0001639825-26-000038 | 10-K | XBRL Viewer

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Restructuring - Schedule of Restructuring Related Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 24.6	$ 17.0	$ 13.9
Cash restructuring charges	17.0	33.0	55.7
Cash payments	(34.5)	(25.4)	(52.6)
Ending Balance	7.2	24.6	17.0
Severance and other personnel costs	5.1	23.4	36.5
2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Severance and other personnel costs			7.5
2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Severance and other personnel costs		0.1	29.0
Severance and other personnel costs
Restructuring Reserve [Roll Forward]
Beginning Balance	23.8	12.7	13.6
Cash restructuring charges	5.1	23.4	36.5
Cash payments	(22.2)	(12.3)	(37.4)
Ending Balance	6.7	23.8	12.7
Severance and other personnel costs \| 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Cash restructuring charges			7.5
Severance and other personnel costs \| 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Cash restructuring charges			29.0
Exit and disposal costs and professional fees
Restructuring Reserve [Roll Forward]
Beginning Balance	0.8	4.3	0.3
Cash restructuring charges	11.9	9.6	19.2
Cash payments	(12.3)	(13.1)	(15.2)
Ending Balance	$ 0.5	0.8	4.3
Exit and disposal costs and professional fees \| 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Cash restructuring charges			16.1
Exit and disposal costs and professional fees \| 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Cash restructuring charges		$ 9.6	$ 3.1

Property and Equipment (Tables)

12 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


	June 30,
	2026		2025
	(in millions)


Leasehold Improvements	$	227.8	$	257.0
Machinery	11.9		10.3
Equipment	32.0		39.6
Customer-leased equipment	31.4		51.3
Furniture and Fixtures	15.7		18.2
Construction in Progress	1.8		0.4
Software (1)	145.6		160.5
Total property and equipment	466.3		537.3
Accumulated depreciation and amortization	(301.8)		(298.3)
Total property and equipment, net	$	164.5	$	239.0

_________________________

(1) Includes $2.6 million and $1.0 million of software under development as of June 30, 2026 and 2025, respectively.

The estimated useful lives of property and equipment are as follows:



Leasehold Improvements			Shorter of remaining lease term or useful life
Machinery			Three to ten years
Equipment			Two to seven years
Customer-leased equipment			Three to five years
Furniture and Fixtures			Two to ten years
Software			Two to seven years

Accounts Payable and Accrued Expenses

12 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	June 30,
	2026		2025
	(in millions)
Accounts payable	$	53.5	$	66.7
Accrued music licensing royalties	76.6		145.2
Employee-related liabilities	34.3		46.2
Inventory received but not billed	29.4		28.1
Accrued professional fees	6.4		11.0
Accrued general and administrative(1)	17.4		15.8
Accrued marketing	10.8		7.4
Accrued legal contingencies	23.8		—
Other	59.0		52.2
Total accounts payable and accrued expenses	$	311.2	$	372.7

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Millions	1 Months Ended				12 Months Ended
	May 31, 2024 USD ($)	Feb. 28, 2021 USD ($)	Sep. 30, 2019 period	Aug. 31, 2019	Jun. 30, 2026 USD ($) vote $ / shares shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2024 USD ($)	Jun. 30, 2022	Feb. 28, 2026 USD ($)	Jul. 01, 2025 shares	Oct. 31, 2023 shares
Debt Instrument [Line Items]
Intangible assets					$ 0.0
Proceeds from issuance of convertible notes, net of issuance costs					$ 0.0	$ 0.0	$ 342.3
Allowable product return period (in days)					30 days
Advertising expenses					$ 224.2	$ 247.0	435.0
Expected dividend yield								0.00%
Preferred stock, par value (in dollars per share) \| $ / shares					$ 0.000025
Preferred stock, shares authorized (in shares) \| shares					50,000,000	50,000,000
Preferred stock, shares issued (in shares) \| shares					0	0
Preferred stock, shares outstanding (in shares) \| shares					0	0
Employer matching contribution					$ 14.0	$ 14.5	$ 18.5
Class A Common Stock
Debt Instrument [Line Items]
Common stock, number of votes \| vote					1
Class B Common Stock
Debt Instrument [Line Items]
Common stock, number of votes \| vote					20
2019 Equity Incentive Plan
Debt Instrument [Line Items]
Expiration period (in years)				10 years
2019 Equity Incentive Plan \| Class A Common Stock
Debt Instrument [Line Items]
Increase in number of shares authorized, as a percentage of total common stock outstanding			5.00%
Increase in number of shares available for future issuance (in shares) \| shares										20,320,827	36,000,000
Number of shares available for future issuance (in shares) \| shares					66,030,564
Shares estimated to be purchased under ESPP \| 2019 Employee Stock Purchase Plan
Debt Instrument [Line Items]
Share based compensation arrangement by share based payment award offering period				24 months
Purchase of common stock, employee discount percentage				15.00%
Number of purchase periods \| period			4
Purchase period (in months)			6 months
Commencement of offering period (in years)			2 years
Commencement of purchase period (in months)			6 months
Shares estimated to be purchased under ESPP \| 2019 Employee Stock Purchase Plan \| Class A Common Stock
Debt Instrument [Line Items]
Increase in number of shares authorized, as a percentage of total common stock outstanding			1.00%
Increase in number of shares available for future issuance (in shares) \| shares										4,064,165
Number of shares available for future issuance (in shares) \| shares					21,151,488
Purchase price of common stock, percentage of fair market value			85.00%
0.00% Convertible Senior Notes due 2026 \| Convertible senior notes
Debt Instrument [Line Items]
Principal		$ 1,000.0			$ 199.0	$ 199.0
Convertible debt, stated interest rate		0.00%			0.00%	0.00%
Proceeds from issuance of convertible notes, net of issuance costs	$ 801.0	$ 977.2
Debt instrument aggregate cash	(724.9)
Principal payments					$ (199.0)	$ 0.0			$ (199.0)
5.50% Convertible Senior Notes due 2029 \| Convertible senior notes
Debt Instrument [Line Items]
Principal	$ 350.0				$ 350.0	$ 350.0
Convertible debt, stated interest rate	5.50%				5.50%	5.50%
Proceeds from issuance of convertible notes, net of issuance costs	$ 342.3
Maximum \| 2019 Equity Incentive Plan
Debt Instrument [Line Items]
Vesting period (in years)				4 years
Earn rate, percent of shares granted					200.00%	200.00%
Minimum \| 2019 Equity Incentive Plan
Debt Instrument [Line Items]
Vesting period (in years)				2 years
Earn rate, percent of shares granted					0.00%	0.00%
Internal-Use Software \| Maximum
Debt Instrument [Line Items]
Useful life					3 years

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 30, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	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 people to live fit, strong, long, and happy, by providing fitness and wellness experiences to Members (as defined below) 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 integrated experiences through Peloton’s world-renowned Instructors, premium hardware and innovative software, personalization, extensive modalities and an expansive content library. The Company’s portfolio of Connected Fitness Products primarily consists of the Peloton Original Series, Peloton Cross Training Series, Peloton Pro Series, and Precor Products, and related accessories, delivery and installation services, extended warranty and other service agreements, and branded apparel. In October 2025, the Company launched the Cross Training Series, a refreshed portfolio of Connected Fitness Products, which includes the Cross Training Bike, Bike+, Tread, Tread+, and Row+. The Company also launched the Peloton Pro Series, a refresh of its portfolio of commercial-ready Peloton-branded products, which now includes the Bike+ Pro, Tread+ Pro, and Row+ Pro. In connection with the Cross Training Series launch, the Company discontinued the sale of its original series (the “Original Series”) Tread, Tread+, and Row; however the Company continues to sell the refurbished Original Series Bike and Bike+. The Company’s Precor-branded fitness products include Precor Cardio, Precor Strength, Connected Fitness Solutions, and Wellness Solutions (collectively, the “Precor Products”). The Original Series, Cross Training Series, Pro Series, and Precor Products are collectively referred to herein as “Connected Fitness Products.” 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 (a successful credit card billing or prepaid with subscription credits or waivers). Basis of Presentation and Consolidation The accompanying 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”). The 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. 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. Except as described elsewhere in Note 2, Summary of Significant Accounting Policies in the section titled “Recently Issued Accounting Pronouncements,” there have been no material changes to the Company’s significant accounting policies as described in the Form 10-K.

Restructuring - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Cash restructuring charges
Severance and other personnel costs	$ 5.1	$ 23.4	$ 36.5
Exit and disposal costs and professional fees	11.9	9.6	19.2
Total cash restructuring charges	17.0	33.0	55.7
Non-cash charges
Asset write-downs and write-offs	11.6	21.1	40.8
Stock-based compensation expense	0.8	0.8	6.6
Write-offs of inventory related to restructuring activities	0.0	0.0	1.0
Loss on sale of subsidiary	0.0	0.0	3.8
Total non-cash restructuring charges	12.4	21.9	52.2
Total	$ 29.5	54.9	107.9
2024 Restructuring Plan
Cash restructuring charges
Severance and other personnel costs		0.1	29.0
Exit and disposal costs and professional fees		3.1
Non-cash charges
Asset write-downs and write-offs		9.7
Stock-based compensation expense		(0.6)
2025 Restructuring Plan
Cash restructuring charges
Severance and other personnel costs		23.2
2022 Restructuring Plan
Cash restructuring charges
Severance and other personnel costs			$ 7.5
Exit and disposal costs and professional fees		16.1
Non-cash charges
Asset write-downs and write-offs		31.1
Stock-based compensation expense		$ 7.2

Equity-Based Compensation

12 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

2019 Equity Incentive Plan

In August 2019, the Board of Directors adopted the 2019 Equity Incentive Plan (the “2019 Plan”), which serves as the successor the 2015 Stock Plan. The 2019 Plan provides for the grant of equity-based awards to employees, directors and consultants, including stock options, restricted stock units, and performance stock units.

Stock Options

The following summary sets forth the stock option activity under the 2019 Plan:


	Options Outstanding
	Number of Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding — June 30, 2025	20,958,757	$	21.51	3.8	$	6.8
Granted	—	$	—
Exercised	(81,817)	$	1.30		$	0.4
Forfeited or expired	(2,162,245)	$	11.16
Outstanding — June 30, 2026	18,714,695	$	22.79	2.6	$	4.3
Vested and Exercisable— June 30, 2026	18,102,794	$	23.28	2.4	$	4.3

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2025	1,735,457	$	9.39
Granted	—	$	—
Vested	(1,005,585)	$	11.27
Forfeited or expired	(117,971)	$	8.81
Unvested - June 30, 2026	611,901	$	6.39

The aggregate intrinsic value of options outstanding and vested and exercisable, were calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of June 30, 2026. The fair value of the common stock is the closing stock price of Class A common stock as reported on The Nasdaq Global Select Market. The aggregate intrinsic value of exercised options was $0.4 million, $9.2 million, and $12.7 million for the fiscal years ended June 30, 2026, 2025, and 2024, respectively.

No stock options were granted during the fiscal year ended June 30, 2026. For the fiscal years ended June 30, 2025 and 2024, the weighted-average grant date fair value per option was $5.53, and $2.46, respectively. The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions:


	Fiscal Year Ended June 30,
	2025		2024
Weighted average risk-free interest rate (1)	4.3	%	4.5	%
Weighted average expected term (in years) (1)	5.5		3.6
Weighted average expected volatility (1)	87.0	%	87.5	%
Expected dividend yield (1)	—		—

____________________________

(1) Refer to 2019 Equity Incentive Plan within Note 2, Summary of Significant Accounting Policies for further details regarding how these assumptions are calculated.

Restricted Stock Units

The following table summarizes the activity related to the Company's restricted stock units:


	Restricted Stock Units Outstanding
	Number of Awards	Weighted-Average Grant Date Fair Value
Outstanding — June 30, 2025 (1)	54,154,272	$	5.92
Granted	23,136,469	$	6.44
Vested and converted to shares	(29,512,773)	$	6.10
Cancelled	(11,033,217)	$	6.07
Outstanding — June 30, 2026	36,744,751	$	6.06

____________________________

(1) During the fiscal year ended June 30, 2026, the Company updated its equity-based compensation disclosures to separately present the activity of RSUs and PSUs. Outstanding awards as of June 30, 2025, and weighted-average grant-date fair values for the prior year have been reclassified to conform to the current-year presentation. This change in presentation had no impact on previously reported consolidated net loss, total cash flows, or financial position.

For the fiscal years ended June 30, 2026, 2025, and 2024, the weighted-average grant date fair value per restricted stock unit was $6.44, $5.18, and $5.46, respectively.

Performance Stock Units

The following table summarizes the activity related to the Company's performance stock units, inclusive of awards with performance conditions and market conditions:


	Performance Stock Units Outstanding
	Number of Awards	Weighted-Average Grant Date Fair Value
Outstanding — June 30, 2025 (1)	1,147,446	$	5.76
Granted	5,242,805	$	7.30
Performance adjustment	1,719,709	$	6.79
Vested and converted to shares	(1,999,524)	$	5.77
Cancelled	(321,267)	$	7.58
Outstanding — June 30, 2026	5,789,169	$	7.36

____________________________

For the fiscal years ended June 30, 2026 and 2025, the weighted-average grant date fair value per performance stock unit was $7.30 and $5.76, respectively. There were no PSU awards granted prior to fiscal year 2025.

Stock-Based Compensation Expense

The Company's total stock-based compensation expense was as follows:


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Cost of revenue
Connected Fitness Products	$	8.9	$	9.3	$	10.1
Subscription	40.8		36.3		39.3
Total cost of revenue	49.6		45.7		49.5
Sales and marketing	25.1		16.4		19.7
General and administrative	77.5		121.9		177.1
Research and development	45.6		44.8		58.8
Restructuring expense	0.8		0.8		6.6
Total stock-based compensation expense	$	198.6	$	229.6	$	311.7

As of June 30, 2026, the Company had $222.9 million of unrecognized stock-based compensation expense related to unvested stock-based awards that is expected to be recognized over a weighted-average period of 2.1 years.

During the fiscal year ended June 30, 2026, three employees who were eligible to participate in the Company’s Severance and Change in Control Plan (the “Severance Plan”) terminated employment. Certain modifications were made to their equity awards, including the extension of the post-termination period during which the employees could exercise their outstanding stock options from 90 days to one year (or the option expiration date, if earlier). In one instance during the fiscal year ended June 30, 2026, the employee transitioned to a non-executive advisory role. As a result of these modifications, the Company recognized incremental stock-based compensation expense of $1.2 million within General and administrative expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).

During the fiscal year ended June 30, 2025, five employees who were eligible to participate in the Company’s Severance Plan terminated employment. Certain modifications were made to their equity awards, including the extension of the post-termination period during which the employees could exercise their outstanding stock options from 90 days to one year (or the option expiration date, if earlier). In two instances during the fiscal year ended June 30, 2025, the employees transitioned to non-executive advisory roles. As a result of these modifications, the Company recognized incremental stock-based compensation expense of $4.2 million within General and administrative expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).

During the fiscal year ended June 30, 2024, certain modifications were made to equity awards for four employees, who were eligible to participate in the Severance Plan, excluding the impact separately disclosed below, of the Company’s former President and Chief Executive Officer (“CEO”) who was also covered under the Severance Plan. For the fiscal year ended June 30, 2024, this included the extension of the post-termination period during which an employee may exercise outstanding stock options from 90 days to one year (or the option expiration date, if earlier). In one instance during the fiscal year ended June 30, 2024, the post-termination period during which an employee may exercise outstanding stock options was extended from 90 days to the earlier of the original expiration date or 3 years. This employee transitioned to a non-executive advisory role. As a result of these modifications, the Company recognized incremental stock-based compensation expense of $5.6 million for the fiscal year ended June 30, 2024 within Restructuring expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).

On February 7, 2022, the Board of Directors granted the Company’s former President and CEO, 8,000,000 shares of the Class A common stock (the "Option Award"). The Option Award had an exercise price of $38.77 per share, equal to the closing price of the Class A common stock on the CEO Commencement Date of February 9, 2022. The awards were to vest and become exercisable over four years, with 1/48th vesting on each monthly anniversary of the CEO Commencement Date, subject to the provision of the CEO’s continued service to the Company through each vesting date. The awards were to be exercisable through February 8, 2032. On May 2, 2024, Mr. McCarthy transitioned to a non-executive, strategic advisory role and was granted a new option award (the "Advisory Award") that vested in equal monthly installments through December 31, 2024. Mr. McCarthy also received one year of accelerated vesting on all outstanding stock options (other than the Advisory Award), which will remain exercisable until December 31, 2027. During the fiscal year ended June 30, 2024, in connection with the CEO transition, the Company recognized stock-based compensation expense of $41.9 million for the one year of accelerated vesting of the Option Award, which had an exercise price of $38.77 per share and a grant date fair value of approximately $167.6 million. In addition, the Company recognized incremental stock-based compensation expense of $5.4 million for the modification of stock option awards related to the extension of the exercise window through December 31, 2027. These expenses were recognized within General and administrative expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Revenue (Tables)

12 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
North America	$	2,206.5	$	2,274.3	$	2,487.0
International	239.5		216.5		213.5
Total Revenue	$	2,446.0	$	2,490.8	$	2,700.5

Schedule of Product Warranty Liability

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


	Fiscal Year Ended June 30,
	2026		2025
	(in millions)
Balance at beginning of period	$	24.5	$	20.3
Provision for warranty accrual	15.9		35.5
Warranty claims	(21.5)		(31.3)
Balance at end of period	$	18.9	$	24.5

Earnings (Loss) Per Share

12 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

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 restricted stock units and awards, and performance 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:


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions, except share and per share amounts)
Basic earnings (loss) per share:
Numerator:
Net income (loss)	$	63.2	$	(118.9)	$	(551.9)
Denominator:
Weighted-average common shares outstanding, basic	424,726,220		390,037,997		365,546,334
Earnings (loss) per share, basic	$	0.15	$	(0.30)	$	(1.51)

Diluted earnings (loss) per share:
Numerator:
Net income (loss)	$	63.2	$	(118.9)	$	(551.9)

Net income (loss) attributable to common stockholders, diluted	$	63.2	$	(118.9)	$	(551.9)
Denominator:
Weighted-average common shares outstanding, basic	424,726,220		390,037,997		365,546,334
Weighted-average effect of dilutive securities:



Stock-based awards	11,492,423		—		—

Weighted average common shares outstanding, diluted	436,218,643		390,037,997		365,546,334
Earnings (loss) per share, diluted	$	0.14	$	(0.30)	$	(1.51)

As of June 30, 2026, June 30, 2025, and June 30, 2024, 39,217,172, 81,664,586, and 89,951,736 potentially dilutive stock-based awards, respectively, calculated as the total outstanding shares as of those period ends, were excluded from the computation of diluted earnings (loss) per share. Additionally, 76,452,600, 77,284,420, and 77,284,420 of potentially dilutive shares related to convertible senior notes, calculated under the if-converted method, were excluded from the computation of diluted loss per share as of June 30, 2026, June 30, 2025, and June 30, 2024, respectively. These amounts were excluded as they would have been anti-dilutive.

Capped Calls

For the fiscal year ended June 30, 2024, the denominator for basic and diluted loss per share does not include any effect from the Capped Call Transactions the Company entered into concurrently with the issuance of the 2026 Notes as this effect would be anti-dilutive. During the fiscal year ended June 30, 2024, the Capped Call Transactions were terminated. Refer to Note 11, Debt for additional information.

Debt

12 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

Convertible Notes due 2029

In May 2024, the Company issued $350.0 million aggregate principal amount of 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, beginning on December 1, 2024. 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 did not exceed 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 June 30, 2026. Accordingly, as of July 1, 2026, the 2029 Notes may not be converted at the option of the applicable holder through September 30, 2026.

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 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.

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 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 was the effective interest rate as of June 30, 2026.

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


	June 30,
	2026		2025
	(in millions)
Principal	$	350.0	$	350.0

Unamortized debt issuance costs	(5.1)		(6.4)
Net carrying amount	$	344.9	$	343.6

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


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Amortization of debt issuance costs	$	1.3	$	1.2	$	0.1
Total non-cash interest expense related to the 2029 Notes	1.3		1.2		0.1
Cash interest expense	19.3		19.3		2.0
Total interest expense related to the 2029 Notes	$	20.6	$	20.5	$	2.1

Convertible Notes due 2026

In February 2021, the Company issued $1.0 billion aggregate principal amount of 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 did not bear regular interest, and the principal amount of the 2026 Notes did not accrete. The effective interest rate upon issuance of the 2026 Notes was 0.45%.

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 recorded a $69.8 million gain on early extinguishment of debt during the fiscal year ended June 30, 2024, inclusive of a write-off of previously deferred debt issuance costs of $6.3 million. This amount was included within Net gain on debt refinancing on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the fiscal year ended June 30, 2024.

The 2026 Notes matured on February 15, 2026, and during the fiscal year ended June 30, 2026, the Company repaid in cash the remaining $199.0 million aggregate principal amount of the 2026 Notes. As of June 30, 2025, the 2026 Notes were classified as Current portion of debt on the Consolidated Balance Sheets due to their upcoming maturity date.

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


	June 30,
	2026		2025
	(in millions)
Principal	$	199.0	$	199.0
Principal payment	(199.0)		—
Unamortized debt issuance costs	—		(0.5)
Net carrying amount	$	—	$	198.5

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


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Amortization of debt issuance costs	$	0.5	$	0.9	$	4.3
Total interest expense related to the 2026 Notes	$	0.5	$	0.9	$	4.3

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 the fiscal years ended June 30, 2026, 2025, and 2024, the Company incurred total commitment fees of $0.4 million, $0.5 million, and $1.3 million, respectively, which are included in Interest expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).

As of June 30, 2026, the Company had drawn the full amount of the Term Loan and had not drawn on the Revolving Facility, and the Company had $980.0 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 Income (Loss) for the fiscal year ended June 30, 2024.

As of June 30, 2026, 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 June 30, 2026, the Company had outstanding letters of credit totaling $40.9 million, which are classified as Restricted cash on the Consolidated Balance Sheets.

Upon entering into the Term Loan, the effective interest rate was 12.4% and the current effective interest rate as of June 30, 2026 is 10.2%.

