Despite a 25% year-over-year revenue decline in 2026Q1, the company achieved a 5.7% operating margin through aggressive expense management.
| Sales/Revenue | 233.65M | 251.73M | 418.8M | 527.11M | 692.2M | 873.64M | 863.58M | 755.78M | 790.29M |
| Revenue Growth % | -37.04% | -39.89% | -20.55% | -23.85% | -20.77% | 1.17% | 14.26% | -4.37% | - |
| Cost of Goods Sold | 63.29M | 67.94M | 131.45M | 204.02M | 322.63M | 328.66M | 249.71M | 210.32M | 228.91M |
| COGS % of Revenue | - | 26.99% | 31.39% | 38.71% | 46.61% | 37.62% | 28.92% | 27.83% | 28.97% |
| Gross Profit | 170.36M | 183.78M | 287.34M | 323.09M | 369.57M | 544.98M | 613.88M | 545.46M | 561.37M |
| Gross Margin % | 72.91% | 73.01% | 68.61% | 61.29% | 53.39% | 62.38% | 71.08% | 72.17% | 71.03% |
| Gross Profit Growth % | - | -36.04% | -11.06% | -12.58% | -32.19% | -11.22% | 12.54% | -2.83% | - |
| Operating Expenses | 155.56M | 175.78M | 353.55M | 464.07M | 572.73M | 842.3M | 620.18M | 526.58M | 562.15M |
| OpEx % of Revenue | - | 69.83% | 84.42% | 88.04% | 82.74% | 96.41% | 71.81% | 69.67% | 71.13% |
| Selling, General & Admin | 117.32M | 133.47M | 249.34M | 340.08M | 438.41M | 627.81M | 528.82M | 441.27M | 464.24M |
| SG&A % of Revenue | - | 53.02% | 59.54% | 64.52% | 63.34% | 71.86% | 61.24% | 58.39% | 58.74% |
| Research & Development | 38.25M | 42.31M | 76.37M | 74.41M | 104.36M | 119.92M | 93.04M | 84.13M | 91.19M |
| R&D % of Revenue | - | 16.81% | 18.24% | 14.12% | 15.08% | 13.73% | 10.77% | 11.13% | 11.54% |
| Other Operating Expenses | 0 | 0 | 27.85M | 49.59M | 29.95M | 94.57M | -1.68M | 1.17M | 0 |
| Operating Income | 14.81M | 8.01M | -66.21M | -140.99M | -203.16M | -297.32M | -6.3M | 18.88M | 5.95M |
| Operating Margin % | 6.34% | 3.18% | -15.81% | -26.75% | -29.35% | -34.03% | -0.73% | 2.5% | 0.75% |
| Operating Income Growth % | - | 112.1% | 53.04% | 30.6% | 31.67% | -4617.84% | -133.38% | 217.45% | - |
| EBITDA | 30.38M | 25.56M | -40.05M | -77.66M | -104.03M | -237.72M | 37.95M | 63.54M | 64.63M |
| EBITDA Margin % | 13% | 10.15% | -9.56% | -14.73% | -15.03% | -27.21% | 4.4% | 8.41% | 8.18% |
| EBITDA Growth % | 286.91% | 163.83% | 48.43% | 25.35% | 56.24% | -726.32% | -40.27% | -1.69% | - |
| D&A (Non-Cash Add-back) | 15.57M | 17.55M | 26.16M | 63.33M | 99.12M | 59.6M | 44.26M | 44.66M | 58.69M |
| EBIT | 9.49M | 8.01M | -64.52M | -143.73M | -193.88M | -243.38M | -5.64M | 19.7M | 384K |
| Net Interest Income | -4.42M | -4.98M | -6.88M | -8.87M | -3.37M | -536K | -527K | -790K | -268K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 4.42M | 4.98M | 6.88M | 8.87M | 3.37M | 536K | 527K | 790K | 268K |
| Other Income/Expense | -9.52M | -10.74M | -5.2M | -11.62M | 5.91M | 53.4M | 139K | 23K | 723K |
| Pretax Income | 5.29M | -2.73M | -71.4M | -152.6M | -197.25M | -243.92M | -6.16M | 18.91M | 116K |
| Pretax Margin % | 2.26% | -1.09% | -17.05% | -28.95% | -28.5% | -27.92% | -0.71% | 2.5% | 0.01% |
| Income Tax | 112K | 125K | 239K | 37K | -3.05M | -15.54M | 15.27M | -13.39M | 21.75M |
| Effective Tax Rate % | 2.12% | -4.57% | -0.33% | -0.02% | 1.55% | 6.37% | -247.75% | -70.83% | 18751.72% |
| Net Income | 5.17M | -2.86M | -71.64M | -152.64M | -194.19M | -228.38M | -21.43M | 32.3M | -21.64M |
| Net Margin % | 2.21% | -1.14% | -17.11% | -28.96% | -28.05% | -26.14% | -2.48% | 4.27% | -2.74% |
| Net Income Growth % | 108.19% | 96.01% | 53.06% | 21.4% | 14.97% | -965.61% | -166.36% | 249.27% | - |
| Net Income (Continuing) | 5.17M | -2.86M | -71.64M | -152.64M | -194.19M | -228.38M | -21.43M | 32.3M | 116K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.68 | -0.41 | -10.51 | -24.47 | -31.50 | -41.50 | -3.52 | 24.73 | -18.09 |
| EPS Growth % | 107.81% | 96.1% | 57.05% | 22.32% | 24.1% | -1078.98% | -114.23% | 236.71% | - |
| EPS (Basic) | - | -0.41 | -10.51 | -24.47 | -31.50 | -41.50 | -3.52 | 24.99 | -18.09 |
| Diluted Shares Outstanding | 7.57M | 6.97M | 6.82M | 6.24M | 6.15M | 5.51M | 6.09M | 1.29M | 1.2M |
