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WeightWatchers Announces Second Quarter 2025 Results

Successful completion of strategic reorganization, reducing debt by $1.15 billion.
In connection with emergence on 6/24/25, fiscal Q2 consists of a “Predecessor” period from 3/30/25 to 6/24/25, and a “Successor” period from 6/25/25 to 6/30/25

Combined End of Period Subscribers1 of 3.2 million; Combined End of Period Clinical Subscribers1 of 127 thousand

Combined Revenues1 of $189 million, down 6% vs. prior year; Combined Clinical Revenues1 of $31 million, up 55% vs. prior year

Predecessor Net Income1 of $1,191 million and Net Margin1 of 673% were impacted by Reorganization items; Successor Net Income1 of $1 million and Net Margin1 of 10%; Predecessor Adjusted EBITDA1,2 of $61 million and Adjusted Margin1,2 of 34%; Successor Adjusted EBITDA1,2 of $4 million and Adjusted Margin1,2 of 37%

NEW YORK, Aug. 11, 2025 (GLOBE NEWSWIRE) — WW International, Inc. (NASDAQ: WW) (“WeightWatchers,” “WW,” or the “Company”) today announced its results for the second quarter of fiscal 2025 ended June 30, 2025 in this Earnings Press Release and a Shareholder Letter posted on the Company’s Corporate Website.

“The need for effective and sustainable support in weight health has never been more important, and no company is better positioned to meet that need than WeightWatchers,” said Tara Comonte, CEO of WeightWatchers. “This marks the beginning of an exciting new chapter for the Company, one that’s grounded in stronger financial footing and a clear sense of opportunity. With greater flexibility to invest, we’re accelerating innovation across our platform to meet the evolving needs of our members. There’s work to do, and it will take time, but we’re confident in the strength of our approach. Our integrated model, spanning clinical care, behavioral support, and community, puts us in a powerful position to reinforce our leadership in long-term weight health.”

“We completed our reorganization swiftly, positioning the Company to move forward with greater financial flexibility,” said Felicia DellaFortuna, CFO of WeightWatchers. “While we continue to navigate some volatility, our immediate priority is stabilizing the business. With a strengthened capital structure, we are better positioned to invest in growth, support innovation, and scale efficiently, while maintaining the financial discipline needed to drive long-term profitability.”

Second Quarter Overview

  • While Combined Revenues1 declined 6% year-over-year, Monthly Subscription Revenues Per Average Subscriber (ARPU)1 increased for the third consecutive quarter due to increased Clinical mix while Gross Margin also remained strong.
  • Combined Revenues1 decline reflects ongoing headwinds in the Behavioral business, partially offset by 55% growth in Clinical, primarily driven by compounded semaglutide subscriptions. This year’s fiscal quarter also benefited from foreign exchange movements and two additional reporting days.
  • From May 22nd, the Clinical business began transitioning subscribers from compounded semaglutide to FDA-approved medications, in line with current FDA guidance, despite others continuing to offer compounded GLP-1s under the guise of a personalization exemption.
  • Combined End of Period Subscribers1 declined 17% year-over-year, reflecting continued recruitment challenges in Behavioral, further impacted by financial reorganization headlines.
  • Net Income Margin was impacted by Reorganization items in the quarter. Adjusted EBITDA Margin2 remained strong, supported by structural cost discipline and reduced marketing investment during the financial reorganization period.

Full Year Fiscal 2025 Guidance
The Company is providing the following full year fiscal 2025 guidance:

  • Total Combined Revenues: $685 million – $700 million
  • Adjusted EBITDA2: $140 million – $150 million

Second Quarter Conference Call and Webcast
The Company has scheduled a conference call today at 8:30 a.m. ET to discuss results. The webcast of the conference call will be available on the Company’s corporate website, corporate.ww.com, under Events and Presentations. A replay of the webcast will be available on this site for at least 90 days.

1Fresh Start Accounting and Predecessor and Successor Periods
In connection with the Company’s emergence from its financial reorganization process on June 24, 2025, the Company’s second quarter ended June 30, 2025 includes a “Predecessor” period from March 30, 2025 to June 24, 2025, and a “Successor” period from June 25, 2025 to June 30, 2025. Additionally, the Company qualified for and applied fresh start accounting. Accordingly, the consolidated financial statements after June 24, 2025 are not comparable with the consolidated financial statements as of or prior to that date.

Although GAAP requires that the Company report its results for the period from March 30, 2025 through June 24, 2025 (Predecessor) and the period from June 25, 2025 through June 30, 2025 (Successor) separately, management views certain metric and revenue information for the three months ended June 30, 2025 by combining the results of the applicable Predecessor and Successor periods because management believes such presentation provides the most meaningful comparison of the Company’s results to prior periods. Although the Predecessor and Successor periods generally are not comparable as they are impacted by fresh start accounting, there are no fresh start adjustments affecting revenues and therefore revenue information has been combined to provide a meaningful understanding of operating trends, which would be consistent with a pro forma calculation under Article 11 of Regulation S-X. Nevertheless, the combined operating results do not reflect the actual results we would have achieved absent the Company’s emergence from its financial reorganization process and may not be indicative of future results.

