Nov. 6, 2025
According to WW management: “WeightWatchers is entering a new era, uniquely positioned at the intersection of medical innovation and behavioral science, to lead this rapidly evolving weight health market,” said Tara Comonte, CEO of WeightWatchers. “GLP-1s are a breakthrough in obesity care, but real success, with or without medication, comes from combining science, healthy habits, accountability, and connection. As medications become a more central part of sustainable weight management, our integrated care model uniting clinical solutions with six decades of expertise in behavior change and community support, positions WeightWatchers as the leading comprehensive solution for people taking control of their weight health. The progress we made in Q3 has been a strong step in the right direction as we build toward that future.”
“Our healthier balance sheet has enabled us to begin investing in growth opportunities, while continuing to deliver strong profitability,” said Felicia DellaFortuna, CFO of WeightWatchers.
WW sales for the first 9 months of 2025 were $547.8 million.
Third Quarter 2025 Overview:
Q3 reflected a significantly strengthened balance sheet as the company’s first full quarter post-restructuring, with total debt reduced by more than 70% (~$1.1 billion) and Cash at quarter end increasing to $170 million from $152 million at the end of Q2.
Clinical Subscription Revenue growth remained strong at 35.3% year-over-year, with retention of members previously prescribed compounded semaglutide better than expected.
End of Period Subscribers of 3.0 million, including Clinical Subscribers of 124,000
Total Revenues declined 10.8% year-over-year. YTD revenues for 9 months are $547.8 million vs. $601.5 million for the same period of 2024 – a 9 % decline.
Net Loss of $58 million was negatively impacted by a $53 million charge for income tax expense. As a result, Net Loss Margin was 33.4%. Adjusted EBITDA1 was $43 million;
Execution of strategic priorities is advancing, with key initiatives launched including the new Menopause program, and strong progress across brand, digital, and clinical innovation.
Added senior leaders across technology, experience, and international to further strengthen the executive team and accelerate execution.
Narrowing 2025 Guidance to the higher end of previous ranges for Revenues to $695 – $700 million.
Conference Call Information
WW is still facing competition from the GLP-1 drugs but the firm has not been hit as hard as competitor Medifast. Clinical sales were up by 35% and the number of clinical subscribers was up 60% vs. 2024. Management stated that they will be doing a brand “refresh” and will upgrade the app. They also mentioned a partnership with a UK telehealth company, and pursuing more growth in international markets. The firm’s marketing spend for Q3 was equal to 28% of revenues (estimated at $48 million, based on sales of $172 mill.). The marketing spend will be increased in Q4 in preparation for the new diet season that starts in Q1 2026. Management also mentioned its partnerships with Novo Nordisk (Novo care) and with Amazon pharmacy. The latter provides for real-time availability of GLP-1 meds, coupon savings, and other logistics. Management also said that 20% of their members using compounded GLP-1 meds have been converted to the brand name meds. Management feels that the current downward pressure on GLP-1 prices will be a positive for the company.
Commentary
WW posted a 9% decrease in sales for the first nine months of 2025 vs. 2024, while Medifast sales plummeted by 36%. This means that WW is once again the largest weight loss company, with expected 2025 sales of $700 million. It is growing revenues of its clinical business, contributing revenues that offset some of the decline in its non-medical business. The tone of this earnings call was very positive, and we agree.
WW seems to be in the strongest position now versus its competitors (Medifast, NutriSystem, Noom, etc.), for several reasons. First, the company still has a strong brand name and the ability to spend significant funds on marketing and advertising (typically $200 mill. per year or more). Secondly, it has exposure to international markets for growth. Third, it is steadily growing its medical/clinical business. Fourth, it has some significant partnerships with major employers and healthcare providers, insurers and pharmaceutical firms (Novo Nordisk, Amazon pharmacy). As the price of GLP-1s comes down, probably in the range of $150-250 per month, this will help WW to enroll more clinical customers, translating into increased revenues. We see the company returning to growth in 2026 as the firm leverages these advantages over its competitors, who have less experience and connections.