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


	June 30,
	2026		2025
	(in millions)
Principal	$	1,000.0	$	1,000.0
Principal payments	(20.0)		(10.0)
Unamortized debt discount	(17.7)		(22.7)
Unamortized debt issuance costs	(8.1)		(10.4)
Net carrying amount	$	954.2	$	956.9

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


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Amortization of debt discount	$	5.0	$	4.7	$	5.7
Amortization of debt issuance costs	2.3		2.1		3.3
Total non-cash interest expense related to the Term Loan	7.4		6.8		9.0
Cash interest expense	94.2		105.8		94.9
Total interest expense related to the Term Loan	$	101.6	$	112.6	$	103.8

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 June 30, 2026:


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


Total	$	1,330.0

- 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 942
-SubTopic 210
-Name Accounting Standards Codification
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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/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: 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 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Concentration of Risk	12 Months Ended
Concentration of Risk	Jun. 30, 2026
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are maintained with high-quality financial institutions, the compositions and maturities of which are regularly monitored by management. For the fiscal years ended June 30, 2026, 2025, and 2024, there were no customers representing greater than 10% of the Company’s Total revenue. The Company procures components from a broad group of suppliers. Some of the Company’s products require one or more components that are available from only a single source. In the event of an interruption from any of these suppliers, the Company may not be able to increase capacity from other sources or develop alternate or secondary sources without incurring material additional costs and delays. Accordingly, a loss of or poor performance by any of the Company’s significant suppliers could have an adverse effect on the Company’s business, financial condition and operating results.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
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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 9: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Debt - Components of Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Term Loan Facility
Interest Expense, Debt [Abstract]
Amortization of debt issuance costs	$ 2.3	$ 2.1	$ 3.3
Amortization of debt discount	5.0	4.7	5.7
Total non-cash interest expense related to the 2029 Notes	7.4	6.8	9.0
Cash interest expense	94.2	105.8	94.9
Total interest expense related to the Term Loan	101.6	112.6	103.8
5.50% Convertible Senior Notes due 2029
Interest Expense, Debt [Abstract]
Amortization of debt issuance costs	1.3	1.2	0.1
Total non-cash interest expense related to the 2029 Notes	1.3	1.2	0.1
Cash interest expense	19.3	19.3	2.0
Total interest expense related to the 2026 Notes	20.6	20.5	2.1
0.00% Convertible Senior Notes due 2026
Interest Expense, Debt [Abstract]
Amortization of debt issuance costs	0.5	0.9	4.3
Total interest expense related to the 2026 Notes	$ 0.5	$ 0.9	$ 4.3

Earnings (Loss) Per Share (Tables)

12 Months Ended

Jun. 30, 2026

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:


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions, except share and per share amounts)
Basic earnings (loss) per share:
Numerator:
Net income (loss)	$	63.2	$	(118.9)	$	(551.9)
Denominator:
Weighted-average common shares outstanding, basic	424,726,220		390,037,997		365,546,334
Earnings (loss) per share, basic	$	0.15	$	(0.30)	$	(1.51)

Diluted earnings (loss) per share:
Numerator:
Net income (loss)	$	63.2	$	(118.9)	$	(551.9)

Net income (loss) attributable to common stockholders, diluted	$	63.2	$	(118.9)	$	(551.9)
Denominator:
Weighted-average common shares outstanding, basic	424,726,220		390,037,997		365,546,334
Weighted-average effect of dilutive securities:



Stock-based awards	11,492,423		—		—

Weighted average common shares outstanding, diluted	436,218,643		390,037,997		365,546,334
Earnings (loss) per share, diluted	$	0.14	$	(0.30)	$	(1.51)

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Intangible Asset, Finite-Lived, after Accumulated Amortization, Estimated Amortization Expense, Fiscal Year Maturity [Abstract]
2027	$ 4.1
2028	3.9
2029	3.6
2030	0.0
2031	0.0
Thereafter	0.0
Net Carrying Amount	$ 11.7	$ 5.6

Segment Information

12 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

The Company applies ASC 280, Segment Reporting, in determining reportable segments. The Company has two reportable segments: Connected Fitness Products and Subscription. The Connected Fitness Products segment primarily derives revenue from the sale of the Company's portfolio of Connected Fitness Products and related accessories, including 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.

Operating expenditures, interest income and other expense, and taxes are not allocated to individual segments as these are managed on an entity wide group basis. Information on reportable segments and reconciliation to consolidated Income (loss) before income taxes is as follows:


	Fiscal Year Ended June 30, 2026
	Connected Fitness Products		Subscription		Total
	(in millions)
Revenue	$	770.4	$	1,675.6	$	2,446.0
Consolidated Revenue					$	2,446.0
Less:
Adjusted Cost of revenue	680.0		479.3		1,159.3
Segment Adjusted Gross profit	$	90.4	$	1,196.3	$	1,286.7

Reconciliation to consolidated income before income taxes:

Sales and marketing					(400.4)
General and administrative					(430.3)
Research and development					(242.8)
Impairment expense					(34.6)
Restructuring expense					(17.9)

Total other expense, net					(97.6)
Income before income taxes					$	63.1


	Fiscal Year Ended June 30, 2025
	Connected Fitness Products		Subscription		Total
	(in millions)
Revenue	$	817.1	$	1,673.7	$	2,490.8
Consolidated Revenue					$	2,490.8
Less:
Adjusted Cost of revenue	720.8		534.0		1,254.7
Segment Adjusted Gross profit	$	96.4	$	1,139.7	$	1,236.1

Reconciliation to consolidated loss before income taxes:
Allocated overhead costs					32.2
Sales and marketing					(421.6)
General and administrative					(527.3)
Research and development					(234.2)
Impairment expense					(64.1)
Restructuring expense					(33.8)
Supplier settlements					(23.5)
Total other expense, net					(79.3)
Loss before income taxes					$	(115.6)


	Fiscal Year Ended June 30, 2024
	Connected Fitness Products		Subscription		Total
	(in millions)
Revenue	$	991.7	$	1,708.7	$	2,700.5
Consolidated Revenue					$	2,700.5
Less:
Adjusted Cost of revenue	952.0		566.4		1,518.4
Segment Adjusted Gross profit	$	39.8	$	1,142.3	$	1,182.1

Reconciliation to consolidated loss before income taxes:
Allocated overhead costs					24.4
Sales and marketing					(658.9)
General and administrative					(651.0)
Research and development					(304.8)
Impairment expense					(57.3)
Restructuring expense					(66.1)
Supplier settlements					2.6
Total other expense, net					(23.2)
Loss before income taxes					$	(552.1)

- Definition

The entire disclosure for segment reporting.

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+ Details

Equity-Based Compensation - Schedule of Fair Value Assumptions (Details)	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield			0.00%
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average risk-free interest rate	4.30%	4.50%
Weighted average expected term (in years)	5 years 6 months	3 years 7 months 6 days
Weighted average expected volatility	87.00%	87.50%
Expected dividend yield	0.00%	0.00%

- 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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+ Details

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	June 30,
	2026		2025
	(in millions)
Accounts payable	$	53.5	$	66.7
Accrued music licensing royalties	76.6		145.2
Employee-related liabilities	34.3		46.2
Inventory received but not billed	29.4		28.1
Accrued professional fees	6.4		11.0
Accrued general and administrative(1)	17.4		15.8
Accrued marketing	10.8		7.4
Accrued legal contingencies	23.8		—
Other	59.0		52.2
Total accounts payable and accrued expenses	$	311.2	$	372.7

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, 2023		356.8
Beginning balance at Jun. 30, 2023	$ (295.1)	$ 0.0	$ 4,619.8	$ 16.8	$ (4,931.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation (in shares)		18.6
Activity related to stock-based compensation	324.5		324.5
Issuance of common stock under employee stock purchase plan (in shares)		0.9
Issuance of common stock under employee stock purchase plan	4.3		4.3
Other comprehensive income (loss)	(0.9)			(0.9)
Net income (loss)	(551.9)				(551.9)
Ending balance (in shares) at Jun. 30, 2024		376.3
Ending 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 (in shares)		29.2
Activity related to stock-based compensation	231.7		231.7
Issuance of common stock under employee stock purchase plan (in shares)		0.9
Issuance of common stock under employee stock purchase plan	3.4		3.4
Other comprehensive income (loss)	(10.9)			(10.9)
Net income (loss)	(118.9)				(118.9)
Ending balance (in shares) at Jun. 30, 2025		406.4
Ending 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 (in shares)		31.2
Activity related to stock-based compensation	197.0		197.0
Issuance of common stock under employee stock purchase plan (in shares)		1.0
Issuance of common stock under employee stock purchase plan	4.0		4.0
Other comprehensive income (loss)	9.9			9.9
Net income (loss)	63.2				63.2
Ending balance (in shares) at Jun. 30, 2026		438.6
Ending balance at Jun. 30, 2026	$ (139.7)	$ 0.0	$ 5,384.7	$ 15.0	$ (5,539.4)

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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+ Details

- Definition

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

+ References

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

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Number of shares issued during the period as a result of an employee stock purchase plan.

+ References

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Number, after forfeiture, of shares or units issued under share-based payment arrangement. Excludes shares or units issued under employee stock ownership plan (ESOP).

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- Definition

Aggregate change in value for stock issued during the period as a result of employee stock purchase plan.

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Debt - Third Amended and Restated Credit Agreement (Details) - USD ($)		12 Months Ended
	May 30, 2024	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Line of Credit Facility [Line Items]
Debt issuance costs incurred		$ 13,200,000	$ 17,400,000
Deferred debt discount and debt issuance costs		$ 9,500,000	9,100,000	$ 14,200,000
Term Loan Facility \| Line of Credit
Line of Credit Facility [Line Items]
Effective interest rate	12.40%	10.20%
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)		$ 980,000,000.0
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		400,000	$ 500,000	$ 1,300,000
Proceeds from borrowings under credit facility		0
Debt incremental discount		10,000,000.0
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		$ 40,900,000

Inventories (Tables)

12 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory, Net

Inventories, net consisted of the following:


	June 30,
	2026		2025
	(in millions)
Raw materials	$	23.9	$	22.7

Finished products(1)	191.1		337.6
Total inventories(2)	215.1		360.4
Less: Reserves	(79.7)		(154.8)
Total inventories, net	$	135.4	$	205.6

_________________________

(1) Includes $16.4 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 June 30, 2026 and 2025, respectively.

(2) As of June 30, 2026 and 2025, there was no work-in-process within inventories.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Statement [Line Items]
Total revenue	$ 2,446.0	$ 2,490.8	$ 2,700.5
Total cost of revenue	1,159.3	1,222.5	1,494.0
Gross profit	1,286.7	1,268.3	1,206.5
Operating expenses:
Sales and marketing	400.4	421.6	658.9
General and administrative	430.3	527.3	651.0
Research and development	242.8	234.2	304.8
Impairment expense	34.6	64.1	57.3
Restructuring expense	17.9	33.8	66.1
Supplier settlements	0.0	23.5	(2.6)
Total operating expenses	1,126.0	1,304.5	1,735.5
Income (loss) from operations	160.7	(36.2)	(529.0)
Other expense, net:
Interest expense	(123.8)	(134.5)	(112.5)
Interest income	36.4	32.7	35.1
Foreign exchange (loss) gain	(10.1)	22.4	0.0
Other (expense) income, net	(0.2)	0.1	0.7
Net gain on debt refinancing	0.0	0.0	53.6
Total other expense, net	(97.6)	(79.3)	(23.2)
Loss before income taxes	63.1	(115.6)	(552.1)
Income tax (benefit) expense	(0.1)	3.4	(0.2)
Net income (loss)	63.2	(118.9)	(551.9)
Net income (loss) attributable to Class A and Class B common stockholders	$ 63.2	$ (118.9)	$ (551.9)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.15	$ (0.30)	$ (1.51)
Diluted (in dollars per share)	$ 0.14	$ (0.30)	$ (1.51)
Weighted-average common shares outstanding:
Basic (in shares)	424,726,220	390,037,997	365,546,334
Diluted (in shares)	436,218,643	390,037,997	365,546,334
Other comprehensive income (loss):
Change in foreign currency translation adjustment	$ 9.9	$ (10.9)	$ (0.9)
Total other comprehensive income (loss)	9.9	(10.9)	(0.9)
Comprehensive income (loss)	73.1	(129.8)	(552.8)
Connected Fitness Products
Statement [Line Items]
Total revenue	770.4	817.1	991.7
Total cost of revenue	680.0	705.9	943.0
Subscription
Statement [Line Items]
Total revenue	1,675.6	1,673.7	1,708.7
Total cost of revenue	$ 479.3	$ 516.6	$ 551.0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Jun. 30, 2025
Class A Common Stock
Statement [Line Items]
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)	422,802,650	390,579,270
Common stock, shares outstanding (in shares)	422,802,650	390,579,270
Class B Common Stock
Statement [Line Items]
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

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

- 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

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Reference 82: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(7)(a)(5))
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Reference 83: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 84: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(7)(c)(1))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 85: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(7)(c)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 86: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-3

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Jun. 30, 2026

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 June 30, 2026:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2027	$	48.0
2028	42.0
2029	15.2



Total	$	105.2

Goodwill and Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Goodwill

The changes in the carrying value of goodwill during the fiscal years ended June 30, 2026, 2025, and 2024 are as follows:


	Amount
	(in millions)
June 30, 2024	$	41.2
June 30, 2025	41.2
Acquisition	2.8
June 30, 2026	$	44.0

Schedule of Intangible Assets, Net

The gross carrying amount and accumulated amortization of the Company's Intangible assets, net, as of June 30, 2026 were as follows:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (Years)
Acquired developed technology	$	83.7	$	(72.2)	$	11.5	2.9
Other definite-lived intangibles	5.7		(5.5)		0.2		5.3
Total intangible assets	$	89.5	$	(77.8)	$	11.7

The gross carrying amount and accumulated amortization of the Company's Intangible assets, net, as of June 30, 2025 were as follows:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (Years)
Acquired developed technology	$	72.0	$	(66.6)	$	5.4	0.4



Other definite-lived intangibles	5.8		(5.5)		0.2		0.2
Total intangible assets	$	77.7	$	(72.2)	$	5.6

Schedule of Estimated Amortization for Identifiable Acquisition-Related Intangible Assets in Future Periods

As of June 30, 2026, estimated amortization expense related to the Company's identifiable acquisition-related intangible assets in future periods were as follows:


Fiscal Year Ending June 30,	Amount
	(in millions)
2027	$	4.1
2028	3.9
2029	3.6
2030	—
2031	—
Thereafter	—
Total	$	11.7

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,446.0	$ 2,490.8	$ 2,700.5
Deferred revenue	93.9	91.7
Customer deposits	45.7	59.0
Revenue recognized that was previously included in deferred revenue	(90.2)	(91.8)
United States
Disaggregation of Revenue [Line Items]
Total revenue	2,117.1	2,185.7	2,389.2
United States \| Product Warranty
Disaggregation of Revenue [Line Items]
Total revenue	$ 16.0	$ 21.3	$ 36.0
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total revenue	87.00%	88.00%	88.00%
United States \| Revenue Benchmark \| Geographic Concentration Risk \| Product Warranty
Disaggregation of Revenue [Line Items]
Percentage of total revenue	1.00%	1.00%	1.00%

Revenue

12 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The Company’s revenue disaggregated by segment, excluding sales-based taxes, is included in Note 17, Segment Information. The Company’s revenue disaggregated by geographic region was as follows:


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
North America	$	2,206.5	$	2,274.3	$	2,487.0
International	239.5		216.5		213.5
Total Revenue	$	2,446.0	$	2,490.8	$	2,700.5

The Company’s revenue attributable to the United States, included within North America above, was $2,117.1 million, $2,185.7 million, and $2,389.2 million, representing 87%, 88%, and 88% of Total revenue for the fiscal years ended June 30, 2026, 2025, and 2024, 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 June 30, 2026 and June 30, 2025, deferred revenue of $93.9 million and $91.7 million, respectively, and customer deposits of $45.7 million and $59.0 million, respectively, were included in Deferred revenue and customer deposits on the Company’s Consolidated Balance Sheets.

During the fiscal years ended June 30, 2026 and 2025, the Company recognized revenue of $90.2 million and $91.8 million, respectively, that was included in the deferred revenue balance as of June 30, 2025 and 2024, respectively.

Product Warranty

The Company provides a limited warranty for its Connected Fitness Products, including coverage for the touchscreen and most original components, which warrants that the product will operate in accordance with its published specifications and shall be free from defects in the materials and workmanship under normal use for the relevant warranty period. The Company has the obligation to either repair or replace the defective product, at its option. At the time revenue is recognized for the product, 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 warranty claims, 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:


	Fiscal Year Ended June 30,
	2026		2025
	(in millions)
Balance at beginning of period	$	24.5	$	20.3
Provision for warranty accrual	15.9		35.5
Warranty claims	(21.5)		(31.3)
Balance at end of period	$	18.9	$	24.5

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 Consolidated Statements of Operations and Comprehensive Income (Loss). The Company’s revenue attributable to extended warranty was $16.0 million, $21.3 million and $36.0 million, representing 1% of total revenue during each of the fiscal years ended June 30, 2026, 2025, and 2024.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-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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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-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

Commitments and Contingencies

12 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

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 June 30, 2026:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2027	$	48.0
2028	42.0
2029	15.2



Total	$	105.2

Commitments to Suppliers

The Company utilizes a combination of in-house manufacturing and global sourcing with third-party manufacturing partners to build its products and accessories. These contract manufacturers and component suppliers acquire inventory and build products based on demand forecast information the Company supplies, which typically covers a rolling 12-month period. Consistent with industry practice, the Company acquires inventories from these suppliers through purchase orders against which orders are applied based on projected demand information and availability of goods. Such purchase commitments typically cover the Company’s forecasted product and manufacturing requirements for periods that range a number of months. In certain instances, these agreements allow the Company the option to cancel, reschedule, and/or adjust its requirements based on its business needs for a period of time before the order is due to be fulfilled. While the Company’s purchase orders are legally cancellable in many situations, there are some which are not cancellable in the event of a demand plan change or other circumstances, such as where the supplier has procured unique, Peloton- and Precor-specific designs, and/or specific non-cancellable, non-returnable components based on the Company’s provided forecasts.

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+. As previously disclosed, the Company was subpoenaed by the U.S. Department of Justice and Department of Homeland Security for documents and other information related to the Company’s statutory obligations, including under the CPSA.

On May 11, 2023, in collaboration with the CPSC, the Company announced a voluntary recall of the Original Series 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 March 31, 2026, the court issued a memorandum and order granting defendants’ motion to dismiss and dismissing the second amended complaint with prejudice. On April 30, 2026, plaintiffs filed a notice of appeal with the United States Court of Appeals for the Second Circuit (the “Second Circuit”).

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, including that any appeals have been concluded.

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 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. Briefing on defendants’ renewed motion to dismiss the SDNY Class Action was completed on December 10, 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.

On July 28, 2022, NEC Corporation (“NEC”) filed suit against the Company in the United States District Court for the District of Delaware, Case No. 1:22-cv-00987, alleging that the Company’s use of third-party media players infringed three patents related to specific content streaming technologies and sought damages and injunctive relief. On April 8, 2024, the court stayed the case pending the resolution of inter partes review proceedings instituted by the Company against two of the patents-in-suit before the Patent Trial & Appeal Board (“PTAB”) of the United States Patent and Trademark Office. After the PTAB invalidated one of the patents-in-suit, on March 25, 2025, the court lifted the stay and the case proceeded with respect to the remaining two patents-in-suit (the “‘101 patent” and the “‘809 patent”). On June 30, 2026, the court granted the

Company’s motion for summary judgment of non-infringement of the ‘809 patent. On July 10, 2026, the court granted NEC’s motion for summary judgment regarding the claim construction of certain terms in the ‘101 patent. On July 23, 2026, the court granted the Company’s motion for summary judgment of no pre-suit damages. The court held a jury trial on the ‘101 patent from July 27 to July 31, 2026. On July 31, 2026, the jury returned a verdict, finding that the ‘101 patent was infringed and not invalid on the basis of lack of written description, and awarded $20.5 million in past damages in the form of a running royalty through the date of the trial. The jury found that the Company was not liable for induced infringement, contributory infringement, or willful infringement of the ‘101 patent. The Company disagrees with the verdict with respect to direct infringement and invalidity, and is evaluating post-trial motion and appellate options.

Inventories

12 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventories

Inventories, net consisted of the following:


	June 30,
	2026		2025
	(in millions)
Raw materials	$	23.9	$	22.7

Finished products(1)	191.1		337.6
Total inventories(2)	215.1		360.4
Less: Reserves	(79.7)		(154.8)
Total inventories, net	$	135.4	$	205.6

_________________________

(2) As of June 30, 2026 and 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 June 30, 2026 primarily consisted of $43.0 million related to excess accessories and apparel inventory and $22.7 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 to excess returned Connected Fitness Products, including Guide.

