The Beachbody Company Inc (BODI) Q1 2026 Earnings Report

Beachbody reported a solid Q1 2026, underscoring the successful transition from a multilevel marketing (MLM) legacy to an asset-light omnichannel model anchored in nutrition-driven growth. Revenue totaled $54.3 million, down 25% year over year and 2.3% sequentially, as remnant MLM contributions burn off. Despite the near-term revenue headwinds, the company delivered its third straight quarter of net income ($2.3 million) and operating income ($3.1 million), along with 10th consecutive quarter of positive adjusted EBITDA ($8.0 million). Consolidated gross margin was 71.8%, with Digital at 87.4% and Nutrition at 46.7%, reflecting mix shift and onetime timing effects in inventory. Beachbody’s balance sheet remains healthy (cash $36.6 million; net cash $13.0 million; debt principal ~$25 million), providing liquidity to fund growth initiatives while maintaining profitability. Management reiterated that 2026 will be the year of the nutrition-centric innovation pipeline and omnichannel expansion, moving toward higher-margin nutrition products and retail distribution, with the aim of achieving greater leverage and longer-term value creation. The near-term focus remains on executing the nutrition-led strategy, expanding into retail (Sprouts, Vitamin Shoppe, KaHi), transitioning Shopify for better checkout and AOV, and launching new nutrition and fitness SKUs (P90X nutrition line, Shakeology re-positioning, 10-minute body catalog expansion). Guidance for Q2 2026 suggests revenue of $46–$51 million, with net income between negative $3 million and breakeven and adjusted EBITDA of $3–$6 million, signaling continued operating leverage as the company normalizes post-MLM.