March 17, 2026
Weight Watchers reports its 2025 results yesterday. The firm’s revenues came in at $710 million, a 9.6% decline from 2024 revenues of $786 million. The company is expecting an 11% decrease in 2026 revenues, to between $620 and $635 million.
2025 Total Revenue and Adjusted EBITDA above high end of previously provided guidance
Total End of Period Subscribers of 2.8 million; End of Period Clinical Subscribers of 130 thousand, up 42% year-over-year with continued growth in first quarter 2026
Fourth Quarter Total Revenue of $163 million; Clinical Subscription Revenue of $27 million, up 32% year-over-year.
“Our industry is undergoing a profound transformation driven by GLP-1 medications, and Weight Watchers is evolving alongside it,” said Tara Comonte, CEO of Weight Watchers. “Throughout Q4, we continued expanding our clinical capabilities and building the digital experiences needed to support members in this new era of weight health. Our strategy is rooted in combining access to GLP-1 medications with the behavioral support and community that have defined Weight Watchers for decades. As research continues to highlight the importance of pairing medication with structured support, this comprehensive weight health platform represents our long-term competitive advantage. In fact, members who regularly engage with our GLP-1 Success Program lose 29 percent more body weight, on average, than those who use medication without structured behavioral support.”
Comonte added, “While significant work remains ahead to fully realize this vision, we are encouraged by early signs of progress including strong Clinical growth, improved brand momentum, and early engagement across our evolving product ecosystem. We view 2026 as an important inflection year, unlocking the potential for sustainable future growth. The year ahead will focus on continuing our transformation and positioning Weight Watchers as the premier global destination for weight health in the GLP-1 era.”
Q4 2025 Total Revenue declined 12% year-over-year, reflecting increasing consumer interest toward GLP-1 medications amid continued multi-year secular headwinds in the Behavioral business, coupled with the commercial impact from the company’s Chapter 11 financial reorganization. Cash and Cash Equivalents at December 31, 2025 of $160 million.
Operating Metrics:
WW had 3.24 million Behavioral program subscribers at the end of 2025, and 130,000 clinical subscribers., for a total of 2.76 million subscribers.
Behavioral subscriber revenues accounted for $592.6 million in revenues (83.4% of the total). Clinical subscribers generated $112.8 million in revenues (15.9% of the total).
The monthly revenue per average subscriber was $16.38 for Behavioral subscribers and $77.40 for Clinical subscribers, with the total average being $18.74.
The company expects to end Q1 2026 with approximately 200,000 end-of-period clinical subscribers.
Fiscal 2026 Guidance
Guidance reflects estimates for First Quarter 2026 Total End of Period Subscribers of approximately 2.65 million, including End of Period Clinical Subscribers of approximately 200 thousand, following a strategic concentration of marketing spend in Q1 to drive brand repositioning and Clinical growth.
The company’s full year outlook reflects i) an opening subscriber headwind from 2025; ii) an accelerating mix shift between the Behavioral and Clinical lines of business driving ARPU accretion; and iii) reduced marketing spend for the remaining quarters of the year which will be recalibrated across the portfolio in order to manage relative maturity profiles of these business lines.
Revenue guidance of $620 million to $635 million. (this is an 11% decrease from 2025 revenues).
Conference Call Information
Comonte framed GLP-1 medications as a “permanent structural shift” in how weight and metabolic health are addressed, citing an estimate of about 10 million Americans currently on GLP-1s and a McKinsey projection of 25 million to 50 million by 2030. She said Weight Watchers is evolving from a primarily behavioral subscription model into an integrated ecosystem that includes medication access and clinical care.
Management emphasized that it views its differentiation as combining clinical access with behavioral and community support, rather than becoming a “prescription-only telehealth business.”
Ms. Comonte said awareness that Weight Watchers offers access to clinicians who can prescribe GLP-1 medications remains low, which she described as a significant opportunity.
