Beachbody NASDAQ: BODI Executive Chairman Mark Goldston outlined the company’s turnaround progress, retail expansion plans and product pipeline at a Canaccord consumer conference, saying the company has shifted away from its former multilevel marketing structure toward a direct-to-consumer and retail-focused wellness strategy.
Goldston said the 28-year-old company has generated more than $12.5 billion in cumulative sales, served 32 million users and built a fitness library comprising more than 230 programs and 11,500 videos. He described Beachbody’s portfolio as spanning exercise, nutrition and lifestyle offerings, including fitness brands P90X and Insanity and nutrition brand Shakeology.
Turnaround and Financial Progress
According to Goldston, Beachbody disbanded its multilevel marketing operation in December 2024 and has restructured its cost base substantially. He said headcount has declined from more than 1,000 employees to fewer than 300, while the company’s adjusted EBITDA breakeven revenue level fell to $160 million from $900 million.
Goldston said Beachbody has recorded 11 consecutive quarters of positive adjusted EBITDA, totaling $76.5 million over that period. The company reported adjusted EBITDA of $28.3 million in 2025, compared with a loss of $86.1 million in 2024, he said.
The executive chairman also cited 2025 free cash flow of $17.4 million, compared with negative free cash flow of $293 million previously. He said Beachbody had $32.4 million in cash and $25 million in debt, following a refinancing with Tiger Finance that reduced annual cash interest expense to approximately $3.1 million.
Goldston said the company generated full-year operating income in 2025 for the first time since its 2021 public listing, and that it was operating-income positive in the first half of 2026. He also said Beachbody posted positive net income in each of the four quarters ending June 30, 2026.
Retail Distribution Expands for Shakeology
A central component of Beachbody’s revised strategy is broader retail distribution of Shakeology, its superfood shake brand. Goldston said Shakeology has generated $3.7 billion in cumulative sales and more than 1 billion servings over 15 years, but had historically been sold primarily through the company’s direct-selling network.
Beachbody began selling Shakeology in Sprouts stores in May, initially entering about 88 locations. Goldston said the brand had since expanded to 131 Sprouts stores. He also said Shakeology began selling in 481 The Vitamin Shoppe locations two days before the conference.
The company has introduced a seven-serving Shakeology package priced at $34.95, compared with its previous 30-serving, $129 package. Goldston said the smaller format is intended to support retail and Amazon distribution and make the product more accessible to consumers.
During the question-and-answer session, Goldston said Beachbody’s nutrition products had historically experienced less than 10% crossover among users of its digital fitness products, compared with research suggesting that 60% to 65% of digital fitness consumers also purchase nutrition products. He attributed the company’s lower historical crossover rate to pricing associated with its former multilevel marketing compensation model.
New Programs and Nutrition Products
Beachbody has accelerated product launches that Goldston said were originally planned for 2027. The company introduced 10-Minute BODi in December, a collection of more than 450 short workouts across strength, core and cardio categories. Goldston said the product is aimed at consumers who may be intimidated by longer or more intensive programs.
The company launched P90X Next Generation in early 2026, its first new P90X program in more than a decade, along with a P90X supplement line. Beachbody plans to test P90X and Insanity energy drinks in Southern California during the second half of 2026, according to Goldston.
- P90X and Insanity energy drinks are planned for a Southern California test market in the second half of 2026.
- A new program from Insanity creator Shaun T, called MAX BUILT, is planned.
- A new Insanity program featuring three-time Hyrox world champion Hunter McIntyre is expected in November.
- A barre Pilates program with Andrea Rogers is planned for the first quarter of 2027.
Goldston said Beachbody is prioritizing nutrition in its advertising because he estimated the nutritional supplement market at $164 billion, compared with a $13 billion fitness market. The company intends to use nutrition products to attract consumers and then cross-market digital fitness programs under its broader “BODi” wellness positioning.
He said Beachbody is evaluating additional nutrition formats, including Shakeology bars and ready-to-drink products, but does not plan to re-enter the fitness-equipment category. Goldston characterized accessories such as mats and bands as inventory-intensive, lower-margin businesses that consume working capital.
Goldston also pointed to consumers using GLP-1 medications as a potential audience for the company’s shorter workouts and nutrition offerings, noting that the company aims to serve people seeking to begin exercising rather than only highly committed fitness consumers.
About Beachbody (NASDAQ:BODI)
Beachbody is a consumer-oriented health and fitness company based in Santa Monica, California. Founded in 1998 by Carl Daikeler and Jon Congdon, the company originally gained prominence through at-home workout programs distributed on DVD. Over time, Beachbody has transitioned much of its content delivery to a subscription-based digital platform, offering on-demand streaming of exercise routines, meal plans and wellness coaching.
The company’s portfolio includes a range of branded fitness programs—such as P90X, Insanity, 21 Day Fix and Body Beast—alongside nutrition and supplement products marketed under the Beachbody Nutrition brand.
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