The Company cannot adequately benchmark the operating results of the period from June 25, 2025 through June 30, 2025 (Successor) against any of the previous periods reported in the Company’s consolidated financial statements without combining it with the period from March 30, 2025 through June 24, 2025 (Predecessor) and do not believe that reviewing the results of this period in isolation would be useful in identifying trends in or reaching conclusions regarding the Company’s overall operating performance. Management believes that the key performance metrics such as Subscription Revenues, Incoming and End of Period Subscribers and Monthly Subscription Revenues per Average Subscriber for the Successor period when combined with the Predecessor period provides more meaningful comparisons to other periods and are useful in identifying current business trends. Accordingly, this press release presents the combined results for these metrics for the three months ended June 30, 2025.

Definitions
“Behavioral” business refers to providing subscriptions to the Company’s digital product offerings with the option to add on unlimited access to the Company’s workshops.

“Clinical” business refers to providing subscriptions to the Company’s clinical product offerings provided by WeightWatchers Clinic combined with the Company’s digital subscription product offerings and unlimited access to the Company’s workshops.

“Revenues” – “Subscription Revenues” consist of the aggregate of: (a) “Behavioral Subscription Revenues”, the fees associated with subscriptions for the Company’s Behavioral offerings; and (b) “Clinical Subscription Revenues”, the fees associated with subscriptions for the Company’s Clinical offerings. In addition, “Other Revenues” (formerly known as “product sales and other”) consist of revenues from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenues. Prior to fiscal 2024, Other Revenues included sales of consumer products.

“Incoming Subscribers” – “Subscribers” refer to Behavioral subscribers and Clinical subscribers who participate in recurring bill programs in Company-owned operations. The “Incoming Subscribers” metric reports Subscribers in Company-owned operations at a given period start. Recruitment and retention are key drivers for this metric. Management utilizes this metric to monitor changes in the subscriber base which directly impacts the Company’s revenue growth and trends.

“End of Period Subscribers” – “End of Period Subscribers” metric reports Subscribers in Company-owned operations at a given period end. Recruitment and retention are key drivers for this metric. Management utilizes this metric to monitor changes in the subscriber base which directly impacts the Company’s revenue growth and trends.

“Monthly Subscription Revenues Per Average Subscriber” – The “Monthly Subscription Revenues Per Average Subscriber” metric reports the monthly fees associated with subscriptions for the Company’s offerings divided by the Average Subscriber for its businesses. Monthly Subscription Revenues for both quarterly and year-to-date periods for each respective business are calculated as Subscription Revenues divided by the number of months in the respective quarterly or year-to-date period. The “Average Subscriber” for quarterly periods for each respective business is the average of its Incoming Subscribers and End of Period Subscribers for the respective quarterly period. The “Average Subscriber” for year-to-date periods for each respective business is the average of its Incoming Subscribers at the beginning of the fiscal year and its End of Period Subscribers for each quarter end within the respective year-to-date period. Management utilizes this metric to consider revenue growth and trends on a per subscriber basis.

2Statement regarding Non-GAAP Financial Measures

To supplement the Company’s consolidated results presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company has disclosed non-GAAP financial measures of operating results that exclude or adjust certain items. Gross profit, gross margin, marketing expenses, selling, general & administrative expenses, and product development expenses are discussed both as reported (on a GAAP basis) and as adjusted (on a non-GAAP basis), as applicable, with respect to:

  1. the period from June 25, 2025 through June 30, 2025 (Successor) to exclude (a) the impact of certain non-recurring transaction costs related to strategic alternatives and the Company’s Chapter 11 financial reorganization and (b) the impact of depreciation and amortization expenses, which varies considerably from period-to-period due to the size and frequency of acquisitions and application of fresh start accounting and therefore is omitted to assess the Company’s core operating performance;
  2. the period from March 30, 2025 through June 24, 2025 (Predecessor) to exclude (a) the impact of certain non-recurring transaction costs related to strategic alternatives and the Company’s Chapter 11 financial reorganization, (b) the impact of depreciation and amortization expenses, and (c) the net impact of charges associated with the Company’s previously disclosed 2024 restructuring plan (the “2024 plan”) or the reversal of certain of the charges associated with the 2024 plan, as applicable, and the reversal of charges associated with the Company’s previously disclosed 2023 restructuring plan (the “2023 plan”);
  3. the period from December 29, 2024 through June 24, 2025 (Predecessor) to exclude (a) the impact of certain non-recurring transaction costs related to strategic alternatives and the Company’s Chapter 11 financial reorganization, (b) the impact of depreciation and amortization expenses, and (c) the net impact of charges associated with the 2024 plan or the reversal of certain of the charges associated with the 2024 plan, as applicable, and the reversal of charges associated with the 2023 plan;
  4. the three months ended June 29, 2024 (Predecessor) to exclude (a) the impact of depreciation and amortization expenses and (b) the impact or net impact, as applicable, of charges associated with the 2023 plan and the Company’s previously disclosed 2022 restructuring plan (the “2022 plan”); and
  5. the six months ended June 29, 2024 (Predecessor) to exclude (a) the impact of depreciation and amortization expenses and (b) the net impact of charges associated with the 2023 plan and the 2022 plan.

The Company also presents in the attachments to this release the non-GAAP financial measures: earnings before interest, taxes, depreciation, amortization and stock-based compensation (“EBITDA”); and EBITDA adjusted for franchise rights acquired impairments, reorganization items, net, transaction costs related to strategic alternatives and the Company’s Chapter 11 financial reorganization, net restructuring charges, and other items as indicated in the reconciliations below that management believes are not indicative of ongoing operations (“Adjusted EBITDA”).