| Basic Shares Outstanding | 7.11M | 6.97M | 6.82M | 6.24M | 6.15M | 5.51M | 6.09M | 1.28M | 1.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 21.83% | - |
Structural revenue decay
As reported in the company's quarterly filings, revenue has experienced a sustained decline, culminating in a 25% year-over-year contraction by 2026Q1, which highlights the significant challenges BODI faces in maintaining its subscriber base and partner-led distribution model amidst a broader shift in consumer fitness preferences.
The consistent double-digit revenue declines across the last ten quarters suggest that the company's core acquisition engine is failing to replace churned users. This trend indicates that the business model may be struggling to find a stable floor in a post-pandemic environment where consumer discretionary spending on fitness content has become increasingly fragmented.
According to the provided income statement data, BODI has maintained a robust gross margin profile, peaking at 74.6% in 2025Q3, which suggests that the underlying digital subscription business retains significant pricing power despite the substantial top-line erosion observed over the same period.
The ability to sustain gross margins above 70% implies that the company's content library remains a high-value asset that does not require heavy incremental production costs. However, investors should monitor whether this margin strength is being artificially supported by a shift in product mix away from lower-margin physical goods.
Based on the most recent financial disclosures, the company successfully transitioned from a -50.7% operating margin in 2023Q4 to a positive 5.7% in 2026Q1, reflecting a drastic reduction in SG&A expenses that has allowed the firm to achieve operational profitability despite a shrinking revenue base.
This pivot to positive operating income appears to be a direct result of severe cost-cutting measures rather than organic growth. While this improves short-term optics, it warrants further investigation into whether these cuts are impacting the long-term viability of the partner network and future customer acquisition capabilities.
Analysis of the income statement reveals that the recent shift to positive net income, reaching $2.3 million in 2026Q1, is heavily influenced by the cessation of stock-based compensation and significant reductions in R&D spending compared to the elevated levels seen throughout 2024.
The volatility in EPS, which swung from a loss of $10.31 in 2023Q4 to a positive $0.30 in 2026Q1, suggests that reported earnings are highly sensitive to non-operating adjustments and cost-management cycles. Investors should remain cautious, as the current profitability may not be sustainable if revenue continues to contract.
While the company has achieved a recent return to profitability, the underlying trend of a 25% revenue decline in 2026Q1 suggests that the current cost-cutting strategy may be insufficient to offset the long-term decay of the partner-led distribution model and the loss of market relevance.
Short-term margin improvements may mask a 'death spiral' where reduced marketing and partner incentives lead to further subscriber attrition. The market should monitor whether the company can pivot to a sustainable growth model before its remaining cash reserves are exhausted by the ongoing revenue contraction.
Quick answers to the most common questions about buying BODI stock.
For fiscal year 2025, The Beachbody Company, Inc. (BODI) reported total revenue of $251.7M. This represents a 68.1% decline compared to $790.3M in 2018.
The Beachbody Company, Inc. (BODI) reported a net loss of $2.9M for the fiscal year ending 2025.
The Beachbody Company, Inc. (BODI) reported an operating income of $8.0M, resulting in an operating profit margin of 3.2%. This margin reflects the operational efficiency of the business before interest and taxes.
The Beachbody Company, Inc. (BODI) generated $183.8M in gross profit for the year, representing a gross profit margin of 73.0%. This demonstrates the company's core pricing power and production efficiency.