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Numerator:
Net income (loss)	$ 63.2	$ (118.9)	$ (551.9)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	424,726,220	390,037,997	365,546,334
Net loss per share, basic (in dollars per share)	$ 0.15	$ (0.30)	$ (1.51)
Numerator:
Net income (loss)	$ 63.2	$ (118.9)	$ (551.9)
Net income (loss) attributable to common stockholders, diluted (in shares)	$ 63.2	$ (118.9)	$ (551.9)
Denominator:
Stock-based awards (in shares)	11,492,423	0	0
Weighted-average common shares outstanding, diluted (in shares)	436,218,643	390,037,997	365,546,334
Earnings (loss) per share, diluted (in dollars per share)	$ 0.14	$ (0.30)	$ (1.51)

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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, stockholders’ deficit, 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 contingencies. Actual results may differ from these estimates. Cash and Cash Equivalents The Company considers all cash and short-term investments purchased with maturities of three months or less when acquired to be cash equivalents. As of June 30, 2026 and 2025, the Company’s cash and cash equivalents were primarily held in money market and operating accounts. At various times during the fiscal years ended June 30, 2026 and 2025, the balances of cash at financial institutions exceeded the federally insured limit. The Company has not experienced any losses in such accounts and believes its cash and cash equivalents are not subject to any significant credit risk. Accounts Receivable, Net of Allowances The Company's accounts receivable primarily represent amounts due from third-party retailers and commercial sales and amounts due from third-party payment processors. Accounts receivable are recorded at the invoiced amount less allowances for credit losses. The allowance for credit losses is based upon a number of factors, including the length of time accounts receivable are past due, the Company's previous loss history, the specific customer's ability to pay its obligation and any other forward-looking data regarding customers' ability to pay which may be available. Inventories Inventories consist of finished goods and raw materials. Finished goods are primarily purchased from contract manufacturers. Inventories are stated at the lower of cost or net realizable value. For Peloton-branded Connected Fitness products, accessories, apparel, and raw materials, cost is determined using a weighted-average cost method. For Precor-branded fitness products and raw materials, cost is determined using a first-in, first-out basis. Adjustments to reduce inventory to net realizable value are recognized in Connected Fitness Products Cost of revenue. 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 may be required to write down the value of inventory if estimates of future demand and market conditions indicate excess and/or obsolete inventory. Inventory write-downs are recorded as a component of Connected Fitness Products Cost of revenue. Spare parts are recorded as inventory and recognized in cost of revenue as consumed. Refer to Note 6, Inventories for additional information. Property and Equipment Property and equipment purchased by the Company are stated at cost less accumulated depreciation and impairment losses, if any. Depreciation and amortization of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the useful life of those leasehold improvements and the remaining lease term. Depreciation and amortization expense is classified within the corresponding cost of revenue or operating expense categories on the Consolidated Statements of Operations and Comprehensive Income (Loss). Charges for repairs and maintenance that do not improve or extend the lives of the respective assets are expensed as incurred. Refer to Note 7, Property and Equipment for additional information. Internal-Use Software The Company capitalizes certain qualified costs incurred in connection with the development of internal-use software. The Company evaluates the costs incurred during the application development stage of internal use software and website development to determine whether the costs meet the criteria for capitalization. Costs related to preliminary project activities and post-implementation activities including maintenance are expensed as incurred. Capitalized costs related to internal-use software are amortized on a straight-line basis over the estimated useful life of the software, not to exceed three years. Capitalized costs less accumulated amortization are included within Property and equipment, net on the Consolidated Balance Sheets. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances (“triggering events”) indicate that the carrying amount of an asset group may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the asset group. If the carrying amount of an asset group exceeds its estimated undiscounted net future cash flows, an impairment charge is recognized within Impairment expense on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the amount by which the carrying amount of the asset group exceeds its fair value, which is measured relying primarily on a discounted cash flow method. Goodwill and Intangible Assets Goodwill represents the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interest, if any, over the fair value of identifiable assets acquired and liabilities assumed in a business combination. The Company reviews goodwill for impairment annually on April 1 of each fiscal year or more frequently if events or changes in circumstances indicate that an impairment may exist. In conducting its annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than its carrying amount, the Company performs a quantitative assessment and the fair value of the reporting unit is determined by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the excess is recorded. Intangible assets other than goodwill are comprised of acquired developed technology and other finite-lived intangible assets. At initial recognition, intangible assets acquired in a business combination or asset acquisition are recognized at their fair value as of the date of acquisition. Following initial recognition, intangible assets are carried at acquisition date fair value less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset. The Company has no intangible assets with indefinite useful lives. The Company assesses the impairment of intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Refer to Note 8, Goodwill and Intangible Assets for additional information. Restricted Cash The Company’s Restricted cash primarily relates to cash used to collateralize outstanding letters of credit. Leases Lessee arrangements The Company leases facilities under operating leases with various expiration dates through 2039. The Company leases space for its corporate headquarters and the operation of its production studio facilities, distribution facilities, warehouses, retail locations, and other office spaces. The Company does not have any material finance leases. The Company determines if an arrangement is a lease, or contains a lease, at inception and records the leases in its financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. Right-of-use assets and lease liabilities are established on the Consolidated Balance Sheets for leases with an expected term greater than one year. Lease liabilities are recognized at the present value of the fixed and determinable lease payments not yet paid, less any lease incentives payable to the Company. Right-of-use assets are recognized based on the initial measurement of the lease liability, plus any initial direct costs incurred by the Company and any lease payments made to the landlord at or before lease commencement, minus any lease incentives received. As the rate implicit in the lease is not determinable, the Company uses its secured incremental borrowing rate to determine the present value of the lease payments. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. The Company has lease agreements with lease and non-lease components, and has elected the practical expedient to not separate lease and non-lease components for its real estate and equipment leases. Non-lease components include fixed payments for common area maintenance, utilities, insurance, and other costs. The Company recognizes lease expense for operating leases on a straight-line basis over the term of the lease. The Company's lease terms include options to extend or terminate the underlying lease when it is reasonably certain that the Company will exercise that option. The operating lease arrangements included in the measurement of lease liabilities do not reflect options to extend or terminate, as management does not consider the exercise of these options to be reasonably certain. Certain operating leases provide for annual increases to lease payments based on an index or rate. The Company calculates the present value of future lease payments based on the index or rate at the lease commencement date for new leases. Differences between the calculated lease payment and actual payment are expensed as incurred. Variable lease payments include, but are not limited to, percentage of sales, common area charges, taxes paid by the landlord that are charged to the Company, and changes to the consumer price index. Variable lease payments are expensed as incurred. The Company subleases certain corporate offices, warehouses and distribution facilities, and retail locations to third parties, which does not relieve the Company of its primary lease obligations with the lessor (the “head lease”). These subleases are classified as operating leases, and therefore the Company continues to account for the head lease as it did before the commencement date of the sublease. The Company recognizes sublease income on a straight-line basis over the sublease term. Variable lease payments include, but are not limited to, common area charges, real estate taxes, and utilities, and are recognized as variable sublease income in the period in which they are earned. Sublease income is presented within the same category of operating expenses as the underlying head lease expense on the Consolidated Statements of Operations and Comprehensive Income (Loss). If the lease cost for the term of the sublease exceeds the Company’s anticipated sublease income for the same period, the Company assesses the right-of-use asset associated with the head lease for impairment under the long-lived asset impairment provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, Property, Plant, and Equipment. Lessor arrangements The Company leases Peloton Bike portfolio products under the Peloton Rental program. The lease arrangement provides the customer with an option to purchase the underlying equipment or terminate the lease at any time. The price to purchase the underlying equipment is determined based on the number of months that the customer has leased the equipment, and is not considered a bargain purchase option. All Peloton Rental lease agreements are considered operating leases, and the Company currently does not have any sales-type or direct financing leases as a lessor. Refer to Revenue Recognition within this Note 2, Summary of Significant Accounting Policies, for further details regarding the Peloton Rental program. Convertible Senior Notes In February 2021, the Company issued in a private offering $1.0 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2026 (the "2026 Notes"), including the initial purchasers’ exercise in full of their option to purchase additional 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”). In February 2026, the Company repaid in cash the remaining $199.0 million aggregate principal amount of the 2026 Notes upon maturity. In May 2024, the Company issued in a private offering $350.0 million aggregate principal amount of 5.50% Convertible Senior Notes due 2029 (the “2029 Notes”), including the initial purchasers’ exercise in full of the option to purchase additional notes. The 2026 Notes and 2029 Notes (together, “the Notes”) are accounted for in accordance with ASC 470-20, Debt–Debt with Conversion and Other Options. Pursuant to ASC Subtopic 470-20, debt with an embedded conversion feature shall be accounted for in its entirety as a liability and no portion of the proceeds from the issuance of the convertible debt instrument shall be accounted for as attributable to the conversion feature unless the conversion feature is required to be accounted for separately as an embedded derivative or the conversion feature results in a premium that is subject to the guidance in ASC 470. The Notes are accounted for as a liability with no portion of the proceeds attributable to the conversion options as the conversion feature did not require separate accounting as a derivative, and the Notes did not involve a premium subject to the guidance in ASC 470. Refer to Note 11, Debt for additional information. Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive income when they occur. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the assets or liabilities, such as inherent risk, transfer restrictions, and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: •Level 1 inputs are based on quoted prices in active markets for identical assets or liabilities. •Level 2 inputs are based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 inputs are based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company’s material financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, Term Loan (as defined in Note 11, Debt), and convertible senior notes. The carrying values of the Company’s cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses approximated their fair values at June 30, 2026 and 2025, due to the short period of time to maturity or repayment. Refer to Note 5, Fair Value Measurements for additional information regarding the Term Loan and convertible senior notes. Loss Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. If a loss is reasonably possible, but not probable, and the loss or range of loss can be reasonably estimated, or if a loss is probable and the loss or range of loss cannot be reasonably estimated, the Company discloses the nature of the contingency and an estimate of the possible loss or range of loss or states that such an estimate cannot be made. Refer to Note 12, Commitments and Contingencies for additional information. Revenue Recognition The Company’s primary sources of revenue are its recurring content Subscription revenue and revenue from sales of its Connected Fitness Products and related accessories, including Precor-branded fitness products, delivery and installation services. The Company determines revenue recognition through the following steps: •Identification of the contract, or contracts, with a customer; •Identification of the performance obligations in the contract; •Determination of the transaction price; •Allocation of the transaction price to the performance obligations in the contract; and •Recognition of revenue when, or as, the Company satisfies a performance obligation. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s revenue is reported net of sales returns and concessions, discounts and allowances, incentives, and rebates to commercial distributors as a reduction of the transaction price. Certain contracts include consideration payable that is accounted for as a payment for distinct goods or services. An estimated amount of variable consideration is included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur once the uncertainty is resolved. The Company’s transaction price estimate includes its estimate for product returns and concessions based on the terms and conditions of home trial programs, historical return trends by product category, impact of seasonality, an evaluation of current economic and market conditions, and current business practices, and the Company records the expected customer refund liability as a reduction to revenue, and the expected inventory right to return asset as a reduction of cost of revenue. If actual return costs differ from previous estimates, the amount of the liability and corresponding revenue are adjusted in the period in which such costs occur. For customer contracts that include multiple performance obligations, the Company accounts for individual performance obligations if they are distinct. The transaction price is then allocated to each performance obligation based on its standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers. 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. The Company applies the practical expedient as per ASC 340-40-25-4, Other Assets and Deferred Costs–Contracts with Customers and expenses sales commissions when incurred if the amortization period of the asset that the Company otherwise would have recognized is one year or less. These costs are recorded in Sales and marketing in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Some of the Company’s revenues relate to arrangements for Peloton Bike portfolio rental products. The Peloton Rental program allows Members to lease Peloton Bike portfolio products with a Peloton Rental Membership for a single monthly cost and a one-time assembly fee, and gives the Member the option to purchase the equipment outright or cancel at any time with no penalty. These lease arrangements include both lease and non-lease components. Consideration is allocated between the lease and non-lease components based on management’s best estimate of the relative standalone selling price of each component. The lease component relates to the customer’s right to use the equipment over the lease term and is accounted for as an operating lease in accordance with ASC 842, Leases. Lease revenue is recognized on a straight-line basis over the term of the lease within Connected Fitness Products Revenue, while the underlying customer-leased equipment remains within Property and equipment, net on the Company’s Consolidated Balance Sheets and depreciates over the equipment’s useful life. Depreciation expense associated with the underlying equipment is reflected in Connected Fitness Products Cost of revenue in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Non-lease components primarily consist of an All-Access Membership, which is recognized ratably over the subscription term within Subscription Revenue and the one-time assembly fee which is recognized upon completion. Connected Fitness Products Connected Fitness Products Revenue primarily consists of sales of the Company’s portfolio of Connected Fitness Products and related accessories, including Precor-branded fitness products, delivery and installation services, Peloton Bike portfolio rental products, extended warranty agreements, branded apparel, and commercial service contracts. The Company recognizes Connected Fitness Products Revenue net of sales returns and concessions, discounts and allowances, and third-party financing program fees, when the product has been delivered to the customer, except for extended warranty revenue that is recognized ratably over the warranty coverage period and service revenue that is recognized over the term of the service contract. Payment is typically due at the time of sale for Connected Fitness Products sold through the Company’s website and at retail locations. The Company generally allows customers to return Peloton-branded Connected Fitness Products within thirty days of purchase, as stated in its return policy. The Company records fees paid to third-party financing partners in connection with its consumer financing program as a reduction of revenue, as it considers such costs to be a customer sales incentive. The Company records payment processing fees for its credit card sales for Connected Fitness Products within Sales and marketing in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Subscription Subscription Revenue primarily consists of revenue generated from the Company’s Paid Connected Fitness Subscriptions and Paid Peloton App Subscriptions, which are offered on a month-to-month or annual prepaid basis, and revenue generated from content licensing arrangements. The Company’s subscriptions provide access to Peloton content and its library of live and on-demand fitness classes. Members are billed in advance of the start of their subscription term, and amounts paid for subscription fees, net of refunds are included within Deferred revenue and customer deposits on the Company’s Consolidated Balance Sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription charges within Subscription Cost of revenue in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Revenue from content licensing arrangements includes the licensing of Peloton content to third-party partners, which is considered functional intellectual property (“IP”). Revenue for IP rights is accounted for based on the nature of the promise to grant the license. In determining whether the Company’s promise is to provide a right to access its IP or a right to use its IP, the Company considers the delivery pattern and nature of the IP to which the customer will have rights. Revenue from right-to-use licenses is recognized at the point in time when control of the distinct Peloton content is transferred to the customer, whereas revenue from right-to-access licenses is recognized over the access period to the Peloton content. Revenues from sales-based and usage-based royalties promised in exchange for a license of Peloton content is recognized at the later of when the underlying sale occurs, or the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated is satisfied. Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company’s Consolidated Balance Sheets. Cost of Revenue Beginning in the first quarter of fiscal 2026, the Company assigns executive compensation and other corporate overhead costs associated with its corporate facilities, which were historically included in General and administrative expense, to the various expense captions that these costs relate to, including Cost of revenue, Sales and marketing, General and administrative, and Research and development. Connected Fitness Products Connected Fitness Products Cost of revenue primarily consists of the Company’s portfolio of Connected Fitness Products, related accessories, Precor-branded fitness products, and branded apparel product costs, including third-party manufacturing costs, duties and other applicable importing costs, shipping and handling costs, packaging, warranty replacement and service costs, fulfillment costs, warehousing costs, costs related to the Company’s commercial business, depreciation of property and equipment, and certain costs related to management, facilities, and personnel-related expenses, including stock-based compensation expense, associated with supply chain logistics. Inventory write-downs and related obsolescence reserve expense are also included within Connected Fitness Products Cost of revenue. Subscription Subscription Cost of revenue primarily consists of costs associated with content creation and costs to stream content to Members. Fixed costs primarily include Instructor, content, production, and management personnel-related expenses, including stock-based compensation expense, as well as certain costs related to facilities, including depreciation of property and equipment, studio rent and occupancy, and other studio overhead. Variable costs primarily include music royalty fees, third-party platform streaming costs, and payment processing fees for monthly subscription billings. Music Royalty Fees The Company has entered into agreements with music rights holders for the music included in the operation of Peloton’s service. The Company pays and recognizes music royalty fees in accordance with the terms of the relevant license agreement with the music rights holder. This can include royalties incurred for paid subscriptions and royalties incurred as part of free-trial offers, which are recognized within Subscription Cost of revenue and Sales and marketing in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss), respectively. The Company has certain license agreements whereby music royalty fees are subject to payment guarantees. When a guaranteed payment is made in advance, the amount is recorded as a prepaid asset and amortized over the shorter of the period consumed or the term of the license agreement. When actual music royalty fees to be incurred during a contractual period are expected to fall short of the guaranteed payment, the expected under-recoupment is expensed pro-rata across the contractual period. Some of the Company’s license agreements also include so-called “most-favored nations” provisions, which require that certain terms (including material financial terms) are no less favorable than those provided to any similarly situated licensor. When it is probable that the Company will incur incremental music royalty fees under a most-favored nations provision, a liability is established within Accounts payable and accrued expenses on the Company’s Consolidated Balance Sheets. Given the at times migratory, uncertain, or opaque nature of music rights ownership, the Company’s archived library may continue to include music for which certain rights or fractional interests have unknowingly changed and require updated licensing. Prior to the execution of a music license agreement, the Company estimates and records a charge based upon license agreements previously entered into and the respective music rights holdings. Advertising Costs Advertising and other promotional costs to market the Company's products and services are expensed as incurred. Advertising expenses were $224.2 million, $247.0 million, and $435.0 million for the fiscal years ended June 30, 2026, 2025, and 2024, respectively, and are included within Sales and marketing expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss). Research and Development Costs Research and development expense primarily consists of personnel-related expenses, including stock-based compensation expense, and facilities-related expenses, consulting and contractor expenses, tooling and prototype materials, software platform expenses, and depreciation of property and equipment. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. Research and development expenses are expensed as incurred. Certain qualified costs incurred in connection with the development of internal-use software are capitalized that may also cause research and development expenses to vary from period to period. Stock-Based Compensation Employee Stock Purchase Plan In August 2019, the Company's Board of Directors ("Board of Directors") adopted the 2019 Employee Stock Purchase Plan ("ESPP"), which was subsequently approved by the Company’s stockholders in September 2019. The Company recognizes stock-based compensation expense related to shares issued pursuant to its ESPP on a straight-line basis over the offering period, which is twenty-four months. The ESPP allows eligible employees to purchase shares of the Company's Class A common stock at a 15 percent discount through accumulated payroll deductions. The ESPP became effective on September 25, 2019, the date the registration statement filed in connection with the Company’s initial public offering was declared effective by the SEC (the “Effective Date”). The number of shares of Class A common stock that are available for issuance and sale to eligible employees under the ESPP increases automatically on the first day of each fiscal year of the Company beginning on July 1, 2020 through 2029, in an amount equal to 1% of the total number of outstanding shares of all classes of the Company's common stock on the immediately preceding June 30, or such lesser number as may be determined by the Board of Directors or applicable committee in its sole discretion. On July 1, 2025, the number of shares of Class A common stock available for issuance under the ESPP was automatically increased according to its terms by 4,064,165 shares. As of June 30, 2026, a total of 21,151,488 shares of Class A common stock were available for sale to employees under the ESPP. Unless otherwise determined by the Board of Directors, each offering period will consist of four six-month purchase periods, commencing on September 1 and March 1 and ending on August 31 and February 28 of each two-year period or each six-month period, respectively, subject to a reset provision. If the closing price of Class A common stock on the first day of an offering period is higher than the closing price of Class A common stock on the last day of any applicable purchase period, participants will be withdrawn from the ongoing offering period immediately following the purchase of ESPP shares on the purchase date and would automatically be enrolled in the subsequent offering period (“ESPP reset”), resulting in a modification under ASC 718, Compensation–Stock Compensation. Unless otherwise determined by the Board of Directors, the purchase price for each share of Class A common stock purchased under the ESPP will be 85% of the lower of the fair market value per share on the first trading day of the applicable offering period or the fair market value per share on the last trading day of the applicable purchase period. The Company estimates the fair value of shares expected to be purchased at the commencement of the ESPP offering periods using the Black-Scholes option pricing model. The Company estimates the expected term based on each offering period's respective purchase date. The expected volatility is based on the historical volatility of the price of Class A common stock. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. Expected dividend yield is zero as the Company has not paid and does not currently anticipate paying dividends on its common stock. 2019 Equity Incentive Plan In August 2019, the Board of Directors adopted the 2019 Equity Incentive Plan ("the 2019 Plan"), which was subsequently approved by the Company’s stockholders in September 2019. Stock-based awards are measured at the grant date based on the fair value of the award and are recognized as expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. For stock option and restricted stock unit grants, vesting generally occurs over two to four years. Stock option grants are not exercisable after the expiration of ten years from the date of grant or such shorter period as specified in a stock award agreement. Restricted stock units (“RSU”) are generally granted with only a service condition. The Company also grants awards subject to performance or market conditions, in addition to a service condition, to certain executives from time to time (“performance stock units” or “PSU”). During the fiscal years ended June 30, 2026 and 2025, the Company granted PSUs with performance conditions to certain members of management. The PSUs generally cliff vest, if earned, two and one-half months after the end of the fiscal year. The number of shares that can be earned generally ranges from 0% to 200% of the target number based on the achievement of the performance condition over the respective measurement period. For performance-based awards issued, the value of the instrument is measured at the grant date as the fair value of the award and expensed over the vesting term under an accelerated attribution method when the performance targets are considered probable of being achieved. During the fiscal year ended June 30, 2026, the Company also granted PSUs with market conditions to certain members of management. For awards granted with a market condition, the Company estimated the grant date fair value using a Monte Carlo simulation model that incorporated the likelihood of the achievement of meeting stock price targets. For market-based awards issued which also require a service period, stock-based compensation expense is recognized using the accelerated attribution method over the longer of the explicit service period or when the market condition is satisfied and will not be reversed if market conditions are unmet. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The determination of the grant date fair value of stock awards issued is affected by a number of variables, including the fair value of the Company’s common stock, the expected common stock price volatility over the expected life of the awards, the expected term of the stock option, risk-free interest rates, and the expected dividend yield of the Company’s common stock. The expected volatility is based on the historical volatility of the price of Class A common stock. The Company estimates the expected term based on the simplified method for employee stock options considered to be “plain vanilla” options, as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company has not paid and does not currently anticipate paying dividends on its common stock. The 2019 Plan serves as the successor to the 2015 Stock Plan. The 2015 Stock Plan continues to govern the terms and conditions of the outstanding awards previously granted thereunder. Any reserved shares not issued or subject to outstanding grants under the 2015 Plan on the effective date of the 2019 Plan became available for grant under the 2019 Plan and will be issued as Class A common stock. Generally, the 2015 Stock Plan permitted the early exercise of stock options granted prior to the IPO. The unvested portion of shares exercised was recorded within Other current liabilities on the Company’s Consolidated Balance Sheets and reclassified to equity as vesting occurred. The number of shares reserved for issuance under the 2019 Plan will increase automatically on July 1 of each of 2020 through 2029 by the number of shares of Class A common stock equal to 5% of the total outstanding shares of all of the Company’s classes of common stock as of each June 30 immediately preceding the date of increase (the “evergreen feature”), or a lesser amount as determined by the Board of Directors. On July 1, 2025, the number of shares of Class A common stock available for issuance under the 2019 Plan was automatically increased according to its terms by 20,320,827 shares. In October 2023, the Company’s Board of Directors adopted an amendment to the 2019 Plan (the “Amendment”) that increases the number of shares available under the 2019 Plan by 36,000,000 shares of Class A common stock (and retains the existing evergreen feature through July 1, 2029) and extends the right to grant awards under the 2019 Plan through October 24, 2033. The Amendment became effective following approval by the Company’s stockholders on December 7, 2023. As of June 30, 2026, 66,030,564 shares of Class A common stock were available for future award under the 2019 Plan. Common Stock The holder of each share of Class A common stock is entitled to one vote, while the holder of each share of Class B common stock is entitled to twenty votes. Each outstanding share of the Company’s Class B common stock is convertible into an equivalent number of shares of Class A common stock and generally convert into shares of Class A common stock upon transfer. Preferred Stock Effective September 2019, the Board of Directors authorized the issuance of undesignated preferred stock, with a par value of $0.000025 per share. As of June 30, 2026 and June 30, 2025, there were 50,000,000 shares of preferred stock authorized and no shares of preferred stock issued and outstanding. Defined Contribution Plan The Company maintains a defined contribution 401(k) plan offered to its U.S.-based employees, as well as various defined contribution plans at certain foreign and domestic subsidiaries. For the fiscal years ended June 30, 2026, 2025, and 2024, the Company's matching contributions totaled $14.0 million, $14.5 million, and $18.5 million, respectively, and were expensed as contributed. Restructuring The Company's restructuring charges consist of employee severance and other personnel costs, including stock-based compensation expense, one-time termination benefits and ongoing benefits related to the reduction of its workforce, professional services, facility closures and other costs associated with exit and disposal activities. One-time termination benefits are expensed when the plan of termination has been communicated to the employee, unless the employee must provide future service beyond a minimum retention period, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when it is probable that the employee is entitled to the severance benefits and the benefit amounts are reasonably estimable. Other costs primarily consist of termination fees, idle rent and related expenses for exited locations, professional services, and other costs related to restructuring activities, and are expensed when incurred. Refer to Note 4, Restructuring for additional information. Foreign Currency The Company’s reporting currency is the U.S. dollar while the functional currencies of non-U.S. subsidiaries are determined based on the primary economic environment in which the subsidiary operates. Assets and liabilities of these subsidiaries are translated into U.S. dollars using exchange rates in effect at the end of each period, revenues and expenses are translated using average rates for the period, and equity is translated using historical rates. Change in foreign currency translation adjustment is included in Other comprehensive income (loss) on the Consolidated Statements of Operations and Comprehensive Income (Loss), and in Accumulated other comprehensive income on the Consolidated Balance Sheets and Consolidated Statements of Stockholders' Deficit. Transaction gains and losses are a result of the effect of exchange rates on transactions denominated in currencies other than the functional currency of the respective subsidiary and are included in Foreign exchange (loss) gain on the Consolidated Statements of Operations and Comprehensive Income (Loss). Income Taxes The Company utilizes the asset and liability method for computing its income tax provision, which consists primarily of income taxes related to state and international taxes for jurisdictions in which the Company conducts business. Deferred tax assets and liabilities reflect the expected future consequences of temporary differences between the financial reporting and tax bases of assets and liabilities as well as operating loss, capital loss, and tax credit carryforwards, using enacted tax rates. Management makes estimates, assumptions, and judgments to determine the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes recovery of its deferred tax assets is not more-likely-than-not, a valuation allowance is established. As of June 30, 2026, a valuation allowance continues to be maintained on a majority of the Company’s deferred tax assets. Based on management’s assessment of historical results and forecasts, management is continuously monitoring the weight of both positive and negative evidence. Based on these trends, it is reasonably possible that within the next 12 months, management may conclude that it is more likely than not that a substantial portion of these deferred tax assets will be realized. If such a determination is made, it would result in the recognition of net deferred tax assets on the Company’s Consolidated Balance Sheets and a corresponding benefit recorded within the income tax provision in the period of release. However, management’s judgment regarding future earnings and the exact timing and amount of any valuation allowance release are subject to change due to many factors, including but not limited to, future market conditions and the ability to successfully execute the Company’s business plans. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company utilizes a two-step approach to recognize and measure unrecognized tax benefits. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Interest and penalties related to unrecognized tax benefits, which to date have not been material, are recognized within Income tax (benefit) expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). Refer to Note 15, Income Taxes for additional information. Earnings (Loss) Per Share The Company computes basic earnings (loss) per share based on the weighted-average number of outstanding shares of common stock during the period. Diluted earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of incremental shares issuable upon the assumed exercise of stock options, ESPP shares to be issued, vesting of restricted stock units and awards, and performance stock units, when the related performance criterion has been met, using the treasury stock method, and convertible senior notes, using the if-converted method. Refer to Note 16, Earnings (Loss) Per Share for additional information. Recently Issued Accounting Pronouncements Accounting Pronouncements Recently Adopted ASU 2023-09 In December 2023, the 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 adopted this ASU for the fiscal year ended June 30, 2026 on a prospective basis. The adoption of this new standard did not have a material impact on the consolidated financial statements. For additional information, refer to Note 15, Income Taxes. Accounting Pronouncements Not Yet Adopted 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.