As exchange rates are an important factor in understanding period-to-period comparisons, the Company believes in certain cases the presentation of results on a constant currency basis in addition to reported results helps improve investors’ ability to understand the Company’s operating results and evaluate the Company’s performance in comparison to prior periods. Constant currency information compares results between periods as if exchange rates had remained constant period-over-period. The Company uses results on a constant currency basis as one measure to evaluate the Company’s performance. In this press release, the Company calculates constant currency by calculating current-year results using prior-year foreign currency exchange rates. The Company generally refers to such amounts calculated on a constant currency basis as excluding or adjusting for the impact of foreign currency or being on a constant currency basis. These results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP and are not meant to be considered in isolation. Results on a constant currency basis, as the Company presents them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP.

Management believes these non-GAAP financial measures provide useful supplemental information to investors regarding the performance of the Company’s business and are useful for period-over-period comparisons of the performance of the Company’s business. While the Company believes that these non-GAAP financial measures are useful in evaluating the Company’s business, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies. See “Reconciliation of Non-GAAP Financial Measures” attached to this release and reconciliations, if any, included elsewhere in this release for a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures.

A reconciliation of the forward-looking full year EBITDA outlook to net income cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of the Company’s control, or cannot be reasonably predicted. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results.

About WeightWatchers
WeightWatchers is the global leader in science-backed weight management, offering an integrated support system that combines scientific expertise and human connection. With more than 60 years of experience, WeightWatchers is the most studied commercial weight management program in the world, delivered through its No. 1 U.S. doctor-recommended weight-loss program. Its holistic, personalized approach also includes U.S.-based clinical interventions, medications when clinically appropriate, and a global network of coaches and community support. Since 1963, the company has surrounded its members with the support they need to reach and sustain their goals, wherever they are on their journey. Members can access these solutions directly, or through WeightWatchers for Business’ full-spectrum platform for employers, health plans, and payers. In a landscape crowded with contradictory advice, isolating apps, and one-size-fits-all solutions, WeightWatchers offers a proven path forward, grounded in empathy and designed to help every member feel better in their body and live a longer, healthier life. For more information, visit weightwatchers.com.

This news release and any attachments include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, any statements about the Company’s plans, strategies, objectives, initiatives, and prospects. The Company generally uses the words “may,” “will,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “aim” and similar expressions in this news release and any attachments to identify forward-looking statements. The Company bases these forward-looking statements on its current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions, including, among other things: the Company’s recent emergence from bankruptcy, which could adversely affect the Company’s business and relationships and subjects us to risks and uncertainties; competition from other weight management and health and wellness industry participants or the development of more effective or more favorably perceived weight management methods; the Company’s failure to continue to retain and grow its subscriber base; the Company’s ability to be a leader in the rapidly evolving and increasingly competitive clinical weight management and weight loss market; the Company’s ability to continue to develop new, innovative services and products and enhance its existing services and products or the failure of its services, products or brands to continue to appeal to the market, or the Company’s ability to successfully expand into new channels of distribution or respond to consumer trends or sentiment; regulatory, reputational and other risks associated with the Company’s former compounded GLP-1 offering; the Company’s ability to successfully implement strategic initiatives; the Company’s ability to evolve its community offerings to meet the evolving preferences of its members; the effectiveness and efficiency of its advertising and marketing programs, including the strength of its social media presence; the impact on the Company’s reputation of actions taken by its franchisees, licensees, suppliers, affiliated provider entities, PCs’ healthcare professionals, and other partners, including as a result of the Company’s acquisition of Weekend Health, Inc., doing business as Sequence (“Sequence”) (the “Acquisition”); the recognition of asset impairment charges; the loss of key personnel, strategic partners or consultants or failure to effectively manage and motivate the Company’s workforce; the Company’s chief executive officer transition; the Company’s ability to successfully make acquisitions or enter into collaborations or joint ventures, including its ability to successfully integrate, operate or realize the anticipated benefits of such businesses, including with respect to Sequence; uncertainties related to a downturn in general economic conditions or consumer confidence, including as a result of the existing inflationary environment, changes in tariffs and escalating trade tensions, rising interest rates, the potential impact of political and social unrest and increased volatility in the credit and capital markets; the seasonal nature of the Company’s business; the Company’s failure to maintain effective internal control over financial reporting; the impact of events that impede accessing resources or discourage or impede people from gathering with others; the early termination by us of leases; the inability to renew certain of the Company’s licenses, or the inability to do so on terms that are favorable to us; the impact of the Company’s substantial amount of debt, debt service obligations and debt covenants, and its exposure to variable rate indebtedness; the ability to generate sufficient cash to service the Company’s debt and satisfy its other liquidity requirements; uncertainties regarding the satisfactory operation of the Company’s technology or systems; the impact of data security breaches and other malicious acts or privacy concerns, including the costs of compliance with evolving privacy laws and regulations; the Company’s ability to successfully integrate and use artificial intelligence in its business; the Company’s ability to enforce its intellectual property rights both domestically and internationally, as well as the impact of its involvement in any claims related to intellectual property rights; the impact of existing and future laws and regulations, including federal and state regulations relating to compounded medications; risks related to the Company’s exposure to extensive and complex healthcare laws and regulations as a result of the Acquisition; the outcomes of litigation or regulatory actions; risks and uncertainties associated with the Company’s international operations, including regulatory, economic, political, social, intellectual property, and foreign currency risks, which risks may be exacerbated as a result of war and terrorism; risks related to the Acquisition, including risks that the Acquisition may not achieve its intended results; the possibility that we could fail to maintain the listing of the Company’s common stock on Nasdaq; risks related to the actions of activist shareholders and anti-takeover provisions in the Company’s articles of incorporation and bylaws; uncertainty and continuing risks associated with the Company’s ability to achieve its goals; and other risks and uncertainties, including those included in this press release and those detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission (the “SEC”) (which are available on the SEC’s EDGAR database at www.sec.gov and via the Company’s website at corporate.ww.com). You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those discussed herein, could cause the Company’s results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company’s filings with the SEC (which are available on the SEC’s EDGAR database at www.sec.gov and via the Company’s website at corporate.ww.com).

