WeightWatchers Announces Third Quarter 2025 Results

Rhea-AI Summary

WeightWatchers (Nasdaq: WW) reported Q3 fiscal 2025 results for the quarter ended September 30, 2025: End of period subscribers 3.0 million (including Clinical subscribers 124k), Total revenues $172 million, and Clinical subscription revenue $26 million, up 35.3% YoY. The company recorded a net loss of $58 million (net loss margin 33.4%), which included a $53 million income tax charge. Adjusted EBITDA was $43 million (margin 24.9%).

Balance sheet improved: total debt reduced by >70% (~$1.1 billion) and cash rose to $170 million. Management narrowed fiscal 2025 guidance to Revenues $695–700M and Adjusted EBITDA $145–150M.

Positive

• Clinical revenue +35.3% year-over-year
• Adjusted EBITDA $43M (24.9% margin)
• Total debt reduced by >70% (~$1.1B)
• Quarter-end cash increased to $170M
• Fiscal 2025 guidance narrowed to higher end: Revenues $695–700M and Adjusted EBITDA $145–150M

Negative

• Total revenues declined 10.8% YoY
• Net loss of $58M with net loss margin 33.4%
• Net loss included a $53M income tax charge
• Behavioral business described as pressured

Insights

Financial Results Analyst

Results show improved liquidity and profitability metrics, offset by revenue decline and a GAAP net loss driven by a tax charge.

WeightWatchers reported Total Revenues of $172 million and a year-over-year decline of 10.8%, while Clinical Subscription Revenues reached $26 million, up 35.3%.

The company posted a Net Loss of $58 million, with a one-time income tax charge of $53 million explaining most of the GAAP loss; Adjusted EBITDA was $43 million with an Adjusted EBITDA Margin of 24.9%, indicating operational profitability on a non-GAAP basis.

Key balance-sheet moves include debt reduction of ~$1.1 billion (> 70%) and quarter-end cash of $170 million, up from $152 million. Management narrowed fiscal 2025 guidance to Revenues $695 million - $700 million and Adjusted EBITDA $145 million - $150 million.

Watch near term: quarterly revenue trend and subscriber trajectory, realization of adjusted EBITDA into sustainable cash flow, and effects of restructuring accounting on comparability within the next fiscal quarters.

Restructuring and Strategy Expert

Restructuring materially strengthened the balance sheet, while clinical growth supports strategic repositioning toward integrated care.

The post-reorganization period shows a sharply reduced leverage profile and immediate capacity to invest, evidenced by cash rising to $170 million and debt falling by roughly $1.1 billion (> 70%), which improves solvency and optionality.

Clinical subscription growth of 35.3% and retention of members using compounded semaglutide suggest early success in clinical offerings, even as Behavioral revenue pressures reduced Total Revenues by 10.8%. Adjusted EBITDA margin of 24.9% signals disciplined cost management.

Concrete near-term items to monitor include subscriber counts and retention, quarterly translation of Adjusted EBITDA into free cash flow, and execution of new programs over the next several quarters.

End of Period Subscribers of 3.0 million, including Clinical Subscribers of 124 thousand 

Total Revenues of $172 million; Clinical Subscription Revenues of $26 million, up 35% year-over-year

Net Loss of $58 million; Net Loss Margin of 33.4%; Adjusted EBITDA¹ of $43 million and Adjusted EBITDA Margin¹ of 24.9%

Narrowing 2025 Guidance to the higher end of previous ranges for Revenue and Adjusted EBITDA¹

NEW YORK, Nov. 06, 2025 (GLOBE NEWSWIRE) -- WW International, Inc. (Nasdaq: WW) (“WeightWatchers,” “WW,” or the “Company”) today announced its results for the third quarter of fiscal 2025 ended September 30, 2025² in this Earnings Press Release and a Shareholder Letter posted on the Company’s Corporate Website.

