Free cash flow generation remains structurally challenged, with a negative 23.4% FCF margin in 2026Q1 reflecting an inability to self-fund operations during the clinical transition.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Apr'00 | Apr'99 |
|---|
| Cash from Operations | -65.93M | -28.9M | -16.84M | 6.69M | 76.65M | 157.28M | 135.94M | 182.38M | 295.59M | 222.27M | 119.04M | 54.81M | 231.62M | 323.52M | 336.71M | 407.04M | 281.68M | 265.51M | 241.17M | 318.55M | 265.78M | 296.8M | 258.13M | 233.1M | 164.94M | 121.56M | 49.88M | 28.87M |
| Operating CF Margin % | - | -4.07% | -2.14% | 0.75% | 7.37% | 12.99% | 9.86% | 12.9% | 19.52% | 17.01% | 10.22% | 4.71% | 15.65% | 18.76% | 18.43% | 22.37% | 19.4% | 18.98% | 15.7% | 21.71% | 21.55% | 25.78% | 25.19% | 24.69% | 20.37% | 19.49% | 12.48% | 7.23% |
| Operating CF Growth % | -545.66% | -71.6% | -351.87% | -91.28% | -51.27% | 15.7% | -25.46% | -38.3% | 32.99% | 86.72% | 117.17% | -76.33% | -28.41% | -3.92% | -17.28% | 44.5% | 6.09% | 10.09% | -24.29% | 19.85% | -10.45% | 14.98% | 10.74% | 41.33% | 35.68% | 143.69% | 72.78% | - |
| Net Income | 1.08B | 1.06B | -345.7M | -112.25M | -256.87M | 67.13M | 75.04M | 119.45M | 223.57M | 163.32M | 67.49M | 32.78M | 117.73M | 202.74M | 257.43M | 304.34M | 192.52M | 174.57M | 202.35M | 201.18M | 209.82M | 174.4M | 183.08M | 143.94M | 143.69M | 147.19M | 37.76M | 15.02M |
| Depreciation & Amortization | 88.34M | 67.68M | 37.78M | 52.47M | 43.8M | 48.55M | 50.68M | 45.02M | 44.06M | 50.88M | 52.63M | 53.17M | 49.23M | 47.91M | 36.64M | 31M | 29.01M | 27.88M | 24.52M | 20.75M | 14.88M | 13.7M | 10.24M | 7.14M | 6.05M | 15.34M | 10.4M | 6.61M |
| Stock-Based Compensation | 4.17M | 4.64M | 7.76M | 15.19M | 12.96M | 21.35M | 55.01M | 20.47M | 20.19M | 14.95M | 6.53M | 24.77M | 10.53M | 4.25M | 8.85M | 9.07M | 8.61M | 8.8M | 11.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 19.17M | 16.58M | -26.58M | 19.82M | -145.83M | -15.56M | -1.44M | -9.42M | -13.67M | -48.22M | 11.09M | 12.1M | 29.1M | 34.36M | 26.77M | 25.29M | 22.28M | 38.39M | 11.35M | 18.27M | 28.82M | 11.18M | 22.02M | 16.91M | 4.57M | -71.07M | 6.88M | 104K |
| Other Non-Cash Items | -1.17B | -1.14B | 294.83M | 18.68M | 413.91M | 45.2M | 31.44M | 19.45M | 18.64M | 36.59M | 13.47M | 5.35M | 14.31M | 47.03M | 20.39M | 23.58M | 15.26M | 10.56M | 10.54M | 21.47M | 18.52M | 84.22M | 30.41M | 62.41M | 26.21M | 24.09M | -19.58M | 17.51M |
| Working Capital Changes | -55.99M | -33.31M | -11.52M | 12.78M | 8.68M | -9.37M | -74.79M | -12.57M | 2.81M | 4.75M | -32.17M | -73.35M | 10.71M | -12.78M | -13.36M | 13.76M | 14M | 5.32M | -18.89M | 56.88M | -6.26M | 13.29M | 12.37M | 2.7M | -15.59M | 6.02M | 14.43M | -10.37M |
| Change in Receivables | -303K | 680K | 1.6M | 17.11M | -7.56M | 4.71M | -3.6M | 1.33M | -8M | 5.44M | -37K | 1.57M | 3.78M | 345K | 5.87M | -563K | -6.76M | -1.32M | -343K | -2.1M | -10.66M | -9.13M | -6.19M | 861K | -5.1M | 231K | 0 | -2.5M |
| Change in Inventory | -3K | 5K | 91K | 14.02M | 3.73M | 1.82M | -25.94M | -9.13M | -1.15M | -4.5M | -9.51M | -3.06M | -3.22M | -2.23M | -1.34M | -24.46M | -15.49M | 1.62M | -7.47M | -12.22M | -9.25M | -6.01M | 2.72M | 1.15M | -12.44M | -11.89M | -1.7M | -8.9M |
| Change in Payables | -21.64M | -10.17M | -508K | -54K | -2.69M | 373K | -4.04M | 1.35M | 2.22M | -14.51M | 461K | -13.93M | 7.81M | -3.61M | -11.79M | 17.5M | 11.86M | -5.88M | -5.42M | 0 | 0 | 0 | 0 | 0 | 0 | 5.2M | -1.51M | -303K |
| Cash from Investing | -22.31M | -19.5M | -16.41M | -74.7M | -42.64M | -52.75M | -65.59M | -52.62M | -63.96M | -40.79M | -37.53M | -40.31M | -68.99M | -145.35M | -109.46M | -45.21M | -28.65M | -23.63M | -72.19M | -48.83M | -171.37M | -400.27M | -65.87M | -211.62M | -73.86M | -120.12M | -19.64M | -21.63M |
