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Peloton (PTON) earnings Q2 2026

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Peloton (PTON) earnings Q2 2026

Peloton posted a worse-than-expected holiday quarter on Thursday after shoppers failed to shell out for its new AI-driven product line and turned away from higher subscription prices, sending shares down more than 20% in early trading.

The connected fitness company missed Wall Street’s estimates on the top and bottom lines and fell short of its own internal sales targets in the three months ended Dec. 31 – typically the strongest for Peloton’s hardware revenue. 

The company said it expects sluggish sales to continue in the current quarter. Peloton forecasts revenue between $605 million and $625 million, below expectations of $638 million, according to LSEG. 

The weak results, coupled with soft guidance, are the first clues investors have that Peloton’s product overhaul may not be the sales driver the company hoped it would be.

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The revamped assortment, which came with artificial intelligence-powered tracking cameras, speakers, 360-degree swivel screens and hands-free control, was designed to grow sales and bring in new customers. But Peloton’s results show demand has been sluggish. 

“I will not be satisfied until this company is back to healthy, sustained top line growth,” CEO Peter Stern said on a call with analysts. He said the company has seen improvement in the sense that its revenue declines are getting less steep, but he acknowledged that is “not enough.”

While Peloton’s top line might be disappointing to investors, the company is still making gains in improving its profitability. Over the holiday quarter, the company generated $81 million in adjusted earnings before interest, taxes, depreciation and amortization, better than the $73 million analysts had expected, according to StreetAccount. 

After it announced plans to lay off 11% of its staff last week, the company expects to generate between $120 million and $135 million in adjusted EBITDA in the current quarter, better than the $119 million analysts had expected, according to StreetAccount.

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It raised its full-year adjusted EBITDA guidance to between $450 million and $500 million, up from a prior range of between $425 million and $475 million. 

That’s welcome news to investors because it shows Peloton was able to innovate its product line without draining profitability. 

Also on Thursday, the company announced CFO Liz Coddington is leaving Peloton to “pursue an opportunity outside the industry.” She’s staying on through March as the company searches for its next finance chief.

Here’s how Peloton did in its fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

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  • Loss per share: 9 cents vs. 6 cents expected
  • Revenue: $657 million vs. $674 million expected

The company’s net loss for the quarter was $38.8 million, or 9 cents per share, a significant improvement from the $92 million, or 24 cents per share, it lost in the year ago period. 

Sales fell to $656.5 million, down about 3% from $673.9 million a year earlier.

Since Peter Stern took over as Peloton’s CEO, he’s worked to generate new revenue streams and build on the company’s progress of improving its profitability. 

The revamped product assortment was one of his first big moments as CEO and included new prices for both subscriptions and hardware. Despite higher prices, revenue for both hardware and subscription came in lower than expected, indicating unit sales have been weak.

Hardware sales drove $244 million in revenue during the quarter while subscriptions saw $413 million in sales, both below expectations of $253 million and $424 million, respectively, according to StreetAccount. 

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Part of the issue was Peloton had expected more of its current members to swap out their old hardware.

“We simply overestimated the rate with which existing members would want to upgrade their existing equipment to new equipment. The only historical data point we had as a company on this was when we launched Bike Plus a few years ago, and that was a really fundamental reinvention of the entire frame of the Bike,” said Stern. “And so we did not, as it turns out, see the same rate of upgrade from existing members.”

Looking ahead, investors want to see if Stern can bring the company back to growth now that expenses have stabilized and profitability is improving. In an economy where value is more important than ever, it’s been tough to convince shoppers to spend thousands on stationary bikes and treadmills.

One glimmer could be the company’s growing commercial business unit, which includes commercial versions of its Bike+, Tread+ and Row+ that will be marketed to places that have small gyms, like hotels, apartment buildings, corporate wellness centers and country clubs. 

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During the quarter, revenue in Peloton’s commercial business unit was up 10%.

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New procurement VP named at Flowers

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New procurement VP named at Flowers

Bret Hathaway to succeed retiring Miles Dennis.

