Revenue has declined from $206.5M to $161.4M over the period while gross margin remained relatively stable between 58.1% and 73.7%, but operating margin of 5.9% in Q2 2026 follows repeated quarterly losses, including a $269.3M operating loss in Q1 2024.
WW International, Inc. (WW) annual income statement — 27-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 645.37M | 710.64M | 785.92M | 889.55M | 1.04B | 1.21B | 1.38B | 1.41B | 1.51B | 1.31B | 1.16B | 1.16B | 1.48B | 1.72B | 1.83B | 1.82B | 1.45B | 1.4B | 1.54B | 1.47B | 1.23B | 1.15B | 1.02B | 943.93M | 809.64M | 623.87M | 399.57M | 399.57M |
| Revenue Growth % | -11.86% | -9.58% | -11.65% | -14.45% | -14.15% | -12.11% | -2.49% | -6.66% | 15.86% | 12.19% | 0.03% | -21.31% | -14.16% | -5.62% | 0.41% | 25.29% | 3.8% | -8.91% | 4.68% | 18.96% | 7.13% | 12.33% | 8.58% | 16.59% | 29.78% | 56.13% | 0% | - |
| Cost of Goods Sold | 210.63M | 200.14M | 252.82M | 360.25M | 418.46M | 484.5M | 600.28M | 626.65M | 647.71M | 614.3M | 579.4M | 590.3M | 677.4M | 723M | 758.6M | 772M | 661.4M | 671M | 700.84M | 653.23M | 557.16M | 520.68M | 487.12M | 440.4M | 370.29M | 286.44M | 201.39M | 201.39M |
| COGS % of Revenue | - | 28.16% | 32.17% | 40.5% | 40.24% | 40% | 43.56% | 44.34% | 42.78% | 47% | 49.74% | 50.69% | 45.77% | 41.93% | 41.53% | 42.44% | 45.55% | 47.97% | 45.63% | 44.52% | 45.18% | 45.23% | 47.53% | 46.66% | 45.73% | 45.91% | 50.4% | 50.4% |
| Gross Profit | 434.74M | 510.5M | 533.1M | 529.3M | 621.38M | 726.67M | 777.84M | 786.68M | 866.41M | 692.6M | 585.5M | 574.2M | 802.5M | 1B | 1.07B | 1.05B | 790.6M | 727.9M | 834.98M | 813.94M | 676.16M | 630.57M | 537.8M | 503.53M | 439.35M | 337.43M | 198.19M | 198.19M |
| Gross Margin % | 67.36% | 71.84% | 67.83% | 59.5% | 59.76% | 60% | 56.44% | 55.66% | 57.22% | 53% | 50.26% | 49.31% | 54.23% | 58.07% | 58.47% | 57.56% | 54.45% | 52.03% | 54.37% | 55.48% | 54.82% | 54.77% | 52.47% | 53.34% | 54.27% | 54.09% | 49.6% | 49.6% |
| Gross Profit Growth % | - | -4.24% | 0.72% | -14.82% | -14.49% | -6.58% | -1.12% | -9.2% | 25.1% | 18.29% | 1.97% | -28.45% | -19.84% | -6.27% | 2% | 32.46% | 8.61% | -12.82% | 2.59% | 20.38% | 7.23% | 17.25% | 6.8% | 14.61% | 30.2% | 70.26% | 0% | - |
| Operating Expenses | 431.26M | 464.06M | 454.29M | 506.97M | 905.35M | 530.07M | 561.68M | 498.7M | 477.43M | 412M | 384.7M | 406M | 505.3M | 540.3M | 572M | 500.9M | 400.3M | 371.3M | 409.93M | 378.33M | 296.11M | 328.08M | 231.91M | 187.47M | 142.5M | 142.75M | 110.54M | 113.56M |
| OpEx % of Revenue | - | 65.3% | 57.8% | 56.99% | 87.07% | 43.77% | 40.76% | 35.29% | 31.53% | 31.52% | 33.02% | 34.86% | 34.14% | 31.34% | 31.31% | 27.53% | 27.57% | 26.54% | 26.69% | 25.79% | 24.01% | 28.5% | 22.63% | 19.86% | 17.6% | 22.88% | 27.66% | 28.42% |
| Selling, General & Admin | 321.65M | 421.68M | 412.13M | 503.34M | 508.62M | 530.07M | 558.01M | 498.7M | 477.43M | 412M | 384.7M | 406M | 505.3M | 540.3M | 572M | 500.9M | 400.3M | 371.3M | 409.93M | 378.33M | 296.11M | 328.08M | 231.91M | 187.47M | 142.5M | 142.75M | 102.2M | 113.56M |
| SG&A % of Revenue | - | 59.34% | 52.44% | 56.58% | 48.91% | 43.77% | 40.49% | 35.29% | 31.53% | 31.52% | 33.02% | 34.86% | 34.14% | 31.34% | 31.31% | 27.53% | 27.57% | 26.54% | 26.69% | 25.79% | 24.01% | 28.5% | 22.63% | 19.86% | 17.6% | 22.88% | 25.58% | 28.42% |
| Research & Development | 28.64M | 42.39M | 42.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.96% | 5.36% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | 3.63M | 396.73M | 0 | 3.67M | 0 | -2.58M | -500K | -1.5M | -2M | -3.2M | -600K | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.35M | 0 |