LEARN MORE: About The Commercial Weight Loss Market – Report by Marketdata LLC
Marketdata LLC has just published a new report: “The U.S. Weight Loss Market: Commercial (non-medical) Programs & Products”, March 2025. This is a 220-page analysis of commercial weight loss programs/companies and how they have been affected by and respond to the onslaught of the GLP-1 drugs competition.
The $38 billion U.S. commercial weight loss market is 15% larger than in 2020, but has had to pivot to adjust to huge competition from the popular GLP-1 drugs. The large commercial chains have been hurt the most since 2022. The business has gone virtual, and some competitors have added the GLP-1 drugs to their programs to position themselves for a new future.
However, some commercial markets have held up well. Diet soft drinks have shown surprising strength, and high protein meal replacements have been positioned as an adjunct to the weight loss drugs. The weight loss apps market is growing strongly. The ranks of commercial weight loss centers have been thinned, and franchising is all but dead as a growth model.
Some Report Findings::
- Marketdata estimates that the U.S. commercial (non-medical) weight loss market, for programs, products and services, was worth $38.4 billion in 2024, down slightly from $38.8 billion in 2022. Commercial services represent 53% of the $72.2 billion total market now, down from 82% in 2020, prior to the GLP-1 boom.
- The commercial weight loss programs market segment contracted by 29.2% in 2023, to $3.24 billion, and another 23.7% to $2.47 billion in 2024, due to competition from GLP-1s drugs. This amounts to a 56% decline in just two years.
- Commercial weight loss companies have lost $2 billion in revenues since 2022 due to the competition from GLP-1 drugs. Jeny Craig went bankrupt, Profile Plan closed, and NutriSystem’s private equity parent Wellful is having debt issues.
- The “average” weight loss center had annual receipts of $646,250 in 2022. But, sales have fallen since then, to $484,000 per center in 2024.
- There may be an opportunity for commercial weight loss firms to post some growth in the second half of 2025. The GLP-1s shortage is over, and the compounding pharmacies have to stop making these meds as of May 22. Consumers will then have to pay full price for the brand name meds. Many will opt for less costly (non-medical) diet programs.
- The business has gone virtual. Operating a retail, brick & mortar weight loss center or franchise has become too difficult in this era, with rising real estate and staff costs. Many businesses have pivoted to a virtual delivery model, which can be scaled larger and quicker, and is more profitable.
Purchase The Report:
The report’s description and Table of Contents are found at this website, see home page, Off The Shelf Market Reports, red link for Diet Market – Our Specialty, or contact us at 813-971-8080 and we’ll email them to you. The report contains 62 tables and charts. Price: $995. A 25-page, $99 Overview Summary report is also available.
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Included… dollar value & growth rates of all major commercial weight loss market segments (early 1980s to 2024 and 2025 & 2028 forecasts), latest market trends and company developments, status reports for: diet soft drinks, artificial sweeteners, commercial weight loss centers, multi-level marketing diet plans, retail and MLM meal replacements and weight loss supplements, and low-cal frozen entrees. Analysis of the medical weight loss programs market and competition from MDs, hospitals, medical clinic chains, and telehealth.
The report includes a 35-year revenue analysis of the market through past recessions and fad diet cycles, plus weight loss center franchising, and extensive national/state commercial centers’ operating ratios. Rankings & revenues of top commercial chains, brand sales, and a Reference Directory. Competitor profiles for: Weight Watchers, Jenny Craig, NutriSystem, Medifast, Herbalife, Noom, MyFitness Pal, Slim-Fast (Glanbia), Simply Good Foods (Atkins Nutritionals), Slimgenics, Profile by Sanford, BeachBody, Metabolic Research, Visalis Life Sciences, Isagenix, Shaklee, AMWAY (Quixtar), and Nu-Skin.