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Side-by-side financial comparison of PELOTON INTERACTIVE, INC. (PTON) and Waters Corporation (WAT). Click either name above to swap in a different company.
Waters Corporation is the larger business by last-quarter revenue ($932.4M vs $656.5M, roughly 1.4× PELOTON INTERACTIVE, INC.). Waters Corporation runs the higher net margin — 24.2% vs -5.9%, a 30.1% gap on every dollar of revenue. On growth, Waters Corporation posted the faster year-over-year revenue change (6.8% vs -2.6%).
Peloton Interactive, Inc. is an American exercise equipment and media company based in New York City. The company's products include stationary bicycles, treadmills, and indoor rowers equipped with Internet-connected touch screens that stream live and on-demand fitness classes through a subscription service. The equipment includes built-in sensors that track metrics such as power output, providing users with real-time feedback on their performance and leaderboard rankings to compete with othe...
Waters Corporation is an American company headquartered in Milford, Massachusetts that provides analytical instruments and software used for chromatography, mass spectrometry, laboratory informatics, and rheometry by the life sciences, materials, and food industries.
PTON vs WAT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $656.5M | $932.4M |
| Net Profit | $-38.8M | $225.2M |
| Gross Margin | 50.5% | 61.1% |
| Operating Margin | -2.2% | 29.0% |
| Net Margin | -5.9% | 24.2% |
| Revenue YoY | -2.6% | 6.8% |
| Net Profit YoY | 57.8% | -2.7% |
| EPS (diluted) | $-0.09 | $3.76 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $656.5M | $932.4M | ||
| Q3 25 | $550.8M | $799.9M | ||
| Q2 25 | — | $771.3M | ||
| Q1 25 | — | $661.7M | ||
| Q4 24 | — | $872.7M | ||
| Q3 24 | — | $740.3M | ||
| Q2 24 | — | $708.5M | ||
| Q1 24 | — | $636.8M |
| Q4 25 | $-38.8M | $225.2M | ||
| Q3 25 | $13.9M | $148.9M | ||
| Q2 25 | — | $147.1M | ||
| Q1 25 | — | $121.4M | ||
| Q4 24 | — | $231.4M | ||
| Q3 24 | — | $161.5M | ||
| Q2 24 | — | $142.7M | ||
| Q1 24 | — | $102.2M |
| Q4 25 | 50.5% | 61.1% | ||
| Q3 25 | 51.5% | 59.0% | ||
| Q2 25 | — | 58.3% | ||
| Q1 25 | — | 58.2% | ||
| Q4 24 | — | 60.1% | ||
| Q3 24 | — | 59.3% | ||
| Q2 24 | — | 59.3% | ||
| Q1 24 | — | 58.9% |
| Q4 25 | -2.2% | 29.0% | ||
| Q3 25 | 7.5% | 24.0% | ||
| Q2 25 | — | 24.4% | ||
| Q1 25 | — | 22.9% | ||
| Q4 24 | — | 33.5% | ||
| Q3 24 | — | 28.5% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 21.0% |
| Q4 25 | -5.9% | 24.2% | ||
| Q3 25 | 2.5% | 18.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 18.3% | ||
| Q4 24 | — | 26.5% | ||
| Q3 24 | — | 21.8% | ||
| Q2 24 | — | 20.1% | ||
| Q1 24 | — | 16.0% |
| Q4 25 | $-0.09 | $3.76 | ||
| Q3 25 | $0.03 | $2.50 | ||
| Q2 25 | — | $2.47 | ||
| Q1 25 | — | $2.03 | ||
| Q4 24 | — | $3.88 | ||
| Q3 24 | — | $2.71 | ||
| Q2 24 | — | $2.40 | ||
| Q1 24 | — | $1.72 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.2B | $587.8M |
| Total DebtLower is stronger | $1.5B | $1.4B |
| Stockholders' EquityBook value | $-326.7M | $2.6B |
| Total Assets | $2.2B | $5.1B |
| Debt / EquityLower = less leverage | — | 0.55× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $587.8M | ||
| Q3 25 | $1.1B | $459.1M | ||
| Q2 25 | — | $367.2M | ||
| Q1 25 | — | $382.9M | ||
| Q4 24 | — | $325.4M | ||
| Q3 24 | — | $331.5M | ||
| Q2 24 | — | $327.4M | ||
| Q1 24 | — | $338.2M |
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-326.7M | $2.6B | ||
| Q3 25 | $-347.0M | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $2.2B | $5.1B | ||
| Q3 25 | $2.2B | $4.9B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | — | 0.55× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $71.9M | $164.6M |
| Free Cash FlowOCF − Capex | $71.0M | — |
| FCF MarginFCF / Revenue | 10.8% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | 0.73× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.9M | $164.6M | ||
| Q3 25 | $71.9M | $187.3M | ||
| Q2 25 | — | $41.1M | ||
| Q1 25 | — | $259.6M | ||
| Q4 24 | — | $240.1M | ||
| Q3 24 | — | $204.6M | ||
| Q2 24 | — | $54.5M | ||
| Q1 24 | — | $262.9M |
| Q4 25 | $71.0M | — | ||
| Q3 25 | $67.4M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 12.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.73× | ||
| Q3 25 | 5.17× | 1.26× | ||
| Q2 25 | — | 0.28× | ||
| Q1 25 | — | 2.14× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | — | 2.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PTON
| Subscription And Circulation | $412.6M | 63% |
| Connected Fitness Products Segment | $243.9M | 37% |
| Product Warranty | $4.0M | 1% |
WAT
Segment breakdown not available.
