Weight Watchers Announces Fourth Quarter and Full Year 2025 Results

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

Weight Watchers (Nasdaq: WW) reported fourth-quarter and full-year 2025 results on March 16, 2026. Q4 total revenue was $163 million, Q4 net loss was $6 million (3.6% margin) and Q4 Adjusted EBITDA was $18 million (11.1% margin). End of period subscribers totaled 2.8 million, including 130,000 clinical subscribers, up 42% year-over-year.

The company exceeded its 2025 revenue and Adjusted EBITDA guidance and provided Q1 2026 subscriber estimates and full-year 2026 guidance: revenue of $620–$635 million and Adjusted EBITDA of $105–$115 million.

Positive

Clinical subscribers +42% year-over-year to 130,000
Clinical subscription revenue +32% year-over-year in Q4
Q4 Adjusted EBITDA of $18 million; 11.1% margin
2026 revenue guidance of $620–$635 million
2026 Adjusted EBITDA guidance of $105–$115 million

Negative

Total revenue declined 12% year-over-year in Q4
Q4 net loss of $6 million (3.6% net loss margin)
$10 million incremental Q4 marketing spend reduced margin
Behavioral business facing multi-year secular pressures

Key Figures

Q4 2025 Total Revenue: $163 million Q4 Clinical Revenue: $27 million Q4 Net Loss: $6 million +5 more

8 metrics

Q4 2025 Total Revenue $163 million Fourth quarter 2025 results

Q4 Clinical Revenue $27 million Q4 2025, up 32% year-over-year

Q4 Net Loss $6 million Fourth quarter 2025 net result; margin 3.6%

Q4 Adjusted EBITDA $18 million Fourth quarter 2025; margin 11.1%

Total Subscribers 2.8 million End of period 2025 subscribers

Clinical Subscribers 130 thousand End of period 2025, up 42% year-over-year

2026 Revenue Guidance $620–635 million Full year 2026 outlook

2026 Adjusted EBITDA Guide $105–115 million Full year 2026 outlook

Market Reality Check

Price: $21.08 Vol: Volume 238,420 is above t...

high vol

$21.08 Last Close

Volume Volume 238,420 is above the 20-day average of 152,271, indicating elevated trading interest ahead of and around the earnings release. high

Technical Shares at $21.08 are trading below the 200-day MA of $25.28 and about 55.1% under the 52-week high of $46.95.

Peers on Argus

WW fell 7.38% while 3 tracked peers in momentum (e.g., EJH, HRB, TRNR) also move...

3 Down

WW fell 7.38% while 3 tracked peers in momentum (e.g., EJH, HRB, TRNR) also moved down with a median move around -1.3%, pointing to both company-specific and broader sector pressure.

Previous Earnings Reports

5 past events · Latest: Nov 06 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 06	Q3 2025 earnings	Positive	+3.5%	Debt reduction, improved balance sheet and narrowed 2025 revenue and EBITDA guidance.
Aug 11	Q2 2025 earnings	Positive	-12.3%	Debt cut and strong Clinical growth despite revenue decline and subscriber pressure.
May 06	Q1 2025 earnings	Negative	-43.0%	Revenue and subscriber declines with ongoing net loss despite stronger Adjusted EBITDA.
Feb 27	Q4 2024 earnings	Negative	-19.9%	Large full-year net loss and impairments overshadowing Clinical subscriber growth.
Nov 06	Q3 2024 earnings	Negative	-10.8%	Revenue decline, operating loss, and subscriber erosion despite Clinical expansion.

Pattern Detected

Earnings releases have often been followed by negative price reactions, especially when highlighting revenue declines and subscriber pressure despite Clinical growth and balance sheet improvements.

Recent Company History

Over the past five earnings cycles from Q3 2024 through Q3 2025, Weight Watchers has navigated revenue declines and subscriber losses while rapidly scaling its Clinical business and restructuring its balance sheet. Clinical revenues and subscribers grew strongly in multiple quarters, and debt was reduced by over $1.1 billion by Q3 2025. However, several reports still showed net losses and lower total revenues, and shares typically reacted negatively. Today’s 2025 results and 2026 guidance continue this theme of transition toward higher-ARPU Clinical offerings.

Historical Comparison

-16.5% avg move · In the last five earnings releases, WW’s average move was about -16.49%. Today’s -7.38% reaction to ...

earnings

-16.5%

Average Historical Move earnings

In the last five earnings releases, WW’s average move was about -16.49%. Today’s -7.38% reaction to 2025 results and 2026 guidance is milder than prior earnings volatility.

Across Q3 2024 through Q3 2025, WW moved from revenue and subscriber declines with large losses toward a restructured balance sheet and faster-growing Clinical revenues, setting the stage for post‑reorganization earnings like today’s 2025 report.

Market Pulse Summary

This announcement details Q4 and full-year 2025 performance, highlighting $163 million in Q4 revenue...

Analysis

This announcement details Q4 and full-year 2025 performance, highlighting $163 million in Q4 revenue, continued Clinical growth, and 2026 guidance of $620–635 million in revenue and $105–115 million in Adjusted EBITDA. It reinforces WW’s strategic pivot toward GLP‑1–linked Clinical offerings and higher-ARPU integrated care models following its financial reorganization. Investors may track subscriber mix shifts, Clinical revenue contribution, and progress against guidance to evaluate the multi‑year transformation.

Key Terms

glp-1, adjusted ebitda, net loss margin, non-gaap financial measures, +3 more

7 terms

glp-1 medical

"“Our industry is undergoing a profound transformation driven by GLP-1 medications, and Weight Watchers..."

GLP-1 (glucagon-like peptide-1) is a natural hormone in the body that helps regulate blood sugar levels and appetite. Its significance to investors lies in its role as the basis for a class of medications that address conditions like type 2 diabetes and obesity, which are large and growing markets. Advances or investments in GLP-1-based treatments can signal opportunities in healthcare innovation and potentially impact pharmaceutical companies’ growth.

adjusted ebitda financial

"Fourth Quarter Net Loss of $6 million; Net Loss Margin of 3.6%; Adjusted EBITDA1 of $18 million..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

net loss margin financial

"Fourth Quarter Net Loss of $6 million; Net Loss Margin of 3.6%; Adjusted EBITDA1..."

