Weight Watchers Restores Profit After Peak-Season Marketing Reset
Second-quarter revenue was $162.3 million as Clinical Subscription Revenue reached $39.9 million and Adjusted EBITDA swung to $39.8 million.
WW International (WW), the science-backed weight-management company, posted $14.1 million of net income in the second quarter of 2026, reversing a $52.0 million net loss in the first quarter, as marketing spend fell after peak season and Adjusted EBITDA swung to a $39.8 million profit from a $1.8 million loss.
Revenue was $162.3 million, down 14.2% versus the combined three months ended June 30, 2025, and below $168 million in the first quarter. The company views 2026 as a year of focused transition. Chief Operations Officer Jon Volkmann, a member of the Interim Office of the Chief Executive, said the quarter reflected that work taking hold.
Clinical Subscription Revenue was $39.9 million, up 30.4% year-over-year, after 32% year-over-year growth in the first quarter. End of Period Clinical Subscribers were 197 thousand, unchanged from the first quarter after a 51% sequential increase there. Year-over-year growth slowed to 55.7% from 46% in the first quarter. The company strategically recalibrated Clinical marketing investment after elevated spend in the first quarter.
Behavioral Subscription Revenue was $121.5 million, down 22.7% versus the combined three months ended June 30, 2025. Total End of Period Subscribers declined to 2.5 million from 2.7 million at the end of the first quarter.
Core+, the higher-value Behavioral tier, represented 541 thousand End of Period Subscribers, up 13.9% year-over-year and the third consecutive quarter of sequential growth, versus 537 thousand at the end of the first quarter. Chief Financial Officer Felicia DellaFortuna said Core+ growth was a signal that interest in the Behavioral business is stabilizing while Clinical continues to grow.
Monthly Subscription Revenue Per Average Subscriber increased 10.2% year-over-year, down from a 13% year-over-year increase in the first quarter, as the mix shift toward Clinical continued. Gross Margin was 70.3%. Adjusted Gross Margin was 73.6%, unchanged from the first quarter and near record highs.
Marketing expense was $47.9 million, or 29.5% of revenue, down from $92.9 million in the first quarter as the company moved past peak season and rebalanced investment across business lines. Operating income was $9.5 million. Net income included higher depreciation and amortization related to Fresh Start Accounting after the June 2025 emergence from Chapter 11.
Cash and cash equivalents were $101.5 million at June 30, 2026. Operating activities generated $24.3 million of cash in the quarter. The company prepaid $36.8 million in cash to reduce term-loan principal, cutting aggregate principal by $41.4 million and annualized interest expense by about $4 million, matching the $37 million prepayment it had expected after the first quarter. The prepayment comprised a $26.8 million annual cash sweep in June and a $10.0 million voluntary solicitation in May that was fully subscribed at 68.5% of par. Long-term debt, net, was $424.0 million at June 30, 2026.
The company reaffirmed full-year 2026 guidance of revenue of $620 million to $635 million and Adjusted EBITDA of $105 million to $115 million, the same ranges given after the first quarter. DellaFortuna said the business remains cash accretive and that the company has confidence in building momentum into 2027 and beyond.