| Capital Expenditures | -20.29M | -17.48M | -16.41M | -36.3M | -38.25M | -37.65M | -50.43M | -47.98M | -46.81M | -40.65M | -34.34M | -36.26M | -51.69M | -61.93M | -78.73M | -23.09M | -13.06M | -11.09M | -9.27M | -31.85M | -31.03M | -14.63M | -5.16M | -5.03M | -4.89M | -3.83M | -1.87M | -3.63M |
| CapEx % of Revenue | 2.93% | 2.46% | 2.09% | 4.08% | 3.68% | 3.11% | 3.66% | 3.4% | 3.09% | 3.11% | 2.95% | 3.11% | 3.49% | 3.59% | 4.31% | 1.27% | 0.9% | 0.79% | 0.6% | 2.17% | 2.52% | 1.27% | 0.5% | 0.53% | 0.6% | 0.61% | 0.47% | 0.91% |
| Acquisitions | -2.02M | -2.02M | 0 | -38.36M | -4.35M | -12.84M | -10.04M | -4.06M | -7.1M | 0 | -2.9M | -3.11M | -16.68M | -83.83M | -30.4M | 0 | 0 | 0 | -39.66M | -16.81M | -140.37M | -380.83M | -61.88M | -210.47M | -68.15M | -97.88M | -15.9M | -2.4M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1K | -1K | -5K | -33K | -42K | -2.27M | -5.12M | -580K | -10.04M | -143K | -291K | -936K | -628K | 411K | -323K | -22.12M | -15.59M | -12.54M | -23.26M | -169K | 29K | -4.8M | 1.17M | 3.88M | -827K | -18.41M | -1.87M | -15.6M |
| Cash from Financing | -17.35M | 153.9M | -17.34M | -2.75M | -4.72M | -111.54M | -95.54M | -182.99M | -74.35M | -211.48M | -212.22M | -68.58M | -29.42M | -74.43M | -211.12M | -351.96M | -256.81M | -246.96M | -160.06M | -269.18M | -90.86M | 103.15M | -180.38M | -59.49M | -60.49M | -21.36M | 8.11M | -7.97M |
| Debt Issued (Net) | -1.3M | 171.34M | 0 | 0 | 0 | -64M | -96.25M | -177M | -82.75M | -153.77M | -213.32M | -110.11M | -30M | -18.36M | 1.35B | -313.29M | -87.92M | -194.5M | -625K | 798.97M | 103.03M | 278.33M | -2.21M | -33.02M | -35.08M | 9.98M | 0 | -7.09M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 4.47M | 0 | 0 | 0 | 0 | 0 | 41.48M | 0 | 0 | -1.5B | -34.92M | -106.62M | 0 | -115.97M | -1.02B | -145.9M | -171.42M | -175.2M | -26.81M | -23.31M | -26.41M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11K | -42K | -80K | -29.57M | -51.96M | -51.62M | -53.41M | -54.08M | -55.05M | -58.52M | -51.79M | 0 | 0 | 0 | -1.25M | -1.5M | 0 | -879K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.5B | -34.92M | -106.62M | 0 | -115.97M | -1.03B | -151.68M | -175.98M | -177.08M | -28.82M | -25M | -27.13M | -324.48M | 0 |
| Other Financing | -16.05M | -17.44M | -17.34M | -2.75M | -4.72M | -52.01M | 711K | -5.99M | 8.4M | -57.71M | 1.11M | 95K | 659K | -26.5M | -9.53M | 47.87M | -8.87M | 1.61M | 11.58M | 5.46M | 3.8M | -3.76M | -2.97M | 344K | -850K | -3.42M | 8.11M | 0 |
| Net Change in Cash | -102.59M | 110.06M | -52.85M | -68.96M | 24.53M | -12.09M | -16.85M | -54.24M | 153.92M | -25.6M | -132.87M | -59.69M | 126.66M | 104.34M | 17.02M | 9.85M | -5.4M | -1.19M | 7.5M | 2.32M | 6.03M | -3.68M | 11.71M | -34.09M | 34.19M | -21.16M | 24.53M | 458K |
| Free Cash Flow | -82.95M | -46.38M | -33.25M | -29.61M | 38.39M | 119.63M | 85.51M | 134.4M | 248.78M | 181.63M | 84.7M | 18.56M | 179.93M | 261.58M | 257.97M | 362.2M | 259.49M | 242.07M | 209.56M | 286.7M | 234.75M | 282.16M | 252.97M | 228.07M | 160.05M | 117.73M | 48.01M | 25.25M |
| FCF Margin % | -11.98% | -6.53% | -4.23% | -3.33% | 3.69% | 9.88% | 6.2% | 9.51% | 16.43% | 13.9% | 7.27% | 1.59% | 12.16% | 15.17% | 14.12% | 19.91% | 17.87% | 17.3% | 13.65% | 19.54% | 19.03% | 24.51% | 24.68% | 24.16% | 19.77% | 18.87% | 12.02% | 6.32% |
| FCF Growth % | -395.53% | -39.48% | -12.27% | -177.13% | -67.91% | 39.9% | -36.38% | -45.98% | 36.97% | 114.43% | 356.47% | -89.69% | -31.21% | 1.4% | -28.78% | 39.58% | 7.2% | 15.51% | -26.9% | 22.13% | -16.8% | 11.54% | 10.92% | 42.5% | 35.95% | 145.21% | 90.17% | - |
