WW International NASDAQ: WW, the parent company of Weight Watchers, reported second-quarter 2026 revenue of $162.3 million, down from $189.2 million a year earlier, while highlighting growth in its clinical and higher-value behavioral membership tiers and reaffirming its full-year financial outlook.
The company said its second-quarter performance reflected progress in a multiyear transformation toward a business with a greater mix of clinical weight-loss services and premium behavioral offerings. Net income totaled $14.1 million, while adjusted EBITDA was $39.8 million, representing a 24.5% margin.
Membership mix shifts toward clinical and Core+
Total end-of-period subscribers were 2.5 million. Behavioral subscribers totaled 2.3 million, down 24.6% year over year, with the decline concentrated in the company’s Core tier.
However, the higher-value Core+ behavioral tier ended the quarter with 541,000 subscribers, a 13.9% increase from the prior-year period. Chief Financial Officer Felicia DellaFortuna said this marked the third consecutive quarter of sequential subscriber growth for Core+, a pattern the company said it had seen only once previously in the past 15 years.
Clinical subscribers reached 197,000, up 55.7% from 127,000 in the second quarter of 2025. The clinical subscriber total was unchanged from the first quarter, which DellaFortuna attributed to a significant reduction in marketing spending after the peak season and a recalibration of investment across the company’s portfolio.
Average revenue per user increased 10.2% year over year, reflecting the growing contribution from clinical and Core+ memberships.
- Clinical subscription revenue rose 30.4% to $39.9 million.
- Behavioral subscription revenue fell 22.7% to $121.5 million.
- Clinical represented 24.6% of total second-quarter revenue, compared with 15.9% of revenue for full-year 2025.
Weight Watchers expands medication-access channels
Chief Operating Officer Jon Volkmann said the company is positioning its Med+ clinical offering as a combination of access to FDA-approved GLP-1 medications, clinician support, registered dietitians, coaching, workshops and digital tools.
During the quarter, Weight Watchers expanded access to Med+ through LillyDirect and said the offering now supports eligible beneficiaries through the Medicare GLP-1 Bridge Program. According to Volkmann, the program provides $50-per-month branded GLP-1 medication coverage through late 2027 for eligible participants.
The company also announced a strategic collaboration with Sam’s Club. Volkmann said these initiatives are intended to help prospective members access medication whether they use insurance or pay out of pocket.
Weight Watchers offers three principal tiers: Core, its behavioral program centered on the company’s points system; Core+, which adds unlimited workshops, coaching and the GLP-1 Success Program for members receiving GLP-1 prescriptions through outside providers; and Med+, which includes clinical access and prescriptions for qualified members.
Volkmann said Weight Watchers Med+ members prescribed GLP-1 medications reported more than 30% more average body-weight loss at 12 months than select industry competitors. He also said Med+ members who regularly engage with the GLP-1 Success Program lost 29% more body weight on average at 12 months than medication users who did not engage with the structured behavioral support program.
Margins remain near record levels as marketing normalizes
Second-quarter gross margin was 70.3%, while adjusted gross margin was 73.6%, both roughly in line with the first quarter. DellaFortuna said the company maintained its adjusted gross margin despite a greater revenue mix from clinical services, which carry higher staffing costs, citing workflow automation and operational efficiencies.
Marketing expense was $47.9 million, or 29.5% of revenue. That was below the $92.9 million spent in the first quarter during the seasonal peak period, but above the year-earlier quarter, when the company had intentionally pulled back on marketing during its Chapter 11 financial reorganization.
Adjusted selling, general and administrative expense was $25.7 million, or 15.8% of revenue, while product development spending was $6.4 million. The company said adjusted SG&A benefited from its exit from the corporate headquarters lease.
Second-quarter net income included a $4.6 million gain on debt extinguishment related to a voluntary prepayment of part of its term loan at 68.5% of par. The company also recorded $25.9 million in depreciation and amortization, most of which it said was related to fresh-start accounting.
Debt reduced; full-year outlook reaffirmed
WW International ended the quarter with $101.5 million in cash and cash equivalents, down from $120.9 million at the end of the first quarter. Operations generated about $24.3 million of cash during the quarter.
The company used $36.8 million to repay its term loan and $6.1 million for capitalized software and development. The debt repayment reduced term-loan principal by $41.4 million, including the impact of the discounted voluntary solicitation, and is expected to lower annual interest expense by about $4 million.
The term loan stood at $423.6 million at quarter-end, down more than 70% from the $1.6 billion the company carried before its financial reorganization, according to DellaFortuna.
The company reaffirmed its 2026 guidance for revenue of $620 million to $635 million and adjusted EBITDA of $105 million to $115 million. It expects clinical subscription revenue to represent 25% to 30% of total revenue for the year and said it anticipates positive operating cash flow for the full year.
Weight Watchers expects marketing spending to be lowest in the third quarter before increasing in the fourth quarter ahead of the next peak season. The company also expects continued year-over-year Core+ subscriber growth and moderation in the rate of behavioral subscriber declines.
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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