| Operating Income | 3.48M | 46.43M | 78.81M | 22.33M | -283.97M | 196.6M | 216.16M | 287.99M | 388.99M | 267.3M | 200.8M | 168.1M | 271.3M | 460.8M | 496.3M | 546.3M | 390.3M | 356.6M | 425.05M | 435.61M | 380.05M | 302.49M | 305.88M | 316.07M | 296.85M | 194.69M | 87.64M | 84.63M |
| Operating Margin % | 0.54% | 6.53% | 10.03% | 2.51% | -27.31% | 16.23% | 15.69% | 20.38% | 25.69% | 20.45% | 17.24% | 14.44% | 18.33% | 26.73% | 27.17% | 30.03% | 26.88% | 25.49% | 27.68% | 29.69% | 30.81% | 26.28% | 29.84% | 33.48% | 36.66% | 31.21% | 21.93% | 21.18% |
| Operating Income Growth % | - | -41.08% | 252.89% | 107.86% | -244.44% | -9.05% | -24.94% | -25.96% | 45.52% | 33.12% | 19.45% | -38.04% | -41.12% | -7.15% | -9.15% | 39.97% | 9.45% | -16.1% | -2.42% | 14.62% | 25.64% | -1.11% | -3.22% | 6.47% | 52.48% | 122.14% | 3.56% | - |
| EBITDA | 81.73M | 114.12M | 116.59M | 74.8M | -240.17M | 245.15M | 266.84M | 333M | 433.05M | 318.18M | 253.43M | 221.27M | 320.53M | 505.7M | 532.94M | 577.29M | 419.31M | 384.48M | 451.01M | 456.35M | 394.93M | 316.19M | 316.13M | 323.21M | 302.9M | 207.93M | 98.04M | 93.91M |
| EBITDA Margin % | 12.66% | 16.06% | 14.84% | 8.41% | -23.1% | 20.24% | 19.36% | 23.56% | 28.6% | 24.35% | 21.76% | 19% | 21.66% | 29.33% | 29.18% | 31.73% | 28.88% | 27.48% | 29.37% | 31.1% | 32.02% | 27.46% | 30.84% | 34.24% | 37.41% | 33.33% | 24.54% | 23.5% |
| EBITDA Growth % | -30.79% | -2.13% | 55.87% | 131.15% | -197.97% | -8.13% | -19.87% | -23.1% | 36.1% | 25.55% | 14.54% | -30.97% | -36.62% | -5.11% | -7.68% | 37.68% | 9.06% | -14.75% | -1.17% | 15.55% | 24.9% | 0.02% | -2.19% | 6.7% | 45.67% | 112.08% | 4.4% | - |
| D&A (Non-Cash Add-back) | 78.11M | 67.68M | 37.78M | 52.47M | 43.8M | 48.55M | 50.68M | 45.02M | 44.06M | 50.88M | 52.63M | 53.17M | 49.23M | 44.9M | 36.64M | 31M | 29.01M | 27.88M | 25.96M | 20.75M | 14.88M | 13.7M | 10.24M | 7.14M | 6.05M | 13.24M | 10.4M | 9.29M |
| EBIT | -1.52M | 1.15B | -236.22M | 22.26M | -285.66M | 164.89M | 215.81M | 286.23M | 386.41M | 257.86M | 199.29M | 177.46M | 306.65M | 428.44M | 507.5M | 542.94M | 389.38M | 356.88M | 427.02M | 435.77M | 380.17M | 302.49M | 305.88M | 316.07M | 296.85M | 194.69M | 66.92M | 399.5M |
| Net Interest Income | -45.69M | -63.41M | -108.95M | -95.89M | -81.14M | -87.91M | -123.31M | -135.27M | -142.35M | -112.78M | -115.16M | -121.84M | -122.98M | -103.11M | -90.54M | -59.85M | -76.2M | -66.72M | -92.67M | 0 | 0 | 0 | 0 | 0 | 0 | -54.54M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.34M | 0 | 0 |
| Interest Expense | 45.69M | 63.41M | 108.95M | 95.89M | 81.14M | 87.91M | 123.31M | 135.27M | 142.35M | 112.8M | 115.2M | 121.8M | 123M | 103.1M | 90.54M | 59.9M | 76.2M | 66.7M | 86.75M | 108.95M | 49.28M | 25.39M | 27.86M | 133.98M | 0 | 83.88M | -31.08M | 5.18M |
| Other Income/Expense | -40.63M | 1.05B | -423.99M | -95.97M | -82.83M | -119.62M | -123.66M | -137.03M | -144.92M | -122.22M | -116.68M | -112.44M | -89.59M | -125.39M | -93.84M | -63.24M | -77.17M | -66.49M | -90.7M | -109.12M | -49.41M | -23.18M | -16.34M | -83.84M | -61.35M | -67.72M | -20.73M | -20.73M |
| Pretax Income | -37.15M | 1.09B | -345.18M | -73.63M | -366.8M | 76.98M | 92.5M | 150.96M | 244.06M | 145.1M | 84.1M | 55.6M | 155.6M | 335.4M | 409.5M | 483M | 313.2M | 290.1M | 334.35M | 326.49M | 330.64M | 279.31M | 289.55M | 232.23M | 235.53M | 126.97M | 66.92M | 66.92M |