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Perth CBD terror act declared

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Perth CBD terror act declared

An alleged attempt to detonate a homemade explosive device at a protest on Australia Day has been declared an act of terror, nine days after the incident took place.

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Jobs set to be cut at Wedgwood

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Jobs set to be cut at Wedgwood

Seventy workers at the Staffordshire site were put on temporary leave last year due to slow demand.

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Packaging producers respond to state packaging sustainability mandates

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Packaging producers respond to state packaging sustainability mandates

Food producers are hesitant to jump in on EPR rules as they are concerned that they could change.

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Turning Complex Ideas Into Lasting Impact

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Turning Complex Ideas Into Lasting Impact

Jason Goldberg Winnipeg has built a career around clarity. In a field known for complexity, he has focused on making big ideas work in the real world. Not with noise or headlines, but with structure, discipline, and long-term thinking.

Based in Winnipeg, Jason is a partner at MLT Aikins, the largest law firm in Manitoba and Western Canada. His work sits at the intersection of tax law, business strategy, and transition planning. Over time, he has helped shape transactions and structures that allow businesses and families to move forward with confidence.

“I’ve always believed that good ideas only matter if they can be implemented,” Jason says. “Execution is where value is created.”

Early Influences and a Winnipeg Foundation

Jason Goldberg Winnipeg

grew up in Winnipeg, a city that values loyalty and community. Sports and culture were a constant presence. From the historic Winnipeg Arena to today’s Canada Life Centre, he learned early that showing up matters.

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“Winnipeg teaches you to stay committed,” he says. “You don’t chase trends. You build something solid.”

That mindset shaped his early ambitions. In 1989, Jason received a YTV Achievement Award for Entrepreneurship. It was an early signal of his interest in how ideas become sustainable ventures.

He went on to earn a BA from the University of Manitoba in 1993, followed by a law degree from the University of Western Ontario in 1997. He was called to the Manitoba Bar in 1998.

Finding His Path in Tax and Business Law

Early in his legal career, Jason gravitated toward tax law. It was not about numbers alone. It was about how decisions ripple across time.

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“Tax law forces you to think ahead,” he says. “You can’t just look at today. You have to understand what happens five or ten years down the road.”

To deepen his expertise, Jason completed the CICA In-Depth Tax Course in 2006, along with advanced training in corporate reorganisations and tax law. These programmes are known for their rigour and practical focus.

“You learn very quickly that precision matters,” he says. “Small details can shape very large outcomes.”

Bringing Big Ideas to Life in Practice

Jason’s work focuses on corporate tax planning, acquisitions and divestitures, reorganisations, and estate and succession planning. Much of it involves closely held and family-owned businesses facing moments of change.

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These moments often come with pressure. Emotions run high. Timelines are tight.

“My role is to bring creativity and stamina to a complex problem,” Jason explains. “A concept needs space to be tested before they are put into motion.”

He is known for helping clients translate complex strategies into workable steps. Not by oversimplifying, but by asking the right questions early.

“Good planning is about alignment,” he says. “When structure and intent match, things tend to hold.”

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Leadership Through Clarity and Collaboration

As a partner at MLT Aikins, Jason works closely with lawyers, accountants, and advisors across disciplines. Transactions rarely succeed in isolation.

“Everyone brings a piece of the puzzle,” he says. “Leadership is making sure those pieces fit together.”

Jason is also active in professional education. He has written papers for Continuing Legal Education and the Canadian Tax Foundation and presented for organisations such as the Business Development Bank of Canada.

Teaching, he believes, keeps his thinking sharp.

“If you can explain a complex idea in plain language, you can understand it,” he says.

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Life Beyond the Office

Outside of work, Jason remains deeply connected to sports and the arts as a supporter. He is a lifelong fan of the NHL and NBA. At home, he supports the Winnipeg Jets. From afar, he follows the New York Rangers. The Phoenix Suns and Vancouver Canucks are also favourites.

“Sports are a shared experience,” he says. “They bring people together in a way few things can.”

That same belief draws him to the arts. Jason regularly attends the Vancouver International Film Festival and the Toronto International Film Festival. He enjoys discovering new voices and perspectives.