For more information, contact:
Investors:
John Mills or Anna Kate Heller
WeightWatchers@icrinc.com

Media:
Mari Santana
Communications@ww.com

WW INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
UNAUDITED
      
      
  Successor  Predecessor
  June 30,  December 28,
   2025   2024 
ASSETS    
CURRENT ASSETS    
 Cash and cash equivalents$152,379   $53,024 
 Restricted cash 33,048    3,003 
 Receivables (net of allowances: June 30, 2025 – $0 and December 28, 2024 – $3,166) 11,712    14,428 
 Prepaid income taxes 41,346    11,676 
 Prepaid marketing and advertising 5,707    4,969 
 Prepaid expenses and other current assets 19,028    15,548 
 TOTAL CURRENT ASSETS 263,220    102,648 
Property and equipment, net 9,690    15,798 
Operating lease assets 3,505    42,047 
Goodwill 199,053    239,583 
Other intangible assets, net 527,566    115,762 
Deferred income taxes 16,727    16,686 
Other noncurrent assets 13,357    17,752 
 TOTAL ASSETS$1,033,118   $550,276 
LIABILITIES AND TOTAL EQUITY (DEFICIT)    
CURRENT LIABILITIES    
 Portion of operating lease liabilities due within one year$9,099   $8,168 
 Accounts payable 10,198    17,803 
 Salaries and wages payable 34,419    53,143 
 Accrued marketing and advertising 11,927    12,805 
 Accrued interest 1,006    11,322 
 Deferred acquisition payable     15,503 
 Other accrued liabilities 40,418    20,593 
 Income taxes payable 3,038    2,339 
 Deferred revenue 29,954    31,655 
 TOTAL CURRENT LIABILITIES 140,059    173,331 
Long-term debt, net 465,518    1,430,643 
Long-term operating lease liabilities 2,601    44,322 
Deferred income taxes 43,304    14,762 
Other noncurrent liabilities 667    1,590 
 TOTAL LIABILITIES 652,149    1,664,648 
TOTAL EQUITY (DEFICIT)    
 Successor common stock, $0 par value; 1,000,000 shares authorized; 10,000 shares issued at June 30, 2025 378,533     
 Predecessor common stock, $0 par value; 1,000,000 shares authorized; 130,048 shares issued at December 28, 2024      
 Predecessor treasury stock, at cost, 49,997 shares at December 28, 2024     (3,024,710)
 Retained earnings 1,254    1,936,170 
 Accumulated other comprehensive income (loss) 1,182    (25,832)
 TOTAL EQUITY (DEFICIT) 380,969    (1,114,372)
 TOTAL LIABILITIES AND TOTAL EQUITY (DEFICIT)$1,033,118   $550,276 
      

WW INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
UNAUDITED
        
        
  Successor  Predecessor
  Period from  Period from  
  June 25, 2025  March 30, 2025 Three Months Ended
  through June 30, 2025
  through June 24, 2025
 June 29, 2024
Subscription revenues, net (1)$12,078   $175,773  $199,956 
Other revenues, net (2) 89    1,224   2,117 
Revenues, net 12,167    176,997   202,073 
Cost of subscription revenues (3) 3,258    46,439   64,023 
Cost of other revenues     50   756 
Cost of revenues 3,258    46,489   64,779 
Gross profit 8,909    130,508   137,294 
Marketing expenses 2,784    32,093   53,696 
Product development expenses 686    14,160   10,732 
Selling, general and administrative expenses 2,853    42,851   36,933 
Operating income 2,586    41,404   35,933 
Reorganization items, net     (1,143,918)   
Interest expense 923    11,061   28,577 
Other expense (income), net 932    4,478   (78)
Income before income taxes 731    1,169,782   7,434 
Benefit from income taxes (523)   (20,906)  (15,835)
Net income$1,254   $1,190,688  $23,269 
        
Earnings per share      
Basic$0.13   $14.81  $0.29 
Diluted$0.13   $14.67  $0.29 
        
Weighted average common shares outstanding      
Basic 10,000    80,419   79,483 
Diluted 10,000    81,165   79,825 
        
        
Note: Totals may not sum due to rounding.      
(1) “Subscription revenues, net” consist of the aggregate of: (a) net “Behavioral Subscription Revenues”, the fees associated with subscriptions for the Company’s Behavioral offerings; and (b) net “Clinical Subscription Revenues”, the fees associated with subscriptions for the Company’s Clinical offerings.
(2) “Other revenues, net” (formerly known as “product sales and other, net”) consist of revenues from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenues. Prior to fiscal 2024, “Other revenues, net” included sales of consumer products.
(3) “Cost of subscription revenues” consists of cost of revenues and operating expenses for the Company’s Behavioral and Clinical services.
        

