Business Description

Overview Peloton is a leading global fitness and wellness company that empowers people to live fit, strong, long, and happy, by bringing integrated fitness and wellness experiences to Members (as defined below) anytime, anywhere. Founded in 2012 and headquartered in New York City, we offer a breadth of fitness and wellness solutions to consumers worldwide, including our highly engaged community of approximately 5.5 million Members as of June 30, 2026, across the United States, United Kingdom, Canada, Germany, Australia, and Austria, and Commercial Business Unit customers in over 60 countries. As a category innovator at the nexus of fitness, wellness, technology, and media, we deliver integrated experiences through our world-renowned instructors (“Instructors”), premium hardware and innovative software, personalization, and extensive modalities and an expansive content library. We define a “Member” as any individual who has a Peloton account through a Paid Connected Fitness Subscription or a Paid App Subscription, inclusive of the Peloton App+, App One, Strength+, and Breathwrk Memberships (our “Peloton Apps”), and engages in one or more workouts in the trailing 12-month period. We define workout engagement as either (i) completing the lesser of 50% or 10 minutes of Instructor-led classes, Scenic (guided, time, and distance-based routes filmed in locations around the world), and Lanebreak workouts (our game-inspired workout experience); (ii) at least 10 minutes of any activity tracking workout (such as “Just Ride”, “Just Run”, or “Just Row”), or Peloton Entertainment workout (video streaming); (iii) at least 5 minutes of any Strength+ workout with 80% of sets marked complete; or (iv) at least 10 minutes of any Breathwrk class. We define a “Paid Connected Fitness Subscription” as a person, household, or commercial property, such as a hotel or residential building, that has paid for a subscription to a Connected Fitness Product (a Connected Fitness Subscription with a successful credit card billing or with prepaid subscription credits or waivers). “Paid App Subscriptions” include all subscriptions to our Peloton Apps for which we currently receive payment (a successful credit card billing or prepaid with subscription credits or waivers). Our Connected Fitness Products Our portfolio of Connected Fitness Products primarily consists of the Peloton Original Series, Peloton Cross Training Series, Peloton Pro Series, and Precor Products (each defined below, and collectively, the “Connected Fitness Products”), and related accessories, delivery and installation services, extended warranty and other service agreements, and branded apparel. Peloton Original Series In connection with the launch of our Cross Training Series (as defined below), we discontinued the sale of our original series (the “Original Series,” or “Original”) Tread, Tread+, and Row. However, we continue to sell refurbished Original Bike and Original Bike+. • Original Bike: Combines fitness, technology, and media, to connect riders to live and on-demand workouts led by Peloton Instructors, as well as alternative workout experiences like Peloton Entertainment, Scenic, and Lanebreak. It has an HD touchscreen and built-in speakers. • Original Bike+: Includes all Original Bike features, and unlocks an even more dynamic workout experience with a rotating HD touchscreen, automatic resistance control with the Bike+ electronic braking system, and a more refined design. In select markets, we also provide the opportunity via the Peloton Rental program to rent the Original Bike+ and access fitness content for one monthly fee. • Original Tread: Combines a cutting-edge treadmill design with Peloton’s compelling Instructor-led Running, Walking, Hiking, and Tread Bootcamp content, as well as Entertainment, Scenic, and Lanebreak. It includes design elements unique to Peloton, like dial control knobs, jump buttons, and an auto-incline feature, as well as an HD touchscreen and built-in speakers. • Original Tread+: Includes all Original Tread features, and unlocks an elevated comfort experience with slat belt technology, an upgraded touchscreen, Free Mode for self-powered running, and a powerful sound bar designed for a high-quality home workout experience. • Original Row: Combines innovative software, premium hardware design, and exclusive Peloton content to deliver a unique low-impact, full-body cardio and strength workout.…