He also supports institutions such as the Vancouver Symphony Orchestra, Phoenix Symphony Orchestra, Vancouver Art Gallery, Phoenix Art Museum, the Scottsdale Museum of Contemporary Art and the Agassiz Chamber Music Festival.

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“Art challenges how you see the world,” he says. “That’s valuable in any profession.”

Investing in Education and the Future

Jason is an advocate for education and youth development. He actively supports Balmoral Hall School and programmes that encourage leadership, curiosity, and character.

“Education is one of the few investments that always pays forward,” he says.

That belief mirrors his professional philosophy. Focus on fundamentals. Build with care. Let results compound over time.

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A Career Defined by Thoughtful Execution

Jason Goldberg’s career is not defined by bold claims. It is defined by follow-through and working the details. By taking complex ideas and turning them into structures that last.

“Success is usually quiet,” he says. “If things are working, you’re probably doing something right.”

From his roots in Winnipeg to his leadership role today, Jason continues to show that innovative concepts and implementation adds value for clients.

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‘Milestone’ deal as Palatine-backed waste manager Papilo buys Midlands group

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Expanded group will focus on companies with zero-waste strategies

Papilo has acquired Allwood Recycling Solutions

Allwood Recycling Solutions is based in Warwick(Image: Allwood Recycling Solutions)

A waste management firm backed by investment group Palatine has acquired a Midlands firm in a “milestone” deal that will create a £60m revenue business with more than 200 employees. Swinton’s Papilo has taken over Warwick-based Allwood Recycling Solutions in its second acquisition since it secured the backing of Palatine’s Impact Fund.

Allwood was founded in 2010 by Darren Wheeler and has been led since 2025 by Gavin Ebery. Both will continue with the Papilo group with the rest of the Allwood team.

The Midlands business focuses on the distribution and logistics sector and manages more than 150,000 tonnes of material each year.

READ MORE: Palatine invests in tech logistics firm fulfilmentcrowd and its global expansion plansREAD MORE: Palatine backs AI and data consultancy Atombit as it makes three acquisitions

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Paul Hodgkiss, CEO of Papilo said: “The Allwood team are hugely well-regarded in the industry and I am delighted to welcome Gavin, Darren and the wider Allwood team to Papilo. They bring outstanding experience, technical knowledge and from the outset, it was clear that we share a common purpose where sustainability, and the circular economy, sit at the centre of every service.

“This is a milestone acquisition for the group and will be a major platform for growth.”

Gavin Ebery, managing director of Allwood Recycling Solutions said: “This deal brings together two purpose-driven, like-minded businesses and I’m very excited about the opportunities it will bring to our customers and our people.

“We look forward to a new phase of growth as part of Papilo in a market where increasing numbers of blue-chip companies are rolling out zero waste strategies.”

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Greg Holmes, senior investment director at Palatine Impact Fund, said: “This is an important strategic acquisition for Papilo, broadening our service capabilities and brings new experience and technical knowledge into the business.

“We are delighted to have supported on Papilo’s second acquisition in the last eight months and look forward to identifying other suitable targets that will further enhance Papilo’s growth.”

The deal, the value of which was not disclosed, was funded by Palatine Impact II, Kartesia and Virgin Money. Papilo was advised by Gateley Plc (legal), Fellwood Advisory (debt advisory), Forvis Mazars (financial and tax due diligence) and Luminii Consulting (commercial due diligence). Advisors to Allwood included HNH Advisors (corporate finance) and Burges Salmon (legal).

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Nasdaq Extends Decline; AMD Sinks After Earnings

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Nasdaq Extends Decline; AMD Sinks After Earnings

The Nasdaq composite fell Wednesday as chip stocks came under fresh selling pressure and concerns lingered about potential AI disruption to software companies.