Net loss margin measures how much of a company’s revenue is lost after all expenses, shown as a percentage of sales. It tells investors what portion of each dollar of revenue ends up as a loss — like seeing how much water is leaking from a bucket for every cup poured in — and helps compare how efficiently different companies turn revenue into profit or losses and how risky their business model may be.

non-gaap financial measures financial

"Statement regarding Non-GAAP Financial Measures To supplement the Company’s consolidated results..."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

ebitda financial

"the Company has disclosed non-GAAP financial measures of operating results that exclude or adjust certain items. The Company presents in this release non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization expenses and share-based compensation expense (“EBITDA”);"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

fresh start accounting financial

"the Company applied fresh start accounting which resulted in Successor and Predecessor financial statement presentation."

Fresh start accounting is an accounting reset that occurs after a company emerges from a major restructuring or bankruptcy, where assets and liabilities are revalued to current fair values and a new equity base is recorded. Like wiping a chalkboard and writing a new starting score, it gives investors a clearer baseline for future performance but can make past results hard to compare and often changes reported profits, asset values and shareholder stakes.

constant currency financial

"As exchange rates are an important factor in understanding period-to-period comparisons, the Company believes in certain cases the presentation of results on a constant currency basis..."

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

AI-generated analysis. Not financial advice.

03/16/2026 - 07:00 AM

2025 Total Revenue and Adjusted EBITDA^1,2 above high end of previously provided guidance

Total End of Period Subscribers of 2.8 million; End of Period Clinical Subscribers of 130 thousand, up 42% year-over-year with continued growth in first quarter 2026

Fourth Quarter Total Revenue of $163 million; Clinical Subscription Revenue of $27 million, up 32% year-over-year

Fourth Quarter Net Loss of $6 million; Net Loss Margin of 3.6%; Adjusted EBITDA¹ of $18 million and Adjusted EBITDA Margin¹ of 11.1%

Provides First Quarter 2026 End of Period Subscriber Estimates and Full Year 2026 Financial Guidance

NEW YORK, March 16, 2026 (GLOBE NEWSWIRE) -- WW International, Inc. (Nasdaq: WW) (“Weight Watchers” or the “Company”), the global leader in science-backed weight management, today announced its results for the fourth quarter and full year fiscal 2025 ended December 31, 2025² in this Earnings Press Release and a Shareholder Letter posted on the Company’s Corporate Website.

“Our industry is undergoing a profound transformation driven by GLP-1 medications, and Weight Watchers is evolving alongside it,” said Tara Comonte, CEO of Weight Watchers. “Throughout Q4, we continued expanding our clinical capabilities and building the digital experiences needed to support members in this new era of weight health. Our strategy is rooted in combining access to GLP-1 medications with the behavioral support and community that have defined Weight Watchers for decades. As research continues to highlight the importance of pairing medication with structured support, this comprehensive weight health platform represents our long-term competitive advantage. In fact, members who regularly engage with our GLP-1 Success Program lose 29 percent more body weight, on average, than those who use medication without structured behavioral support.”

Comonte added, “While significant work remains ahead to fully realize this vision, we are encouraged by early signs of progress including strong Clinical growth, improved brand momentum, and early engagement across our evolving product ecosystem. We view 2026 as an important inflection year, unlocking the potential for sustainable future growth. The year ahead will focus on continuing our transformation and positioning Weight Watchers as the premier global destination for weight health in the GLP-1 era.”

“Our fourth quarter results were consistent with our strategic and financial objectives, and we’re pleased that our 2025 Revenue and Adjusted EBITDA^1,2 exceeded our previously provided 2025 guidance,” said Felicia DellaFortuna, CFO of Weight Watchers. “As our industry evolves and our business continues to shift toward integrated solutions, our revenue mix and operating profile are evolving alongside it. While our Behavioral business continues to face secular pressures and post financial reorganization headwinds, strong Clinical growth - driven by both new and lapsed member acquisition as well as existing member upgrades from our Behavioral business - reflects the progress we are making in transforming the Company. With a significantly improved financial foundation following our reorganization, we remain focused on disciplined execution, thoughtful investment in growth, and maintaining healthy Adjusted EBITDA margins¹ as we navigate this multi-year transition.”

Business Updates

Q4 Clinical Subscription Revenue and End of Period Clinical Subscriber growth remained strong at 32% and 42% year-over-year, respectively. Q4 Clinical Subscription Revenue grew to 17% of Total Subscription Revenue, up from 11% in Q4 2024. End of Period Clinical Subscriber momentum accelerated in Q1 2026 despite lapping significant prior year growth in Q1 2025 driven by the Company’s former compounded semaglutide offering.
Q4 Total Revenue declined 12% year-over-year, reflecting increasing consumer interest toward GLP-1 medications amid continued multi-year secular headwinds in the Behavioral business, coupled with the commercial impact from the Company’s Chapter 11 financial reorganization.
Q4 Net Loss Margin was 3.6%. Q4 Adjusted EBITDA Margin¹ was 11.1%, which declined year-over-year primarily due to $10 million of marketing spend from additional calendar days as a result of the Company’s adoption of a new fiscal calendar, which ends December 31. Strategic brand marketing investments were also made in Q4 ahead of peak season.
Cash and Cash Equivalents at December 31, 2025 of $160 million reflecting a portion of marketing spend related to the first quarter 2026, which represents the Company’s highest quarterly marketing spend of the year due to seasonal demand.
Following the Company’s successful financial reorganization, 2026 marks the first stage of a multi-year transformation as both the weight health market and the Company undergo significant foundational shifts. The Company is rapidly unifying its clinical capabilities with its behavioral heritage to create a weight health ecosystem, while proactively shifting its offerings toward higher ARPU, integrated care models in service of superior member outcomes.

Fiscal 2026 Guidance

Guidance reflects estimates for First Quarter 2026 Total End of Period Subscribers of approximately 2.65 million, including End of Period Clinical Subscribers of approximately 200 thousand, following a strategic concentration of marketing spend in Q1 to drive brand repositioning and Clinical growth.

The Company’s full year outlook reflects i) an opening subscriber headwind from 2025; ii) an accelerating mix shift between the Behavioral and Clinical lines of business driving ARPU accretion; and iii) reduced marketing spend for the remaining quarters of the year which will be recalibrated across the portfolio in order to manage relative maturity profiles of these business lines.

Revenue guidance of $620 million to $635 million.
Adjusted EBITDA¹ guidance of $105 million to $115 million.