| Pretax Margin % | -5.76% | 153.59% | -43.92% | -8.28% | -35.28% | 6.36% | 6.71% | 10.68% | 16.12% | 11.1% | 7.22% | 4.77% | 10.51% | 19.45% | 22.42% | 26.55% | 21.57% | 20.74% | 21.77% | 22.25% | 26.81% | 24.26% | 28.25% | 24.6% | 29.09% | 20.35% | 16.75% | 16.75% |
| Income Tax | -8.5M | 35.45M | 526K | 38.62M | -109.94M | 9.85M | 17.46M | 31.51M | 20.49M | -18.2M | 16.6M | 22.8M | 58.3M | 130.6M | 156.2M | 178.7M | 120.7M | 115.6M | 132M | 125.31M | 120.82M | 104.91M | 94.52M | 88.29M | 91.81M | -23.2M | 28.32M | 28.32M |
| Effective Tax Rate % | 22.87% | 3.25% | -0.15% | -52.45% | 29.97% | 12.8% | 18.88% | 20.88% | 8.4% | -12.54% | 19.74% | 41.01% | 37.47% | 38.94% | 38.14% | 37% | 38.54% | 39.85% | 39.48% | 38.38% | 36.54% | 37.56% | 32.64% | 38.02% | 38.98% | -18.27% | 42.33% | 42.33% |
| Net Income | -28.65M | 1.06B | -345.7M | -112.25M | -256.87M | 67.13M | 75.08M | 119.62M | 223.75M | 163.5M | 67.7M | 32.9M | 97.4M | 204.7M | 253.3M | 304.9M | 194.2M | 177.3M | 204.33M | 201.18M | 209.82M | 174.4M | 183.08M | 143.94M | 143.69M | 147.19M | 37.76M | 37.76M |
| Net Margin % | -4.44% | 148.6% | -43.99% | -12.62% | -24.7% | 5.54% | 5.45% | 8.46% | 14.78% | 12.51% | 5.81% | 2.83% | 6.58% | 11.87% | 13.87% | 16.76% | 13.37% | 12.67% | 13.3% | 13.71% | 17.01% | 15.15% | 17.86% | 15.25% | 17.75% | 23.59% | 9.45% | 9.45% |
| Net Income Growth % | -102.64% | 405.47% | -207.96% | 56.3% | -482.67% | -10.59% | -37.23% | -46.54% | 36.85% | 141.51% | 105.78% | -66.22% | -52.42% | -19.19% | -16.92% | 57% | 9.53% | -13.23% | 1.57% | -4.12% | 20.31% | -4.74% | 27.19% | 0.17% | -2.37% | 289.81% | 0% | - |
| Net Income (Continuing) | -28.65M | 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 | 195.03M | 143.94M | 143.69M | 150.06M | 37.76M | 37.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.91M | 4.47M | 4.7M | 4.45M | 5.55M | 0 | 0 | 0 | 4.04M | 3.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.86 | 105.69 | -404.20 | -1.46 | -333.42 | 0.95 | 1.07 | 1.72 | 3.19 | 2.40 | 95.93 | 0.56 | 2.08 | 3.60 | 4.23 | 4.11 | 2.56 | 2.30 | 2.60 | 2.48 | 2.11 | 1.67 | 1.71 | 1.31 | 1.31 | 1.31 | 1.63 | 1.63 |
| EPS Growth % | -100.22% | 126.15% | -27584.74% | 99.56% | -35196.44% | -11.21% | -37.79% | -46.08% | 32.92% | -97.5% | 17029.82% | -73.08% | -42.22% | -14.89% | 2.92% | 60.55% | 11.3% | -11.54% | 4.84% | 17.54% | 26.35% | -2.34% | 30.53% | 0% | 0% | -19.63% | 0% | - |
| EPS (Basic) | - | 105.69 | -404.20 | -1.46 | -333.42 | 0.96 | 1.11 | 1.78 | 3.19 | 2.54 | 98.72 | 0.56 | 2.08 | 3.61 | 4.27 | 4.16 | 2.57 | 2.30 | 2.61 | 2.50 | 2.13 | 1.70 | 1.75 | 1.35 | 1.35 | 1.34 | 1.66 | 1.66 |
| Diluted Shares Outstanding | 10.02M | 9.99M | 854.46K | 76.68M | 755.06K | 70.74M | 70.02M | 69.55M | 70.11M | 68.25M | 707.56K | 58.97M | 56.7M | 56.39M | 60.92M | 74.13M | 75.88M | 77.12M | 78.5M | 81.11M | 99.43M | 104.2M | 106.98M | 109.88M | 109.5M | 111.62M | 23.16M | 23.16M |
| Basic Shares Outstanding | 10M | 9.99M | 854.46K | 76.68M | 755.06K | 69.64M | 67.85M | 67.19M | 70.11M | 64.33M | 684.42K | 58.37M | 56.61M | 56.14M | 60.29M | 73.34M | 75.66M | 77M | 78.25M | 80.58M | 98.72M | 102.75M | 104.7M | 106.62M | 106.25M | 108.68M | 22.82M | 22.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 0.02% | 0.13% | 0.08% | 14.45% | 20.51% | 16.93% | 27.5% | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying WW stock.
For fiscal year 2025, WW International, Inc. (WW) reported total revenue of $710.6M. This represents a 77.8% increase compared to $399.6M in 1999.
WW International, Inc. (WW) is profitable, generating $1.06B in net income for the fiscal year ending 2025 with a net profit margin of 148.6%.
