WW International, Inc. (WW) Earnings
WW International, Inc. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $0.48. WW has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +701.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-2.45 | $-5.20 | -112.5% | $168M | +6.1% |
| Mar 16, 2026 | $-0.85 | $-0.58 | +31.5% | $176M | +13.6% |
| Nov 6, 2025 | $-0.14 | $-0.44 | -214.3% | $171M | +14.1% |
| Feb 27, 2025 | $0.01 | $0.32 | +3100.0% | $184M | +6.5% |
| Aug 1, 2024 | $-0.00 | $-0.13 | -4162.3% | $202M | -3.3% |
| May 2, 2024 | $-0.43 | $-0.06 | +86.0% | $207M | +3.2% |
| Feb 28, 2024 | $-0.01 | $-0.06 | -852.4% | $206M | -0.1% |
| Nov 2, 2023 | $0.06 | $0.06 | +0.0% | $215M | -3.0% |
| Aug 3, 2023 | $0.08 | $-0.04 | -150.0% | $227M | -1.2% |
| May 4, 2023 | $-0.37 | $-0.14 | +62.2% | $242M | +2.8% |
| Mar 6, 2023 | $-0.00 | $0.06 | +2778.6% | $224M | -0.3% |
| Nov 3, 2022 | $0.37 | $0.45 | +21.6% | $250M | -1.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Weight Watchers' strategy is to be the preferred destination for weight health in a GLT-1 era by integrating medical advances with behavioral programming. - Board has welcomed new independent directors. - Demand for GLT-1s has accelerated with oral versions. - Comprehensive care models are critical for maximizing GLV-1s' potential. - In Q1, clinical subscription revenue and end-of-period clinical subscribers grew. Over 20,000 existing behavioral members upgraded to clinical. Core Plus ended Q1 with 537,000 subscribers, up 6% year-over-year. Virtual workshop attendance among Core Plus members in the U.S. increased nearly 40% year-over-year. - Behavioral business is facing headwinds but Core Plus is showing growth. - Marketing spend in Q1 was front-loaded to drive awareness of MedPlus positioning. - Adjusted SG&A was 15% of revenue, slightly lower as a percent of revenue than Q4 2025. - Adjusted product development expense was 5% of revenue.
Guidance
- Reaffirming 2026 revenue guidance of 620 million to 635 million and adjusted EBITDA guidance of 105 million to 115 million. - Expect sequential clinical subscriber growth in remaining quarters of 2026 but sequential net ads to be lower than Q1 due to seasonal normalization, lower marketing spend, and balanced allocation. - Clinical subscription revenue expected to be approximately 25 to 30% of 2026 revenue, up from 16% in 2025. - Expect modest adjusted gross margin declines in 2026 versus 2025 but remain above 72%. - 2026 marketing expense as a percentage of revenue expected to increase modestly compared to 2025. - Product development expenses expected to remain at similar quarterly run rate as Q1 2026. - SG&A expected to have modest savings in 2026, primarily from exit of corporate headquarters lease and ongoing operational discipline. - Expect to generate cash through remainder of 2026 and manage liquidity and capital allocation for durable cash generation.
Segment performance
In Q1 2026, clinical subscription revenue grew 32% year-over-year with end-of-period clinical subscribers at 197,000 (up 51% sequentially). Clinical ARPU was over four times higher than behavioral ARPU. Behavioral subscription revenue declined 17% year-over-year. Core Plus had 537,000 subscribers, up 6% year-over-year. Q1 revenue was $168 million, down 10% year-over-year. Adjusted gross margin was 73.6%. Clinical subscription revenue is expected to be 25 - 30% of 2026 revenue, up from 16% in 2025. Core Plus subscribers are expected to grow in 2026.
Analyst Q&A
Q: Given the 1-2 performance, can you help us think through the shape of both behavioral and clinic subscriber growth through the year, especially as marketing mixes back to a bit more of a balance of tool segments?
A: As we look out for the year, with balance of Core Plus and Core in behavioral business, expect subscriber declines alongside recalibration of marketing to stay fairly flat relative to Q1 2026. Big shift between Core Plus and Core to have continued positive impacts. For clinical, anticipate sequential growth but muted relative to Q4 2025 to Q1 2026, and will be lapping some 12-month long-term commits. Anticipate significant revenue growth on clinical business and ending at around 25 - 30% of total revenue.
Q: Can you talk through how has the impact of greater affordability from new oral medication impacted the funnel from top of funnel interest to conversion?
A: Our clinical platform empowers clinicians to work with patients. New medications coming to market, especially orals, help open up access at top of funnel and help patients get on and stay on medication. View new medications as an opportunity to shine, as consumers look for trusted authority to navigate treatment options. Support members with cash and insurance for FDA approved medications, and real-world data demonstrates high weight loss, so combination of clinical quality and medications is winning approach.
Q: What are your thoughts on additional voluntary paydowns maybe on a more regular basis given the success of what you did in 1G?
A: For us it's a constant management of debt and equity. Comfortable with provided guidance and overall cash position. Q1 2026 is typically a cash use quarter, expect cash accretion for Q2 to Q4, and will continuously monitor as balance investment in business and decrease debt burden.
Q: Can you talk a little bit more about what's really driving the growth on the Core Plus offering?
A: Several factors driving Core Plus subscriber growth: new virtual experiences available, more focused virtual experience, workshops and virtual experiences led by RDs and physicians, new coach creators, and medically centric programs like menopause and GLP-1 success included in Core Plus skew.
Q: Is it fair to assume that you're going to see an acceleration in the year-over-year numbers for clinical in the back half of the year as we kind of get past that (compounded semaglutide impact)?
A: The opening headwind for 2026 associated with compounded semaglutide offering was approximately 20 million. Stopped compounding in May 2025. Retained about 20% of compounded semaglutide members across ecosystem. Will be lapping easing comps in Q3 and Q4 of 2026.
Q: Can you give us a bit more color on the shift in brand strategy or marketing and how that's appealing to different demographics and whether you're gaining traction there?
A: Spent in Q1 2026 was strategic. Goal was modernization of brand and increasing awareness of clinical business and MedPlus offering. Saw 10-point increase in general awareness that Weight Watchers has a GLP-1 offering and 50% of members who joined clinic during peak coming from new members to Weight Watchers. Expect to continue positive tailwind and will advertise across portfolio.
Q: Can you give us a sense on what the size of the menopause program opportunity is, how you're working towards that, any contribution from that initiative towards overall results?
A: Menopause offering is first medically centric program included in Core Plus scheme. It has been an important factor in the growth of the Core Plus offering in Q1.