Fourth Quarter and Full Year 2025 Conference Call and Webcast

The Company has scheduled a conference call today at 8:30 a.m. ET to discuss results. The webcast of the conference call will be available on the Company’s corporate website, corporate.ww.com, under Events and Presentations. A replay of the webcast will be available on this site for at least 90 days.

¹Statement regarding Non-GAAP Financial Measures

To supplement the Company’s consolidated results presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company has disclosed non-GAAP financial measures of operating results that exclude or adjust certain items. The Company presents in this release non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization expenses and share-based compensation expense (“EBITDA”); and for each period presented, EBITDA adjusted, as applicable, for (a) goodwill and other intangible assets impairments, (b) reorganization items, net related to the Company’s emergence from its Chapter 11 financial reorganization, (c) transaction costs related to strategic alternatives and the Company’s Chapter 11 financial reorganization, (d) net restructuring charges associated the 2025 restructuring plan and previously disclosed 2024, 2023, and 2022 restructuring plans, (e) former Chief Executive Officer (“CEO”) separation expenses, and (f) other items such as the impact of foreign exchange gains and losses as indicated in the reconciliations below that management believes are not indicative of ongoing operations (“Adjusted EBITDA”). The Company also presents gross profit, marketing expenses, selling, general and administrative expenses, and product development expenses on a non-GAAP basis that adjusts for similar items, as further indicated in the reconciliations below.

As exchange rates are an important factor in understanding period-to-period comparisons, the Company believes in certain cases the presentation of results on a constant currency basis in addition to reported results helps improve investors’ ability to understand the Company’s operating results and evaluate the Company’s performance in comparison to prior periods. Constant currency information compares results between periods as if exchange rates had remained constant period-over-period. The Company uses results on a constant currency basis as one measure to evaluate the Company’s performance. In this press release, the Company calculates constant currency by calculating current-year results using prior-year foreign currency exchange rates. The Company generally refers to such amounts calculated on a constant currency basis as excluding or adjusting for the impact of foreign currency or being on a constant currency basis. These results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP and are not meant to be considered in isolation. Results on a constant currency basis, as the Company presents them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP.

Management believes these non-GAAP financial measures provide useful supplemental information to investors regarding the performance of the Company’s business and are useful for period-over-period comparisons of the performance of the Company’s business. While the Company believes that these non-GAAP financial measures are useful in evaluating the Company’s business, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies. See “Reconciliation of Non-GAAP Financial Measures” in this release and reconciliations, if any, included elsewhere in this release for a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures.

A reconciliation of the forward-looking full year Adjusted EBITDA outlook to net income cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of the Company’s control, or cannot be reasonably predicted. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results.

²Fresh Start Accounting and Predecessor and Successor Periods

In connection with the Company’s emergence from its financial reorganization process on June 24, 2025, the Company applied fresh start accounting which resulted in Successor and Predecessor financial statement presentation. References to “Successor” relate to the Company’s operations for the three months ended December 31, 2025 and the period from June 25, 2025 through December 31, 2025. References to “Predecessor” relate to the Company’s operations for the period from December 29, 2024 through June 24, 2025 and the three months and fiscal year ended December 28, 2024. Accordingly, the consolidated financial statements after June 24, 2025 are not comparable with the consolidated financial statements as of or prior to that date.

For purposes of 2025 Adjusted EBITDA compared to previously provided guidance, 2025 Adjusted EBITDA reflects the Successor period from June 25, 2025 through December 31, 2025 combined with the Predecessor period from December 29, 2024 through June 24, 2025.

Definitions

“Behavioral” business refers to providing subscriptions to the Company’s digital product offerings with the option to add on unlimited access to the Company’s workshops.

“Clinical” business refers to providing subscriptions to the Company's clinical product offerings provided by Weight Watchers Clinic combined with the Company's digital subscription product offerings and unlimited access to the Company's workshops.

“Revenue” - “Subscription Revenue” consists of the aggregate of: (a) “Behavioral Subscription Revenue”, the fees associated with subscriptions for the Company’s Behavioral offerings; and (b) “Clinical Subscription Revenue”, the fees associated with subscriptions for the Company’s Clinical offerings. In addition, “Other Revenue” (formerly known as “product sales and other”) consists of revenue from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenue. Prior to fiscal 2024, Other Revenue included sales of consumer products.

“Incoming Subscribers” - “Subscribers” refer to Behavioral subscribers and Clinical subscribers who participate in recurring bill programs in Company-owned operations. The “Incoming Subscribers” metric reports Subscribers in Company-owned operations at a given period start. Recruitment and retention are key drivers for this metric. Management utilizes this metric to monitor changes in the subscriber base which directly impacts the Company’s revenue growth and trends.

“End of Period Subscribers” - “End of Period Subscribers” metric reports Subscribers in Company-owned operations at a given period end. Recruitment and retention are key drivers for this metric. Management utilizes this metric to monitor changes in the subscriber base which directly impacts the Company’s revenue growth and trends.

“Monthly Subscription Revenue Per Average Subscriber” (“ARPU”) - The “Monthly Subscription Revenue Per Average Subscriber” metric reports the monthly fees associated with subscriptions for the Company’s offerings divided by the Average Subscriber for its businesses. Monthly Subscription Revenue for both quarterly and year-to-date periods for each respective business are calculated as Subscription Revenue divided by the number of months in the respective quarterly or year-to-date period. The “Average Subscriber” for quarterly periods for each respective business is the average of its Incoming Subscribers and End of Period Subscribers for the respective quarterly period. The “Average Subscriber” for year-to-date periods for each respective business is the average of its Incoming Subscribers at the beginning of the fiscal year and its End of Period Subscribers for each quarter end within the respective year-to-date period. Management utilizes this metric to consider revenue growth and trends on a per subscriber basis.

About Weight Watchers
Weight Watchers is the global leader in science-backed weight management, offering an integrated support system built for the GLP-1 era that combines scientific expertise, medication, cutting-edge technology, and human connection. With more than 60 years of experience, Weight Watchers is the most studied commercial weight management program in the world, delivered through its No. 1 U.S. doctor-recommended weight-loss program. Its holistic, personalized approach also includes U.S.-based clinical interventions and access to GLP-1 medications when clinically appropriate, and a global network of coaches and community support. Since 1963, the company has led with science to deliver its members the personalized support they need to reach and sustain their goals. Members can access these solutions directly, or through Weight Watchers for Business’ full-spectrum platform for employers, health plans, and payers. In a landscape crowded with contradictory advice, isolating apps, and one-size-fits-all solutions, Weight Watchers offers a proven path forward that is rooted in research, grounded in empathy and designed to help every member feel better in their body and live a longer, healthier life. For more information, visit weightwatchers.com.