The tech-heavy index pared some losses in afternoon trading, but still finished 1.5% lower, its fourth down session in five trading days. Disappointing results from chip maker AMD sent its stock down 17%, its biggest pullback since 2017. Palantir, Micron and AppLovin all fell 9% or more.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Oddity Tech stock hits 52-week low at $28.78

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Oddity Tech stock hits 52-week low at $28.78

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BNP Paribas SA (BNP:CA) Q4 2025 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

BNP Paribas SA (BNP:CA) Q4 2025 Earnings Call February 5, 2026 8:00 AM EST

Company Participants

Jean-Laurent Bonnafe – MD, CEO & Director
Lars Machenil – Group Chief Financial Officer

Conference Call Participants

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Tarik El Mejjad – BofA Securities, Research Division
Delphine Lee – JPMorgan Chase & Co, Research Division
Giulia Miotto – Morgan Stanley, Research Division
Chris Hallam – Goldman Sachs Group, Inc., Research Division
Jacques-Henri Gaulard – Kepler Cheuvreux, Research Division
Andrew Coombs – Citigroup Inc., Research Division
Flora Benhakoun Bocahut – Barclays Bank PLC, Research Division
Sharath Ramanathan – Deutsche Bank AG, Research Division
Pierre Chedeville – CIC Market Solutions, Research Division
Anke Reingen – RBC Capital Markets, Research Division
Jonathan Matthew Clark – Mediobanca – Banca di credito finanziario S.p.A., Research Division

Presentation

Operator

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Good afternoon, ladies and gentlemen, and welcome to the presentation of the BNP Paribas Fourth Quarter and Full Year 2025 results with Jean-Laurent Bonnafe, Group Chief Executive Officer; and Lars Machenil, Group Chief Financial Officer. For your information, this conference call is being recorded. Supporting slides are available on BNP Paribas IR website, invest.bnpparibas.com.

[Operator Instructions] I would like now to hand the call over to Jean-Laurent Bonnafe, Group Chief Executive Officer. Please go ahead, sir.

Jean-Laurent Bonnafe
MD, CEO & Director

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Good afternoon, ladies and gentlemen. We are pleased to present today our strong fourth quarter results, and we’ll provide some elements on our ’28 trajectory, which we are revising upwards given the strong revenue momentum at the launch of a transformation plan of our support functions.

I will start with our results on Slide 4. So our fourth quarter results confirmed the sharp acceleration we had expected. Revenues posted a strong 8% growth. Jaws effect was higher at 2.9 points and even reached 3.9 points when excluding AXA IM. Cost of fees stayed low at 34 bps well within our trajectory of below 40

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Restaurant owner ‘incredibly grateful’ after planning decision ends 12-year wrangle

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Spagó boss says decision ‘gives us the confidence to focus on the future’

Spagó restaurant, on Dicconson Terrace, Fleetwood

Spagó restaurant, on Dicconson Terrace, Fleetwood(Image: Local Democracy Reporting Service)

The owner of one of Lytham’s most successful restaurants has spoken of his gratitude and relief over being able to keep its ‘vital’ canopy and glass balustrade after a long planning fight.

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Tony Vavoso, owner of Spagó restaurant, on Dicconson Terrace, applied for approval for a scheme to amend the glazed balustrade and canopy at the front of the premises, as the current structure was deemed unlawful and was the subject of a Planning Enforcement Notice.

Although his latest application to Fylde Council had been recommended for refusal by the planning officer over concerns it was detrimental to Lytham’s conservation area, councillors approved his proposals.

It was felt that if Mr Vavoso would have to take the structure down it could seriously undermine one of the town’s most long-standing and much loved eateries.

He told councillors that the extension allowed him to accommodate 40 extra customers, which was vital as the restaurant made its long recovery after the Covid lockdown.

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He said the planning wrangle had been ongoing for 12 years.

After the decision, Mr Vavoso stated in a social media message on the restaurant’s Facebook page: ” I am incredibly grateful to the council for approving the decision regarding our canopy and for recognising both the practical and economic realities facing hospitality businesses today.

“Spagó has been part of Lytham for over a decade, and this approval gives us the confidence to focus on the future – on our staff, our customers, and continuing to invest in the business.

“We’ve always tried to give back to the community that supports us, and the decision allows us to move forward positively and sustainably.

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“Thank you so much to everyone who has supported us along the way, and a special thank you to councillor Brenda Blackshaw and Kelly Farrington for the incredible support “

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