WW INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
UNAUDITED
       
       
 Successor  Predecessor
 Period from  Period from  
 June 25, 2025  December 29, 2024 Six Months Ended
 through June 30, 2025  through June 24, 2025 June 29, 2024
Subscription revenues, net(1)$12,078   $360,953  $404,012 
Other revenues, net(2) 89    2,615   4,609 
Revenues, net 12,167    363,568   408,621 
Cost of subscription revenues(3) 3,258    100,026   131,839 
Cost of other revenues     158   1,688 
Cost of revenues 3,258    100,184   133,527 
Gross profit 8,909    263,384   275,094 
Marketing expenses 2,784    110,871   143,858 
Product development expenses 686    25,281   23,237 
Selling, general and administrative expenses 2,853    78,480   83,410 
Franchise rights acquired impairments     27,549   257,988 
Operating income (loss) 2,586    21,203   (233,399)
Reorganization items, net     (1,143,918)   
Interest expense 923    38,664   53,304 
Other expense (income), net 932    6,685   (1,683)
Income (loss) before income taxes 731    1,119,772   (285,020)
(Benefit from) provision for income taxes (523)   1,669   39,613 
Net income (loss)$1,254   $1,118,103  $(324,633)
       
Earnings (net loss) per share      
Basic$0.13   $13.93  $(4.09)
Diluted$0.13   $13.80  $(4.09)
       
Weighted average common shares outstanding      
Basic 10,000    80,271   79,345 
Diluted 10,000    80,998   79,345 
       
  
Note: Totals may not sum due to rounding.
(1)“Subscription revenues, net” consist of the aggregate of: (a) net “Behavioral Subscription Revenues”, the fees associated with subscriptions for the Company’s Behavioral offerings; and (b) net “Clinical Subscription Revenues”, the fees associated with subscriptions for the Company’s Clinical offerings.
(2)“Other revenues, net” (formerly known as “product sales and other, net”) consist of revenues from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenues. Prior to fiscal 2024, “Other revenues, net” included sales of consumer products.
(3)“Cost of subscription revenues” consists of cost of revenues and operating expenses for the Company’s Behavioral and Clinical services.
        

WW INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
UNAUDITED
        
        
  Successor  Predecessor
  Period from  Period from  
  June 25, 2025  December 29, 2024 Six Months Ended
  through June 30, 2025  through June 24, 2025 June 29, 2024
Operating activities:      
 Net income (loss)$1,254   $1,118,103  $(324,633)
 Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:     
 Depreciation and amortization 1,681    14,201   19,948 
 Amortization of deferred financing costs and debt discount     1,766   2,509 
 Impairment of franchise rights acquired     27,549   257,988 
 Impairment of intangible and long-lived assets     97   197 
 Share-based compensation expense     4,032   5,141 
 Deferred tax benefit     (4,503)  (14,948)
 Allowance for doubtful accounts     (1,131)  5,447 
 Reserve for inventory obsolescence     (1)  134 
 Foreign currency exchange rate loss (gain) 933    6,717   (1,249)
 Non-cash reorganization items, net     (1,176,532)   
 Changes in cash due to:      
 Receivables 466    4,280   4,846 
 Inventories     3   30 
 Prepaid expenses 586    (31,281)  18,956 
 Accounts payable 406    (8,237)  6,598 
 Accrued liabilities 6,178    15,084   (36,825)
 Deferred revenue 47    (2,914)  142 
 Other long term assets and liabilities, net     (2,236)  (16,076)
 Income taxes (43)   580   33,819 
 Cash provided by (used for) operating activities 11,508    (34,423)  (37,976)
Investing activities:      
 Capital expenditures     (87)  (730)
 Capitalized software and website development expenditures (188)   (6,253)  (9,376)
 Other items, net     (1)  (5)
 Cash used for investing activities (188)   (6,341)  (10,111)
Financing activities:      
 Borrowings on revolving credit facility     171,341    
 Financing costs     (1,298)   
 Taxes paid related to net share settlement of equity awards     (145)  (629)
 Cash paid for acquisitions     (16,000)  (16,500)
 Other items, net        (3)
 Cash provided by (used for) financing activities     153,898   (17,132)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 544    3,966   (1,438)
Net increase (decrease) in cash and cash equivalents and restricted cash 11,864    117,100   (66,657)
Cash and cash equivalents and restricted cash, beginning of period 173,620    56,520   109,366 
Cash and cash equivalents and restricted cash, end of period$185,484   $173,620  $42,709 
        

WW INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS, EXCEPT PERCENTAGES)
UNAUDITED
           
           
        Variance
      Predecessor   2025
  Three Months Ended Three Months Ended 2025 Combined
  June 30, 2025 June 29, 2024 Combined Constant Currency
    Combined (1)   vs vs
  Combined (1) Constant Currency GAAP 2024 2024
           
Selected Financial Data         
Total Revenues$189,163 $186,846 $202,073 (6.4%) (7.5%)
Behavioral Subscription Revenues (2)$157,258 $154,967 $180,233 (12.7%) (14.0%)
Clinical Subscription Revenues (3)$30,593 $30,593 $19,723 55.1% 55.1%
Subscription Revenues (4)$187,851 $185,560 $199,956 (6.1%) (7.2%)
Other Revenues (5)$1,312 $1,286 $2,117 (38.0%) (39.3%)
           