Restructuring (Tables)

12 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

As a result of the Restructuring Plans, the Company incurred the charges shown in the following table. Asset write-downs and write-offs are included within Impairment expense, Write-offs of inventory related to restructuring activities are included within Connected Fitness Products Cost of revenue, and the remaining charges incurred during the relevant periods are included within Restructuring expense, in the Consolidated Statements of Operations and Comprehensive Income (Loss):


	Fiscal Year Ended June 30,
	2026		2025		2024
Cash restructuring charges:(1)	(in millions)
Severance and other personnel costs(2)	$	5.1	$	23.4	$	36.5
Exit and disposal costs and professional fees(3)	11.9		9.6		19.2
Total cash restructuring charges	17.0		33.0		55.7

Non-cash restructuring charges:(1)
Asset write-downs and write-offs(4)	11.6		21.1		40.8
Stock-based compensation expense(5)	0.8		0.8		6.6
Write-offs of inventory related to restructuring activities(6)	—		—		1.0
Loss on sale of subsidiary(7)	—		—		3.8
Total non-cash restructuring charges	12.4		21.9		52.2

Total	$	29.5	$	54.9	$	107.9

____________________________

(1) All cash and non-cash restructuring charges for the fiscal year ended June 30, 2026 related to the 2025 Restructuring Plan.

(2) Includes $0.1 million and $23.2 million of severance and other personnel costs related to the 2024 Restructuring Plan and 2025 Restructuring Plan, respectively, for the fiscal year ended June 30, 2025. Includes $7.5 million and $29.0 million of severance and other personnel costs related to the 2022 Restructuring Plan and 2024 Restructuring Plan, respectively, for the fiscal year ended June 30, 2024.

(3) All charges for the fiscal year ended June 30, 2025 relate to the 2024 Restructuring Plan. Includes $16.1 million and $3.1 million of exit and disposal costs and professional fees related to the 2022 Restructuring Plan and 2024 Restructuring Plan, respectively, for the fiscal year ended June 30, 2024.

(4) All charges for the fiscal year ended June 30, 2025 relate to the 2024 Restructuring Plan. Includes $31.1 million and $9.7 million of asset write-downs and write-offs related to the 2022 Restructuring Plan and 2024 Restructuring Plan, respectively, for the fiscal year ended June 30, 2024.

(5) All charges for the fiscal year ended June 30, 2025 relate to the 2025 Restructuring Plan. Includes $7.2 million and $(0.6) million of stock-based compensation expense related to the 2022 Restructuring Plan and 2024 Restructuring Plan, respectively, for the fiscal year ended June 30, 2024.

(6) Includes write-offs of inventory related to the 2022 Restructuring Plan.

(7) Includes loss on sale of subsidiary recognized in connection with the 2022 Restructuring Plan.

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 Consolidated Balance Sheets:


	Severance and other personnel costs		Exit and disposal costs and professional fees		Total
	(in millions)
Balance as of June 30, 2023	$	13.6	$	0.3	$	13.9
Cash restructuring charges(1)	36.5		19.2		55.7
Cash payments	(37.4)		(15.2)		(52.6)
Balance as of June 30, 2024	$	12.7	$	4.3	$	17.0

_________________________

(1) Includes $7.5 million and $29.0 million of cash charges for severance and other personnel costs related to the 2022 Restructuring Plan and 2024 Restructuring Plan, respectively, and $16.1 million and $3.1 million of cash charges for exit and disposal costs and professional fees related to the 2022 Restructuring Plan and 2024 Restructuring Plan, respectively, for the fiscal year ended June 30, 2024.


	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(2)	23.4		9.6		33.0
Cash payments	(12.3)		(13.1)		(25.4)
Balance as of June 30, 2025	$	23.8	$	0.8	$	24.6

_________________________

(2) Includes $0.1 million and $23.2 million of cash charges for severance and other personnel costs related to the 2024 Restructuring Plan and 2025 Restructuring Plan, respectively, and $9.6 million of cash charges for exit and disposal costs and professional fees related to the 2024 Restructuring Plan, for the fiscal year ended June 30, 2025.


	Severance and other personnel costs		Exit and disposal costs and professional fees		Total
	(in millions)
Balance as of June 30, 2025	$	23.8	$	0.8	$	24.6
Cash restructuring charges(3)	5.1		11.9		17.0
Cash payments	(22.2)		(12.3)		(34.5)
Balance as of June 30, 2026	$	6.7	$	0.5	$	7.2

_________________________

(3) All cash restructuring charges for the fiscal year ended June 30, 2026 related to the 2025 Restructuring Plan.

Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Income Tax Disclosure [Abstract]
United States	$ 90.5	$ (91.7)	$ (416.5)
Foreign	(27.4)	(23.9)	(135.6)
Loss before income taxes	$ 63.1	$ (115.6)	$ (552.1)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
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-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SX 210.5-03(10))
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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Leases - Schedule of Maturities of Operating Leases Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2027	$ 83.0
2028	68.6
2029	60.2
2030	46.6
2031	46.9
Thereafter	219.3
Total	$ 524.6	$ 615.7

Leases (Tables)

12 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Supplemental Cash Flow and Other Information Related to Leases

Total operating lease expense, net, for the fiscal years ended June 30, 2026, 2025, and 2024 was as follows:


Total Operating Lease Expense, Net	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Operating lease expense	$	73.4	$	81.5	$	98.5
Variable lease expense	20.7		24.7		23.8
Short-term lease expense	1.5		0.1		0.3
Total operating lease expense	$	95.7	$	106.3	$	122.6
Sublease income	(23.6)		(18.4)		(17.8)
Variable sublease income	(5.0)		(5.0)		(4.0)
Total operating lease expense, net	$	67.0	$	82.9	$	100.8

Supplemental cash flow and other information related to leases was as follows:


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	101.0	$	111.5	$	121.7
Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)	$	17.5	$	3.0	$	24.9
Right-of-use asset reductions related to operating lease modifications and terminations (non-cash)	$	(5.7)	$	(14.4)	$	(23.0)

Schedule of Maturities of Operating Leases Liabilities

As of June 30, 2026, the total remaining lease payments included in the measurement of operating lease liabilities were as follows:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2027	$	83.0
2028	68.6
2029	60.2
2030	46.6
2031	46.9
Thereafter	219.3
Total	$	524.6

^[1]

Schedule of Sales-Type and Direct Financing Leases, Payment to be Received, Maturity

As of June 30, 2026, future minimum lease payments to be received from operating subleases were as follows:


Fiscal Year Ended June 30,	Future Minimum Payments
	(in millions)
2027	$	22.2
2028	19.2
2029	14.0
2030	7.8
2031	7.8
Thereafter	33.7
Total	$	104.5

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental information related to operating leases was as follows:


Reconciliation of Operating Lease Liabilities	As of June 30,
	2026			2025
	(dollars in millions)
Weighted-average remaining lease term (years)	8.4			8.8
Weighted-average discount rate	5.69		%	5.57		%
Total Undiscounted Operating Lease Liability	$	524.6		$	615.7
Less: Imputed interest	(114.4)			(138.0)
Total Discounted Operating Lease Liability	$	410.2		$	477.6
Current portion of operating lease liabilities	$	62.5		$	70.1
Non-current portion of operating lease liabilities	$	347.7		$	407.5

[1]

As of June 30, 2026, the total remaining lease payments included in the measurement of operating lease liabilities were as follows:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2027	$	83.0
2028	68.6
2029	60.2
2030	46.6
2031	46.9
Thereafter	219.3
Total	$	524.6

Debt - Components of Convertible Debt (Details) - USD ($) $ in Millions	Jun. 30, 2026	Feb. 28, 2026	Jun. 30, 2025	May 31, 2024	Feb. 28, 2021
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Unamortized debt issuance costs	$ (13.2)		$ (17.4)
Unamortized debt discount	(17.7)		(22.7)
Net carrying amount	1,330.0
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	$ 350.0
Unamortized debt issuance costs	(5.1)		(6.4)
Net carrying amount	344.9		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		$ 1,000.0
Unamortized debt issuance costs	0.0		(0.5)
Principal payments	(199.0)	$ (199.0)	0.0
Net carrying amount	0.0		198.5
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	(8.1)		(10.4)
Principal payments	(20.0)		(10.0)
Unamortized debt discount	(17.7)		(22.7)
Net carrying amount	$ 954.2		$ 956.9

Restructuring

12 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Restructuring

The Company’s current restructuring efforts began with the implementation of a restructuring plan approved by the Company’s Board of Directors (“Board of Directors”) and announced in 2022 (the “2022 Restructuring Plan”), which was subsequently expanded upon and replaced by

a new plan approved by the Board of Directors and announced in 2024 (as expanded and collectively with the 2022 Restructuring Plan, the “2024 Restructuring Plan”).

In August 2025, the Company announced a subsequent restructuring plan (the “2025 Restructuring Plan” and, together with the 2024 Restructuring Plan, the “Restructuring Plans”), which included a reduction in global headcount and was designed 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. The Restructuring Plans have been substantially completed as of June 30, 2026. The Company does not expect to incur material additional cash or non-cash restructuring charges under the 2025 Restructuring Plan.

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 fiscal years ended June 30, 2026, 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. See further discussion in Note 7, Property and Equipment and Note 10, Leases in the Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.


	Fiscal Year Ended June 30,
	2026		2025		2024
Cash restructuring charges:(1)	(in millions)
Severance and other personnel costs(2)	$	5.1	$	23.4	$	36.5
Exit and disposal costs and professional fees(3)	11.9		9.6		19.2
Total cash restructuring charges	17.0		33.0		55.7

Non-cash restructuring charges:(1)
Asset write-downs and write-offs(4)	11.6		21.1		40.8
Stock-based compensation expense(5)	0.8		0.8		6.6
Write-offs of inventory related to restructuring activities(6)	—		—		1.0
Loss on sale of subsidiary(7)	—		—		3.8
Total non-cash restructuring charges	12.4		21.9		52.2

Total	$	29.5	$	54.9	$	107.9

____________________________

(1) All cash and non-cash restructuring charges for the fiscal year ended June 30, 2026 related to the 2025 Restructuring Plan.

(6) Includes write-offs of inventory related to the 2022 Restructuring Plan.

(7) Includes loss on sale of subsidiary recognized in connection with the 2022 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 Consolidated Balance Sheets:


	Severance and other personnel costs		Exit and disposal costs and professional fees		Total
	(in millions)
Balance as of June 30, 2023	$	13.6	$	0.3	$	13.9
Cash restructuring charges(1)	36.5		19.2		55.7
Cash payments	(37.4)		(15.2)		(52.6)
Balance as of June 30, 2024	$	12.7	$	4.3	$	17.0

_________________________


	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(2)	23.4		9.6		33.0
Cash payments	(12.3)		(13.1)		(25.4)
Balance as of June 30, 2025	$	23.8	$	0.8	$	24.6

_________________________


	Severance and other personnel costs		Exit and disposal costs and professional fees		Total
	(in millions)
Balance as of June 30, 2025	$	23.8	$	0.8	$	24.6
Cash restructuring charges(3)	5.1		11.9		17.0
Cash payments	(22.2)		(12.3)		(34.5)
Balance as of June 30, 2026	$	6.7	$	0.5	$	7.2

_________________________

(3) All cash restructuring charges for the fiscal year ended June 30, 2026 related to the 2025 Restructuring Plan.

Inventories - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Inventory [Line Items]
Inventory reserves	$ (79.7)	$ (154.8)
Inventory related to returned products	22.7	64.9
Excess Accessories and Apparel
Inventory [Line Items]
Inventory reserves	$ (43.0)	$ (66.8)

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2026
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Disaggregation of Revenue [Line Items]
Total Revenue	$ 2,446.0	$ 2,490.8	$ 2,700.5
North America
Disaggregation of Revenue [Line Items]
Total Revenue	2,206.5	2,274.3	2,487.0
International
Disaggregation of Revenue [Line Items]
Total Revenue	$ 239.5	$ 216.5	$ 213.5

- 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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+ Details

- 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.

+ References

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2026

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 Consolidated Balance Sheets. All of these liabilities’ fair value are considered Level 2:


	June 30, 2026				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	$	192.3
5.50% Convertible Senior Notes due 2029	350.0		565.9		350.0		635.8
Term Loan due and payable on May 30, 2029	980.0		980.0		990.0		990.0
Total	$	1,330.0	$	1,545.9	$	1,539.0	$	1,818.1

_________________________

(1) Carrying Amount excludes unamortized debt discount and issuance costs of $17.7 million and $13.2 million, respectively, as of June 30, 2026, and unamortized debt discount and issuance costs of $22.7 million and $17.4 million, respectively, as of June 30, 2025.

Property and Equipment

12 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


	June 30,
	2026		2025
	(in millions)


Leasehold Improvements	$	227.8	$	257.0
Machinery	11.9		10.3
Equipment	32.0		39.6
Customer-leased equipment	31.4		51.3
Furniture and Fixtures	15.7		18.2
Construction in Progress	1.8		0.4
Software (1)	145.6		160.5
Total property and equipment	466.3		537.3
Accumulated depreciation and amortization	(301.8)		(298.3)
Total property and equipment, net	$	164.5	$	239.0

_________________________

(1) Includes $2.6 million and $1.0 million of software under development as of June 30, 2026 and 2025, respectively.

During fiscal 2024, 2025, and 2026, management identified various qualitative factors that collectively indicated that the Company had impairment triggering events, including (i) realignment of cost structure in connection with the restructuring initiatives, (ii) softening demand and (iii) significant decrease in the market price of certain long-lived asset groups. The Company determined that the estimated undiscounted future cash flows were less than the carrying values for certain asset groups. The Company recognized impairment charges for the fiscal year ended June 30, 2026, primarily consisting of $11.9 million related to plans to right-size portions of the Company’s corporate office footprint, and $5.7 million relating to exiting retail showrooms.

The Company recognized impairment charges for the fiscal year ended June 30, 2025, primarily consisting of $17.2 million related to plans to right-size portions of the Company’s corporate office footprint, $11.5 million relating to exiting retail showrooms, and $6.1 million related to other manufacturing assets. The Company recognized impairment charges for the fiscal year ended June 30, 2024, primarily consisting of $14.9 million relating to exiting retail showrooms and $5.0 million related to Connected Fitness assets.

As of June 30, 2026, 72% and 27% of the Company's total Property and equipment, net was attributable to the United States and the United Kingdom, respectively. As of June 30, 2025, 76% and 22% of the Company's total Property and equipment, net was attributable to the United States and the United Kingdom, respectively.

The estimated useful lives of property and equipment are as follows:



Leasehold Improvements			Shorter of remaining lease term or useful life
Machinery			Three to ten years
Equipment			Two to seven years
Customer-leased equipment			Three to five years
Furniture and Fixtures			Two to ten years
Software			Two to seven years

Depreciation and amortization expense amounted to $51.6 million, $80.2 million, and $98.2 million for the fiscal years ended June 30, 2026, 2025, and 2024, respectively, of which $18.0 million, $33.6 million, and $42.8 million related to amortization of capitalized software costs for the fiscal years ended June 30, 2026, 2025, and 2024, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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+ Details

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Weighted-average remaining lease term (years)	8 years 4 months 24 days	8 years 9 months 18 days
Weighted-average discount rate	5.69%	5.57%
Total	$ 524.6	$ 615.7
Less: Imputed interest	(114.4)	(138.0)
Total Discounted Operating Lease Liability	410.2	477.6
Current portion of operating lease liabilities	62.5	70.1
Non-current portion of operating lease liabilities	$ 347.7	$ 407.5

Debt - Schedule of Maturities of Debt Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Debt Instrument [Line Items]
2027	$ 10.0
2027	10.0
2029	960.0
2030	350.0
Net carrying amount	1,330.0
0.00% Convertible Senior Notes due 2026 \| Convertible senior notes
Debt Instrument [Line Items]
Net carrying amount	$ 0.0	$ 198.5

- Definition

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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Payables and Accruals [Abstract]
Accounts payable	$ 53.5	$ 66.7
Accrued music licensing royalties	76.6	145.2
Employee-related liabilities	34.3	46.2
Inventory received but not billed	29.4	28.1
Accrued professional fees	6.4	11.0
Accrued general and administrative	17.4	15.8
Accrued marketing	10.8	7.4
Accrued legal contingencies	23.8	0.0
Other	59.0	52.2
Total accounts payable and accrued expenses	$ 311.2	$ 372.7

Property and Equipment - Schedule of Useful Lives (Details)	Jun. 30, 2026
Machinery \| Minimum
Property and Equipment [Line Items]
Useful life	3 years
Machinery \| Maximum
Property and Equipment [Line Items]
Useful life	10 years
Equipment \| Minimum
Property and Equipment [Line Items]
Useful life	2 years
Equipment \| Maximum
Property and Equipment [Line Items]
Useful life	7 years
Customer-leased equipment \| Minimum
Property and Equipment [Line Items]
Useful life	3 years
Customer-leased equipment \| Maximum
Property and Equipment [Line Items]
Useful life	5 years
Furniture and Fixtures \| Minimum
Property and Equipment [Line Items]
Useful life	2 years
Furniture and Fixtures \| Maximum
Property and Equipment [Line Items]
Useful life	10 years
Software \| Minimum
Property and Equipment [Line Items]
Useful life	2 years
Software \| Maximum
Property and Equipment [Line Items]
Useful life	7 years

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 905
-SubTopic 360
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478704/905-360-25-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 30
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482222/360-10-30-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
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-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

Revenue - Standard Product Warranty (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
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	15.9	35.5
Warranty claims	(21.5)	(31.3)
Balance at end of period	$ 18.9	$ 24.5

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Current:
Federal	$ 0.0	$ 0.0	$ 0.0
State	0.7	0.8	0.8
Foreign	1.7	1.9	0.0
Current income tax expense	2.4	2.7	0.8
Deferred:
Federal	(1.9)	0.0	0.0
State	(0.6)	0.0	0.0
Foreign	0.0	0.7	(1.0)
Deferred income tax expense	(2.5)	0.7	(1.0)
Total	$ (0.1)	$ 3.4	$ (0.2)

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Jun. 30, 2026	Jul. 30, 2026	Dec. 31, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2026
Current Fiscal Year End Date	--06-30
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, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2.5
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders, or Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001639825
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		423,035,077
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		15,836,724

Income Taxes - Schedule of Cash Paid for Income Taxes, Net of Refunds Received (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 0.0
Cash paid for income taxes	5.5	$ 2.6	$ 0.0
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	1.0
All other states
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	0.9
Australia
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	0.5
Canada – Federal
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	1.1
Canada – Ontario
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	0.6
China
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	0.7
Germany – Federal
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	0.6
Germany – Munich
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	1.0
Taiwan
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	(1.3)
All other foreign
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 0.5

Net Loss Per Share - Narrative (Details) - shares	12 Months Ended
Net Loss Per Share - Narrative (Details) - shares	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Stock-based awards
Debt Instrument [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	39,217,172	81,664,586	89,951,736
Convertible senior notes
Debt Instrument [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	76,452,600	77,284,420	77,284,420