This news release includes “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, any statements about the Company’s plans, strategies, objectives, initiatives, and prospects. The Company generally uses the words “may,” “will,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “aim” and similar expressions in this news release to identify forward-looking statements. The Company bases these forward-looking statements on its current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions, including, among other things: the Company's recent emergence from bankruptcy, which could adversely affect its business and relationships and subjects us to risks and uncertainties; competition from other weight management and health and wellness industry participants or the development of more effective or more favorably perceived weight management methods; the Company's failure to continue to retain and grow its subscriber base; the Company's ability to be a leader in the rapidly evolving and increasingly competitive clinical weight management and weight loss market; the Company's ability to continue to develop new, innovative services and products and enhance its existing services and products or the failure of its services, products or brands to continue to appeal to the market, or its ability to successfully expand into new channels of distribution or respond to consumer trends or sentiment; the Company's ability to successfully implement strategic initiatives; the effectiveness and efficiency of its advertising and marketing programs, including the strength of its social media presence; the impact on the Company's reputation of actions taken by its franchisees, licensees, suppliers, affiliated provider entities, PCs’ healthcare professionals, and other partners; the recognition of asset impairment charges; the loss of key personnel, strategic partners or consultants or failure to effectively manage and motivate the Company's workforce; the Company's ability to successfully make acquisitions or enter into collaborations or joint ventures, including its ability to successfully integrate, operate or realize the anticipated benefits of such businesses; uncertainties related to a downturn in general economic conditions or consumer confidence, including as a result of the existing inflationary environment, changes in tariffs and escalating trade tensions, rising interest rates, the potential impact of political and social unrest and increased volatility in the credit and capital markets; the seasonal nature of the Company's business; the Company's failure to maintain effective internal control over financial reporting; the impact of events that impede accessing resources or discourage or impede people from gathering with others; the early termination by us of leases; the inability to renew certain of the Company's licenses, or the inability to do so on terms that are favorable to us; the dependence of the Company's payments system on third-party service providers; the impact of the Company's exposure to variable rate indebtedness; the ability to generate sufficient cash to service the Company's debt and satisfy its other liquidity requirements; uncertainties regarding the satisfactory operation of the Company's technology or systems; the impact of data security breaches and other malicious acts or privacy concerns, including the costs of compliance with evolving privacy laws and regulations; the Company's ability to successfully integrate and use artificial intelligence in its business; the Company's ability to enforce its intellectual property rights both domestically and internationally, as well as the impact of its involvement in any claims related to intellectual property rights; the impact of existing and future laws and regulations; risks related to the Company's exposure to extensive and complex healthcare laws and regulations; the outcomes of litigation or regulatory actions; risks and uncertainties associated with the Company's international operations, including regulatory, economic, political, social, intellectual property, and foreign currency risks, which risks may be exacerbated as a result of war and terrorism; the Company's ability to engage in share repurchases and pay cash dividends in the foreseeable future; risks related to the actions of activist shareholders and anti-takeover provisions in the Company's articles of incorporation and bylaws; risks related to the actions of the Company's shareholders and the exclusive forum provisions in its articles of incorporation; the possibility that the Company could fail to maintain the listing of the Company's common stock on Nasdaq; and other risks and uncertainties, including those included in this press release and those detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission (the “SEC”) (which are available on the SEC’s EDGAR database at www.sec.gov and via the Company’s website at corporate.ww.com). You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those discussed herein, could cause the Company’s results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company’s filings with the SEC (which are available on the SEC’s EDGAR database at www.sec.gov and via the Company’s website at corporate.ww.com).

For investor inquiries, please contact:
John Mills or Anna Kate Heller
WeightWatchers@icrinc.com

For media inquiries, please contact:
Lizzy Levitan
WW@hunt-gather.com

WW INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
UNAUDITED

		Successor			Predecessor
		December 31,			December 28,
			2025			2024
ASSETS
CURRENT ASSETS
	Cash and cash equivalents	$	160,279		$	53,024
	Restricted cash		6,298			3,003
	Receivables (net of allowances: December 31, 2025 - $1,651 and December 28, 2024 - $3,166)		16,378			14,428
	Prepaid income taxes		8,097			11,676
	Prepaid marketing and advertising		9,275			4,969
	Prepaid expenses and other current assets		13,277			15,548
	TOTAL CURRENT ASSETS		213,604			102,648
Property and equipment, net			8,115			15,798
Operating lease assets			2,933			42,047
Goodwill			200,135			239,583
Other intangible assets, net			490,664			115,762
Deferred income taxes			16,482			16,686
Other noncurrent assets			14,825			17,752
	TOTAL ASSETS	$	946,758		$	550,276
LIABILITIES AND TOTAL EQUITY (DEFICIT)
CURRENT LIABILITIES
	Portion of operating lease liabilities due within one year	$	1,260		$	8,168
	Accounts payable		9,212			17,803
	Salaries and wages payable		34,375			53,143
	Accrued marketing and advertising		22,985			12,805
	Accrued interest		1,084			11,322
	Deferred acquisition payable		—			15,503
	Other accrued liabilities		23,049			20,593
	Income taxes payable		6,006			2,339
	Deferred revenue		28,565			31,655
	TOTAL CURRENT LIABILITIES		126,536			173,331
Long-term debt, net			465,466			1,430,643
Long-term operating lease liabilities			1,893			44,322
Deferred income taxes			34,021			14,762
Other noncurrent liabilities			771			1,590
	TOTAL LIABILITIES		628,687			1,664,648
TOTAL EQUITY (DEFICIT)
	Successor common stock, $0 par value; 1,000,000 shares authorized; 9,992 shares issued at December 31, 2025		378,777			—
	Predecessor common stock, $0 par value; 1,000,000 shares authorized; 130,048 shares issued at December 28, 2024		—			—
	Predecessor treasury stock, at cost, 49,997 shares at December 28, 2024		—			(3,024,710	)
	(Accumulated deficit) retained earnings		(62,095	)		1,936,170
	Accumulated other comprehensive income (loss)		1,389			(25,832	)
	TOTAL EQUITY (DEFICIT)		318,071			(1,114,372	)
	TOTAL LIABILITIES AND TOTAL EQUITY (DEFICIT)	$	946,758		$	550,276

