Episode Overview

Title: Is Peloton Spinning Towards Its Grave?
Host: Scott Becker
Date: February 5, 2026
Podcast: Becker Business

This episode delivers a concise yet in-depth analysis of Peloton’s troubling financial situation in early 2026. Scott Becker breaks down the steep decline in Peloton’s stock, revenue, and overall business outlook following a highly disappointing earnings release. The focus is on how Peloton’s post-pandemic struggles have put its survival in question.

Key Discussion Points & Insights

1. Earnings Release and Immediate Market Reaction

• Stock Drop: Peloton’s stock plummeted 24% on the day of the episode due to its latest earnings report.
  • "The stock is down about 24% today on its latest earnings release, which showed disappointing revenues, disappointing earnings and a weak forecast." (00:14)

2. Long-Term Stock Decline

• Five-Year Perspective: The company’s shares have collapsed by 97% since their peak in 2021.
  • "The stock is down 97% over the last five years. Peak was 2021 or so. Again, that means if you put $100 in 2021, that’s worth $3 today." (00:30)

3. Revenue Drop-Off

• Falling Revenue: Peloton’s revenues have nearly halved since peak pandemic levels.
  • In 2021: ~$4 billion/year
  • 2026: ~$2.7 to $2.8 billion/year
  • "Peak revenues for Peloton were 4 billion a year in 2021. Then they’ve went down gradually... This past year, around 2.7, 2.8 billion." (00:42)
• Quarterly Misses: Expected Q4 revenues were $675 million, but actuals came in at $657 million.
• Year-Over-Year Decline: Quarterly revenues fell 3% both quarter-over-quarter and year-over-year.

4. Product Pivot & Demand Collapse

• Scramble to Reposition: Peloton is attempting to shift from a hardware (bikes) company to a software platform.
  • "They’re trying to move more from a hardware company to a software platform, but really at the end of the day, struggling with this." (01:13)
• Weak New Offerings: Recent product launches have been poorly received, further impacting revenues.
  • "Their new offerings went over poorly. The company says that went fairly soft and revenues fell quarter over quarter, year over year, 3%." (01:02)
• Demand Erosion: Demand for hardware collapsed post-Covid as people returned to gyms and the outdoors.
  • "Their demand for hardware, for their bikes just absolutely collapsed post Covid when people started getting back outside." (01:20)

5. Organizational Turbulence

• Layoffs and Leadership Change: Peloton has cut thousands of jobs and replaced company leadership recently, signaling ‘survival mode.’
  • "They’ve cut thousands of jobs. They’re down 97% from their peak. Hard to invest in it, hard to bet on." (01:27)
  • "Peloton today recently replaced leadership and we’ll see how it goes. But we see Peloton is very struggling, very much fragile, really. A disaster." (01:34)

Notable Quotes & Memorable Moments

• Stock collapse perspective:
  • "If you put $100 in 2021, that’s worth $3 today." — Scott Becker (00:32)
• On Peloton’s prospects:
  • "I’d say now that they’re more in sort of survival mode." — Scott Becker (01:23)
  • "Peloton is very struggling, very much fragile, really. A disaster." — Scott Becker (01:35)

Important Timestamps

• [00:00] – Episode introduction and topic framing
• [00:14] – Market reaction to earnings release
• [00:30] – Five-year price collapse
• [00:42] – Peak and current revenue figures
• [01:02] – Underwhelming product launches
• [01:13] – Pivot to software struggles
• [01:20] – Demand drops post-Covid
• [01:27] – Layoffs and leadership changes
• [01:35] – Host’s stark outlook on Peloton

Tone & Style

Scott Becker maintains his trademark direct, data-driven style. The episode is urgent, no-nonsense, and analytical—painting a bleak but fact-based picture for Peloton. Becker summarizes by calling Peloton’s current state “a disaster,” underscoring an episode filled with numbers and straight talk for business listeners.

For listeners seeking a rapid, high-level understanding of Peloton’s troubles in 2026—set against sharp financial metrics and unfiltered commentary—this episode delivers.