- 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

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Property and Equipment [Line Items]
Impairment expense	$ 34.6	$ 64.1	$ 57.3
Depreciation and amortization expense	51.6	80.2	98.2
Amortization of capitalized software costs	$ 18.0	$ 33.6	42.8
United States \| Property, Plant and Equipment Benchmark \| Geographic Concentration Risk
Property and Equipment [Line Items]
Percentage of inventory purchased	72.00%	76.00%
United Kingdom \| Property, Plant and Equipment Benchmark \| Geographic Concentration Risk
Property and Equipment [Line Items]
Percentage of inventory purchased	27.00%	22.00%
Corporate Office
Property and Equipment [Line Items]
Impairment expense	$ 11.9	$ 17.2
Exiting Retail Showrooms
Property and Equipment [Line Items]
Impairment expense	$ 5.7	11.5	14.9
Other Manufacturing Assets
Property and Equipment [Line Items]
Impairment expense		$ 6.1
Connected Fitness assets
Property and Equipment [Line Items]
Impairment expense			$ 5.0

Leases - Schedule of Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Leases [Abstract]
Operating cash flows from operating leases	$ 101.0	$ 111.5	$ 121.7
Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)	17.5	3.0	24.9
Right-of-use asset reductions related to operating lease modifications and terminations (non-cash)	$ (5.7)	$ (14.4)	$ (23.0)

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Equity-Based Compensation - Schedule of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Number of Stock Options
Stock options outstanding, beginning balance (in shares)	20,958,757
Granted (in shares)	0
Exercised (in shares)	(81,817)
Forfeited or expired (in shares)	(2,162,245)
Stock options outstanding, ending balance (in shares)	18,714,695	20,958,757
Stock options vested and exercisable (in shares)	18,102,794
Weighted-Average Exercise Price
Stock options outstanding, weighted-average exercise price, beginning balance (in dollars per share)	$ 21.51
Granted, weighted-average exercise price (in dollars per share)	0
Exercised, weighted-average exercise price (in dollars per share)	1.30
Forfeited or expired, weighted-average exercise price (in dollars per share)	11.16
Stock options outstanding, weighted-average exercise price, ending balance (in dollars per share)	22.79	$ 21.51
Stock options vested and exercisable, weighted-average exercise price (in dollars per share)	$ 23.28
Stock options outstanding, weighted-average remaining contractual term (in years)	2 years 7 months 6 days	3 years 9 months 18 days
Stock options vested and exercisable, weighted-average remaining contractual term (in years)	2 years 4 months 24 days
Stock options outstanding, aggregate intrinsic value	$ 6.8
Stock options exercised, aggregate intrinsic value	0.4	$ 9.2	$ 12.7
Stock options outstanding, aggregate intrinsic value	4.3	$ 6.8
Stock options vested and exercisable, aggregate intrinsic value	$ 4.3

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	May 31, 2024	Feb. 28, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 1,330.0	$ 1,539.0
Estimated Fair Value	1,545.9	1,818.1
Unamortized debt discount	17.7	22.7
Debt issuance costs, net	$ 13.2	$ 17.4
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%		0.00%
Carrying Amount	$ 0.0	$ 199.0
Estimated Fair Value	0.0	192.3
Debt issuance costs, net	$ 0.0	$ 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	565.9	635.8
Debt issuance costs, net	5.1	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	980.0	990.0
Estimated Fair Value	$ 980.0	$ 990.0

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Jun. 30, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented a cybersecurity risk management program intended to preserve the confidentiality, integrity and availability of Peloton’s systems and information, including our Members’ data, APIs and web and mobile applications. Our cybersecurity program is guided by industry standards developed by the National Institute of Standards and Technology (”NIST”). We seek to address cybersecurity risks through a comprehensive, cross-functional approach that focuses on protecting the information that we collect and store by identifying, preventing, and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur. Our cybersecurity program is also integrated with Peloton’s broader enterprise risk management program, through which we manage business, cybersecurity, information technology, privacy, legal, and geopolitical risks, among others. While no organization can eliminate cybersecurity risk entirely, we believe our cybersecurity program is reasonably designed to mitigate our cybersecurity and information technology risks. Our cybersecurity program is supported by our information security team, which is primarily responsible for identifying, monitoring and preventing cybersecurity threats and our data privacy team, which is primarily responsible for developing, creating, maintaining and enforcing privacy policies, standards and procedures. Our information security team reviews potential identified incidents through various internal and external resources; identifies potential or actual cybersecurity threats; evaluates and prioritizes threats based on severity; investigates and mitigates the cause and impact of such incidents; administers our documented response procedures with respect to any data breach; and implements safeguards to help prevent recurrence. Education, training and preparedness are important elements of our cybersecurity program. Peloton requires new employees to undertake a cybersecurity training and provides regular training updates to other employees. Additional trainings are mandatory for those employees who handle confidential (including personal) information. We also conduct regular cybersecurity awareness trainings for employees across all levels and departments, including phishing simulations and other targeted exercises. We perform due diligence regarding our third-party suppliers, service providers and other business partners. This may include requiring evidence demonstrating third parties’ ability to meet our cybersecurity and data handling requirements. In addition, Peloton’s business partners who process data are contractually obligated to notify us if they experience certain incidents impacting our or our Members’ data. Our ability to monitor the cybersecurity practices of third parties is limited and there can be no assurance that we can prevent or mitigate the risk of any compromise or failure in the information systems, software, network or other cybersecurity assets owned or controlled by third parties. We regularly perform internal testing and engage independent third parties to perform audits and assessments as we deem appropriate. For example, our alignment with NIST standards has been reviewed by an industry-leading auditing firm. We also maintain a cyber insurance policy to help manage, in part, costs associated with significant cybersecurity incidents that may occur. We continue to invest in our cybersecurity program and to enhance our internal controls and processes, which are designed to help protect our systems and infrastructure, and the information they contain. For a discussion regarding risks from cybersecurity threats, see our risk factors, including the risk factors titled “–Any major disruption or failure of our information technology systems or websites, or our failure to successfully implement upgrades and new technology effectively, could adversely affect our business and operations”, “–Cybersecurity risks could adversely affect our business and disrupt our operations”, “–Our business is subject to the risk of earthquakes, fire, power outages, floods, hurricanes, public health crises, ransomware and other cybersecurity attacks, labor disputes, and other catastrophic events, and to interruption by man-made problems such as terrorism and international geopolitical conflicts”, “–We collect, store, process, and use personal and other data, which subjects us to legal obligations and laws and regulations related to security and privacy, and any actual or perceived failure to meet those obligations could harm our business”, “–Our growing use of artificial intelligence and machine learning technologies may present additional risks and challenges, which could result in reputational and competitive harm, legal liability and adversely affect our results of operations”, under the heading “Risk Factors — Risks Related to Our Business” in Part I, Item 1A of this Annual Report on Form 10-K. As of June 30, 2026, we are not aware of any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. For additional information regarding cybersecurity risks, see “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed and implemented a cybersecurity risk management program intended to preserve the confidentiality, integrity and availability of Peloton’s systems and information, including our Members’ data, APIs and web and mobile applications. Our cybersecurity program is guided by industry standards developed by the National Institute of Standards and Technology (”NIST”). We seek to address cybersecurity risks through a comprehensive, cross-functional approach that focuses on protecting the information that we collect and store by identifying, preventing, and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur. Our cybersecurity program is also integrated with Peloton’s broader enterprise risk management program, through which we manage business, cybersecurity, information technology, privacy, legal, and geopolitical risks, among others.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	While everyone at Peloton has a role in managing cybersecurity risks, our Board of Directors and senior management team are actively involved in the oversight of our cybersecurity program. Our Board of Directors and the Audit Committee of our Board of Directors oversee Peloton’s cybersecurity matters through regular reports and reviews, as well as reporting on material cybersecurity incidents. These include presentations by the Company’s Senior Vice President, Chief Information Officer (“CIO”) to the Audit Committee on a quarterly basis, along with ad hoc reports on cybersecurity incidents, threat detection and mitigation plans to the Audit Committee, our Board of Directors, and our executive team. Our CIO leads our information security team and has more than 20 years of cybersecurity experience across four public companies. He is supported by our Vice President of Privacy Compliance, who leads our data privacy team. Our cybersecurity program is supported by other members of our senior management team as well, including our Chief Legal Officer and members of Peloton’s disclosure committee. Members of executive leadership are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management process. The CIO also provides updates to Peloton’s senior management regarding cybersecurity risks, and meets regularly with Peloton’s finance, enterprise technology, disclosure and internal audit teams.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	While everyone at Peloton has a role in managing cybersecurity risks, our Board of Directors and senior management team are actively involved in the oversight of our cybersecurity program. Our Board of Directors and the Audit Committee of our Board of Directors oversee Peloton’s cybersecurity matters through regular reports and reviews, as well as reporting on material cybersecurity incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	These include presentations by the Company’s Senior Vice President, Chief Information Officer (“CIO”) to the Audit Committee on a quarterly basis, along with ad hoc reports on cybersecurity incidents, threat detection and mitigation plans to the Audit Committee, our Board of Directors, and our executive team.
Cybersecurity Risk Role of Management [Text Block]	While everyone at Peloton has a role in managing cybersecurity risks, our Board of Directors and senior management team are actively involved in the oversight of our cybersecurity program. Our Board of Directors and the Audit Committee of our Board of Directors oversee Peloton’s cybersecurity matters through regular reports and reviews, as well as reporting on material cybersecurity incidents. These include presentations by the Company’s Senior Vice President, Chief Information Officer (“CIO”) to the Audit Committee on a quarterly basis, along with ad hoc reports on cybersecurity incidents, threat detection and mitigation plans to the Audit Committee, our Board of Directors, and our executive team.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	While everyone at Peloton has a role in managing cybersecurity risks, our Board of Directors and senior management team are actively involved in the oversight of our cybersecurity program. Our Board of Directors and the Audit Committee of our Board of Directors oversee Peloton’s cybersecurity matters through regular reports and reviews, as well as reporting on material cybersecurity incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO leads our information security team and has more than 20 years of cybersecurity experience across four public companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CIO also provides updates to Peloton’s senior management regarding cybersecurity risks, and meets regularly with Peloton’s finance, enterprise technology, disclosure and internal audit teams.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Goodwill and Intangible Assets - Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Intangible Asset, Finite-Lived, Acquired [Line Items]
Gross Carrying Amount	$ 89.5	$ 77.7
Accumulated Amortization	(77.8)	(72.2)
Net Carrying Amount	11.7	5.6
Acquired developed technology
Intangible Asset, Finite-Lived, Acquired [Line Items]
Gross Carrying Amount	83.7	72.0
Accumulated Amortization	(72.2)	(66.6)
Net Carrying Amount	$ 11.5	$ 5.4
Weighted Average Remaining Useful Life (Years)	2 years 10 months 24 days	4 months 24 days
Other definite-lived intangibles
Intangible Asset, Finite-Lived, Acquired [Line Items]
Gross Carrying Amount	$ 5.7	$ 5.8
Accumulated Amortization	(5.5)	(5.5)
Net Carrying Amount	$ 0.2	$ 0.2
Weighted Average Remaining Useful Life (Years)	5 years 3 months 18 days	2 months 12 days

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Cash Flows from Operating Activities:
Net income (loss)	$ 63.2	$ (118.9)	$ (551.9)
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Depreciation and amortization expense	57.2	89.7	108.8
Stock-based compensation expense	198.6	229.6	311.7
Non-cash operating lease expense	49.8	54.5	66.2
Amortization of debt discount and issuance costs	9.5	9.1	14.2
Impairment expense	34.6	64.1	57.3
Loss on sale of subsidiary	0.0	0.0	3.8
Net foreign currency adjustments	10.1	(22.4)	0.0
Gain on debt extinguishment of convertible notes	0.0	0.0	(69.8)
Loss on debt extinguishment of term loan	0.0	0.0	7.5
Changes in operating assets and liabilities:
Accounts receivable	18.6	2.8	(7.0)
Inventories	81.3	136.5	163.0
Prepaid expenses and other current assets	34.2	66.6	42.6
Other assets	(4.7)	4.4	1.7
Accounts payable and accrued expenses	(71.1)	(94.0)	(95.5)
Deferred revenue and customer deposits	(11.0)	(13.5)	(23.6)
Operating lease liabilities, net	(77.3)	(82.3)	(90.8)
Other liabilities	(5.5)	6.8	(4.4)
Net cash provided by (used in) operating activities	387.6	333.0	(66.1)
Cash Flows from Investing Activities:
Proceeds from sale of Peloton Output Park	0.0	4.2	31.9
Capital expenditures	(9.9)	(9.3)	(19.7)
Business combinations and asset acquisitions	(11.4)	0.0	0.0
Proceeds from sales of subsidiary and net assets	0.0	0.0	14.6
Net cash (used in) provided by investing activities	(21.4)	(5.1)	26.8
Cash Flows from Financing Activities:
Principal repayment of term loan	(10.0)	(10.0)	(742.5)
Payment of principal on convertible notes	(199.0)	0.0	(724.9)
Proceeds from issuance of convertible notes, net of issuance costs	0.0	0.0	342.3
Proceeds from issuance of term loan, net of issuance costs	0.0	0.0	986.9
Proceeds from employee stock purchase plan withholdings	3.5	4.1	3.1
Proceeds from employee stock plans	0.6	11.2	41.2
Taxes withheld and paid on employee stock awards	(2.2)	(3.5)	0.0
Principal repayments of finance leases	(0.3)	(0.1)	(0.5)
Net cash (used in) provided by financing activities	(207.6)	1.7	(94.4)
Effect of exchange rate changes	3.0	5.3	(1.0)
Net change in cash, cash equivalents, and restricted cash	161.7	334.9	(134.6)
Cash, cash equivalents, and restricted cash — Beginning of period	1,085.8	750.9	885.5
Cash, cash equivalents, and restricted cash — End of period	1,247.4	1,085.8	750.9
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	122.2	127.2	95.6
Cash paid for income taxes	5.5	2.6	0.0
Term loan issuance costs recorded within Net loss	0.0	0.0	8.7
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Accrued and unpaid capital expenditures, including software	$ 0.3	$ 0.3	$ 0.1

Equity-Based Compensation - Schedule of Restricted Stock and Restricted Stock Units (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Number of Awards
Outstanding, beginning balance (in shares)	54,154,272
Granted (in shares)	23,136,469
Vested and converted to shares (in shares)	(29,512,773)
Cancelled (in shares)	(11,033,217)
Outstanding, ending balance (in shares)	36,744,751	54,154,272
Weighted-Average Grant Date Fair Value
Outstanding, weighted-average grant date fair value, beginning balance (in dollars per share)	$ 5.92
Granted, weighted-average grant date fair value (in dollars per share)	6.44	$ 5.18	$ 5.46
Vested and converted to shares, weighted-average grant date fair value (in dollars per share)	6.10
Cancelled, weighted-average grant date fair value (in dollars per share)	6.07
Outstanding, weighted-average grant date fair value, ending balance (in dollars per share)	$ 6.06	$ 5.92

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Feb. 28, 2026	Jun. 30, 2025
0.00% Convertible Senior Notes due 2026 \| Convertible senior notes
Debt Instrument [Line Items]
Principal payments	$ (199.0)	$ (199.0)	$ 0.0

- 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

Commitments and Contingencies - Minimum Guarantee Royalty Payments Due (Details) - Royalty Guarantees, Commitments $ in Millions	Jun. 30, 2026 USD ($)
Future Minimum Payments
2027	$ 48.0
2028	42.0
2029	15.2
Total	$ 105.2

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Lessee, Lease, Description [Line Items]
Lease income	$ 29.6	$ 45.8	$ 47.3
United States \| Operating Lease Right-Of-Use Assets, Net Benchmark \| Geographic Concentration Risk
Lessee, Lease, Description [Line Items]
Percentage of inventory purchased	91.00%
United Kingdom \| Operating Lease Right-Of-Use Assets, Net Benchmark \| Geographic Concentration Risk
Lessee, Lease, Description [Line Items]
Percentage of inventory purchased		7.00%
Corporate Office
Lessee, Lease, Description [Line Items]
Impairment loss	$ 10.6	$ 15.0
Retail Showroom
Lessee, Lease, Description [Line Items]
Impairment loss	$ 5.9	13.5	16.6
Other Manufacturing
Lessee, Lease, Description [Line Items]
Impairment loss		$ 4.2
Connected Fitness Products
Lessee, Lease, Description [Line Items]
Impairment loss			$ 7.5

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Goodwill [Line Items]
Intangible asset amortization	$ 5,600,000	$ 9,400,000	$ 10,600,000
Write-off of Acquired Developed Technology and Assembled Workforce
Goodwill [Line Items]
Goodwill impairment	0	0	0
Connected Fitness Products
Goodwill [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Operating Loss Carryforwards [Line Items]
Net operating loss	$ 1,084.8	$ 1,039.5
R&D credit	89.1	81.9
Unrecognized tax benefits	0.0	0.0	$ 0.0
Increase Adjustments, Capitalized Costs, Interest Disallowance, NOL's and Other
Operating Loss Carryforwards [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount	0.2	46.8	73.7
Decrease Adjustments for Deductibility of Amounts Previously Capitalized, Derecognition of Certain Deferred Tax Assets
Operating Loss Carryforwards [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount	(27.1)	(2.7)	$ (3.7)
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	3,497.9	3,290.0
R&D credit	87.1	79.4
Federal \| Tax Year 2034
Operating Loss Carryforwards [Line Items]
Net operating loss	58.3
State and local
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,728.6	2,657.9
Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 769.4	$ 771.6

Equity-Based Compensation - Schedule of Unvested Stock Option Activity (Details) - $ / shares	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Options
Unvested options, beginning balance (in shares)	1,735,457
Granted (in shares)	0
Vested (in shares)	(1,005,585)
Forfeited or expired (in shares)	(117,971)
Unvested options, ending balance (in shares)	611,901	1,735,457
Weighted-Average Grant Date Fair Value
Unvested options, weighted-average grant date fair value, beginning balance (in dollars per share)	$ 9.39
Unvested options, weighted-average grant date fair value, granted (in dollars per share)	0	$ 5.53	$ 2.46
Unvested options, weighted-average grant date fair value, vested (in dollars per share)	11.27
Unvested options, weighted-average grant date fair value, forfeited or expired (in dollars per share)	8.81
Unvested options, weighted-average grant date fair value, ending balance (in dollars per share)	$ 6.39	$ 9.39

Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and Intangible Assets

As of June 30, 2026, June 30, 2025, and June 30, 2024, the carrying amount of goodwill, which is allocated to the Subscription segment, did not contain any accumulated impairment losses. The changes in the carrying value of goodwill during the fiscal years ended June 30, 2026, 2025, and 2024 are as follows:


	Amount
	(in millions)
June 30, 2024	$	41.2
June 30, 2025	41.2
Acquisition	2.8
June 30, 2026	$	44.0

The Company reviews goodwill for impairment annually on April 1 or more frequently if events or changes in circumstances indicate that an impairment may exist (“a triggering event”). During the fiscal years ended June 30, 2026, 2025, and 2024, management identified no qualitative factors that collectively indicated that the Company had triggering events. The Company did not recognize goodwill impairment for the fiscal years ended June 30, 2026, 2025, and 2024.

The gross carrying amount and accumulated amortization of the Company's Intangible assets, net, as of June 30, 2026 were as follows:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (Years)
Acquired developed technology	$	83.7	$	(72.2)	$	11.5	2.9
Other definite-lived intangibles	5.7		(5.5)		0.2		5.3
Total intangible assets	$	89.5	$	(77.8)	$	11.7

The gross carrying amount and accumulated amortization of the Company's Intangible assets, net, as of June 30, 2025 were as follows:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (Years)
Acquired developed technology	$	72.0	$	(66.6)	$	5.4	0.4



Other definite-lived intangibles	5.8		(5.5)		0.2		0.2
Total intangible assets	$	77.7	$	(72.2)	$	5.6

During fiscal years ended June 30, 2026, 2025, and 2024, the Company recognized no intangible asset impairment losses.

The Company recognized intangible asset amortization expense in the Consolidated Statements of Operations and Comprehensive Income (Loss) in the amount of $5.6 million, $9.4 million, and $10.6 million for the fiscal years ended June 30, 2026, 2025, and 2024, respectively.

As of June 30, 2026, estimated amortization expense related to the Company's identifiable acquisition-related intangible assets in future periods were as follows:


Fiscal Year Ending June 30,	Amount
	(in millions)
2027	$	4.1
2028	3.9
2029	3.6
2030	—
2031	—
Thereafter	—
Total	$	11.7

- Definition

The entire disclosure for goodwill.

+ References + Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Federal income tax rate		21.00%	21.00%
Permanent differences		(4.60%)	(1.20%)
Share based compensation		(10.30%)	(9.20%)
Return to provision		(0.40%)	(0.20%)
Effects of rates different than statutory		0.80%	1.00%
State and local income taxes, net of federal benefit	(0.10%)	0.80%	1.70%
Change in valuation allowance	(50.80%)	(12.00%)	(13.50%)
Rate change		0.40%	(0.20%)
Federal credits		4.20%	0.50%
State credits		(0.011)	0.001
Other	2.70%	(1.70%)	0.00%
Effective income tax rate	(0.20%)	(2.90%)	0.00%

Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Deferred tax assets:
Net operating loss	$ 1,084.8	$ 1,039.5
Accruals and reserves	36.0	65.1
R&D credit	89.1	81.9
Accrued legal and professional fees	9.5	2.9
Non-qualified stock options	96.3	95.0
Restricted stock options	9.4	11.8
Disallowed interest carryover	97.5	68.8
Intangible amortization	47.4	51.1
Capitalized R&E	77.7	119.4
Inventory capitalization	28.6	52.0
Lease liability	105.4	115.8
Deferred revenue	4.6	7.9
Construction in progress	6.5	26.3
Property and equipment	1.1	0.0
Other	5.2	4.4
Total deferred tax assets:	1,699.1	1,741.9
Valuation allowance	(1,620.5)	(1,647.4)
Deferred tax liabilities:
Prepaid expenses	(2.2)	(2.4)
Property and equipment	0.0	(6.2)
Right-of-use assets	(72.0)	(81.4)
Convertible securities	(3.7)	(4.2)
Other	(0.5)	(0.1)
Total deferred tax liabilities:	(78.4)	(94.3)
Deferred tax assets, net	$ 0.2	$ 0.2

Fair Value Measurements

12 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements of Other Financial Instruments


	June 30, 2026				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	$	192.3
5.50% Convertible Senior Notes due 2029	350.0		565.9		350.0		635.8
Term Loan due and payable on May 30, 2029	980.0		980.0		990.0		990.0
Total	$	1,330.0	$	1,545.9	$	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 11, Debt) are determined based on the respective closing prices on the last trading day of the reporting period. The 2026 Notes matured on February 15, 2026, and during the fiscal year ended June 30, 2026, the Company repaid in cash the remaining $199.0 million aggregate principal amount of the 2026 Notes.