WW INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
UNAUDITED

		Successor			Predecessor
		Three Months Ended			Three Months Ended
		December 31, 2025			December 28, 2024
Subscription revenue, net⁽¹⁾		$	161,454		$	181,733
Other revenue, net⁽²⁾			1,358			2,680
	Revenue, net		162,812			184,413
Cost of subscription revenue⁽³⁾			48,556			55,786
Cost of other revenue			161			114
	Cost of revenue		48,717			55,900
	Gross profit		114,095			128,513
Marketing expenses			65,474			48,207
Product development expenses			8,872			8,873
Selling, general and administrative expenses			52,688			35,211
	Operating (loss) income		(12,939	)		36,222
Interest expense			11,767			27,031
Other income, net			(17	)		(4,188	)
	(Loss) income before income taxes		(24,689	)		13,379
Benefit from income taxes			(18,856	)		(11,745	)
	Net (loss) income	$	(5,833	)	$	25,124

(Net loss) earnings per share
	Basic	$	(0.58	)	$	0.31
	Diluted	$	(0.58	)	$	0.31

Weighted average common shares outstanding
	Basic		9,988			79,890
	Diluted		9,988			81,005

Note: Totals may not sum due to rounding.
⁽¹⁾“Subscription revenue, net” consist of the aggregate of: (a) net “Behavioral Subscription Revenue”, the fees associated with subscriptions for the Company’s Behavioral offerings; and (b) net “Clinical Subscription Revenue”, the fees associated with subscriptions for the Company’s Clinical offerings.
⁽²⁾“Other revenue, net” consist of revenue from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenue.
^{(3 )}“Cost of subscription revenue” consists of cost of revenue and operating expenses for the Company's Behavioral and Clinical services.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
UNAUDITED

		Successor			Predecessor
		Period from			Period from
		June 25, 2025			December 29, 2024			Fiscal Year Ended
		through December 31, 2025			through June 24, 2025			December 28, 2024
Subscription revenue, net⁽¹⁾		$	344,461		$	360,953		$	776,993
Other revenue, net⁽²⁾			2,609			2,615			8,928
	Revenue, net		347,070			363,568			785,921
Cost of subscription revenue⁽³⁾			99,722			100,026			250,954
Cost of other revenue			233			158			1,864
	Cost of revenue		99,955			100,184			252,818
	Gross profit		247,115			263,384			533,103
Marketing expenses			116,662			110,871			236,467
Product development expenses			17,108			25,281			42,158
Selling, general and administrative expenses			115,663			78,480			175,667
Franchise rights acquired impairments			—			27,549			315,033
	Operating (loss) income		(2,318	)		21,203			(236,222	)
Reorganization items, net			—			(1,143,918	)		—
Interest expense			24,742			38,664			108,954
Other expense (income), net			1,257			6,685			(1	)
	(Loss) income before income taxes		(28,317	)		1,119,772			(345,175	)
Provision for income taxes			33,778			1,669			526
	Net (loss) income	$	(62,095	)	$	1,118,103		$	(345,701	)

(Net loss) earnings per share
	Basic	$	(6.22	)	$	13.93		$	(4.34	)
	Diluted	$	(6.22	)	$	13.80		$	(4.34	)

Weighted average common shares outstanding
	Basic		9,987			80,271			79,578
	Diluted		9,987			80,998			79,578

Note: Totals may not sum due to rounding.
⁽¹⁾“Subscription revenue, net” consist of the aggregate of: (a) net “Behavioral Subscription Revenue”, the fees associated with subscriptions for the Company’s Behavioral offerings; and (b) net “Clinical Subscription Revenue”, the fees associated with subscriptions for the Company’s Clinical offerings.
⁽²⁾“Other revenue, net” consist of revenue from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenue.
⁽³⁾“Cost of subscription revenue” consists of cost of revenue and operating expenses for the Company's Behavioral and Clinical services.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
UNAUDITED

		Successor			Predecessor
		Period from			Period from
		June 25, 2025			December 29, 2024			Fiscal Year Ended
		through December 31, 2025			through June 24, 2025			December 28, 2024
Operating activities:
	Net (loss) income	$	(62,095	)	$	1,118,103		$	(345,701	)
	Adjustments to reconcile net (loss) income to cash provided by (used for) operating activities:
	Depreciation and amortization		53,482			14,201			37,784
	Amortization of deferred financing costs and debt (premium) discount, net		(52	)		1,766			5,018
	Impairment of franchise rights acquired		—			27,549			315,033
	Impairment of intangible and long-lived assets		37			97			481
	Share-based compensation expense		604			4,032			7,764
	Deferred tax (benefit) provision		(9,281	)		26,232			(26,578	)
	Allowance for doubtful accounts		(599	)		(1,131	)		2,062
	Reserve for inventory obsolescence		(2	)		(1	)		72
	Foreign currency exchange rate loss (gain)		1,285			6,717			(2,276	)
	Non-cash reorganization items, net		—			(1,176,532	)		—
	Changes in cash due to:
	Receivables		(3,600	)		4,280			1,599
	Inventories		2			3			91
	Prepaid expenses		36,167			(31,281	)		18,703
	Accounts payable		(1,929	)		(8,237	)		(508	)
	Accrued liabilities		(8,851	)		15,084			(14,998	)
	Deferred revenue		(1,339	)		(2,914	)		(1,780	)
	Other long term assets and liabilities, net		(1,386	)		(2,236	)		(14,624	)
	Income taxes		3,083			(30,155	)		1,018
	Cash provided by (used for) operating activities		5,526			(34,423	)		(16,840	)
Investing activities:
	Capital expenditures		—			(87	)		(718	)
	Capitalized software and website development expenditures		(11,141	)		(6,253	)		(15,692	)
	Cash paid for acquisitions, net of cash acquired		(2,020	)		—			—
	Other items, net		—			(1	)		(5	)
	Cash used for investing activities		(13,161	)		(6,341	)		(16,415	)
Financing activities:
	Borrowings on revolving credit facility		—			171,341			—
	Financing costs		—			(1,298	)		—
	Taxes paid related to net share settlement of equity awards		—			(145	)		(839	)
	Cash paid for acquisitions		—			(16,000	)		(16,500	)
	Other items, net		—			—			(4	)
	Cash provided by (used for) financing activities		—			153,898			(17,343	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash			592			3,966			(2,248	)
Net (decrease) increase in cash and cash equivalents and restricted cash			(7,043	)		117,100			(52,846	)
Cash and cash equivalents and restricted cash, beginning of period			173,620			56,520			109,366
Cash and cash equivalents and restricted cash, end of period		$	166,577		$	173,620		$	56,520