Third Quarter 2025 Overview

• Q3 reflected a significantly strengthened balance sheet as the Company’s first full quarter post-restructuring, with total debt reduced by more than 70% (~$1.1 billion) and Cash at quarter end increasing to $170 million from $152 million at the end of Q2.
• Clinical Subscription Revenue growth remained strong at 35.3% year-over-year, with retention of members previously prescribed compounded semaglutide better than expected. Total Revenues declined 10.8% year-over-year.
• Net Loss of $58 million was negatively impacted by a $53 million charge for income tax expense. As a result, Net Loss Margin was 33.4%. Adjusted EBITDA¹ was $43 million; Adjusted EBITDA Margin¹ remained strong at 24.9% reflecting disciplined cost management across the business and timing of marketing spend.
• Execution of strategic priorities is advancing, with key initiatives launched including the new Menopause program, and strong progress across brand, digital, and clinical innovation.
• Added senior leaders across technology, experience, and international to further strengthen the executive team and accelerate execution.
• Narrowing 2025 Guidance to the higher end of previous ranges for Revenues to $695 - $700 million and Adjusted EBITDA¹ to $145 - $150 million.

“WeightWatchers is entering a new era, uniquely positioned at the intersection of medical innovation and behavioral science, to lead this rapidly evolving weight health market,” said Tara Comonte, CEO of WeightWatchers. “GLP-1s are a breakthrough in obesity care, but real success, with or without medication, comes from combining science, healthy habits, accountability, and connection. As medications become a more central part of sustainable weight management, our integrated care model uniting clinical solutions with six decades of expertise in behavior change and community support, positions WeightWatchers as the leading comprehensive solution for people taking control of their weight health. The progress we made in Q3 has been a strong step in the right direction as we build toward that future.”

“Our healthier balance sheet has enabled us to begin investing in growth opportunities, while continuing to deliver strong profitability,” said Felicia DellaFortuna, CFO of WeightWatchers. “While our Behavioral business continues to be pressured, we’re pleased with our Clinical Revenue growth of 35% and robust Adjusted EBITDA Margin¹ of 24.9%, reflecting our continued cost discipline while we also build for sustainable future growth."

Full Year Fiscal 2025 Guidance
The Company is narrowing its full year fiscal 2025 Guidance to the higher end of previously guided ranges:

• Revenues: $695 million - $700 million from previous guidance of $685 million - $700 million
• Adjusted EBITDA¹: $145 million - $150 million from previous guidance of $140 million - $150 million

Third Quarter 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, amortization and stock-based compensation (“EBITDA”); and for each period presented, EBITDA adjusted, as applicable, for (a) franchise rights acquired 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 with the 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 September 30, 2025 and the period from June 25, 2025 through September 30, 2025. References to “Predecessor” relate to the Company’s operations for the period from December 29, 2024 through June 24, 2025 and the three and nine months ended September 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.

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 WeightWatchers Clinic combined with the Company’s digital subscription product offerings and unlimited access to the Company’s workshops.

“Revenues” - “Subscription Revenues” consist of the aggregate of: (a) “Behavioral Subscription Revenues”, the fees associated with subscriptions for the Company’s Behavioral offerings; and (b) “Clinical Subscription Revenues”, the fees associated with subscriptions for the Company’s Clinical offerings. In addition, “Other Revenues” (formerly known as “product sales and other”) consist of revenues from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenues. Prior to fiscal 2024, Other Revenues 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 Revenues Per Average Subscriber” - The “Monthly Subscription Revenues 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 Revenues for both quarterly and year-to-date periods for each respective business are calculated as Subscription Revenues 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 WeightWatchers
WeightWatchers is the global leader in science-backed weight management, offering an integrated support system that combines scientific expertise and human connection. With more than 60 years of experience, WeightWatchers 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, medications when clinically appropriate, and a global network of coaches and community support. Since 1963, the company has surrounded its members with the support they need to reach and sustain their goals, wherever they are on their journey. Members can access these solutions directly, or through WeightWatchers 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, WeightWatchers offers a proven path forward, 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 the Company’s 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 the Company’s ability to successfully expand into new channels of distribution or respond to consumer trends or sentiment; regulatory, reputational and other risks associated with the Company’s former compounded GLP-1 offering; the Company’s ability to successfully implement strategic initiatives; the Company’s ability to evolve its community offerings to meet the evolving preferences of its members; 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, including as a result of the Company’s acquisition of Weekend Health, Inc., doing business as Sequence (“Sequence”) (the “Acquisition”); 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 chief executive officer transition; 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, including with respect to Sequence; 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 impact of prolonged or recurring U.S. federal government shutdowns and any resulting volatility in the capital markets or interruptions in the Company’s access to capital; 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 the Company of leases; the inability to renew certain of the Company’s licenses, or the inability to do so on terms that are favorable to the Company; the impact of the Company’s substantial amount of debt, debt service obligations and debt covenants, and its 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, including federal and state regulations relating to compounded medications; risks related to the Company’s exposure to extensive and complex healthcare laws and regulations as a result of the Acquisition; 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; risks related to the Acquisition, including risks that the Acquisition may not achieve its intended results; the possibility that the Company could fail to maintain the listing of the Company’s common stock on Nasdaq; risks related to the actions of activist shareholders and anti-takeover provisions in the Company’s articles of incorporation and bylaws; uncertainty and continuing risks associated with the Company’s ability to achieve its goals; 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:
Marielena Santana
media@ww.com