           
 Note: Totals may not sum due to rounding.         
(1) These amounts combine the revenues of the Successor and Predecessor periods for comparability purposes. Although the Successor and Predecessor have a different accounting basis due to the application of fresh start accounting, none of the fresh start accounting adjustments impact revenue. Therefore, the combined revenue amounts presented are consistent with a pro forma presentation under Article 11 of Regulation S-X as if fresh start accounting was applied at the beginning of the first period presented.
(2) “Behavioral Subscription Revenues” consist of the fees associated with subscriptions for the Company’s Behavioral offerings.
(3) “Clinical Subscription Revenues” consist of the fees associated with subscriptions for the Company’s Clinical offerings.
(4) “Subscription Revenues” is the sum of Behavioral Subscription Revenues and Clinical Subscription Revenues.
(5) “Other Revenues” (formerly known as “product sales and other”) consist of revenues from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenues. Prior to fiscal 2024, Other Revenues included sales of consumer products.

 WW INTERNATIONAL, INC. AND SUBSIDIARIES
 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
 (IN THOUSANDS, EXCEPT PERCENTAGES)
 UNAUDITED
           
           
        Variance
      Predecessor   2025
  Six Months Ended Six Months Ended 2025 Combined
  June 30, 2025 June 29, 2024 Combined Constant Currency
    Combined (1)   vs vs
  Combined (1) Constant Currency GAAP 2024 2024
           
Selected Financial Data         
Total Revenues$375,735 $375,240 $408,621 (8.0%) (8.2%)
Behavioral Subscription Revenues (2)$312,981 $312,489 $365,537 (14.4%) (14.5%)
Clinical Subscription Revenues (3)$60,051 $60,051 $38,475 56.1% 56.1%
Subscription Revenues (4)$373,032 $372,539 $404,012 (7.7%) (7.8%)
Other Revenues (5)$2,703 $2,701 $4,609 (41.4%) (41.4%)
           
           
Note: Totals may not sum due to rounding.         
(1) These amounts combine the revenues of the Successor and Predecessor periods for comparability purposes. Although the Successor and Predecessor have a different accounting basis due to the application of fresh start accounting, none of the fresh start accounting adjustments impact revenue. Therefore, the combined revenue amounts presented are consistent with a pro forma presentation under Article 11 of Regulation S-X as if fresh start accounting was applied at the beginning of the first period presented.
(2) “Behavioral Subscription Revenues” consist of the fees associated with subscriptions for the Company’s Behavioral offerings.
(3) “Clinical Subscription Revenues” consist of the fees associated with subscriptions for the Company’s Clinical offerings.
(4) “Subscription Revenues” is the sum of Behavioral Subscription Revenues and Clinical Subscription Revenues.
(5) “Other Revenues” (formerly known as “product sales and other”) consist of revenues from licensing, franchise fees with respect to commitment plans and royalties, publishing and other revenues. Prior to fiscal 2024, Other Revenues included sales of consumer products.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
OPERATIONAL STATISTICS
(IN THOUSANDS, EXCEPT PERCENTAGES AND MONTHLY SUBSCRIPTION REVENUES PER AVERAGE SUBSCRIBER)
UNAUDITED
           
           
         
  Combined Combined Predecessor    
  Three Months Ended Three Months Ended Three Months Ended    
  June 30, 2025 June 30, 2025 June 29, 2024 Variance Variance
    (Constant Currency)     (Constant Currency)
Incoming Subscribers (1)         
Incoming Behavioral Subscribers 3,299 N/A  3,917 (15.8%) N/A
Incoming Clinical Subscribers 135 N/A  87 55.2% N/A
Incoming Subscribers 3,434 N/A  4,004 (14.2%) N/A
           
End of Period Subscribers (2)         
End of Period Behavioral Subscribers 3,040 N/A  3,756 (19.0%) N/A
End of Period Clinical Subscribers 127 N/A  81 56.5% N/A
End of Period Subscribers 3,167 N/A  3,837 (17.4%) N/A
           
Monthly Subscription Revenues Per Average Subscriber (3)         
Monthly Behavioral Subscription Revenues Per Average Subscriber$16.54 $16.30 $15.66 5.6% 4.1%
Monthly Clinical Subscription Revenues Per Average Subscriber$78.00 $78.00 $78.37 (0.5%) (0.5%)
Monthly Subscription Revenues Per Average Subscriber$18.97 $18.74 $17.00 11.6% 10.2%
           
           
Note: Totals may not sum due to rounding.         
(1) The “Incoming Subscribers” metric reports WW subscribers in Company-owned operations at a given period start.
(2) The “End of Period Subscribers” metric reports WW subscribers in Company-owned operations at a given period end.
(3) The “Monthly Subscription Revenues Per Average Subscriber” metric reports the monthly fees associated with subscriptions for the Company’s offerings divided by the Average Subscriber for its businesses. Monthly Subscription Revenues for quarterly periods for each respective business is calculated as Subscription Revenues divided by the number of months in the respective quarterly period. The “Average Subscriber” for quarterly periods for each respective business is the average of its Incoming Subscribers and End of Period Subscribers for the respective quarterly period.
           

