WW International Q1 Earnings Call Highlights

Key Points

• WW International reaffirmed its 2026 guidance for revenue of $620 million to $635 million and adjusted EBITDA of $105 million to $115 million, while saying it still expects to generate cash this year.
• The clinical weight-management business is driving growth, with first-quarter clinical subscription revenue up 32% year over year and subscribers up 46%, helped by strong demand for Med+ and GLP-1-related services.
• The legacy behavioral subscriber base continues to shrink, but higher-value tiers like Core+ are growing, supporting a 13% increase in ARPU and helping offset declines in overall revenue.

WW International NASDAQ: WW, operator of WeightWatchers, reaffirmed its 2026 financial outlook after reporting first-quarter results that reflected continued pressure in its legacy behavioral subscription business, offset in part by growth in its clinical weight-management offering and higher-value membership tiers.

On the company’s first-quarter 2026 earnings call, Chief Operating Officer Jon Volkmann said WeightWatchers remains focused on becoming “the preferred destination for weight health in a GLP-1 era” by combining access to weight-loss medications with behavioral support, coaching and community-based programming.

“We remain confident that this approach can help WeightWatchers create better health outcomes for our members while driving higher lifetime value and return the company to profitable long-term growth,” Volkmann said.

Clinical Business Grows as GLP-1 Demand Expands

WeightWatchers reported that clinical subscription revenue grew 32% year over year in the first quarter, while end-of-period clinical subscribers increased 46% year over year. Chief Financial Officer Felicia DellaFortuna said clinical subscribers ended the quarter at 197,000, up 51% sequentially.

The company said its Med+ tier, which combines clinical services with WeightWatchers’ behavioral and community programs, continued to gain traction. Volkmann said more than 20,000 existing behavioral members upgraded to clinical during the quarter. He added that the clinical offering carries an average revenue per user, or ARPU, of more than four times that of the behavioral offering.

Volkmann said the broader GLP-1 market continued to expand through the first three months of 2026, supported by the launch of oral versions of the drugs and increased interest from employers, payers and governments seeking health and economic benefits from the medications.

He also argued that WeightWatchers’ support model remains important as more patients use GLP-1s. Citing company data, Volkmann said Med+ members who regularly engaged with the company’s GLP-1 Success program lost 29.1% more body weight on average at 12 months than those who did not engage in structured behavioral support.

During the question-and-answer portion of the call, Volkmann said newer and more affordable GLP-1 options, including oral medications, have been a “tailwind” for the business by expanding access and helping patients remain on treatment.

Behavioral Subscribers Decline, but Core+ Returns to Growth

Despite the growth in clinical subscriptions, the company’s behavioral business continued to face headwinds. DellaFortuna said end-of-period behavioral subscribers totaled 2.5 million at the end of the first quarter, down 25% from a year earlier.

Within that segment, however, the company highlighted growth in its higher-value Core+ tier. Core+ ended the quarter with 537,000 subscribers, up 6% year over year. Volkmann said the offering includes virtual workshops, coaching and medically tailored programs such as GLP-1 Success and Menopause.

Volkmann said virtual workshop attendance among Core+ members in the U.S. increased nearly 40% year over year in the first quarter, with more members attending multiple meetings per week. He also said Core members who attend complimentary virtual experiences are three to four times more likely to upgrade to Core+, which carries an ARPU nearly twice that of the Core tier.

DellaFortuna said the company is seeing movement from Core into Core+ and Med+, supporting higher ARPU and lifetime value. Overall first-quarter ARPU rose 13% year over year to $20.59.

First-Quarter Revenue Falls, Margins Remain Elevated

First-quarter revenue was $168 million, down 10% from the prior-year period. DellaFortuna said the decline reflected subscription mix dynamics, including 32% growth in clinical subscription revenue and a 17% decline in behavioral subscription revenue. Foreign exchange provided a $4 million benefit during the quarter, while the quarter included one fewer day than the first quarter of 2025.

Adjusted gross margin was 73.6%, which DellaFortuna described as near record levels. She said the company improved margin profiles in both behavioral and clinical through structural actions and operational efficiencies, even as the business mix shifted toward clinical offerings, which have higher service costs due largely to clinician staffing.

Marketing expense totaled $93 million in the first quarter. DellaFortuna said the spending reflected front-loaded investment to increase awareness of the company’s Med+ positioning and coincided with the Wegovy pill launch. Adjusted SG&A was 15% of revenue, and adjusted product development expense was 5% of revenue.

The company reported an adjusted EBITDA loss of $1.8 million for the quarter. DellaFortuna said WeightWatchers expects adjusted EBITDA to improve during the remaining quarters of 2026.

Company Reaffirms 2026 Guidance

WeightWatchers reaffirmed its 2026 outlook for revenue of $620 million to $635 million and adjusted EBITDA of $105 million to $115 million. The company also said it expects to generate cash in 2026.

DellaFortuna said clinical subscription revenue is expected to account for approximately 25% to 30% of 2026 revenue, up from 16% in 2025. She said the company expects sequential clinical subscriber growth for the rest of the year, though at a slower pace than the increase seen from the fourth quarter of 2025 to the first quarter of 2026.

For the behavioral business, DellaFortuna said subscriber declines are expected to remain fairly flat relative to first-quarter levels, while the mix shift from Core to Core+ should continue to have a positive impact.

The company ended the quarter with $121 million in cash and cash equivalents, down from $160 million at the end of the fourth quarter. DellaFortuna attributed the sequential change primarily to first-quarter adjusted EBITDA, $12 million of quarterly term-loan interest, $6 million of capital expenditures and the timing of marketing payments.

WeightWatchers also expects to use $37 million of cash in the second quarter to reduce the aggregate principal amount of its term loan by $42 million. Based on the interest rate in effect as of March 31, 2026, DellaFortuna said the debt paydown is expected to reduce annualized interest expense by approximately $4 million.

In closing remarks, DellaFortuna said the company remains in the early stages of its transformation but believes it is “on the right track.”

About WW International NASDAQ: WW

WW International, Inc NASDAQ: WW is a global wellness and weight management company that provides a range of subscription-based programs, digital tools and personalized coaching services. Originally founded in 1963 by Jean Nidetch as a small support group in New York City, the company grew into the well-known Weight Watchers brand before rebranding as WW in 2018 to reflect an expanded focus on overall health, fitness and nutrition. Over the years, WW has introduced innovations such as the SmartPoints® system, which assigns values to foods based on their nutritional composition, and the MyWW® personalized wellness plan, which tailors recommendations to individual lifestyles and goals.

WW's offerings span digital and in-person channels.

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