May 7, 2026
According to management: “We remain confident in our strategy to build the industry-leading weight health platform. Our focus is on executing high-impact initiatives that drive Clinical growth and stabilize our Behavioral business,” said Jon Volkmann, Chief Operations Officer and member of the Company’s Interim Office of the Chief Executive. “We made encouraging progress in Q1, with End of Period Clinical Subscribers growing 51% sequentially, and Core+, our higher value Behavioral tier that includes expert support and community experiences, returning to year-over-year growth.”
Total End of Period Subscribers of 2.7 million
End of Period Clinical Subscribers of 197,000 up 46% year-over-year
Revenue of $168 million (a 9.2% decrease from Q1 2025)
Clinical Subscription Revenue of $39 million, up 32% year-over-year
Cash and Cash Equivalents balance as of March 31, 2026 was $121 million.
Q1 2026 Clinical Subscription Revenue grew 32% year-over-year and End of Period Clinical Subscribers grew 46% year-over-year, despite lapping significant prior year growth in Q1 2025 from the Company’s former compounded semaglutide offering.
The company spent $118 million on marketing during the quarter.
Fiscal 2026 Guidance
The company reaffirms previously provided full year fiscal 2026 guidance.
Revenue guidance of $620 million to $635 million.
WW to offer Ozempic pill
On May 1, WW said that it will begin offering access to Novo Nordisk’s now available Ozempic® pill (semaglutide) through its Med+ offering and affiliated medical groups. The addition will give members a once-daily GLP-1 option for adults living with type 2 diabetes, further expanding Weight Watchers’ growing portfolio of oral GLP-1 treatments available through a clinically supported program designed to help members succeed.
“For adults living with type 2 diabetes, finding comprehensive support is extremely important, including clinical guidance, appropriate medication, insurance navigation and day-to-day tools” said Jon Volkmann, Chief Operations Officer at Weight Watchers. “With the addition of Ozempic® pill to our formulary, Weight Watchers Med+ is giving eligible members access to another FDA-approved semaglutide option, supported by clinicians and a care team who can help them navigate insurance and by a broader program designed to support diabetes care in everyday life.”
The complete press release with financial tables can be found here:
https://corporate.ww.com/news/news-details/2026/Weight-Watchers-Announces-First-Quarter-2026-Results/default.aspx
Conference Call Information
Management reported that clinical revenues are expected to represent about 25% of total revenues in 2026. The company pointed out that WW is still in the early stages of a multi-year shift, to adjust to the new GLP-1s era.
Commentary
With guidance for revenues of about $630 million, revenues for the year would imply an 11.3% decline from the $710 million posted in 2025. Management reported that clinical revenues are expected to represent about 25% of total revenues in 2026. With revenues of $39 million in Q1 for clinical customers, and at an annual rate of $156 million, the clinical business is beginning to generate significant sales. Given the success of weight loss drugs with regulatory approval and the crackdown on knock-offs, expanding the distribution of Zepbound should accelerate adoption. Additionally, companies such as Weight Watchers should benefit from increased sales volume and greater customer loyalty as they align themselves with medically endorsed treatments. Looking ahead, sell-side analysts expect revenue to decline by 10.6% over the next 12 months, similar to its two-year rate.
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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.