Beachbody (NASDAQ:BODI) reported first-quarter 2026 results that management said extended the company’s financial turnaround, with revenue above guidance and a third consecutive quarter of profitability on both a net income and operating income basis.
Executive Chairman Mark Goldston said total revenue for the quarter was $54.3 million, above the high end of the company’s guidance. Beachbody posted net income of $2.3 million, compared with a net loss of $5.7 million in the first quarter of 2025. Operating income was $3.1 million, compared with an operating loss of $3.7 million a year earlier.
“The operational discipline that we’ve built in over the past 2-plus years is now embedded in how we run the business,” Goldston said. He added that Beachbody has lowered its adjusted EBITDA breakeven point from more than $900 million in 2022 to approximately $180 million currently.
Revenue Still Reflects Transition Away From MLM Model
Interim Chief Financial Officer Brad Ramberg said total revenue declined 2.3% sequentially and 25% year over year, as the company continues to move away from its former multi-level marketing model and toward an omni-channel business model. The legacy MLM business was shut down on Dec. 31, 2024, but Ramberg said some remaining revenue from that model will continue to affect comparisons through the first half of 2026.
Ramberg said the company expects the third quarter of 2026 to be the first period where year-over-year comparisons will fully reflect the new business model. He cautioned that this does not mean the company is projecting year-over-year revenue growth in the third quarter.
Digital revenue was $33.6 million, down 2.1% sequentially and 21.8% from the year-ago period. Digital subscriptions decreased 6.9% from the prior quarter to approximately 810,000 and declined 20.6% year over year.
Nutrition and other revenue was $20.7 million, down 2.5% sequentially and 27.7% from the prior-year quarter. Nutrition subscriptions decreased 25% sequentially to approximately 60,000 and fell 18.5% year over year. Ramberg said the nutrition subscription metric will become less relevant as the company’s model shifts toward one-time sales and retail distribution.
Nutrition Becomes Central to Growth Strategy
Management emphasized that nutrition is becoming the centerpiece of Beachbody’s growth strategy, supported by direct-to-consumer sales, Amazon, TikTok Shop and retail distribution.
Goldston said the nutrition products category represents a market opportunity more than 12 times the size of the digital fitness category. He said the company is bringing established brands including P90X, Insanity and Shakeology into retail channels, aided by brand awareness and lower pricing made possible by the elimination of MLM commission constraints.
For Shakeology, Goldston said Beachbody is introducing a smaller seven-serving package at a retail price of $34.95, compared with the prior 30-serving package priced at $129. He described the shift as a significant opportunity for the company.
Beachbody announced that Shakeology will be carried in more than 80 Sprouts Farmers Market stores beginning in late May or early June. Goldston also said the company has secured a partnership with KeHE Distributors, giving Beachbody access to KeHE’s network of approximately 30,000 grocery, supermarket and online channels.
The company also announced that The Vitamin Shoppe will carry all five Shakeology flavor variants in the new seven-serving packaging across more than 640 stores later this year. In response to an analyst question, Goldston said The Vitamin Shoppe launch is expected to be chainwide rather than a limited rollout, with products likely arriving in stores in late August or early September.
P90X, Shakeology and Energy Drinks Drive Product Pipeline
Co-founder and Chief Executive Officer Carl Daikeler said P90X Generation Next launched in early February at a media and influencer event in New York City and generated millions of impressions through earned and paid media. He said early subscriber response has been enthusiastic, and the company is collecting success stories from the first wave of participants.
Beachbody has launched a P90X supplement line that includes pre-workout, hydration, creatine, 100% whey protein and P90X Energy products. Daikeler said each SKU includes a proprietary formulation element the company calls the “P90X Factor.”
The P90X supplements launched alongside Beachbody’s transition to the Shopify e-commerce platform. Daikeler said Shopify should make it easier to offer bundles, subscribe-and-save discounts and improved average order value through add-to-cart recommendations.
In the Q&A portion of the call, Daikeler said the Shopify transition is already helping conversion. He cited the ease of use of the platform and the addition of Shop Pay as positives, while noting that management sees further opportunities to improve landing pages and site navigation.
Goldston also discussed Beachbody’s planned Southern California test market for Insanity and P90X energy drinks. He said the company is working with L.A. Libations on distribution and expects production quantities to be available in July, with products potentially on shelves in August. If the test produces strong results, management plans to use the data in October and November meetings with retailers for spring 2027 planogram resets.
Ten Minute Body Expands Fitness Offering
Daikeler said Beachbody’s Ten Minute Body initiative continues to gain traction. The platform now includes more than 400 science-backed 10-minute workouts, with the subscription priced at $10 per month.
Recent additions include Ten Minute Speed Train by Joel Freeman, Ten Minute Active Aging led by Debbie Siebers and Ten Minute GLP-1 Fitness Formula, which is designed to help people taking GLP-1 medications build and preserve muscle mass.
Daikeler said Ten Minute Body is helping open Beachbody’s addressable market to Americans who may be intimidated by longer workout programs. He said the company is seeing more new subscriber acquisition from Ten Minute Body, while the P90X supplements are helping reactivate customers in the company’s database.
The company also plans to launch Thirty-Day Booty Boost in June with new super trainer Chase Collett. Daikeler said Beachbody will integrate the P90X supplement line into the program.
Second-Quarter Guidance Calls for Lower Revenue Sequentially
For the second quarter of 2026, Beachbody guided for revenue of $46 million to $51 million. The company expects net income to range from a loss of $3 million to breakeven, and adjusted EBITDA to range from $3 million to $6 million.
Ramberg said second-quarter revenue is expected to be approximately 60% digital and 40% nutrition and other, but management expects the business mix to shift toward a larger nutrition component by the end of 2026.
The company expects digital gross margin of 86% to 88%, nutrition and other gross margin of 43% to 47%, and total gross margin of 69% to 72% in the second quarter.
Beachbody ended the first quarter with $36.6 million in cash, compared with $39.0 million in the prior quarter and $18.1 million a year earlier. The company reported outstanding debt principal of approximately $25 million and a net cash position of $13.0 million.
Ramberg said Beachbody continues to have “a stronger balance sheet” and a more sustainable model, though he noted the company remains in the early stages of building traction in its new distribution channels.
About Beachbody (NASDAQ:BODI)
Beachbody is a consumer-oriented health and fitness company based in Santa Monica, California. Founded in 1998 by Carl Daikeler and Jon Congdon, the company originally gained prominence through at-home workout programs distributed on DVD. Over time, Beachbody has transitioned much of its content delivery to a subscription-based digital platform, offering on-demand streaming of exercise routines, meal plans and wellness coaching.
The company’s portfolio includes a range of branded fitness programs—such as P90X, Insanity, 21 Day Fix and Body Beast—alongside nutrition and supplement products marketed under the Beachbody Nutrition brand.