WW INTERNATIONAL, INC. AND SUBSIDIARIES
OPERATIONAL STATISTICS
(IN THOUSANDS, EXCEPT PERCENTAGES AND MONTHLY SUBSCRIPTION REVENUES PER AVERAGE SUBSCRIBER)
UNAUDITED
           
           
           
  Combined Combined Predecessor    
  Six Months Ended Six Months Ended Six Months Ended    
  June 30, 2025 June 30, 2025 June 29, 2024 Variance Variance
    (Constant Currency)     (Constant Currency)
Incoming Subscribers (1)         
Incoming Behavioral Subscribers 3,244 N/A  3,731 (13.1%) N/A
Incoming Clinical Subscribers 92 N/A  67 37.8% N/A
Incoming Subscribers 3,336 N/A  3,798 (12.2%) N/A
           
End of Period Subscribers (2)         
End of Period Behavioral Subscribers 3,040 N/A  3,756 (19.0%) N/A
End of Period Clinical Subscribers 127 N/A  81 56.5% N/A
End of Period Subscribers 3,167 N/A  3,837 (17.4%) N/A
           
Monthly Subscription Revenues Per Average Subscriber (3)         
Monthly Behavioral Subscription Revenues Per Average Subscriber$16.33 $16.30 $16.03 1.9% 1.7%
Monthly Clinical Subscription Revenues Per Average Subscriber$85.01 $85.01 $82.08 3.6% 3.6%
Monthly Subscription Revenues Per Average Subscriber$18.77 $18.75 $17.36 8.1% 8.0%
           
           
Note: Totals may not sum due to rounding.         
(1) The “Incoming Subscribers” metric reports WW subscribers in Company-owned operations at a given period start.
(2) The “End of Period Subscribers” metric reports WW subscribers in Company-owned operations at a given period end.
(3) The “Monthly Subscription Revenues Per Average Subscriber” metric reports the monthly fees associated with subscriptions for the Company’s offerings divided by the Average Subscriber for its businesses. Monthly Subscription Revenues for year-to-date periods for each respective business is calculated as Subscription Revenues divided by the number of months in the respective year-to-date period. The “Average Subscriber” for year-to-date periods for each respective business is the average of its Incoming Subscribers at the beginning of the fiscal year and its End of Period Subscribers for each quarter end within the respective year-to-date period.
           

WW INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS, EXCEPT PERCENTAGES)
UNAUDITED
                            
                          
                          
  Successor  Predecessor
  Period from  Period from        
  June 25, 2025  March 30, 2025 Three Months Ended
  through June 30, 2025  through June 24, 2025 June 29, 2024
      Selling,        Selling,       Selling,  
      General, and Product      General, and Product     General, and Product
  Gross Marketing AdministrativeDevelopment  Gross Marketing AdministrativeDevelopment Gross Marketing AdministrativeDevelopment
  Profit Expenses Expenses Expenses  Profit Expenses Expenses Expenses Profit Expenses Expenses Expenses
                          
GAAP$8,909  $2,784  $2,853  $686   $130,508  $32,093  $42,851  $14,160  $137,294  $53,696  $36,933  $10,732 
% of Revenue 73.2%  22.9%  23.4%  5.6%   73.7%  18.1%  24.2%  8.0%  67.9%  26.6%  18.3%  5.3%
                          
Adjustments:                        
Transaction Costs(1)$  $  $(182) $   $  $  $(10,049) $  $  $  $  $ 
Depreciation and Amortization Expenses 330      (1,347)  (4)   4,147      (3,086)  (54)  6,323      (3,036)  (186)
Restructuring Charges(2)              (2,071)     (977)     (102)     (2,081)   
Total Adjustments$330  $  $(1,529) $(4)  $2,076  $  $(14,112) $(54) $6,221  $  $(5,117) $(186)
                          
Adjusted$9,239  $2,784  $1,324  $682   $132,584  $32,093  $28,739  $14,106  $143,515  $53,696  $31,816  $10,546 
% of Revenue 75.9%  22.9%  10.9%  5.6%   74.9%  18.1%  16.2%  8.0%  71.0%  26.6%  15.7%  5.2%
                           
Currency Adjustment 212      (17)      (2,045)  (129)  (168)    N/A N/A N/A N/A
                          
Constant Currency$9,121  $2,784  $2,836  $686   $128,463  $31,964  $42,684  $14,160  N/A N/A N/A N/A
% of Revenue 75.0%  22.9%  23.3%  5.6%   73.5%  18.3%  24.4%  8.1% N/A N/A N/A N/A
                          
Adjusted Constant Currency$9,452  $2,784  $1,308  $682   $130,539  $31,964  $28,571  $14,106  N/A N/A N/A N/A
% of Revenue 77.7%  22.9%  10.7%  5.6%   74.7%  18.3%  16.4%  8.1% N/A N/A N/A N/A
                          
                          
Note: Totals may not sum due to rounding.                        
(1) Certain non-recurring transaction costs related to strategic alternatives and the Company’s Chapter 11 financial reorganization.
(2) Restructuring charges consist of expenses associated with the reduction in headcount as a result of certain strategic re-alignments. Restructuring charges include the previously disclosed 2024 restructuring plan, 2023 restructuring plan and 2022 restructuring plan.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS, EXCEPT PERCENTAGES)
UNAUDITED
                            
                          
                          
