Weight Watchers (NASDAQ: WW) reported Q4 2025 revenue of $162.8 million, beating analyst estimates by 8.7% despite an 11.7% year-over-year decline. EPS came in at -$0.58, surpassing the consensus loss forecast of -$2.03 by 71.4%. The stock opened more than 14% higher before settling up roughly 2.7% by close.
About Weight Watchers
WW International, Inc. (NASDAQ: WW), commonly known as Weight Watchers, is the global leader in science-backed weight management. Founded in 1963 by Jean Nidetch in Queens, New York, the company is headquartered at 675 Avenue of the Americas, 6th Floor, New York, NY. The company employs approximately 3,700 people and carries a market capitalization of roughly $210.5 million as of the Q4 2025 earnings date.
Weight Watchers delivers a holistic, personalized weight health platform that combines behavioral subscriptions, clinical care (including access to GLP-1 medications when clinically appropriate), and digital technology. With more than six decades of research behind it, WW is the number-one U.S. doctor-recommended commercial weight-loss program. The company completed a Chapter 11 financial reorganization in June 2025, emerging with total debt reduced by more than 70% (approximately $1.1 billion) and a significantly strengthened balance sheet.
Full-year 2024 revenue was $785.9 million, making 2025 the fourth consecutive year of double-digit revenue decline as secular behavioral headwinds and GLP-1 medication trends reshaped the weight management industry.
Top Financial Highlights
- Total Q4 2025 Revenue of $162.8 million, down 11.7% year-over-year
- Clinical Subscription Revenue reached $27 million in Q4, up 32% year-over-year, growing to 17% of Total Subscription Revenue versus 11% in Q4 2024
- Behavioral Subscription Revenue of $134 million, down roughly 17% year-over-year
- Other Revenue of $1.4 million in Q4
- Q4 Net Loss of $5.8 million with a Net Loss Margin of 3.6%
- EPS (GAAP) of -$0.58, a significant improvement from the analyst consensus estimate of -$2.03
- Adjusted EBITDA of $18 million in Q4 with an Adjusted EBITDA Margin of 11.1%
- Gross Margin of 70.1% in Q4, up from 69.7% in Q4 2024; Adjusted Gross Margin of 74.4%, up from 72.3%
- Total End of Period Subscribers of 2.8 million, including 130,000 Clinical Subscribers, up 42% year-over-year
- Cash and Cash Equivalents of $160 million at December 31, 2025, up from $53 million at end of 2024
- Long-term Debt reduced to $465 million from $1.43 billion at end of 2024
- Full Year 2025 Total Revenue approximately $711 million (Successor + Predecessor combined), beating the previously provided guidance high end
- FY 2026 Revenue Guidance of $620 million to $635 million; Adjusted EBITDA Guidance of $105 million to $115 million
Beat or Miss?
| Metric | Reported | Analyst Estimate | Difference / Analysis |
| Q4 Revenue | $162.8M | $149.8M | +8.7% beat despite 11.7% YoY decline |
| EPS (GAAP) | ($0.58) | -$2.03 | 71.4% beat, significantly narrowed loss |
| Adjusted EBITDA | $18.04M | $12.11M | 48.9% beat, 11.1% margin |
| Operating Margin | -7.90% | N/A | Down 16.6% points YoY |
| Free Cash Flow Margin | 0.7% (break-even) | N/A | Down from 2.4% in Q4 2024 |
| FY 2026 Revenue Guidance | $627.5M midpoint | $633.4M | Missed by ~0.7% |
| FY 2026 EBITDA Guidance | $110M midpoint | $115.1M | Below analyst target |
What Leadership Is Saying?
“Our industry is undergoing a profound transformation driven by GLP-1 medications, and Weight Watchers is evolving alongside it. 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. 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.” Tara Comonte, CEO of Weight Watchers
“Our fourth quarter results were consistent with our strategic and financial objectives, and we are pleased that our 2025 Revenue and Adjusted EBITDA exceeded our previously provided 2025 guidance. As our industry evolves and our business continues to shift toward integrated solutions, our revenue mix and operating profile are evolving alongside it. With a significantly improved financial foundation following our reorganization, we remain focused on disciplined execution, thoughtful investment in growth, and maintaining healthy Adjusted EBITDA margins as we navigate this multi-year transition.” Felicia DellaFortuna, CFO of Weight Watchers
Historical Performance
WW International Year-over-Year Comparison (Q4 2025 vs Q4 2024)
| Category | Q4 2025 (Successor) | Q4 2024 (Predecessor) | Change (%) |
| Total Revenue | $162.8M | $184.4M | -11.70% |
| Clinical Subscription Revenue | $27M | ~$20M | 32% |
| Behavioral Subscription Revenue | $134M | ~$161M | -17% |
| Net Income / (Loss) | -$5.8M | +$25.1M | N/M |
| Gross Margin | 70.1% | 69.7% | +40 bps |
| Adjusted EBITDA | $18M | $50.4M | -64% |
| Adjusted EBITDA Margin | 11.1% | 27.3% | -16.2 ppts |
| Operating Margin | -7.9% | +8.7% | -16.6 ppts |
| Marketing Expenses | $65.5M | $48.2M | 35.80% |
| End of Period Subscribers | 2.8M | ~3.3M | -15% |
| Clinical Subscribers | 130K | 92K | 42% |
The decline in Q4 2025 Adjusted EBITDA relative to Q4 2024 is primarily attributed to $10 million in incremental marketing spend from additional calendar days under WW’s newly adopted fiscal calendar ending December 31, combined with strategic brand investments ahead of peak season.
Competitor Comparison (Q4 2025 vs Q4 2024)
Medifast (NYSE: MED)
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $75.1M | $119.0M | -36.90% |
| Net Income / (Loss) | -$18.1M | N/A | N/M |
| EPS | -$1.65 | N/A | N/M |
| Active Earning Coaches | 16,100 | 27,100 | -40.60% |
| Cash and Equivalents | $167.3M | N/A | N/A |
| Full Year Revenue | $385.8M | $602.3M (est.) | -36.00% |
Medifast faced steeper revenue pressure than WW during the same period, with quarterly sales declining 36.9% to $75.1 million, largely driven by a 40.6% drop in independent active earning coaches. Both companies are navigating a shared challenge: growing consumer interest in GLP-1 weight-loss medications that has disrupted traditional behavioral and coach-guided weight management models. While Medifast holds a stronger debt-free balance sheet, WW retains scale advantage with approximately $711 million in combined 2025 revenue versus Medifast’s $385.8 million.
How the Market Reacted?
WW shares opened more than 14% higher on March 16, 2026, following the pre-market earnings release, reflecting initial enthusiasm for the significant EPS and EBITDA beats. The stock ultimately settled to a gain of approximately 2.7%, closing at $21.67, as investors weighed the strong current-quarter performance against a 2026 revenue guidance midpoint of $627.5 million that came in 0.7% below analyst expectations.
The market reaction of roughly -7.38% on a intraday high-to-close basis was considerably milder than WW’s five-quarter average post-earnings move of approximately -16.5%, suggesting the market interpreted the results as a genuine improvement in the company’s turnaround trajectory. The stock had earlier surged 12% on the day prior to the official results, driven by pre-announcement speculation and analyst positioning ahead of the March 16 release.