| FCF per Share | -8.30 | -4.64 | -0.42 | -0.39 | 0.55 | 1.69 | 1.22 | 1.93 | 3.55 | 2.66 | 1.29 | 0.31 | 3.17 | 4.64 | 4.23 | 4.89 | 3.42 | 3.14 | 2.67 | 3.53 | 2.36 | 2.71 | 2.36 | 2.08 | 1.46 | 1.05 | 2.07 | 1.09 |
| FCF Conversion (FCF/Net Income) | -0.08x | -0.03x | 0.05x | -0.06x | -0.30x | 2.34x | 1.81x | 1.52x | 1.32x | 1.36x | 1.76x | 1.67x | 2.38x | 1.58x | 1.33x | 1.33x | 1.45x | 1.50x | 1.18x | 1.58x | 1.27x | 1.70x | 1.41x | 1.62x | 1.15x | 0.83x | 1.32x | 0.76x |
| Interest Paid | 0 | 0 | 0 | 91.61M | 76.22M | 79.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 30.91M | 25.82M | 41.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Structural subscriber base erosion
Based on reported quarterly filings, the relationship between net income and operating cash flow remains highly erratic, evidenced by a 2025Q2 net income of $1.2B failing to generate positive operating cash flow, which suggests that reported accounting profits are decoupled from actual cash generation.
The persistent divergence between net income and operating cash flow indicates that the company's reported earnings are heavily influenced by non-cash items or accounting adjustments. Investors should monitor this disconnect, as the inability to convert accounting gains into operational liquidity suggests a fundamental weakness in the underlying business model.
As reported in recent financial statements, WW's free cash flow trajectory has been consistently negative, with a -23.4% FCF margin in 2026Q1, highlighting a structural inability to generate self-sustaining cash flows while navigating the transition toward a clinical weight-loss model.
The consistent failure to achieve positive free cash flow suggests that the company is currently consuming capital to fund its operations rather than generating it. This trend warrants further investigation into whether the clinical pivot can eventually reach a scale that covers the high fixed costs of the legacy platform.
According to historical cash flow data, working capital changes have been highly inconsistent, swinging from a $51.1M inflow in 2025Q1 to a $68.2M outflow in 2025Q2, which suggests significant instability in the company's ability to manage its short-term operational liquidity and cash conversion cycle.
These sharp fluctuations in working capital appear to reflect the seasonal nature of the subscription business combined with the operational friction of integrating new clinical services. Such volatility complicates cash flow forecasting and may indicate underlying inefficiencies in how the company manages its payables and receivables.
Based on the provided data, capital expenditures have remained relatively steady despite a 9.58% revenue contraction, with CapEx/Revenue ratios peaking at 4.6% in 2025Q4, suggesting that the company is forced to maintain significant investment levels just to keep its legacy digital infrastructure operational.
The persistence of capital spending in the face of declining top-line growth may indicate that the company is struggling to optimize its asset base. This capital intensity appears to be a drag on cash flow, as the firm must continue to invest in technology to defend its market position against newer, more agile competitors.
Quick answers to the most common questions about buying WW stock.
WW International, Inc. (WW) generated $-28.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
WW International, Inc. (WW) reported negative free cash flow of $46.4M in 2025, indicating capital requirements exceeded cash from operations.
WW International, Inc. (WW) spent $17.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.