WW INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
UNAUDITED
			Successor					Predecessor
			September 30,					December 28,
				2025					2024
ASSETS
CURRENT ASSETS
	Cash and cash equivalents		$	170,145				$	53,024
	Restricted cash			7,421					3,003
	Receivables (net of allowances: September 30, 2025 - $1,307 and December 28, 2024 - $3,166)			14,902					14,428
	Prepaid income taxes			6,290					11,676
	Prepaid marketing and advertising			3,599					4,969
	Prepaid expenses and other current assets			16,965					15,548
	TOTAL CURRENT ASSETS			219,322					102,648
Property and equipment, net				8,892					15,798
Operating lease assets				3,229					42,047
Goodwill				200,073					239,583
Other intangible assets, net				507,629					115,762
Deferred income taxes				16,298					16,686
Other noncurrent assets				13,309					17,752
	TOTAL ASSETS		$	968,752				$	550,276
LIABILITIES AND TOTAL EQUITY (DEFICIT)
CURRENT LIABILITIES
	Portion of operating lease liabilities due within one year		$	1,256				$	8,168
	Accounts payable			11,340					17,803
	Salaries and wages payable			33,464					53,143
	Accrued marketing and advertising			14,788					12,805
	Accrued interest			977					11,322
	Deferred acquisition payable			1,000					15,503
	Other accrued liabilities			26,056					20,593
	Income taxes payable			16,448					2,339
	Deferred revenue			27,631					31,655
	TOTAL CURRENT LIABILITIES			132,960					173,331
Long-term debt, net				465,492					1,430,643
Long-term operating lease liabilities				2,198					44,322
Deferred income taxes				44,465					14,762
Other noncurrent liabilities				648					1,590
	TOTAL LIABILITIES			645,763					1,664,648
TOTAL EQUITY (DEFICIT)
	Successor common stock, $0 par value; 1,000,000 shares authorized; 9,987 shares issued at September 30, 2025			378,533					—
	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			(56,262	)				1,936,170
	Accumulated other comprehensive income (loss)			718					(25,832	)
	TOTAL EQUITY (DEFICIT)			322,989					(1,114,372	)
	TOTAL LIABILITIES AND TOTAL EQUITY (DEFICIT)		$	968,752				$	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
			September 30, 2025					September 28, 2024
Subscription revenues, net(1)			$	170,929				$	191,248
Other revenues, net(2)				1,162					1,639
	Revenues, net			172,091					192,887
Cost of subscription revenues(3)				47,908					63,329
Cost of other revenues				72					62
	Cost of revenues			47,980					63,391
	Gross profit			124,111					129,496
Marketing expenses				48,404					44,402
Product development expenses				7,550					10,048
Selling, general and administrative expenses				60,122					57,046
Franchise rights acquired impairments				—					57,045
	Operating income (loss)			8,035					(39,045	)
Interest expense				12,052					28,619
Other expense, net				342					5,870
	Loss before income taxes			(4,359	)				(73,534	)
Provision for (benefit from) income taxes				53,157					(27,342	)
	Net loss		$	(57,516	)			$	(46,192	)
Net loss per share
	Basic		$	(5.76	)			$	(0.58	)
	Diluted		$	(5.76	)			$	(0.58	)
Weighted average common shares outstanding
	Basic			9,987					79,732
	Diluted			9,987					79,732
Note: Totals may not sum due to rounding.
(1)“Subscription revenues, net” consist of the aggregate of: (a) net “Behavioral Subscription Revenues”, the fees associated with subscriptions for the Company’s Behavioral offerings; and (b) net “Clinical Subscription Revenues”, the fees associated with subscriptions for the Company’s Clinical offerings.
(2)“Other revenues, net” consist of revenues from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenues.
(3)“Cost of subscription revenues” consists of cost of revenues 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				Nine Months Ended
			through September 30, 2025					through June 24, 2025				September 28, 2024
Subscription revenues, net(1)			$	183,007				$	360,953			$	595,260
Other revenues, net(2)				1,251					2,615				6,248
	Revenues, net			184,258					363,568				601,508
Cost of subscription revenues(3)				51,166					100,026				195,168