For Q1 2026, the company expects approximately 2.45 million behavioral subscribers, representing an anticipated decline of about 26% year-over-year. DellaFortuna said Core is facing multi-year secular headwinds and incremental acquisition pressure following the reorganization.
DellaFortuna described member migration as part of the strategy, despite the headwind it creates for the Core subscriber count. She said about 30% of clinical signups in 2025 transitioned directly from the behavioral base.
Marketing expense in Q4 was 40% of revenue.
The CFO said marketing as a percentage of revenue is expected to increase modestly in 2026 versus 2025, with roughly 40% to 45% of the full-year marketing spend front-loaded into Q1, followed by lower levels of marketing spend in later quarters and a reallocation across behavioral and clinical.
Management also discussed B2B initiatives, saying it has been rebuilding the pipeline after disruption during Chapter 11 and is expanding partnership efforts, including with UnitedHealth Group across multiple lines of business.
Jon Volkmann, COO, added that the launch of new oral options has exceeded initial projections and expanded their total addressable market by lowering psychological barriers for new members.
Commentary
WW seems to be in the strongest position to integrate a non-medical and medical weight loss program for its clients. The company continues to increase its clinical business. The company is holding up better than competitors. It posted a 9.6% decrease in sales in 2025, compared with a 36% decrease by Medifast. Competitive advantages include a large marketing budget than competitors, international diversification, a respected band name and image, and significant contacts with large employers and health insurers, among other factors. The fact that WW is willing to spend 33% of its revenues on marketing reveals just how much a weight loss company now has to spend to cut through the clutter of a more crowded market and to maintain share of mind. Competitors such as Medifast have not yet learned this lesson, as they spend virtually nothing on national advertising, which hurts their revenues.
However, WW faces ongoing headwinds in its core behavioral business, with a 17% decline in behavioral revenue and a projected 26% year-over-year decline in behavioral subscribers for Q1 2026. The company is still in the early stages of repositioning its brand and expanding its demographic reach, which may take time to fully realize.
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Some findings:
- The total U.S. weight loss market was worth $135 billion in 2025 (when including the revenues of health clubs ). A 6.6% increase is forecast in 2026, largely due to growing sales of GLP-1 drugs.
- Commercial weight loss companies/centers (Weight Watchers, NutriSystem, jenny Craig, Medifast) saw revenues fall by 24% as a group in 2025, to $1.86 billion, as they struggle to pivot and deal with strong competition from the GLP-1 drugs.
- All medical programs accounted for a new high of 38% of the total market, worth $51.5 billion last year. This is up sharply from 11% in 2022, prior to the GLP-1 drugs boom.
- The number of bariatric surgeries is estimated to have fallen by 8% in 2024 and another 6% in 2025, to 232,000.
- The market for prescription obesity medications is estimated to have increased by 64%, to $43.48 billion. Growth will be slower in 2026, as new and cheaper weight loss pills enter the market.
- Meal replacements and OTC appetite suppressants is a $4.2 billion market. Shakes and nutrition bars have held up well but retail diet pills sales are plummeting.
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The report includes in-depth analyses of: 2024-2025 market/revenue performance, recent competitor and market developments, current dieter trends and top diet plans, and diet company advertising and marketing spending. Special emphasis and analysis of the obesity drugs market and its effect on all market segments. Coverage of cheaper compounded drugs that are not FDA-approved, new drugs entering the market.
Individual Status Reports and the effects of the obesity drugs boom on operations and revenues, for ALL major weight loss market segments… diet soft drinks, artificial sweeteners, health clubs industry, commercial weight loss chains, retail meal replacements and appetite suppressants, and low-calorie dinner entrees.
Includes profiles and 2025 performance of: Medifast, Weight Watchers, NutriSystem, Slim-Fast, Simply Good Foods (Atkins) Herbalife, AMWAY, Premier Protein, Eli Lillky, Novo Nordisk and and Noom.