The carrying value of the Term Loan (as defined in Note 11, Debt) approximates the fair value of the Term Loan as of June 30, 2026 and 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
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-Topic 820
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-Section 55
-Paragraph 107
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation by Jurisdiction (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Tax credits
Research and development credit	$ (7.7)
Nontaxable or nondeductible items
Excess officer’s compensation	12.5
Share based compensation	4.8
Change in valuation allowance	(32.1)
Other	1.7
State and local income taxes, net of federal benefit	0.0
Total	$ (0.1)	$ 3.4	$ (0.2)
Percent
Federal income tax rate		21.00%	21.00%
Tax credits
Research and development credit	(12.20%)
Nontaxable or nondeductible items
Excess officer’s compensation	0.198
Share based compensation	7.60%
Change in valuation allowance	(50.80%)	(12.00%)	(13.50%)
Other	2.70%	(1.70%)	0.00%
State and local income taxes, net of federal benefit	(0.10%)	0.80%	1.70%
Effects of rates different than statutory		0.80%	1.00%
Effective income tax rate	(0.20%)	(2.90%)	0.00%
United States
Amount
Federal income tax rate	$ 13.2
Percent
Federal income tax rate	21.00%
United Kingdom
Nontaxable or nondeductible items
Change in valuation allowance	$ 3.0
Other	(3.5)
Foreign tax effects	(1.5)
Impairment	$ 9.9
Nontaxable or nondeductible items
Change in valuation allowance	4.80%
Other	(5.50%)
Effects of rates different than statutory	(2.40%)
Impairment	15.70%
Other foreign jurisdictions
Nontaxable or nondeductible items
Foreign tax effects	$ (0.5)
Nontaxable or nondeductible items
Effects of rates different than statutory	(0.80%)

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 23.9	$ 22.7
Finished products	191.1	337.6
Total inventories	215.1	360.4
Less: Reserves	(79.7)	(154.8)
Total inventories, net	135.4	205.6
Other inventory, in transit	$ 16.4	$ 40.3

Income Taxes

12 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

The components of Income (loss) before income taxes are as follows:


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
United States	$	90.5	$	(91.7)	$	(416.5)
Foreign	(27.4)		(23.9)		(135.6)
Income (loss) from operations before income taxes	$	63.1	$	(115.6)	$	(552.1)

The components of Income tax (benefit) expense are as follows:


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Current:
Federal	$	—	$	—	$	—
State	0.7		0.8		0.8
Foreign	1.7		1.9		—
	2.4		2.7		0.8
Deferred:
Federal	(1.9)		—		—
State	(0.6)		—		—
Foreign	—		0.7		(1.0)
	(2.5)		0.7		(1.0)
Total	$	(0.1)	$	3.4	$	(0.2)

A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate pursuant to the requirements of ASU 2023-09 for the fiscal year ended June 30, 2026 is as follows:


	Fiscal Year Ended June 30, 2026
	Amount		Percent
	(dollars in millions)
Federal income tax rate	$	13.2	21.0	%
Tax credits
Research and development credit	(7.7)		(12.2)
Nontaxable or nondeductible items
Excess officer’s compensation	12.5		19.8
Share based compensation	4.8		7.6
Change in valuation allowance	(32.1)		(50.8)
Other	1.7		2.7
State and local income taxes, net of federal benefit(1)	—		(0.1)
Foreign tax effects
United Kingdom
Valuation allowance	3.0		4.8
Foreign rate differential	(1.5)		(2.4)
Impairment	9.9		15.7
Other	(3.5)		(5.5)
Other foreign jurisdictions	(0.5)		(0.8)
Effective income tax rate	$	(0.1)	(0.2)	%

____________________________

(1) The states and local jurisdictions that contribute to greater than 50% of the tax effect in this category include California.

A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate for the fiscal years ended June 30, 2025 and 2024 is as follows:


	Fiscal Year Ended June 30,
	2025		2024
Federal income tax rate	21.0	%	21.0	%
Permanent differences	(4.6)		(1.2)
Share based compensation	(10.3)		(9.2)
Return to provision	(0.4)		(0.2)
Effects of rates different than statutory	0.8		1.0
State and local income taxes, net of federal benefit	0.8		1.7
Change in valuation allowance	(12.0)		(13.5)
Rate change	0.4		(0.2)
Federal credits	4.2		0.5
State credits	(1.1)		0.1
Other	(1.7)		—
Effective income tax rate	(2.9)	%	—	%

The primary differences from the U.S. statutory rate and the Company’s effective tax rate for the fiscal year ended June 30, 2026 are due to the change in valuation allowance, nontaxable or nondeductible items, and federal credits. The primary differences from the U.S. statutory rate and the Company’s effective tax rate for the fiscal year ended June 30, 2025 were due to the change in valuation allowance, stock-based compensation, permanent differences relating to excess officer compensation, and federal credits. The primary differences from the U.S. statutory rate and the Company’s effective tax rate for the fiscal year ended June 30, 2024 were due to the change in valuation allowance, stock-based compensation, and state and international taxes.

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), among implementing other changes. The Company has accounted for the provisions of the OBBBA in its 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.

On August 16, 2022, the Inflation Reduction Act was signed into law in the United States. Among other provisions, the Inflation Reduction Act includes a 15% minimum tax rate applied to corporations with profits in excess of $1 billion and also includes an excise tax on the repurchase of corporate stock. The Company has reviewed the provisions of the law and does not believe that any of the provisions will have a material impact on the business.

On March 11, 2021, the American Rescue Plan was enacted, which extends the period companies can claim an Employee Retention Credit, expands the IRC Section 162(m) limit on deductions for publicly traded companies, and repeals the election that allows US affiliate groups to allocate interest expense on a worldwide basis, among other provisions. The Company reviewed the provisions of the law and determined it had no material impact for the fiscal year ended June 30, 2026.

As of June 30, 2026 and June 30, 2025, the Company’s deferred tax assets were primarily the result of U.S. federal and state net operating losses (“NOLs”), Section 174 capitalized expenditures, disallowed interest carryover, lease liability, non-qualified stock options, and research and development tax credits. A valuation allowance was maintained and/or established in substantially all jurisdictions on the Company’s gross deferred tax asset balances as of June 30, 2026 and 2025. As of each reporting date, the Company’s management considers new evidence, both positive and negative, that could impact management’s view with regard to future realization of deferred tax assets. The realization of deferred tax assets was based on the evaluation of current and estimated future profitability of the operations, reversal of deferred tax liabilities and the likelihood of utilizing tax credit and/or loss carryforwards. As of June 30, 2026 and June 30, 2025, the Company continued to maintain that it is not at the more likely than not standard, wherein deferred taxes will be realized due to the recent history of losses and management’s expectation of continued tax losses.

Based on management’s assessment of historical results and forecasts, management is continuously monitoring the weight of both positive and negative evidence. Based on these trends, it is reasonably possible that within the next 12 months, management may conclude that it is more likely than not that a substantial portion of these deferred tax assets will be realized. If such a determination is made, it would result in the recognition of net deferred tax assets on the Company’s Consolidated Balance Sheets and a corresponding benefit recorded within the income tax provision in the period of release. However, management’s judgment regarding future earnings and the exact timing and amount of any valuation allowance release are subject to change due to many factors, including but not limited to, future market conditions and the ability to successfully execute the Company’s business plans.

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets (liabilities) are as follows:


	Fiscal Year Ended June 30,
	2026		2025
	(in millions)
Deferred tax assets:
Net operating loss	$	1,084.8	$	1,039.5
Accruals and reserves	36.0		65.1
R&D credit	89.1		81.9
Accrued legal and professional fees	9.5		2.9
Non-qualified stock options	96.3		95.0
Restricted stock options	9.4		11.8
Disallowed interest carryover	97.5		68.8
Intangible amortization	47.4		51.1
Capitalized R&E	77.7		119.4
Inventory capitalization	28.6		52.0
Lease liability	105.4		115.8
Deferred revenue	4.6		7.9
Construction in progress	6.5		26.3

Property and equipment	1.1		—
Other	5.2		4.4
Total deferred tax assets:	1,699.1		1,741.9
Valuation allowance	(1,620.5)		(1,647.4)
Deferred tax liabilities:
Prepaid expenses	(2.2)		(2.4)
Property and equipment	—		(6.2)
Right-of-use assets	(72.0)		(81.4)
Convertible securities	(3.7)		(4.2)
Other	(0.5)		(0.1)
Total deferred tax liabilities:	(78.4)		(94.3)
Deferred tax assets, net	$	0.2	$	0.2

As of June 30, 2026 and 2025, the Company had federal NOLs of approximately $3,497.9 million and $3,290.0 million, respectively, of which $58.3 million will begin to expire in 2034 and the remainder will be carried forward indefinitely. The Company has undergone three ownership changes in the past which have historically subjected its NOLs to a Section 382 limitation. The resulting Section 382 limitations are large enough to avail the Section 382 limited NOLs by June 30, 2022, therefore no NOLs are currently limited. As of June 30, 2026 and 2025, the Company had state NOLs of approximately $2,728.6 million and $2,657.9 million, respectively, which began to expire at various dates beginning in 2024. As of June 30, 2026 and 2025, the Company had foreign NOLs of approximately $769.4 million and $771.6 million, respectively, generated primarily from its operations in the United Kingdom, which will be carried forward indefinitely. As of June 30, 2026 and 2025, the Company had $87.1 million and $79.4 million, respectively, of federal U.S. research and development credit carryovers that will begin to expire in 2036.

During the fiscal years ended June 30, 2026, 2025, and 2024, the Company recorded additions to the valuation allowance of $0.2 million, $46.8 million and $73.7 million, respectively. These additions primarily related to increases in deferred tax assets arising from capitalized Section 174 costs, Section 163(j) interest expense disallowance, net operating losses and other deductible temporary differences.

During the fiscal years ended June 30, 2026, 2025, and 2024, the Company recorded reductions to the valuation allowance of $27.1 million, $2.7 million and $3.7 million, respectively. These reductions primarily related to decreases in deferred tax assets due to the deductibility of previously capitalized Section 174 amounts and the derecognition of certain deferred tax assets.

As of June 30, 2026, the Company did not have material undistributed foreign earnings. The Company has not recorded a deferred tax liability for foreign withholding or other foreign local tax on the undistributed earnings from the Company’s international subsidiaries as such earnings are considered to be indefinitely reinvested.

At both June 30, 2026 and 2025, the Company had no unrecognized tax benefits included as a component of income taxes payable within accrued expenses within the accompanying Consolidated Balance Sheets. The Company has the following activity relating to unrecognized tax benefits:


	Fiscal Year Ended June 30,
	2026		2025
	(in millions)
Beginning balance	$	—	$	—
Gross (decrease) increase in unrecognized tax positions	—		—
Ending balance	$	—	$	—

Although it is possible that unrecognized tax benefits may increase or decrease within the next twelve months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, the Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months.

The Company is subject to taxation in the United States, various state and local jurisdictions, as well as foreign jurisdictions where the Company conducts business. Accordingly, on a continuing basis, the Company cooperates with taxing authorities for the various jurisdictions in which it conducts business to comply with audits and inquiries for tax periods that are open to examination. The tax years ended June 30, 2022 and later remain open to examination by tax authorities in the United States and United Kingdom.

Cash paid for income taxes, net of refunds received, pursuant to the requirements of ASU 2023-09 for the fiscal year ended June 30, 2026 is as follows:


	Fiscal Year Ended June 30, 2026
	(in millions)
Federal	$	—
State and local
California	1.0
All other states	0.9
Foreign
Australia	0.5
Canada – Federal	1.1
Canada – Ontario	0.6
China	0.7
Germany – Federal	0.6
Germany – Munich	1.0
Taiwan	(1.3)
All other foreign	0.5
Cash paid for income taxes	$	5.5

- Definition

The entire disclosure for income tax.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 1,206.6	$ 1,039.5
Accounts receivable, net	82.5	101.2
Inventories, net	135.4	205.6
Prepaid expenses and other current assets	64.9	91.3
Total current assets	1,489.4	1,437.6
Property and equipment, net	164.5	239.0
Intangible assets, net	11.7	5.6
Goodwill	44.0	41.2
Restricted cash	40.9	46.2
Operating lease right-of-use assets, net	284.0	338.9
Other assets	21.4	16.8
Total assets	2,055.9	2,125.3
Current liabilities:
Accounts payable and accrued expenses	311.2	372.7
Deferred revenue and customer deposits	139.5	150.7
Current portion of debt	10.0	208.5
Operating lease liabilities, current	62.5	70.1
Other current liabilities	1.8	2.0
Total current liabilities	525.0	803.9
Convertible senior notes, net of current portion	344.9	343.6
Term loan, net of current portion	944.2	946.9
Operating lease liabilities, non-current	347.7	407.5
Other non-current liabilities	33.7	37.2
Total liabilities	2,195.6	2,539.1
Commitments and contingencies (Note 12)
Stockholders’ deficit
Common stock, $0.000025 par value; 2,500,000,000 and 2,500,000,000 shares of Class A common stock authorized, 422,802,650 and 390,579,270 shares of Class A common stock issued and outstanding as of June 30, 2026 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 June 30, 2026 and June 30, 2025, respectively.	0.0	0.0
Additional paid-in capital	5,384.7	5,183.8
Accumulated other comprehensive income	15.0	5.1
Accumulated deficit	(5,539.4)	(5,602.6)
Total stockholders’ deficit	(139.7)	(413.8)
Total liabilities and stockholders’ deficit	$ 2,055.9	$ 2,125.3

Segment Information - Key Financial Performance Measures by Segment (Details) $ in Millions	12 Months Ended
	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	2
Segment Reporting [Line Items]
Total revenue	$ 2,446.0	$ 2,490.8	$ 2,700.5
Adjusted Income Loss From Operations	1,159.3	1,254.7	1,518.4
Segment Adjusted Gross Profit	1,286.7	1,236.1	1,182.1
Segment Reporting, Income (Loss) before Income Tax [Abstract]
Allocated overhead costs		32.2	24.4
Sales and marketing	(400.4)	(421.6)	(658.9)
General and administrative	(430.3)	(527.3)	(651.0)
Research and development	(242.8)	(234.2)	(304.8)
Impairment expense	(34.6)	(64.1)	(57.3)
Restructuring expense	(17.9)	(33.8)	(66.1)
Supplier settlements	0.0	(23.5)	2.6
Total other expense, net	(97.6)	(79.3)	(23.2)
Loss before income taxes	63.1	(115.6)	(552.1)
Connected Fitness Products
Segment Reporting [Line Items]
Total revenue	770.4	817.1	991.7
Adjusted Income Loss From Operations	680.0	720.8	952.0
Segment Adjusted Gross Profit	90.4	96.4	39.8
Subscription
Segment Reporting [Line Items]
Total revenue	1,675.6	1,673.7	1,708.7
Adjusted Income Loss From Operations	479.3	534.0	566.4
Segment Adjusted Gross Profit	$ 1,196.3	$ 1,139.7	$ 1,142.3

Equity-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 198.6	$ 229.6	$ 311.7
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	49.6	45.7	49.5
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue \| Connected Fitness Products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	8.9	9.3	10.1
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue \| Subscription
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	40.8	36.3	39.3
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	77.5	121.9	177.1
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	45.6	44.8	58.8
Location, Statement of Income, Balance [Axis]: us-gaap:RestructuringCharges
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	0.8	0.8	6.6
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 25.1	$ 16.4	$ 19.7