Cost of other revenues				72					158				1,750
	Cost of revenues			51,238					100,184				196,918
	Gross profit			133,020					263,384				404,590
Marketing expenses				51,188					110,871				188,260
Product development expenses				8,236					25,281				33,285
Selling, general and administrative expenses				62,975					78,480				140,456
Franchise rights acquired impairments				—					27,549				315,033
	Operating income (loss)			10,621					21,203				(272,444	)
Reorganization items, net				—					(1,143,918	)			—
Interest expense				12,975					38,664				81,923
Other expense, net				1,274					6,685				4,187
	(Loss) income before income taxes			(3,628	)				1,119,772				(358,554	)
Provision for income taxes				52,634					1,669				12,270
	Net (loss) income		$	(56,262	)			$	1,118,103			$	(370,824	)
(Net loss) earnings per share
	Basic		$	(5.63	)			$	13.93			$	(4.67	)
	Diluted		$	(5.63	)			$	13.80			$	(4.67	)
Weighted average common shares outstanding
	Basic			9,987					80,271				79,474
	Diluted			9,987					80,998				79,474
Note: Totals may not sum due to rounding.
(1) “Subscription revenues, net” consist of the aggregate of: (a) net “Behavioral Subscription Revenues”, the fees associated with subscriptions for the Company’s Behavioral offerings; and (b) net “Clinical Subscription Revenues”, the fees associated with subscriptions for the Company’s Clinical offerings.
(2) “Other revenues, net” consist of revenues from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenues.
(3) “Cost of subscription revenues” consists of cost of revenues 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				Nine Months Ended
			through September 30, 2025					through June 24, 2025				September 28, 2024
Operating activities:
	Net (loss) income		$	(56,262	)			$	1,118,103			$	(370,824	)
	Adjustments to reconcile net (loss) income to cash provided by (used for) operating activities:
	Depreciation and amortization			27,174					14,201				29,103
	Amortization of deferred financing costs and debt discount			(26	)				1,766				3,763
	Impairment of franchise rights acquired			—					27,549				315,033
	Impairment of intangible and long-lived assets			—					97				297
	Share-based compensation expense			—					4,032				7,059
	Deferred tax provision (benefit)			1,064					(4,503	)			(15,905	)
	Allowance for doubtful accounts			(513	)				(1,131	)			12,296
	Reserve for inventory obsolescence			(2	)				(1	)			75
	Foreign currency exchange rate loss			1,298					6,717				1,902
	Non-cash reorganization items, net			—					(1,176,532	)			—
	Changes in cash due to:
	Receivables			(2,245	)				4,280				4,675
	Inventories			2					3				97
	Prepaid expenses			39,934					(31,281	)			19,754
	Accounts payable			1,454					(8,237	)			(1,718	)
	Accrued liabilities			(14,623	)				15,084				(14,551	)
	Deferred revenue			(2,220	)				(2,914	)			(2,745	)
	Other long term assets and liabilities, net			(11	)				(2,236	)			(15,334	)
	Income taxes			13,394					580				5,576
	Cash provided by (used for) operating activities			8,418					(34,423	)			(21,447	)
Investing activities:
	Capital expenditures			(6	)				(87	)			(598	)
	Capitalized software and website development expenditures			(3,678	)				(6,253	)			(12,620	)
	Cash paid for acquisitions, net of cash acquired			(1,020	)				—				—
	Other items, net			(3	)				(1	)			(5	)
	Cash used for investing activities			(4,707	)				(6,341	)			(13,223	)
Financing activities:
	Borrowings on revolving credit facility			—					171,341				—
	Financing costs			—					(1,298	)			—
	Taxes paid related to net share settlement of equity awards			—					(145	)			(631	)
	Cash paid for acquisitions			—					(16,000	)			(16,500	)
	Other items, net			—					—				(4	)
	Cash provided by (used for) financing activities			—					153,898				(17,135	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash				235					3,966				(380	)
Net increase (decrease) in cash and cash equivalents and restricted cash				3,946					117,100				(52,185	)
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			$	177,566				$	173,620			$	57,181

