the Exchange Act for any liability the Company may incur as a result of the 2023 Securities Litigation. On January 8, 2024, the court stayed the action pending resolution of the motion to dismiss in the 2023 Securities Litigation.

On May 5, 2022, the United States District Court for the Southern District of New York consolidated two putative securities class action lawsuits against the Company and certain of the Company’s officers under the caption City of Hialeah Employees Retirement System et al. v. Peloton Interactive, Inc., et al., Case No. 21-CV-09582-ALC-OTW and appointed Robeco Capital Growth Funds SICAV – Robeco Global Consumer Trends as lead plaintiff in the class action (the “SDNY Class Action”). Lead plaintiff filed its amended complaint on June 25, 2022, alleging that the defendants made false and/or misleading statements about demand for the Company’s products and the reasons for the Company’s inventory growth, and engaged in improper trading in violation of Sections 10(b) and 20A of the Exchange Act. On March 30, 2023, the court granted defendants’ motion to dismiss, with leave to amend. Plaintiffs filed an amended complaint on May 6, 2023, purportedly on behalf of a class consisting of those individuals who purchased or otherwise acquired the Company’s common stock between February 5, 2021 and January 19, 2022, and defendants moved to dismiss the complaint on June 16, 2023. On September 30, 2024, the court granted defendants’ motion to dismiss the second amended complaint with prejudice (the “Order”). On October 21, 2024, plaintiffs filed a notice of appeal of the Order with the United States Court of Appeals for the Second Circuit (the “Second Circuit”) and filed their brief in support of their appeal on December 10, 2024. Defendants filed their responsive brief on January 28, 2025. The Second Circuit heard argument on the appeal on April 11, 2025. On August 27, 2025, the Second Circuit affirmed the Order in part, vacated the Order in part, and remanded the action to the district court for further proceedings, including to consider whether plaintiffs have sufficiently alleged other elements of their claims. The mandate to the district court was issued on September 18, 2025. Consistent with the Second Circuit’s decision, the district court dismissed three defendants from the case on September 10, 2025. The remaining defendants filed a renewed motion to dismiss plaintiffs’ claims in full on October 15, 2025.

On July 26, 2023, the Court of Chancery in the State of Delaware consolidated three stockholder derivative actions purportedly on behalf of the Company against certain of the Company’s officers and directors under the caption In re Peloton Interactive, Inc. 2023 Derivative Litigation, Consol. Case No. 2023-0224-KSJM, which alleges that defendants breached their fiduciary duties by purportedly making false statements about the demand for the Company’s products and engaging in improper trading. Allison Manzella, Clark Ovruchesky, Daniel Banks and Karen Florentino are co-lead plaintiffs. The court stayed the action on September 26, 2023 pending final resolution of all motions to dismiss in the SDNY Class Action, including that any appeals have been concluded.