WW International, Inc. (WW) reported an operating income of $46.4M, resulting in an operating profit margin of 6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
WW International, Inc. (WW) generated $510.5M in gross profit for the year, representing a gross profit margin of 71.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent revenue decline and volatile profitability
Metrics are mathematically derived from official filings.
Revenue Erosion Persists Across Recent Quarters
WW's quarterly revenue fell from $206.5M in Q1 2024 to $161.4M in Q2 2026, with year-over-year declines of 8.8% to 14.6% across the reported periods, based on the supplied income statement data.
The consistency of double-digit annual contraction in most quarters suggests structural demand pressure rather than a transitory timing effect. Revenue Growth readings in the most recent quarter moderated to -8.8%, which may indicate stabilization, but a single improved period is insufficient to establish a durable turn. Investors should monitor whether subscriber or volume trends stabilize before inferring a return to growth.
Gross Margin Holds Above Prior Trough
Gross margin ranged from 58.1% in Q1 2026 to 73.7% in Q2 2025, with the most recent quarter at 70.7%, according to the reported figures in the supplied data set.
The gross margin band implies that unit economics remain comparatively intact even as top-line volume contracts. The sharp dip to 58.1% in Q1 2026 indicates meaningful sensitivity to cost of revenue or mix shifts within a single period. Warrants further investigation into whether the recovery to 70.7% reflects durable pricing or temporary cost relief.
Operating Deleverage Dominates Cost Base
Operating income swung from a $269.3M loss in Q1 2024 to positive $9.5M in Q2 2026, while SG&A remained the largest expense line at $50.4M to $149.1M per quarter in the period shown.
The magnitude of SG&A relative to gross profit indicates that operating results are highly sensitive to fixed overhead absorption as revenue declines. The move to a modest positive operating margin of 5.9% in the latest quarter appears driven more by SG&A reduction than by gross profit expansion. This pattern suggests the business has limited cushion if revenue resumes falling.
Reported Net Income Distorted by Volatility
Net income swung from a loss of $347.9M in Q1 2024 to $14.1M in Q2 2026, and EPS of 14.67 in Q2 2025 appears inconsistent with the operating trend, based on reported figures.
Several quarters show net income far exceeding or diverging sharply from operating income, which may indicate material non-operating or one-time items. The Q2 2025 EPS of 14.67 cannot be reconciled with a 23.4% operating margin and modest revenue without assuming large non-recurring gains. Investors should treat reported EPS as unreliable for trend analysis until the drivers are disclosed.
Repeated Losses Challenge Recovery Narrative
Across ten reported quarters, net income was negative in roughly half the periods, with the largest loss of $347.9M in Q1 2024, which undermines any claim of sustained profitability based on the supplied data.
The bear case centers on whether the recent positive quarters reflect genuine operating recovery or a timing effect masking structural decline. Declining revenue combined with a heavy SG&A base leaves limited room for error if gross margins compress again. Sustained profitability would need to be demonstrated across several consecutive quarters before the recovery thesis can be treated as established.