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
		September 30, 2025						September 28, 2024			vs			vs
		GAAP			Constant Currency			GAAP			2024			2024
Selected Financial Data
Total Revenues		$	172,091		$	169,648		$	192,887		(10.8	%)		(12.0	%)
Behavioral Subscription Revenues (1)		$	145,152		$	142,732		$	172,194		(15.7	%)		(17.1	%)
Clinical Subscription Revenues (2)		$	25,777		$	25,777		$	19,054		35.3	%		35.3	%
Subscription Revenues (3)		$	170,929		$	168,509		$	191,248		(10.6	%)		(11.9	%)
Other Revenues (4)		$	1,162		$	1,139		$	1,639		(29.1	%)		(30.5	%)
Note: Totals may not sum due to rounding.
(1) “Behavioral Subscription Revenues” consist of the fees associated with subscriptions for the Company’s Behavioral offerings.
(2) “Clinical Subscription Revenues” consist of the fees associated with subscriptions for the Company’s Clinical offerings.
(3) “Subscription Revenues” is the sum of Behavioral Subscription Revenues and Clinical Subscription Revenues.
(4) “Other Revenues” consist of revenues from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenues.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS, EXCEPT PERCENTAGES)
UNAUDITED
											Variance
								Predecessor						2025
		Nine Months Ended						Nine Months Ended			2025			Combined
		September 30, 2025						September 28, 2024			Combined			Constant Currency
					Combined(1)						vs			vs
		Combined(1)			Constant Currency			GAAP			2024			2024
Selected Financial Data
Total Revenues		$	547,826		$	544,647		$	601,508		(8.9	%)		(9.5	%)
Behavioral Subscription Revenues(2)		$	458,133		$	454,983		$	537,731		(14.8	%)		(15.4	%)
Clinical Subscription Revenues(3)		$	85,827		$	85,827		$	57,529		49.2	%		49.2	%
Subscription Revenues(4)		$	543,960		$	540,810		$	595,260		(8.6	%)		(9.1	%)
Other Revenues(5)		$	3,866		$	3,837		$	6,248		(38.1	%)		(38.6	%)
Note: Totals may not sum due to rounding.
(1) These amounts combine the revenues 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 Revenues” consist of the fees associated with subscriptions for the Company’s Behavioral offerings.
(3) “Clinical Subscription Revenues” consist of the fees associated with subscriptions for the Company’s Clinical offerings.
(4) “Subscription Revenues” is the sum of Behavioral Subscription Revenues and Clinical Subscription Revenues.
(5) “Other Revenues” consist of revenues from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenues.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
OPERATIONAL STATISTICS
(IN THOUSANDS, EXCEPT PERCENTAGES AND MONTHLY SUBSCRIPTION REVENUES PER AVERAGE SUBSCRIBER)
UNAUDITED
		Successor						Predecessor
		Three Months Ended						Three Months Ended
		September 30, 2025						September 28, 2024			Variance			Variance
					(Constant Currency)									(Constant Currency)
Incoming Subscribers(1)
Incoming Behavioral Subscribers			3,040		N/A				3,756		(19.0	%)		N/A
Incoming Clinical Subscribers			127		N/A				81		56.5	%		N/A
Incoming Subscribers			3,167		N/A				3,837		(17.4	%)		N/A
End of Period Subscribers(2)
End of Period Behavioral Subscribers			2,862		N/A				3,589		(20.2	%)		N/A
End of Period Clinical Subscribers			124		N/A				78		59.6	%		N/A
End of Period Subscribers			2,986		N/A				3,667		(18.6	%)		N/A
Monthly Subscription Revenues Per Average Subscriber(3)
Monthly Behavioral Subscription Revenues Per Average Subscriber		$	16.39		$	16.12		$	15.63		4.9	%		3.1	%
Monthly Clinical Subscription Revenues Per Average Subscriber		$	68.52		$	68.52		$	80.02		(14.4	%)		(14.4	%)
Monthly Subscription Revenues Per Average Subscriber		$	18.52		$	18.26		$	16.99		9.0	%		7.4	%
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 Revenues 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 Revenues for quarterly periods for each respective business is calculated as Subscription Revenues 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 REVENUES PER AVERAGE SUBSCRIBER)