  Successor  Predecessor
  Period from  Period from        
  June 25, 2025  December 29, 2024 Six Months Ended
  through June 30, 2025  through June 24, 2025 June 29, 2024
      Selling,        Selling,       Selling,  
      General, and Product      General, and Product     General, and Product
  Gross Marketing AdministrativeDevelopment  Gross Marketing AdministrativeDevelopment Gross Marketing AdministrativeDevelopment
  Profit Expenses Expenses Expenses  Profit Expenses Expenses Expenses Profit Expenses Expenses Expenses
                          
GAAP$8,909  $2,784  $2,853  $686   $263,384  $110,871  $78,480  $25,281  $275,094  $143,858  $83,410  $23,237 
% of Revenue 73.2%  22.9%  23.4%  5.6%   72.4%  30.5%  21.6%  7.0%  67.3%  35.2%  20.4%  5.7%
                          
Adjustments:                        
Transaction Costs (1)$  $  $(182) $   $  $  $(20,873) $  $  $  $  $ 
Depreciation and Amortization Expenses 330      (1,347)  (4)   8,650      (5,440)  (115)  12,616      (6,944)  (388)
Restructuring Charges (2)              (2,455)     (2,333)     2,353      (5,363)   
Total Adjustments$330  $  $(1,529) $(4)  $6,195  $  $(28,646) $(115) $14,969  $  $(12,307) $(388)
                          
Adjusted$9,239  $2,784  $1,324  $682   $269,579  $110,871  $49,835  $25,166  $290,063  $143,858  $71,103  $22,849 
% of Revenue 75.9%  22.9%  10.9%  5.6%   74.1%  30.5%  13.7%  6.9%  71.0%  35.2%  17.4%  5.6%
                          
Currency Adjustment 212      (17)      (458)  103   (21)    N/A N/A N/A N/A
                          
Constant Currency$9,121  $2,784  $2,836  $686   $262,926  $110,974  $78,459  $25,281  N/A N/A N/A N/A
% of Revenue 75.0%  22.9%  23.3%  5.6%   72.4%  30.6%  21.6%  7.0% N/A N/A N/A N/A
                          
Adjusted Constant Currency$9,452  $2,784  $1,308  $682   $269,122  $110,974  $49,813  $25,166  N/A N/A N/A N/A
% of Revenue 77.7%  22.9%  10.7%  5.6%   74.1%  30.6%  13.7%  6.9% N/A N/A N/A N/A
                          
                           
Note: Totals may not sum due to rounding.                        
(1) Certain non-recurring transaction costs related to strategic alternatives and the Company’s Chapter 11 financial reorganization.
(2) Restructuring charges consist of expenses associated with the reduction in the Company’s headcount as a result of certain strategic re-alignments. Restructuring charges include the previously disclosed 2024 restructuring plan, 2023 restructuring plan and 2022 restructuring plan.

WW INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS, EXCEPT PERCENTAGES)
UNAUDITED
            
            
  Successor  Predecessor
  Period from
June 25, 2025
through June 30, 2025
  Period from
March 30, 2025
through June 24, 2025
 Period from
December 29, 2024
through June 24, 2025
  Three Months Ended
June 29, 2024
  Six Months Ended
June 29, 2024
       
       
            
Net Income (Loss)$1,254   $1,190,688  $1,118,103  $23,269  $(324,633) 
Net Income (Loss) Margin 10.3%   672.7%  307.5%  11.5%  (79.4%) 
            
Interest 923    11,061   38,664   28,577   53,304  
Taxes (523)   (20,906)  1,669   (15,835)  39,613  
Depreciation and Amortization Expenses 1,681    7,287   14,201   9,545   19,948  
Stock-based Compensation     3,173   4,032   2,740   5,141  
EBITDA$3,335   $1,191,303  $1,176,669  $48,296  $(206,627) 
EBITDA Margin 27.4%   673.1%  323.6%  23.9%  (50.6%) 
            
Franchise Rights Acquired Impairments        27,549 (1)    257,988 (2)
Reorganization Items, net(3)     (1,143,918)  (1,143,918)       
Transaction Costs(4) 182    10,049   20,873        
Restructuring Charges(5)     (1,094)  (122)  1,979   7,716  
Other(6) 932    4,478   6,685   (78)  (1,683) 
Adjusted EBITDA$4,449   $60,818  $87,736  $50,197  $57,394  
Adjusted EBITDA Margin 36.6%   34.4%  24.1%  24.8%  14.0% 
            
             
Note: Totals may not sum due to rounding.    
(1)The Company’s franchise rights acquired impairment charge related to its United States unit of account.
(2)The Company’s franchise rights acquired impairment charges of $251,431, $4,074, $2,328 and $155 related to its United States, Australia, New Zealand and United Kingdom units of account, respectively.
(3)The net reorganization gain related to the Company’s emergence from its Chapter 11 financial reorganization and primarily consisted of the gain on settlement of liabilities subject to compromise and the impacts of fresh start valuation adjustments.
(4)Certain non-recurring transaction costs related to strategic alternatives and the Company’s Chapter 11 financial reorganization.
(5)Restructuring charges consist of expenses associated with the reduction in headcount as a result of certain strategic re-alignments. Restructuring charges include the previously disclosed 2024 restructuring plan, 2023 restructuring plan and 2022 restructuring plan.
(6)Primarily consists of the impact of foreign exchange gains and losses.
            

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