WW INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS, EXCEPT PERCENTAGES)
UNAUDITED

							Variance
	Successor				Predecessor				2025
	Three Months Ended				Three Months Ended		2025		Constant Currency
	December 31, 2025				December 28, 2024		vs		vs
	GAAP		Constant Currency		GAAP		2024		2024

Selected Financial Data
Total Revenue	$	162,812	$	159,508	$	184,413	(11.7	%)	(13.5	%)
Behavioral Subscription Revenue⁽¹⁾	$	134,441	$	131,202	$	161,261	(16.6	%)	(18.6	%)
Clinical Subscription Revenue⁽²⁾	$	27,013	$	27,013	$	20,472	32.0	%	32.0	%
Subscription Revenue⁽³⁾	$	161,454	$	158,215	$	181,733	(11.2	%)	(12.9	%)
Other Revenue⁽⁴⁾	$	1,358	$	1,293	$	2,680	(49.3	%)	(51.8	%)

Note: Totals may not sum due to rounding.
⁽¹⁾“Behavioral Subscription Revenue” consist of the fees associated with subscriptions for the Company’s Behavioral offerings.
⁽²⁾“Clinical Subscription Revenue” consist of the fees associated with subscriptions for the Company’s Clinical offerings.
⁽³⁾“Subscription Revenue” is the sum of Behavioral Subscription Revenue and Clinical Subscription Revenue.
⁽⁴⁾“Other Revenue” consist of revenue from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenue.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS, EXCEPT PERCENTAGES)
UNAUDITED

							Variance
					Predecessor				2025
	Fiscal Year Ended				Fiscal Year Ended		2025		Combined
	December 31, 2025				December 28, 2024		Combined		Constant Currency
			Combined⁽¹⁾				vs		vs
	Combined⁽¹⁾		Constant Currency		GAAP		2024		2024

Selected Financial Data
Total Revenue	$	710,638	$	704,155	$	785,921	(9.6	%)	(10.4	%)
Behavioral Subscription Revenue⁽²⁾	$	592,574	$	586,185	$	698,992	(15.2	%)	(16.1	%)
Clinical Subscription Revenue⁽³⁾	$	112,840	$	112,840	$	78,001	44.7	%	44.7	%
Subscription Revenue⁽⁴⁾	$	705,414	$	699,025	$	776,993	(9.2	%)	(10.0	%)
Other Revenue⁽⁵⁾	$	5,224	$	5,130	$	8,928	(41.5	%)	(42.5	%)

Note: Totals may not sum due to rounding.
⁽¹⁾These amounts combine the revenue of the Successor and Predecessor periods for comparability purposes. Although the Successor and Predecessor have a different accounting basis due to the application of fresh start accounting, none of the fresh start accounting adjustments impact revenue. Therefore, the combined revenue amounts presented are consistent with a pro forma presentation under Article 11 of Regulation S-X as if fresh start accounting was applied at the beginning of the first period presented.
⁽²⁾“Behavioral Subscription Revenue” consist of the fees associated with subscriptions for the Company’s Behavioral offerings.
⁽³⁾“Clinical Subscription Revenue” consist of the fees associated with subscriptions for the Company’s Clinical offerings.
⁽⁴⁾“Subscription Revenue” is the sum of Behavioral Subscription Revenue and Clinical Subscription Revenue.
⁽⁵⁾“Other Revenue” consist of revenue from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenue.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
OPERATIONAL STATISTICS
(IN THOUSANDS, EXCEPT PERCENTAGES AND MONTHLY SUBSCRIPTION REVENUE PER AVERAGE SUBSCRIBER)
UNAUDITED

	Successor				Predecessor
	Three Months Ended				Three Months Ended
	December 31, 2025				December 28, 2024		Variance		Variance
			(Constant Currency)						(Constant Currency)
Incoming Subscribers⁽¹⁾
Incoming Behavioral Subscribers		2,862	N/A			3,589	(20.2	%)	N/A
Incoming Clinical Subscribers		124	N/A			78	59.6	%	N/A
Incoming Subscribers		2,986	N/A			3,667	(18.6	%)	N/A

End of Period Subscribers⁽²⁾
End of Period Behavioral Subscribers		2,631	N/A			3,244	(18.9	%)	N/A
End of Period Clinical Subscribers		130	N/A			92	41.9	%	N/A
End of Period Subscribers		2,761	N/A			3,336	(17.2	%)	N/A

Monthly Subscription Revenue Per Average Subscriber⁽³⁾
Monthly Behavioral Subscription Revenue Per Average Subscriber	$	16.32	$	15.92	$	15.73	3.7	%	1.2	%
Monthly Clinical Subscription Revenue Per Average Subscriber	$	70.82	$	70.82	$	80.52	(12.0	%)	(12.0	%)
Monthly Subscription Revenue Per Average Subscriber	$	18.73	$	18.35	$	17.30	8.2	%	6.1	%

Note: Totals may not sum due to rounding.
⁽¹⁾The “Incoming Subscribers” metric reports WW subscribers in Company-owned operations at a given period start.
⁽²⁾The “End of Period Subscribers” metric reports WW subscribers in Company-owned operations at a given period end.
⁽³⁾The “Monthly Subscription Revenue Per Average Subscriber” metric reports the monthly fees associated with subscriptions for the Company's offerings divided by the Average Subscriber for its businesses. Monthly Subscription Revenue for quarterly periods for each respective business is calculated as Subscription Revenue divided by the number of months in the respective quarterly period. The “Average Subscriber” for quarterly periods for each respective business is the average of its Incoming Subscribers and End of Period Subscribers for the respective quarterly period.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
OPERATIONAL STATISTICS
(IN THOUSANDS, EXCEPT PERCENTAGES AND MONTHLY SUBSCRIPTION REVENUE PER AVERAGE SUBSCRIBER)
UNAUDITED

	Combined				Predecessor
	Fiscal Year Ended				Fiscal Year Ended
	December 31, 2025				December 28, 2024		Variance		Variance
			(Constant Currency)						(Constant Currency)
Incoming Subscribers⁽¹⁾
Incoming Behavioral Subscribers		3,244	N/A			3,731	(13.1	%)	N/A
Incoming Clinical Subscribers		92	N/A			67	37.8	%	N/A
Incoming Subscribers		3,336	N/A			3,798	(12.2	%)	N/A