UNAUDITED
		Combined						Predecessor
		Nine Months Ended						Nine Months Ended
		September 30, 2025						September 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			2,862		N/A				3,589		(20.2	%)		N/A
End of Period Clinical Subscribers			124		N/A				78		59.6	%		N/A
End of Period Subscribers			2,986		N/A				3,667		(18.6	%)		N/A
Monthly Subscription Revenues Per Average Subscriber(3)
Monthly Behavioral Subscription Revenues Per Average Subscriber		$	16.43		$	16.31		$	15.94		3.1	%		2.3	%
Monthly Clinical Subscription Revenues Per Average Subscriber		$	78.30		$	78.30		$	81.91		(4.4	%)		(4.4	%)
Monthly Subscription Revenues Per Average Subscriber		$	18.71		$	18.60		$	17.29		8.3	%		7.6	%
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 Revenues 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 Revenues for year-to-date periods for each respective business is calculated as Subscription Revenues 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
		September 30, 2025																	September 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		$	124,111			$	48,404			$	7,550			$	60,122				$	129,496			$	44,402			$	10,048			$	57,046
% of Revenue			72.1	%			28.1	%			4.4	%			34.9	%				67.1	%			23.0	%			5.2	%			29.6	%
Adjustments:
Transaction Costs(1)		$	—			$	—			$	—			$	(9,126	)			$	—			$	—			$	—			$	—
Depreciation and Amortization Expenses			5,135				—				(58	)			(20,301	)				6,362				—				(126	)			(2,668	)
Restructuring Charges(2)			23				—				—				(99	)				3,820				—				—				(9,986	)
Former CEO Separation Expenses(3)			—				—				—				—					—				—				—				(3,858	)
Total Adjustments		$	5,158			$	—			$	(58	)		$	(29,525	)			$	10,182			$	—			$	(126	)		$	(16,512	)
Adjusted		$	129,269			$	48,404			$	7,492			$	30,597				$	139,678			$	44,402			$	9,922			$	40,534
% of Revenue			75.1	%			28.1	%			4.4	%			17.8	%				72.4	%			23.0	%			5.1	%			21.0	%
Currency Adjustment			(2,179	)			(170	)			—				(116	)			N/A				N/A				N/A				N/A
Constant Currency		$	121,932			$	48,234			$	7,550			$	60,006				N/A				N/A				N/A				N/A
% of Revenue			71.9	%			28.4	%			4.5	%			35.4	%			N/A				N/A				N/A				N/A
Adjusted Constant Currency		$	127,089			$	48,234			$	7,492			$	30,480				N/A				N/A				N/A				N/A
% of Revenue			74.9	%			28.4	%			4.4	%			18.0	%			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 previously disclosed 2024 restructuring plan, 2023 restructuring plan and 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
		June 25, 2025																	December 29, 2024																Nine Months Ended
		through September 30, 2025																	through June 24, 2025																September 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		$	133,020			$	51,188			$	8,236			$	62,975				$	263,384			$	110,871			$	25,281			$	78,480			$	404,590			$	188,260			$	33,285			$	140,456
% of Revenue			72.2	%			27.8	%			4.5	%			34.2	%				72.4	%			30.5	%			7.0	%			21.6	%			67.3	%			31.3	%			5.5	%			23.4	%
Adjustments:
Transaction Costs(1)		$	—			$	—			$	—			$	(9,308	)			$	—			$	—			$	—			$	(20,873	)		$	—			$	—			$	—			$	—
Depreciation and Amortization Expenses			5,465				—				(62	)			(21,647	)				8,650				—				(115	)			(5,440	)			18,978				—				(513	)			(9,612	)
Restructuring Charges(2)			23				—				—				(99	)				(2,455	)			—				—				(2,333	)			6,173				—				—				(15,349	)
Former CEO Separation Expenses(3)			—				—				—				—					—				—				—				—				—				—				—				(3,858	)
Total Adjustments		$	5,488			$	—			$	(62	)		$	(31,054	)			$	6,195			$	—			$	(115	)		$	(28,646	)		$	25,151			$	—			$	(513	)		$	(28,819	)
Adjusted		$	138,508			$	51,188			$	8,174			$	31,921				$	269,579			$	110,871			$	25,166			$	49,835			$	429,741			$	188,260			$	32,772			$	111,637