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	The accompanying 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”). 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, stockholders’ deficit, 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 contingencies. Actual results may differ from these estimates.
Cash and Cash Equivalents	The Company considers all cash and short-term investments purchased with maturities of three months or less when acquired to be cash equivalents. As of June 30, 2026 and 2025, the Company’s cash and cash equivalents were primarily held in money market and operating accounts. At various times during the fiscal years ended June 30, 2026 and 2025, the balances of cash at financial institutions exceeded the federally insured limit. The Company has not experienced any losses in such accounts and believes its cash and cash equivalents are not subject to any significant credit risk.
Accounts Receivable, Net of Allowances	The Company's accounts receivable primarily represent amounts due from third-party retailers and commercial sales and amounts due from third-party payment processors. Accounts receivable are recorded at the invoiced amount less allowances for credit losses. The allowance for credit losses is based upon a number of factors, including the length of time accounts receivable are past due, the Company's previous loss history, the specific customer's ability to pay its obligation and any other forward-looking data regarding customers' ability to pay which may be available.
Inventories	Inventories consist of finished goods and raw materials. Finished goods are primarily purchased from contract manufacturers. Inventories are stated at the lower of cost or net realizable value. For Peloton-branded Connected Fitness products, accessories, apparel, and raw materials, cost is determined using a weighted-average cost method. For Precor-branded fitness products and raw materials, cost is determined using a first-in, first-out basis. Adjustments to reduce inventory to net realizable value are recognized in Connected Fitness Products Cost of revenue. 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 may be required to write down the value of inventory if estimates of future demand and market conditions indicate excess and/or obsolete inventory. Inventory write-downs are recorded as a component of Connected Fitness Products Cost of revenue. Spare parts are recorded as inventory and recognized in cost of revenue as consumed.
Property and Equipment	Property and equipment purchased by the Company are stated at cost less accumulated depreciation and impairment losses, if any. Depreciation and amortization of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the useful life of those leasehold improvements and the remaining lease term. Depreciation and amortization expense is classified within the corresponding cost of revenue or operating expense categories on the Consolidated Statements of Operations and Comprehensive Income (Loss). Charges for repairs and maintenance that do not improve or extend the lives of the respective assets are expensed as incurred.
Internal-Use Software	The Company capitalizes certain qualified costs incurred in connection with the development of internal-use software. The Company evaluates the costs incurred during the application development stage of internal use software and website development to determine whether the costs meet the criteria for capitalization. Costs related to preliminary project activities and post-implementation activities including maintenance are expensed as incurred. Capitalized costs related to internal-use software are amortized on a straight-line basis over the estimated useful life of the software, not to exceed three years. Capitalized costs less accumulated amortization are included within Property and equipment, net on the Consolidated Balance Sheets.
Impairment of Long-Lived Assets	Long-lived assets are reviewed for impairment whenever events or changes in circumstances (“triggering events”) indicate that the carrying amount of an asset group may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the asset group. If the carrying amount of an asset group exceeds its estimated undiscounted net future cash flows, an impairment charge is recognized within Impairment expense on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the amount by which the carrying amount of the asset group exceeds its fair value, which is measured relying primarily on a discounted cash flow method.
Goodwill and Intangible Assets	Goodwill represents the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interest, if any, over the fair value of identifiable assets acquired and liabilities assumed in a business combination. The Company reviews goodwill for impairment annually on April 1 of each fiscal year or more frequently if events or changes in circumstances indicate that an impairment may exist. In conducting its annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than its carrying amount, the Company performs a quantitative assessment and the fair value of the reporting unit is determined by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the excess is recorded. Intangible assets other than goodwill are comprised of acquired developed technology and other finite-lived intangible assets. At initial recognition, intangible assets acquired in a business combination or asset acquisition are recognized at their fair value as of the date of acquisition. Following initial recognition, intangible assets are carried at acquisition date fair value less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset. The Company has no intangible assets with indefinite useful lives. The Company assesses the impairment of intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Refer to Note 8, Goodwill and Intangible Assets for additional information.
Restricted Cash	The Company’s Restricted cash primarily relates to cash used to collateralize outstanding letters of credit.
Leases	Lessee arrangements The Company leases facilities under operating leases with various expiration dates through 2039. The Company leases space for its corporate headquarters and the operation of its production studio facilities, distribution facilities, warehouses, retail locations, and other office spaces. The Company does not have any material finance leases. The Company determines if an arrangement is a lease, or contains a lease, at inception and records the leases in its financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. Right-of-use assets and lease liabilities are established on the Consolidated Balance Sheets for leases with an expected term greater than one year. Lease liabilities are recognized at the present value of the fixed and determinable lease payments not yet paid, less any lease incentives payable to the Company. Right-of-use assets are recognized based on the initial measurement of the lease liability, plus any initial direct costs incurred by the Company and any lease payments made to the landlord at or before lease commencement, minus any lease incentives received. As the rate implicit in the lease is not determinable, the Company uses its secured incremental borrowing rate to determine the present value of the lease payments. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. The Company has lease agreements with lease and non-lease components, and has elected the practical expedient to not separate lease and non-lease components for its real estate and equipment leases. Non-lease components include fixed payments for common area maintenance, utilities, insurance, and other costs. The Company recognizes lease expense for operating leases on a straight-line basis over the term of the lease. The Company's lease terms include options to extend or terminate the underlying lease when it is reasonably certain that the Company will exercise that option. The operating lease arrangements included in the measurement of lease liabilities do not reflect options to extend or terminate, as management does not consider the exercise of these options to be reasonably certain. Certain operating leases provide for annual increases to lease payments based on an index or rate. The Company calculates the present value of future lease payments based on the index or rate at the lease commencement date for new leases. Differences between the calculated lease payment and actual payment are expensed as incurred. Variable lease payments include, but are not limited to, percentage of sales, common area charges, taxes paid by the landlord that are charged to the Company, and changes to the consumer price index. Variable lease payments are expensed as incurred. The Company subleases certain corporate offices, warehouses and distribution facilities, and retail locations to third parties, which does not relieve the Company of its primary lease obligations with the lessor (the “head lease”). These subleases are classified as operating leases, and therefore the Company continues to account for the head lease as it did before the commencement date of the sublease. The Company recognizes sublease income on a straight-line basis over the sublease term. Variable lease payments include, but are not limited to, common area charges, real estate taxes, and utilities, and are recognized as variable sublease income in the period in which they are earned. Sublease income is presented within the same category of operating expenses as the underlying head lease expense on the Consolidated Statements of Operations and Comprehensive Income (Loss). If the lease cost for the term of the sublease exceeds the Company’s anticipated sublease income for the same period, the Company assesses the right-of-use asset associated with the head lease for impairment under the long-lived asset impairment provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, Property, Plant, and Equipment. Lessor arrangements The Company leases Peloton Bike portfolio products under the Peloton Rental program. The lease arrangement provides the customer with an option to purchase the underlying equipment or terminate the lease at any time. The price to purchase the underlying equipment is determined based on the number of months that the customer has leased the equipment, and is not considered a bargain purchase option. All Peloton Rental lease agreements are considered operating leases, and the Company currently does not have any sales-type or direct financing leases as a lessor. Refer to Revenue Recognition within this Note 2, Summary of Significant Accounting Policies, for further details regarding the Peloton Rental program.
Leases	Lessee arrangements The Company leases facilities under operating leases with various expiration dates through 2039. The Company leases space for its corporate headquarters and the operation of its production studio facilities, distribution facilities, warehouses, retail locations, and other office spaces. The Company does not have any material finance leases. The Company determines if an arrangement is a lease, or contains a lease, at inception and records the leases in its financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. Right-of-use assets and lease liabilities are established on the Consolidated Balance Sheets for leases with an expected term greater than one year. Lease liabilities are recognized at the present value of the fixed and determinable lease payments not yet paid, less any lease incentives payable to the Company. Right-of-use assets are recognized based on the initial measurement of the lease liability, plus any initial direct costs incurred by the Company and any lease payments made to the landlord at or before lease commencement, minus any lease incentives received. As the rate implicit in the lease is not determinable, the Company uses its secured incremental borrowing rate to determine the present value of the lease payments. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. The Company has lease agreements with lease and non-lease components, and has elected the practical expedient to not separate lease and non-lease components for its real estate and equipment leases. Non-lease components include fixed payments for common area maintenance, utilities, insurance, and other costs. The Company recognizes lease expense for operating leases on a straight-line basis over the term of the lease. The Company's lease terms include options to extend or terminate the underlying lease when it is reasonably certain that the Company will exercise that option. The operating lease arrangements included in the measurement of lease liabilities do not reflect options to extend or terminate, as management does not consider the exercise of these options to be reasonably certain. Certain operating leases provide for annual increases to lease payments based on an index or rate. The Company calculates the present value of future lease payments based on the index or rate at the lease commencement date for new leases. Differences between the calculated lease payment and actual payment are expensed as incurred. Variable lease payments include, but are not limited to, percentage of sales, common area charges, taxes paid by the landlord that are charged to the Company, and changes to the consumer price index. Variable lease payments are expensed as incurred. The Company subleases certain corporate offices, warehouses and distribution facilities, and retail locations to third parties, which does not relieve the Company of its primary lease obligations with the lessor (the “head lease”). These subleases are classified as operating leases, and therefore the Company continues to account for the head lease as it did before the commencement date of the sublease. The Company recognizes sublease income on a straight-line basis over the sublease term. Variable lease payments include, but are not limited to, common area charges, real estate taxes, and utilities, and are recognized as variable sublease income in the period in which they are earned. Sublease income is presented within the same category of operating expenses as the underlying head lease expense on the Consolidated Statements of Operations and Comprehensive Income (Loss). If the lease cost for the term of the sublease exceeds the Company’s anticipated sublease income for the same period, the Company assesses the right-of-use asset associated with the head lease for impairment under the long-lived asset impairment provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, Property, Plant, and Equipment. Lessor arrangements The Company leases Peloton Bike portfolio products under the Peloton Rental program. The lease arrangement provides the customer with an option to purchase the underlying equipment or terminate the lease at any time. The price to purchase the underlying equipment is determined based on the number of months that the customer has leased the equipment, and is not considered a bargain purchase option. All Peloton Rental lease agreements are considered operating leases, and the Company currently does not have any sales-type or direct financing leases as a lessor. Refer to Revenue Recognition within this Note 2, Summary of Significant Accounting Policies, for further details regarding the Peloton Rental program.
Convertible Senior Notes	The 2026 Notes and 2029 Notes (together, “the Notes”) are accounted for in accordance with ASC 470-20, Debt–Debt with Conversion and Other Options. Pursuant to ASC Subtopic 470-20, debt with an embedded conversion feature shall be accounted for in its entirety as a liability and no portion of the proceeds from the issuance of the convertible debt instrument shall be accounted for as attributable to the conversion feature unless the conversion feature is required to be accounted for separately as an embedded derivative or the conversion feature results in a premium that is subject to the guidance in ASC 470. The Notes are accounted for as a liability with no portion of the proceeds attributable to the conversion options as the conversion feature did not require separate accounting as a derivative, and the Notes did not involve a premium subject to the guidance in ASC 470. Refer to Note 11, Debt for additional information.
Fair Value of Financial Instruments	Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive income when they occur. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the assets or liabilities, such as inherent risk, transfer restrictions, and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: •Level 1 inputs are based on quoted prices in active markets for identical assets or liabilities. •Level 2 inputs are based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 inputs are based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company’s material financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, Term Loan (as defined in Note 11, Debt), and convertible senior notes. The carrying values of the Company’s cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses approximated their fair values at June 30, 2026 and 2025, due to the short period of time to maturity or repayment. Refer to Note 5, Fair Value Measurements for additional information regarding the Term Loan and convertible senior notes.
Loss Contingencies	Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. If a loss is reasonably possible, but not probable, and the loss or range of loss can be reasonably estimated, or if a loss is probable and the loss or range of loss cannot be reasonably estimated, the Company discloses the nature of the contingency and an estimate of the possible loss or range of loss or states that such an estimate cannot be made.
Revenue Recognition and Product Warranty	The Company’s primary sources of revenue are its recurring content Subscription revenue and revenue from sales of its Connected Fitness Products and related accessories, including Precor-branded fitness products, delivery and installation services. The Company determines revenue recognition through the following steps: •Identification of the contract, or contracts, with a customer; •Identification of the performance obligations in the contract; •Determination of the transaction price; •Allocation of the transaction price to the performance obligations in the contract; and •Recognition of revenue when, or as, the Company satisfies a performance obligation. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s revenue is reported net of sales returns and concessions, discounts and allowances, incentives, and rebates to commercial distributors as a reduction of the transaction price. Certain contracts include consideration payable that is accounted for as a payment for distinct goods or services. An estimated amount of variable consideration is included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur once the uncertainty is resolved. The Company’s transaction price estimate includes its estimate for product returns and concessions based on the terms and conditions of home trial programs, historical return trends by product category, impact of seasonality, an evaluation of current economic and market conditions, and current business practices, and the Company records the expected customer refund liability as a reduction to revenue, and the expected inventory right to return asset as a reduction of cost of revenue. If actual return costs differ from previous estimates, the amount of the liability and corresponding revenue are adjusted in the period in which such costs occur. For customer contracts that include multiple performance obligations, the Company accounts for individual performance obligations if they are distinct. The transaction price is then allocated to each performance obligation based on its standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers. 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. The Company applies the practical expedient as per ASC 340-40-25-4, Other Assets and Deferred Costs–Contracts with Customers and expenses sales commissions when incurred if the amortization period of the asset that the Company otherwise would have recognized is one year or less. These costs are recorded in Sales and marketing in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Some of the Company’s revenues relate to arrangements for Peloton Bike portfolio rental products. The Peloton Rental program allows Members to lease Peloton Bike portfolio products with a Peloton Rental Membership for a single monthly cost and a one-time assembly fee, and gives the Member the option to purchase the equipment outright or cancel at any time with no penalty. These lease arrangements include both lease and non-lease components. Consideration is allocated between the lease and non-lease components based on management’s best estimate of the relative standalone selling price of each component. The lease component relates to the customer’s right to use the equipment over the lease term and is accounted for as an operating lease in accordance with ASC 842, Leases. Lease revenue is recognized on a straight-line basis over the term of the lease within Connected Fitness Products Revenue, while the underlying customer-leased equipment remains within Property and equipment, net on the Company’s Consolidated Balance Sheets and depreciates over the equipment’s useful life. Depreciation expense associated with the underlying equipment is reflected in Connected Fitness Products Cost of revenue in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Non-lease components primarily consist of an All-Access Membership, which is recognized ratably over the subscription term within Subscription Revenue and the one-time assembly fee which is recognized upon completion. Connected Fitness Products Connected Fitness Products Revenue primarily consists of sales of the Company’s portfolio of Connected Fitness Products and related accessories, including Precor-branded fitness products, delivery and installation services, Peloton Bike portfolio rental products, extended warranty agreements, branded apparel, and commercial service contracts. The Company recognizes Connected Fitness Products Revenue net of sales returns and concessions, discounts and allowances, and third-party financing program fees, when the product has been delivered to the customer, except for extended warranty revenue that is recognized ratably over the warranty coverage period and service revenue that is recognized over the term of the service contract. Payment is typically due at the time of sale for Connected Fitness Products sold through the Company’s website and at retail locations. The Company generally allows customers to return Peloton-branded Connected Fitness Products within thirty days of purchase, as stated in its return policy. The Company records fees paid to third-party financing partners in connection with its consumer financing program as a reduction of revenue, as it considers such costs to be a customer sales incentive. The Company records payment processing fees for its credit card sales for Connected Fitness Products within Sales and marketing in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Subscription Subscription Revenue primarily consists of revenue generated from the Company’s Paid Connected Fitness Subscriptions and Paid Peloton App Subscriptions, which are offered on a month-to-month or annual prepaid basis, and revenue generated from content licensing arrangements. The Company’s subscriptions provide access to Peloton content and its library of live and on-demand fitness classes. Members are billed in advance of the start of their subscription term, and amounts paid for subscription fees, net of refunds are included within Deferred revenue and customer deposits on the Company’s Consolidated Balance Sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription charges within Subscription Cost of revenue in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Revenue from content licensing arrangements includes the licensing of Peloton content to third-party partners, which is considered functional intellectual property (“IP”). Revenue for IP rights is accounted for based on the nature of the promise to grant the license. In determining whether the Company’s promise is to provide a right to access its IP or a right to use its IP, the Company considers the delivery pattern and nature of the IP to which the customer will have rights. Revenue from right-to-use licenses is recognized at the point in time when control of the distinct Peloton content is transferred to the customer, whereas revenue from right-to-access licenses is recognized over the access period to the Peloton content. Revenues from sales-based and usage-based royalties promised in exchange for a license of Peloton content is recognized at the later of when the underlying sale occurs, or the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated is satisfied. Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company’s Consolidated Balance Sheets.
Cost of Revenue	Beginning in the first quarter of fiscal 2026, the Company assigns executive compensation and other corporate overhead costs associated with its corporate facilities, which were historically included in General and administrative expense, to the various expense captions that these costs relate to, including Cost of revenue, Sales and marketing, General and administrative, and Research and development. Connected Fitness Products Connected Fitness Products Cost of revenue primarily consists of the Company’s portfolio of Connected Fitness Products, related accessories, Precor-branded fitness products, and branded apparel product costs, including third-party manufacturing costs, duties and other applicable importing costs, shipping and handling costs, packaging, warranty replacement and service costs, fulfillment costs, warehousing costs, costs related to the Company’s commercial business, depreciation of property and equipment, and certain costs related to management, facilities, and personnel-related expenses, including stock-based compensation expense, associated with supply chain logistics. Inventory write-downs and related obsolescence reserve expense are also included within Connected Fitness Products Cost of revenue. Subscription Subscription Cost of revenue primarily consists of costs associated with content creation and costs to stream content to Members. Fixed costs primarily include Instructor, content, production, and management personnel-related expenses, including stock-based compensation expense, as well as certain costs related to facilities, including depreciation of property and equipment, studio rent and occupancy, and other studio overhead. Variable costs primarily include music royalty fees, third-party platform streaming costs, and payment processing fees for monthly subscription billings.
Music Royalty Fees	The Company has entered into agreements with music rights holders for the music included in the operation of Peloton’s service. The Company pays and recognizes music royalty fees in accordance with the terms of the relevant license agreement with the music rights holder. This can include royalties incurred for paid subscriptions and royalties incurred as part of free-trial offers, which are recognized within Subscription Cost of revenue and Sales and marketing in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss), respectively. The Company has certain license agreements whereby music royalty fees are subject to payment guarantees. When a guaranteed payment is made in advance, the amount is recorded as a prepaid asset and amortized over the shorter of the period consumed or the term of the license agreement. When actual music royalty fees to be incurred during a contractual period are expected to fall short of the guaranteed payment, the expected under-recoupment is expensed pro-rata across the contractual period. Some of the Company’s license agreements also include so-called “most-favored nations” provisions, which require that certain terms (including material financial terms) are no less favorable than those provided to any similarly situated licensor. When it is probable that the Company will incur incremental music royalty fees under a most-favored nations provision, a liability is established within Accounts payable and accrued expenses on the Company’s Consolidated Balance Sheets. Given the at times migratory, uncertain, or opaque nature of music rights ownership, the Company’s archived library may continue to include music for which certain rights or fractional interests have unknowingly changed and require updated licensing. Prior to the execution of a music license agreement, the Company estimates and records a charge based upon license agreements previously entered into and the respective music rights holdings.
Advertising Costs	Advertising and other promotional costs to market the Company's products and services are expensed as incurred.
Research and Development Costs	Research and development expense primarily consists of personnel-related expenses, including stock-based compensation expense, and facilities-related expenses, consulting and contractor expenses, tooling and prototype materials, software platform expenses, and depreciation of property and equipment. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. Research and development expenses are expensed as incurred. Certain qualified costs incurred in connection with the development of internal-use software are capitalized that may also cause research and development expenses to vary from period to period.
Stock-Based Compensation	In August 2019, the Company's Board of Directors ("Board of Directors") adopted the 2019 Employee Stock Purchase Plan ("ESPP"), which was subsequently approved by the Company’s stockholders in September 2019. The Company recognizes stock-based compensation expense related to shares issued pursuant to its ESPP on a straight-line basis over the offering period, which is twenty-four months. The ESPP allows eligible employees to purchase shares of the Company's Class A common stock at a 15 percent discount through accumulated payroll deductions. The ESPP became effective on September 25, 2019, the date the registration statement filed in connection with the Company’s initial public offering was declared effective by the SEC (the “Effective Date”). The number of shares of Class A common stock that are available for issuance and sale to eligible employees under the ESPP increases automatically on the first day of each fiscal year of the Company beginning on July 1, 2020 through 2029, in an amount equal to 1% of the total number of outstanding shares of all classes of the Company's common stock on the immediately preceding June 30, or such lesser number as may be determined by the Board of Directors or applicable committee in its sole discretion. On July 1, 2025, the number of shares of Class A common stock available for issuance under the ESPP was automatically increased according to its terms by 4,064,165 shares. As of June 30, 2026, a total of 21,151,488 shares of Class A common stock were available for sale to employees under the ESPP. Unless otherwise determined by the Board of Directors, each offering period will consist of four six-month purchase periods, commencing on September 1 and March 1 and ending on August 31 and February 28 of each two-year period or each six-month period, respectively, subject to a reset provision. If the closing price of Class A common stock on the first day of an offering period is higher than the closing price of Class A common stock on the last day of any applicable purchase period, participants will be withdrawn from the ongoing offering period immediately following the purchase of ESPP shares on the purchase date and would automatically be enrolled in the subsequent offering period (“ESPP reset”), resulting in a modification under ASC 718, Compensation–Stock Compensation. Unless otherwise determined by the Board of Directors, the purchase price for each share of Class A common stock purchased under the ESPP will be 85% of the lower of the fair market value per share on the first trading day of the applicable offering period or the fair market value per share on the last trading day of the applicable purchase period. The Company estimates the fair value of shares expected to be purchased at the commencement of the ESPP offering periods using the Black-Scholes option pricing model. The Company estimates the expected term based on each offering period's respective purchase date. The expected volatility is based on the historical volatility of the price of Class A common stock. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. Expected dividend yield is zero as the Company has not paid and does not currently anticipate paying dividends on its common stock. 2019 Equity Incentive Plan In August 2019, the Board of Directors adopted the 2019 Equity Incentive Plan ("the 2019 Plan"), which was subsequently approved by the Company’s stockholders in September 2019. Stock-based awards are measured at the grant date based on the fair value of the award and are recognized as expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. For stock option and restricted stock unit grants, vesting generally occurs over two to four years. Stock option grants are not exercisable after the expiration of ten years from the date of grant or such shorter period as specified in a stock award agreement. Restricted stock units (“RSU”) are generally granted with only a service condition. The Company also grants awards subject to performance or market conditions, in addition to a service condition, to certain executives from time to time (“performance stock units” or “PSU”). During the fiscal years ended June 30, 2026 and 2025, the Company granted PSUs with performance conditions to certain members of management. The PSUs generally cliff vest, if earned, two and one-half months after the end of the fiscal year. The number of shares that can be earned generally ranges from 0% to 200% of the target number based on the achievement of the performance condition over the respective measurement period. For performance-based awards issued, the value of the instrument is measured at the grant date as the fair value of the award and expensed over the vesting term under an accelerated attribution method when the performance targets are considered probable of being achieved. During the fiscal year ended June 30, 2026, the Company also granted PSUs with market conditions to certain members of management. For awards granted with a market condition, the Company estimated the grant date fair value using a Monte Carlo simulation model that incorporated the likelihood of the achievement of meeting stock price targets. For market-based awards issued which also require a service period, stock-based compensation expense is recognized using the accelerated attribution method over the longer of the explicit service period or when the market condition is satisfied and will not be reversed if market conditions are unmet. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The determination of the grant date fair value of stock awards issued is affected by a number of variables, including the fair value of the Company’s common stock, the expected common stock price volatility over the expected life of the awards, the expected term of the stock option, risk-free interest rates, and the expected dividend yield of the Company’s common stock. The expected volatility is based on the historical volatility of the price of Class A common stock. The Company estimates the expected term based on the simplified method for employee stock options considered to be “plain vanilla” options, as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company has not paid and does not currently anticipate paying dividends on its common stock. The 2019 Plan serves as the successor to the 2015 Stock Plan. The 2015 Stock Plan continues to govern the terms and conditions of the outstanding awards previously granted thereunder. Any reserved shares not issued or subject to outstanding grants under the 2015 Plan on the effective date of the 2019 Plan became available for grant under the 2019 Plan and will be issued as Class A common stock. Generally, the 2015 Stock Plan permitted the early exercise of stock options granted prior to the IPO. The unvested portion of shares exercised was recorded within Other current liabilities on the Company’s Consolidated Balance Sheets and reclassified to equity as vesting occurred. The number of shares reserved for issuance under the 2019 Plan will increase automatically on July 1 of each of 2020 through 2029 by the number of shares of Class A common stock equal to 5% of the total outstanding shares of all of the Company’s classes of common stock as of each June 30 immediately preceding the date of increase (the “evergreen feature”), or a lesser amount as determined by the Board of Directors. On July 1, 2025, the number of shares of Class A common stock available for issuance under the 2019 Plan was automatically increased according to its terms by 20,320,827 shares. In October 2023, the Company’s Board of Directors adopted an amendment to the 2019 Plan (the “Amendment”) that increases the number of shares available under the 2019 Plan by 36,000,000 shares of Class A common stock (and retains the existing evergreen feature through July 1, 2029) and extends the right to grant awards under the 2019 Plan through October 24, 2033. The Amendment became effective following approval by the Company’s stockholders on December 7, 2023. As of June 30, 2026, 66,030,564 shares of Class A common stock were available for future award under the 2019 Plan. Common Stock The holder of each share of Class A common stock is entitled to one vote, while the holder of each share of Class B common stock is entitled to twenty votes. Each outstanding share of the Company’s Class B common stock is convertible into an equivalent number of shares of Class A common stock and generally convert into shares of Class A common stock upon transfer. Preferred Stock Effective September 2019, the Board of Directors authorized the issuance of undesignated preferred stock, with a par value of $0.000025 per share. As of June 30, 2026 and June 30, 2025, there were 50,000,000 shares of preferred stock authorized and no shares of preferred stock issued and outstanding.
Defined Contribution Plan	The Company maintains a defined contribution 401(k) plan offered to its U.S.-based employees, as well as various defined contribution plans at certain foreign and domestic subsidiaries. For the fiscal years ended June 30, 2026, 2025, and 2024, the Company's matching contributions totaled $14.0 million, $14.5 million, and $18.5 million, respectively, and were expensed as contributed.
Restructuring	The Company's restructuring charges consist of employee severance and other personnel costs, including stock-based compensation expense, one-time termination benefits and ongoing benefits related to the reduction of its workforce, professional services, facility closures and other costs associated with exit and disposal activities. One-time termination benefits are expensed when the plan of termination has been communicated to the employee, unless the employee must provide future service beyond a minimum retention period, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when it is probable that the employee is entitled to the severance benefits and the benefit amounts are reasonably estimable. Other costs primarily consist of termination fees, idle rent and related expenses for exited locations, professional services, and other costs related to restructuring activities, and are expensed when incurred.
Foreign Currency	The Company’s reporting currency is the U.S. dollar while the functional currencies of non-U.S. subsidiaries are determined based on the primary economic environment in which the subsidiary operates. Assets and liabilities of these subsidiaries are translated into U.S. dollars using exchange rates in effect at the end of each period, revenues and expenses are translated using average rates for the period, and equity is translated using historical rates. Change in foreign currency translation adjustment is included in Other comprehensive income (loss) on the Consolidated Statements of Operations and Comprehensive Income (Loss), and in Accumulated other comprehensive income on the Consolidated Balance Sheets and Consolidated Statements of Stockholders' Deficit. Transaction gains and losses are a result of the effect of exchange rates on transactions denominated in currencies other than the functional currency of the respective subsidiary and are included in Foreign exchange (loss) gain on the Consolidated Statements of Operations and Comprehensive Income (Loss).
Income Taxes	The Company utilizes the asset and liability method for computing its income tax provision, which consists primarily of income taxes related to state and international taxes for jurisdictions in which the Company conducts business. Deferred tax assets and liabilities reflect the expected future consequences of temporary differences between the financial reporting and tax bases of assets and liabilities as well as operating loss, capital loss, and tax credit carryforwards, using enacted tax rates. Management makes estimates, assumptions, and judgments to determine the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes recovery of its deferred tax assets is not more-likely-than-not, a valuation allowance is established. As of June 30, 2026, a valuation allowance continues to be maintained on a majority of the Company’s deferred tax assets. Based on management’s assessment of historical results and forecasts, management is continuously monitoring the weight of both positive and negative evidence. Based on these trends, it is reasonably possible that within the next 12 months, management may conclude that it is more likely than not that a substantial portion of these deferred tax assets will be realized. If such a determination is made, it would result in the recognition of net deferred tax assets on the Company’s Consolidated Balance Sheets and a corresponding benefit recorded within the income tax provision in the period of release. However, management’s judgment regarding future earnings and the exact timing and amount of any valuation allowance release are subject to change due to many factors, including but not limited to, future market conditions and the ability to successfully execute the Company’s business plans. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company utilizes a two-step approach to recognize and measure unrecognized tax benefits. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Interest and penalties related to unrecognized tax benefits, which to date have not been material, are recognized within Income tax (benefit) expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).
Earnings (Loss) Per Share	The Company computes basic earnings (loss) per share based on the weighted-average number of outstanding shares of common stock during the period. Diluted earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of incremental shares issuable upon the assumed exercise of stock options, ESPP shares to be issued, vesting of restricted stock units and awards, and performance stock units, when the related performance criterion has been met, using the treasury stock method, and convertible senior notes, using the if-converted method. Refer to Note 16, Earnings (Loss) Per Share for additional information.
Recently Issued Accounting Pronouncements	Accounting Pronouncements Recently Adopted ASU 2023-09 In December 2023, the 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 adopted this ASU for the fiscal year ended June 30, 2026 on a prospective basis. The adoption of this new standard did not have a material impact on the consolidated financial statements. For additional information, refer to Note 15, Income Taxes. Accounting Pronouncements Not Yet Adopted 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.