End of Period Subscribers⁽²⁾
End of Period Behavioral Subscribers		2,631	N/A			3,244	(18.9	%)	N/A
End of Period Clinical Subscribers		130	N/A			92	41.9	%	N/A
End of Period Subscribers		2,761	N/A			3,336	(17.2	%)	N/A

Monthly Subscription Revenue Per Average Subscriber⁽³⁾
Monthly Behavioral Subscription Revenue Per Average Subscriber	$	16.38	$	16.20	$	15.97	2.5	%	1.4	%
Monthly Clinical Subscription Revenue Per Average Subscriber	$	77.40	$	77.40	$	80.47	(3.8	%)	(3.8	%)
Monthly Subscription Revenue Per Average Subscriber	$	18.74	$	18.57	$	17.37	7.9	%	6.9	%

Note: Totals may not sum due to rounding.
⁽¹⁾The “Incoming Subscribers” metric reports WW subscribers in Company-owned operations at a given period start.
⁽²⁾The “End of Period Subscribers” metric reports WW subscribers in Company-owned operations at a given period end.
⁽³⁾The “Monthly Subscription Revenue Per Average Subscriber” metric reports the monthly fees associated with subscriptions for the Company's offerings divided by the Average Subscriber for its businesses. Monthly Subscription Revenue for year-to-date periods for each respective business is calculated as Subscription Revenue divided by the number of months in the respective year-to-date period. The “Average Subscriber” for year-to-date periods for each respective business is the average of its Incoming Subscribers at the beginning of the fiscal year and its End of Period Subscribers for each quarter end within the respective year-to-date period.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS, EXCEPT PERCENTAGES)
UNAUDITED

	Successor												Predecessor
	Three Months Ended												Three Months Ended
	December 31, 2025												December 28, 2024
										Selling,												Selling,
							Product			General, and									Product			General, and
	Gross			Marketing			Development			Administrative			Gross			Marketing			Development			Administrative
	Profit			Expenses			Expenses			Expenses			Profit			Expenses			Expenses			Expenses

GAAP	$	114,095		$	65,474		$	8,872		$	52,688		$	128,513		$	48,207		$	8,873		$	35,211
% of Revenue		70.1	%		40.2	%		5.4	%		32.4	%		69.7	%		26.1	%		4.8	%		19.1	%

Adjustments:
Transaction Costs⁽¹⁾	$	—		$	—		$	—		$	514		$	—		$	—		$	—		$	—
Depreciation and Amortization Expenses		5,350			—			(59	)		(20,899	)		5,934			—			(77	)		(2,670	)
Restructuring Charges⁽²⁾		1,618			—			—			(2,966	)		(1,140	)		—			—			(1,791	)
Share-based Compensation Expense		—			—			—			(604	)		—			—			—			(705	)
Total Adjustments	$	6,968		$	—		$	(59	)	$	(23,955	)	$	4,794		$	—		$	(77	)	$	(5,166	)

Adjusted	$	121,063		$	65,474		$	8,813		$	28,733		$	133,307		$	48,207		$	8,796		$	30,045
% of Revenue		74.4	%		40.2	%		5.4	%		17.6	%		72.3	%		26.1	%		4.8	%		16.3	%

Currency Adjustment		(2,930	)		(319	)		—			(149	)	N/A			N/A			N/A			N/A

Constant Currency	$	111,165		$	65,155		$	8,872		$	52,539		N/A			N/A			N/A			N/A
% of Revenue		69.7	%		40.8	%		5.6	%		32.9	%	N/A			N/A			N/A			N/A

Adjusted Constant Currency	$	118,132		$	65,155		$	8,813		$	28,584		N/A			N/A			N/A			N/A
% of Revenue		74.1	%		40.8	%		5.5	%		17.9	%	N/A			N/A			N/A			N/A

Note: Totals may not sum due to rounding.
⁽¹⁾Certain non-recurring transaction costs related to strategic alternatives and the Company's Chapter 11 financial reorganization.
⁽²⁾Restructuring charges consist of expenses associated with the reduction in headcount as a result of certain strategic re-alignments. Restructuring charges include the 2025 restructuring plan, the previously disclosed 2024 restructuring plan, the previously disclosed 2023 restructuring plan and the previously disclosed 2022 restructuring plan.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS, EXCEPT PERCENTAGES)
UNAUDITED

	Successor												Predecessor
	Period from												Period from
	June 25, 2025												December 29, 2024												Fiscal Year Ended
	through December 31, 2025												through June 24, 2025												December 28, 2024
										Selling,												Selling,												Selling,
							Product			General, and									Product			General, and									Product			General, and
	Gross			Marketing			Development			Administrative			Gross			Marketing			Development			Administrative			Gross			Marketing			Development			Administrative
	Profit			Expenses			Expenses			Expenses			Profit			Expenses			Expenses			Expenses			Profit			Expenses			Expenses			Expenses

GAAP	$	247,115		$	116,662		$	17,108		$	115,663		$	263,384		$	110,871		$	25,281		$	78,480		$	533,103		$	236,467		$	42,158		$	175,667
% of Revenue		71.2	%		33.6	%		4.9	%		33.3	%		72.4	%		30.5	%		7.0	%		21.6	%		67.8	%		30.1	%		5.4	%		22.4	%

Adjustments:
Transaction Costs⁽¹⁾	$	—		$	—		$	—		$	(8,787	)	$	—		$	—		$	—		$	(20,873	)	$	—		$	—		$	—		$	—
Depreciation and Amortization Expenses		10,815			—			(121	)		(42,546	)		8,650			—			(115	)		(5,440	)		24,912			—			(590	)		(12,282	)
Restructuring Charges⁽²⁾		1,641			—			—			(3,065	)		(2,455	)		—			—			(2,333	)		5,033			—			—			(17,140	)
Share-based Compensation Expense		—			—			—			(604	)		—			—			—			(4,032	)		—			—			—			(6,671	)
Former CEO Separation Expenses⁽³⁾		—			—			—			—			—			—			—			—			—			—			—			(3,858	)
Total Adjustments	$	12,456		$	—		$	(121	)	$	(55,002	)	$	6,195		$	—		$	(115	)	$	(32,677	)	$	29,945		$	—		$	(590	)	$	(39,951	)