% of Revenue			75.2	%			27.8	%			4.4	%			17.3	%				74.1	%			30.5	%			6.9	%			13.7	%			71.4	%			31.3	%			5.4	%			18.6	%
Currency Adjustment			(2,391	)			(189	)			—				(133	)				(458	)			103				—				(21	)		N/A				N/A				N/A				N/A
Constant Currency		$	130,629			$	50,999			$	8,236			$	62,842				$	262,926			$	110,974			$	25,281			$	78,459			N/A				N/A				N/A				N/A
% of Revenue			71.9	%			28.1	%			4.5	%			34.6	%				72.4	%			30.6	%			7.0	%			21.6	%		N/A				N/A				N/A				N/A
Adjusted Constant Currency		$	136,117			$	50,999			$	8,174			$	31,788				$	269,122			$	110,974			$	25,166			$	49,813			N/A				N/A				N/A				N/A
% of Revenue			75.0	%			28.1	%			4.5	%			17.5	%				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 previously disclosed 2024 restructuring plan, 2023 restructuring plan and 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 September 30, 2025				June 25, 2025 through September 30, 2025					December 29, 2024 through June 24, 2025				Three Months Ended September 28, 2024				Nine Months Ended September 28, 2024
Net (Loss) Income			$	(57,516	)		$	(56,262	)			$	1,118,103			$	(46,192	)		$	(370,824	)
Net (Loss) Income Margin				(33.4	%)			(30.5	%)				307.5	%			(23.9	%)			(61.6	%)
Interest				12,052				12,975					38,664				28,619				81,923
Taxes				53,157				52,634					1,669				(27,342	)			12,270
Depreciation and Amortization Expenses				25,493				27,174					14,201				9,155				29,103
Stock-based Compensation				—				—					4,032				824				5,966
	EBITDA		$	33,186			$	36,521				$	1,176,669			$	(34,936	)		$	(241,562	)
	EBITDA Margin			19.3	%			19.8	%				323.6	%			(18.1	%)			(40.2	%)
Franchise Rights Acquired Impairments				—				—					27,549		(1)		57,045		(2)		315,033		(3)
Reorganization Items, net(4)				—				—					(1,143,918	)			—				—
Transaction Costs(5)				9,126				9,308					20,873				—				—
Restructuring Charges(6)				122				122					(122	)			13,806				21,522
Former CEO Separation Expenses(7)				—				—					—				3,858				3,858
Other(8)				342				1,274					6,685				3,112				1,429
	Adjusted EBITDA		$	42,776			$	47,225				$	87,736			$	42,885			$	100,280
	Adjusted EBITDA Margin			24.9	%			25.6	%				24.1	%			22.2	%			16.7	%
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 $54,295 and $2,750 related to its United States and United Kingdom units of account, respectively.
(3)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.
(4)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.
(5)Certain non-recurring transaction costs related to strategic alternatives and the Company's Chapter 11 financial reorganization.
(6)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.
(7)Certain non-recurring expenses in connection with the separation from the Company of its former Chief Executive Officer.
(8)Primarily consists of the impact of foreign exchange gains and losses.

FAQ

What were WeightWatchers (WW) Q3 2025 revenues and subscribers?

Q3 2025 revenues were $172 million and end-of-period subscribers were 3.0 million (Clinical subscribers 124k).

How did WeightWatchers (WW) Clinical revenue perform in Q3 2025?

Clinical subscription revenue was $26 million, up 35.3% year-over-year.

Why did WeightWatchers (WW) report a $58M net loss in Q3 2025?

Net loss of $58 million was materially impacted by a $53 million income tax charge, per the release.

What was WeightWatchers (WW) Adjusted EBITDA and margin in Q3 2025?

Adjusted EBITDA was $43 million with an Adjusted EBITDA margin of 24.9%.

How did WeightWatchers (WW) change its fiscal 2025 guidance on Nov 6, 2025?

Management narrowed full-year fiscal 2025 guidance to Revenues $695–700M and Adjusted EBITDA $145–150M.

How improved was WeightWatchers (WW) balance sheet after restructuring in Q3 2025?

Total debt was reduced by >70% (approximately $1.1 billion reduction) and cash rose to $170 million at quarter end.