Leases - Schedule of Future Minimum Lease Payments to be Received From Operating Subleases (Details) $ in Millions	Jun. 30, 2026 USD ($)
Leases [Abstract]
2027	$ 22.2
2028	19.2
2029	14.0
2030	7.8
2031	7.8
Thereafter	33.7
Total	$ 104.5

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 0.0	$ 0.0
Gross (decrease) increase in unrecognized tax positions	0.0
Gross (decrease) increase in unrecognized tax positions		0.0
Ending balance	$ 0.0	$ 0.0

Leases - Schedule of Operating Lease Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Leases [Abstract]
Operating lease expense	$ 73.4	$ 81.5	$ 98.5
Variable lease expense	20.7	24.7	23.8
Short-term lease expense	1.5	0.1	0.3
Total operating lease expense	95.7	106.3	122.6
Sublease income	(23.6)	(18.4)	(17.8)
Variable sublease income	(5.0)	(5.0)	(4.0)
Total operating lease expense, net	$ 67.0	$ 82.9	$ 100.8

Debt - Convertible Notes and the Indenture (Details) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	May 31, 2024 USD ($) period $ / shares	Feb. 28, 2021 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Feb. 28, 2026 USD ($)
Line of Credit Facility [Line Items]
Proceeds from issuance of convertible notes, net of issuance costs			$ 0.0	$ 0.0	$ 342.3
Net gain on debt refinancing			0.0	0.0	$ 53.6
5.50% Convertible Senior Notes due 2029 \| Convertible senior notes
Line of Credit Facility [Line Items]
Principal	$ 350.0		$ 350.0	$ 350.0
Value of shares available for exercise	$ 50.0
Convertible debt, stated interest rate	5.50%		5.50%	5.50%
Proceeds from issuance of convertible notes, net of issuance costs	$ 342.3
Purchasers' discounts and commissions	$ 7.7
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%
Threshold of trading days \| period	20
Threshold of consecutive trading days \| period	30
0.00% Convertible Senior Notes due 2026 \| Convertible senior notes
Line of Credit Facility [Line Items]
Principal		$ 1,000.0	$ 199.0	$ 199.0
Value of shares available for exercise		$ 125.0
Convertible debt, stated interest rate		0.00%	0.00%	0.00%
Proceeds from issuance of convertible notes, net of issuance costs	$ 801.0	$ 977.2
Effective interest rate		0.45%
Debt instrument aggregate cash	(724.9)
Net gain on debt refinancing	69.8
Deferred debt issuance costs	$ 6.3
Principal payments			$ (199.0)	$ 0.0		$ (199.0)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Equity-Based Compensation - Schedule of Performance Stock Units Outstanding (Details) - Performance Stock Units - $ / shares	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Number of Awards
Outstanding, beginning balance (in shares)	1,147,446
Granted (in shares)	5,242,805
Performance adjustment (in shares)	1,719,709
Vested and converted to shares (in shares)	(1,999,524)
Cancelled (in shares)	(321,267)
Outstanding, ending balance (in shares)	5,789,169	1,147,446
Weighted-Average Grant Date Fair Value
Outstanding, weighted-average grant date fair value, beginning balance (in dollars per share)	$ 5.76
Granted, weighted-average grant date fair value (in dollars per share)	7.30	$ 5.76
Performance adjustment, weighted-average grant date fair value (in dollars per share)	6.79
Vested and converted to shares, weighted-average grant date fair value (in dollars per share)	5.77
Cancelled, weighted-average grant date fair value (in dollars per share)	7.58
Outstanding, weighted-average grant date fair value, ending balance (in dollars per share)	$ 7.36	$ 5.76

Leases

12 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

Lessee arrangements

The Company has entered into various non-cancellable operating lease agreements for its corporate headquarters offices, warehouses and distribution facilities, production studio facilities, retail locations, and other office spaces. The Company subleases certain corporate offices, warehouses and distribution facilities, and retail locations to third parties.

Total operating lease expense, net, for the fiscal years ended June 30, 2026, 2025, and 2024 was as follows:


Total Operating Lease Expense, Net	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Operating lease expense	$	73.4	$	81.5	$	98.5
Variable lease expense	20.7		24.7		23.8
Short-term lease expense	1.5		0.1		0.3
Total operating lease expense	$	95.7	$	106.3	$	122.6
Sublease income	(23.6)		(18.4)		(17.8)
Variable sublease income	(5.0)		(5.0)		(4.0)
Total operating lease expense, net	$	67.0	$	82.9	$	100.8

As of June 30, 2026, the total remaining lease payments included in the measurement of operating lease liabilities were as follows:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2027	$	83.0
2028	68.6
2029	60.2
2030	46.6
2031	46.9
Thereafter	219.3
Total	$	524.6

As of June 30, 2026, future minimum lease payments to be received from operating subleases were as follows:


Fiscal Year Ended June 30,	Future Minimum Payments
	(in millions)
2027	$	22.2
2028	19.2
2029	14.0
2030	7.8
2031	7.8
Thereafter	33.7
Total	$	104.5

Supplemental information related to operating leases was as follows:


Reconciliation of Operating Lease Liabilities	As of June 30,
	2026			2025
	(dollars in millions)
Weighted-average remaining lease term (years)	8.4			8.8
Weighted-average discount rate	5.69		%	5.57		%
Total Undiscounted Operating Lease Liability	$	524.6		$	615.7
Less: Imputed interest	(114.4)			(138.0)
Total Discounted Operating Lease Liability	$	410.2		$	477.6
Current portion of operating lease liabilities	$	62.5		$	70.1
Non-current portion of operating lease liabilities	$	347.7		$	407.5

Supplemental cash flow and other information related to leases was as follows:


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	101.0	$	111.5	$	121.7
Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)	$	17.5	$	3.0	$	24.9
Right-of-use asset reductions related to operating lease modifications and terminations (non-cash)	$	(5.7)	$	(14.4)	$	(23.0)

As discussed in Note 7, Property and Equipment, management identified various qualitative factors that collectively indicated that the Company had triggering events for its long-lived assets, including the Company’s operating lease right-of-use assets. The Company recognized impairment charges for the fiscal year ended June 30, 2026, primarily consisting of $10.6 million related to certain corporate office right-of-use assets, and $5.9 million related to retail showroom right-of-use assets.

For the fiscal year ended June 30, 2025, the Company recognized impairment charges of $15.0 million related to certain corporate office right-of-use assets, $13.5 million related to retail showroom right-of-use assets, and $4.2 million related to other manufacturing right-of-use assets. For the fiscal year ended June 30, 2024, the Company recognized impairment charges of $16.6 million related to retail showroom right-of-use assets and $7.5 million related to Connected Fitness right-of-use assets.

As of June 30, 2026 and 2025, 91% and 7% of the Company's total Operating lease right-of-use assets, net was attributable to the United States and the United Kingdom, respectively.

Lessor arrangements

As discussed in Note 2, Summary of Significant Accounting Policies, the Company leases Peloton Bike portfolio products under the Peloton Rental program. For the fiscal years ended June 30, 2026, 2025, and 2024, the Company recognized lease revenue on the Peloton Rental program of $29.6 million, $45.8 million and $47.3 million, respectively, within Connected Fitness Products Revenue in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Property and Equipment [Line Items]
Total property and equipment	$ 466.3	$ 537.3
Accumulated depreciation and amortization	(301.8)	(298.3)
Total property and equipment, net	164.5	239.0
Software under development	2.6	1.0
Leasehold Improvements
Property and Equipment [Line Items]
Total property and equipment	227.8	257.0
Machinery
Property and Equipment [Line Items]
Total property and equipment	11.9	10.3
Equipment
Property and Equipment [Line Items]
Total property and equipment	32.0	39.6
Customer-leased equipment
Property and Equipment [Line Items]
Total property and equipment	31.4	51.3
Furniture and Fixtures
Property and Equipment [Line Items]
Total property and equipment	15.7	18.2
Construction in Progress
Property and Equipment [Line Items]
Total property and equipment	1.8	0.4
Software
Property and Equipment [Line Items]
Total property and equipment	$ 145.6	$ 160.5

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes

The components of Income (loss) before income taxes are as follows:


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
United States	$	90.5	$	(91.7)	$	(416.5)
Foreign	(27.4)		(23.9)		(135.6)
Income (loss) from operations before income taxes	$	63.1	$	(115.6)	$	(552.1)

Schedule of Components of Income Tax (Benefit) Expense

The components of Income tax (benefit) expense are as follows:


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Current:
Federal	$	—	$	—	$	—
State	0.7		0.8		0.8
Foreign	1.7		1.9		—
	2.4		2.7		0.8
Deferred:
Federal	(1.9)		—		—
State	(0.6)		—		—
Foreign	—		0.7		(1.0)
	(2.5)		0.7		(1.0)
Total	$	(0.1)	$	3.4	$	(0.2)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate pursuant to the requirements of ASU 2023-09 for the fiscal year ended June 30, 2026 is as follows:


	Fiscal Year Ended June 30, 2026
	Amount		Percent
	(dollars in millions)
Federal income tax rate	$	13.2	21.0	%
Tax credits
Research and development credit	(7.7)		(12.2)
Nontaxable or nondeductible items
Excess officer’s compensation	12.5		19.8
Share based compensation	4.8		7.6
Change in valuation allowance	(32.1)		(50.8)
Other	1.7		2.7
State and local income taxes, net of federal benefit(1)	—		(0.1)
Foreign tax effects
United Kingdom
Valuation allowance	3.0		4.8
Foreign rate differential	(1.5)		(2.4)
Impairment	9.9		15.7
Other	(3.5)		(5.5)
Other foreign jurisdictions	(0.5)		(0.8)
Effective income tax rate	$	(0.1)	(0.2)	%

____________________________

(1) The states and local jurisdictions that contribute to greater than 50% of the tax effect in this category include California.

A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate for the fiscal years ended June 30, 2025 and 2024 is as follows:


	Fiscal Year Ended June 30,
	2025		2024
Federal income tax rate	21.0	%	21.0	%
Permanent differences	(4.6)		(1.2)
Share based compensation	(10.3)		(9.2)
Return to provision	(0.4)		(0.2)
Effects of rates different than statutory	0.8		1.0
State and local income taxes, net of federal benefit	0.8		1.7
Change in valuation allowance	(12.0)		(13.5)
Rate change	0.4		(0.2)
Federal credits	4.2		0.5
State credits	(1.1)		0.1
Other	(1.7)		—
Effective income tax rate	(2.9)	%	—	%

Schedule of Deferred Tax Assets (Liabilities)


	Fiscal Year Ended June 30,
	2026		2025
	(in millions)
Deferred tax assets:
Net operating loss	$	1,084.8	$	1,039.5
Accruals and reserves	36.0		65.1
R&D credit	89.1		81.9
Accrued legal and professional fees	9.5		2.9
Non-qualified stock options	96.3		95.0
Restricted stock options	9.4		11.8
Disallowed interest carryover	97.5		68.8
Intangible amortization	47.4		51.1
Capitalized R&E	77.7		119.4
Inventory capitalization	28.6		52.0
Lease liability	105.4		115.8
Deferred revenue	4.6		7.9
Construction in progress	6.5		26.3

Property and equipment	1.1		—
Other	5.2		4.4
Total deferred tax assets:	1,699.1		1,741.9
Valuation allowance	(1,620.5)		(1,647.4)
Deferred tax liabilities:
Prepaid expenses	(2.2)		(2.4)
Property and equipment	—		(6.2)
Right-of-use assets	(72.0)		(81.4)
Convertible securities	(3.7)		(4.2)
Other	(0.5)		(0.1)
Total deferred tax liabilities:	(78.4)		(94.3)
Deferred tax assets, net	$	0.2	$	0.2

Schedule of Unrecognized Tax Benefits

The Company has the following activity relating to unrecognized tax benefits:


	Fiscal Year Ended June 30,
	2026		2025
	(in millions)
Beginning balance	$	—	$	—
Gross (decrease) increase in unrecognized tax positions	—		—
Ending balance	$	—	$	—

Schedule of Cash Flow, Supplemental Disclosures

Cash paid for income taxes, net of refunds received, pursuant to the requirements of ASU 2023-09 for the fiscal year ended June 30, 2026 is as follows:


	Fiscal Year Ended June 30, 2026
	(in millions)
Federal	$	—
State and local
California	1.0
All other states	0.9
Foreign
Australia	0.5
Canada – Federal	1.1
Canada – Ontario	0.6
China	0.7
Germany – Federal	0.6
Germany – Munich	1.0
Taiwan	(1.3)
All other foreign	0.5
Cash paid for income taxes	$	5.5

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions			12 Months Ended
	May 02, 2024	Feb. 07, 2022 $ / shares shares	Jun. 30, 2026 USD ($) employee $ / shares shares	Jun. 30, 2025 USD ($) employee $ / shares	Jun. 30, 2024 USD ($) employee $ / shares
Class of Stock [Line Items]
Aggregate intrinsic value			$ 0.4	$ 9.2	$ 12.7
Granted (in shares) \| shares			0
Weighted-average grant date fair value per option (in dollars per share) \| $ / shares			$ 0	$ 5.53	$ 2.46
Number of employees eligible, terminated their employment \| employee			3	5	4
Stock-based compensation expense			$ 1.2	$ 4.2	$ 5.6
Severance Plan
Class of Stock [Line Items]
Share-based compensation arrangement by share-based payment award, vesting of stock options					41.9
Grant date fair value					167.6
Share-based payment arrangement, modification of stock options					$ 5.4
Minimum
Class of Stock [Line Items]
Post-termination period during which an employee may exercise outstanding stock options extended term					90 days
Minimum \| Severance Plan
Class of Stock [Line Items]
Post-termination period during which an employee may exercise outstanding stock options extended term			90 days	90 days	90 days
Maximum
Class of Stock [Line Items]
Post-termination period during which an employee may exercise outstanding stock options extended term					3 years
Maximum \| Severance Plan
Class of Stock [Line Items]
Post-termination period during which an employee may exercise outstanding stock options extended term			1 year	1 year	1 year
Restricted Stock Units
Class of Stock [Line Items]
Weighted-average grant date fair value (in dollars per share) \| $ / shares			$ 6.44	$ 5.18	$ 5.46
Performance Stock Units
Class of Stock [Line Items]
Weighted-average grant date fair value (in dollars per share) \| $ / shares			$ 7.30	$ 5.76
Employee stock options
Class of Stock [Line Items]
Unrecognized stock-based compensation expense			$ 222.9
Unrecognized stock-based compensation expense, period for recognition (in years)			2 years 1 month 6 days
Shares estimated to be purchased under ESPP \| Chief Executive Officer
Class of Stock [Line Items]
Unrecognized stock-based compensation expense, period for recognition (in years)		4 years
Shares estimated to be purchased under ESPP \| Chief Executive Officer \| Class A Common Stock
Class of Stock [Line Items]
Number of shares purchased under ESPP (in shares) \| shares		8,000,000
Weighted-average price of shares purchased under ESPP (in dollars per share) \| $ / shares		$ 38.77			$ 38.77
Shares estimated to be purchased under ESPP \| Mr. McCarthy
Class of Stock [Line Items]
Unrecognized stock-based compensation expense, period for recognition (in years)	1 year

Goodwill and Intangible Assets - Schedule of Changes in Carrying Value of Goodwill (Details) $ in Millions	12 Months Ended
	Jun. 30, 2026 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 41.2
Acquisition	2.8
Ending balance	$ 44.0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Jul. 31, 2026	Oct. 28, 2024
Gain Contingencies [Line Items]
Amount awarded to other party		$ 19.1
Subsequent Event
Gain Contingencies [Line Items]
Damages awarded	$ 20.5

Segment Information (Tables)

12 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Key Financial Performance Measures by Segment

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


	Fiscal Year Ended June 30, 2026
	Connected Fitness Products		Subscription		Total
	(in millions)
Revenue	$	770.4	$	1,675.6	$	2,446.0
Consolidated Revenue					$	2,446.0
Less:
Adjusted Cost of revenue	680.0		479.3		1,159.3
Segment Adjusted Gross profit	$	90.4	$	1,196.3	$	1,286.7

Reconciliation to consolidated income before income taxes:

Sales and marketing					(400.4)
General and administrative					(430.3)
Research and development					(242.8)
Impairment expense					(34.6)
Restructuring expense					(17.9)

Total other expense, net					(97.6)
Income before income taxes					$	63.1


	Fiscal Year Ended June 30, 2025
	Connected Fitness Products		Subscription		Total
	(in millions)
Revenue	$	817.1	$	1,673.7	$	2,490.8
Consolidated Revenue					$	2,490.8
Less:
Adjusted Cost of revenue	720.8		534.0		1,254.7
Segment Adjusted Gross profit	$	96.4	$	1,139.7	$	1,236.1

Reconciliation to consolidated loss before income taxes:
Allocated overhead costs					32.2
Sales and marketing					(421.6)
General and administrative					(527.3)
Research and development					(234.2)
Impairment expense					(64.1)
Restructuring expense					(33.8)
Supplier settlements					(23.5)
Total other expense, net					(79.3)
Loss before income taxes					$	(115.6)


	Fiscal Year Ended June 30, 2024
	Connected Fitness Products		Subscription		Total
	(in millions)
Revenue	$	991.7	$	1,708.7	$	2,700.5
Consolidated Revenue					$	2,700.5
Less:
Adjusted Cost of revenue	952.0		566.4		1,518.4
Segment Adjusted Gross profit	$	39.8	$	1,142.3	$	1,182.1

Reconciliation to consolidated loss before income taxes:
Allocated overhead costs					24.4
Sales and marketing					(658.9)
General and administrative					(651.0)
Research and development					(304.8)
Impairment expense					(57.3)
Restructuring expense					(66.1)
Supplier settlements					2.6
Total other expense, net					(23.2)
Loss before income taxes					$	(552.1)

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Debt (Tables)

12 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Convertible Debt

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


	June 30,
	2026		2025
	(in millions)
Principal	$	350.0	$	350.0

Unamortized debt issuance costs	(5.1)		(6.4)
Net carrying amount	$	344.9	$	343.6

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


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Amortization of debt issuance costs	$	1.3	$	1.2	$	0.1
Total non-cash interest expense related to the 2029 Notes	1.3		1.2		0.1
Cash interest expense	19.3		19.3		2.0
Total interest expense related to the 2029 Notes	$	20.6	$	20.5	$	2.1

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


	June 30,
	2026		2025
	(in millions)
Principal	$	199.0	$	199.0
Principal payment	(199.0)		—
Unamortized debt issuance costs	—		(0.5)
Net carrying amount	$	—	$	198.5

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


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Amortization of debt issuance costs	$	0.5	$	0.9	$	4.3
Total interest expense related to the 2026 Notes	$	0.5	$	0.9	$	4.3

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


	June 30,
	2026		2025
	(in millions)
Principal	$	1,000.0	$	1,000.0
Principal payments	(20.0)		(10.0)
Unamortized debt discount	(17.7)		(22.7)
Unamortized debt issuance costs	(8.1)		(10.4)
Net carrying amount	$	954.2	$	956.9

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


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Amortization of debt discount	$	5.0	$	4.7	$	5.7
Amortization of debt issuance costs	2.3		2.1		3.3
Total non-cash interest expense related to the Term Loan	7.4		6.8		9.0
Cash interest expense	94.2		105.8		94.9
Total interest expense related to the Term Loan	$	101.6	$	112.6	$	103.8

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 June 30, 2026:


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


Total	$	1,330.0

Equity-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following summary sets forth the stock option activity under the 2019 Plan:


	Options Outstanding
	Number of Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding — June 30, 2025	20,958,757	$	21.51	3.8	$	6.8
Granted	—	$	—
Exercised	(81,817)	$	1.30		$	0.4
Forfeited or expired	(2,162,245)	$	11.16
Outstanding — June 30, 2026	18,714,695	$	22.79	2.6	$	4.3
Vested and Exercisable— June 30, 2026	18,102,794	$	23.28	2.4	$	4.3

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2025	1,735,457	$	9.39
Granted	—	$	—
Vested	(1,005,585)	$	11.27
Forfeited or expired	(117,971)	$	8.81
Unvested - June 30, 2026	611,901	$	6.39

Schedule of Fair Value Assumptions

The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions:


	Fiscal Year Ended June 30,
	2025		2024
Weighted average risk-free interest rate (1)	4.3	%	4.5	%
Weighted average expected term (in years) (1)	5.5		3.6
Weighted average expected volatility (1)	87.0	%	87.5	%
Expected dividend yield (1)	—		—

____________________________

(1) Refer to 2019 Equity Incentive Plan within Note 2, Summary of Significant Accounting Policies for further details regarding how these assumptions are calculated.

Schedule of Restricted Stock and Restricted Stock Units

The following table summarizes the activity related to the Company's restricted stock units:


	Restricted Stock Units Outstanding
	Number of Awards	Weighted-Average Grant Date Fair Value
Outstanding — June 30, 2025 (1)	54,154,272	$	5.92
Granted	23,136,469	$	6.44
Vested and converted to shares	(29,512,773)	$	6.10
Cancelled	(11,033,217)	$	6.07
Outstanding — June 30, 2026	36,744,751	$	6.06

____________________________

Schedule of Nonvested Performance-Based Units Activity

The following table summarizes the activity related to the Company's performance stock units, inclusive of awards with performance conditions and market conditions:


	Performance Stock Units Outstanding
	Number of Awards	Weighted-Average Grant Date Fair Value
Outstanding — June 30, 2025 (1)	1,147,446	$	5.76
Granted	5,242,805	$	7.30
Performance adjustment	1,719,709	$	6.79
Vested and converted to shares	(1,999,524)	$	5.77
Cancelled	(321,267)	$	7.58
Outstanding — June 30, 2026	5,789,169	$	7.36

____________________________

Schedule of Stock-based Compensation Expense

The Company's total stock-based compensation expense was as follows:


	Fiscal Year Ended June 30,
	2026		2025		2024
	(in millions)
Cost of revenue
Connected Fitness Products	$	8.9	$	9.3	$	10.1
Subscription	40.8		36.3		39.3
Total cost of revenue	49.6		45.7		49.5
Sales and marketing	25.1		16.4		19.7
General and administrative	77.5		121.9		177.1
Research and development	45.6		44.8		58.8
Restructuring expense	0.8		0.8		6.6
Total stock-based compensation expense	$	198.6	$	229.6	$	311.7