Adjusted	$	259,571		$	116,662		$	16,987		$	60,661		$	269,579		$	110,871		$	25,166		$	45,803		$	563,048		$	236,467		$	41,568		$	135,716
% of Revenue		74.8	%		33.6	%		4.9	%		17.5	%		74.1	%		30.5	%		6.9	%		12.6	%		71.6	%		30.1	%		5.3	%		17.3	%

Currency Adjustment		(5,322	)		(508	)		—			(282	)		(458	)		103			—			(21	)	N/A			N/A			N/A			N/A

Constant Currency	$	241,793		$	116,154		$	17,108		$	115,381		$	262,926		$	110,974		$	25,281		$	78,459		N/A			N/A			N/A			N/A
% of Revenue		70.9	%		34.1	%		5.0	%		33.8	%		72.4	%		30.6	%		7.0	%		21.6	%	N/A			N/A			N/A			N/A

Adjusted Constant Currency	$	254,249		$	116,154		$	16,987		$	60,380		$	269,122		$	110,974		$	25,166		$	45,781		N/A			N/A			N/A			N/A
% of Revenue		74.5	%		34.1	%		5.0	%		17.7	%		74.1	%		30.6	%		6.9	%		13.7	%	N/A			N/A			N/A			N/A

Note: Totals may not sum due to rounding.
⁽¹⁾Certain non-recurring transaction costs related to strategic alternatives and the Company's Chapter 11 financial reorganization.
⁽²⁾Restructuring charges consist of expenses associated with the reduction in headcount as a result of certain strategic re-alignments. Restructuring charges include the 2025 restructuring plan, the previously disclosed 2024 restructuring plan, the previously disclosed 2023 restructuring plan and the previously disclosed 2022 restructuring plan.
⁽³⁾Certain non-recurring expenses in connection with the separation from the Company of its former Chief Executive Officer.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS, EXCEPT PERCENTAGES)
UNAUDITED

		Successor						Predecessor
					Period from			Period from
		Three Months Ended			June 25, 2025			December 29, 2024				Three Months Ended			Fiscal Year Ended
		December 31, 2025			through December 31, 2025			through June 24, 2025				December 28, 2024			December 28, 2024

Net (Loss) Income		$	(5,833	)	$	(62,095	)	$	1,118,103			$	25,124		$	(345,701	)
Net (Loss) Income Margin			(3.6	%)		(17.9	%)		307.5	%			13.6	%		(44.0	%)

Interest			11,767			24,742			38,664				27,031			108,954
Taxes			(18,856	)		33,778			1,669				(11,745	)		526
Depreciation and Amortization Expenses			26,308			53,482			14,201				8,681			37,784
Share-based Compensation Expense			604			604			4,032				705			6,671
	EBITDA	$	13,990		$	50,511		$	1,176,669			$	49,796		$	(191,766	)
	EBITDA Margin		8.6	%		14.6	%		323.6	%			27.0	%		(24.4	%)

Franchise Rights Acquired Impairments			—			—			27,549		⁽¹⁾		—			315,033		⁽²⁾
Reorganization Items, net⁽³⁾			—			—			(1,143,918	)			—			—
Transaction Costs⁽⁴⁾			(514	)		8,787			20,873				—			—
Restructuring Charges⁽⁵⁾			4,584			4,706			(122	)			651			22,173
Former CEO Separation Expenses⁽⁶⁾			—			—			—				—			3,858
Other⁽⁷⁾			(17	)		1,257			6,685				(4,188	)		(2,759	)
	Adjusted EBITDA	$	18,043		$	65,261		$	87,736			$	46,259		$	146,539
	Adjusted EBITDA Margin		11.1	%		18.8	%		24.1	%			25.1	%		18.6	%

Note: Totals may not sum due to rounding.
⁽¹⁾The Company's franchise rights acquired impairment charge related to its United States unit of account.
⁽²⁾The Company's franchise rights acquired impairment charges of $305,726, $4,074, $2,905 and $2,328 related to its United States, Australia, United Kingdom and New Zealand units of account, respectively.
⁽³⁾The net reorganization gain related to the Company's emergence from its Chapter 11 financial reorganization and primarily consisted of the gain on settlement of liabilities subject to compromise and the impacts of fresh start valuation adjustments.
⁽⁴⁾Certain non-recurring transaction costs related to strategic alternatives and the Company's Chapter 11 financial reorganization.
⁽⁵⁾Restructuring charges consist of expenses associated with the reduction in headcount as a result of certain strategic re-alignments. Restructuring charges include the previously disclosed 2024 restructuring plan, 2023 restructuring plan and 2022 restructuring plan.
⁽⁶⁾Certain non-recurring expenses in connection with the separation from the Company of its former Chief Executive Officer.
⁽⁷⁾Primarily consists of the impact of foreign exchange gains and losses.

FAQ

What were Weight Watchers (WW) fourth-quarter 2025 results on March 16, 2026?

Q4 2025 revenue was $163 million with a $6 million net loss and $18 million Adjusted EBITDA. According to the company, Q4 net loss margin was 3.6% and Adjusted EBITDA margin was 11.1%, driven in part by incremental marketing spend and seasonal investments.

How many subscribers did Weight Watchers (WW) report at year-end 2025?

End of period subscribers totaled approximately 2.8 million, including 130,000 clinical subscribers. According to the company, clinical subscribers rose 42% year-over-year and clinical revenue grew 32% in Q4 2025.

What is Weight Watchers (WW) full-year 2026 financial guidance?

Weight Watchers guides 2026 revenue of $620–$635 million and Adjusted EBITDA of $105–$115 million. According to the company, guidance assumes an opening subscriber headwind, ARPU accretion from mix shift, and lower marketing after Q1 concentration.

Why did Weight Watchers (WW) Adjusted EBITDA margin decline in Q4 2025?

Adjusted EBITDA margin declined partly due to $10 million of additional marketing spend tied to the new fiscal calendar and peak season investments. According to the company, these calendar and strategic brand marketing costs reduced margin year-over-year.

What are Weight Watchers (WW) Q1 2026 subscriber expectations?

The company estimates about 2.65 million end of period subscribers and roughly 200,000 clinical subscribers for Q1 2026. According to the company, Q1 guidance reflects concentrated marketing spend to drive brand repositioning and clinical growth.

Weight Watchers Announces Fourth Quarter and Full Year 2025 Results