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%.
Brooks Koepka teed off Thursday in his hometown event, the Cognizant Classic at PGA National, marking his third start since rejoining the PGA Tour after a nearly four-year stint with LIV Golf and signaling a determined push to regain form ahead of the Masters in April.
American Brooks Koepka
Koepka, grouped with Will Zalatoris and Daniel Berger, started his round on the Champion Course at 12:23 p.m. local time, drawing significant local attention as the five-time major champion plays the tournament for the first time since 2022. The 35-year-old Palm Beach County native last competed here before defecting to the Saudi-backed LIV circuit, where he won multiple individual titles but saw his world ranking plummet.
Koepka’s return began in January under the PGA Tour’s new Returning Member Program, which required a $5 million charitable contribution — an obligation he began fulfilling this week with funds directed through PGA Tour Charities. The donation, part of his reinstatement agreement alongside forfeiting player equity for five years and waiving 2026 FedExCup bonus eligibility, has been a focal point of discussions around his comeback.
Performance-wise, the transition has been uneven. At the Farmers Insurance Open at Torrey Pines, Koepka posted rounds of 73-68-73-70 for a 4-under 284 total, finishing tied for 56th and earning $22,176. The following week at the WM Phoenix Open, he missed the cut after shooting 75-69 for 2-over 144, struggling particularly on the greens. He has ranked 171st in strokes gained putting this season, losing over two shots per round on average.
To address the issue, Koepka switched to a TaylorMade Spider mallet putter ahead of Phoenix, a change he believes will yield improvement now that he has more time to adapt. “Putting should be a lot better,” he said in pre-tournament comments, expressing optimism about the flat stick staying in the bag at PGA National.
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The Florida swing offers Koepka a chance to build rhythm close to home. As a Jupiter resident and new father to son Crew, he cited family proximity as the primary reason for leaving LIV Golf late last year. “Just my family,” he told reporters earlier, emphasizing the personal motivation over financial or competitive factors. Being back in South Florida allows more time with loved ones while competing on familiar turf.
Koepka has described his PGA Tour return as “enjoyable,” noting positive feedback from peers despite some initial frostiness anticipated by observers. Many players have welcomed him back, viewing his departure from LIV as a validation of the Tour’s strength and a blow to the rival league’s credibility. An undercover pro quoted in Golf Digest expressed relief and even enthusiasm, noting Koepka’s public comments during his LIV tenure — including regrets tied to health issues — had already undermined the Saudi circuit’s appeal.
Currently ranked No. 263 in the Official World Golf Ranking — a sharp drop from his 38-week reign at No. 1 starting in 2019 — Koepka aims to climb back into contention through consistent play. He has committed to upcoming events including The Players Championship (March 12-15), Valspar Championship (March 19-22), and the Texas Children’s Houston Open (March 26-29), setting up a busy stretch before Augusta National.
In press conferences ahead of the Cognizant Classic, Koepka discussed his current form, legacy, and preparations for the Masters. He praised emerging talents like Chris Gotterup, who has won twice in 2026, while subtly positioning himself as a future challenger. “Pretty good, considering he’s won twice,” Koepka said of Gotterup. “I would say that’s a name that probably sticks out right now.”
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The Cognizant Classic field lacks top-tier star power, with only one player ranked in the top 30 of the OWGR, making Koepka a standout attraction and betting favorite in some markets at around +2900. The Champion Course, known for its challenging Bear Trap stretch on holes 15-17, has seen winning scores rise in recent years compared to Koepka’s prior appearances, where totals hovered around 6- to 10-under.
Koepka’s major pedigree remains undeniable: five wins including three PGA Championships and back-to-back U.S. Opens. His LIV success — five individual victories, including playoffs against Jon Rahm — demonstrated sustained elite play, but the 54-hole, team-inclusive format differed markedly from the PGA Tour’s 72-hole stroke play with larger fields.
As he readjusts, Koepka has emphasized putting himself in contention multiple times before Augusta. A strong showing this week could provide the confidence boost needed after early setbacks. Local fans, many of whom watched him grow up in the area and even carry scoring signs as a junior, have turned out in force, adding emotional weight to the homecoming.
Whether Koepka contends or uses the event as a stepping stone, his return injects intrigue into the PGA Tour’s 2026 season. With family priorities driving his decisions and major championships on the horizon, the five-time major winner appears motivated to reclaim his place among golf’s elite.
An early agenda item for Tata Sons Pvt.’s six board directors when they convened at 11:30 a.m. on Tuesday at Bombay House the group’s storied headquarters was expected to be straightforward: approving a third term for Natarajan Chandrasekaran as chairman.
Within two hours, the conversation had veered off course. What had looked like a done deal, with Tata Trusts itself recommending the reappointment just months ago, quickly unraveled.
Noel Tata, the head of Tata Trusts, began pressing Chandra — as he’s widely known — with tough questions. Most critically, Noel sought assurances that the group’s holding company could avoid a public listing, people familiar with the matter said, asking not to be named as the discussions were private. Tata Trusts is a collective of 13 charities, which together control two-thirds of Tata Sons.
Noel also laid down several conditions: restraining debt levels, stemming losses — especially at Air India, and reaching a swift settlement with Tata Sons’ largest minority shareholder, the Shapoorji Pallonji Group, the people said. The SP Group, which owns about 18.4%, was locked in a corporate and legal battle with Tata Sons for years and is still looking to monetize a part of its stake.
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While some of Noel’s demands were negotiable, discussions hit a wall when Chandra said he couldn’t guarantee a waiver from India’s banking regulator on the listing issue since that decision lay outside his control, the people added.
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Tata Sons’ potential listing stems from a regulatory classification. In 2022, the Reserve Bank of India designated the company as an “upper-layer” non-banking financial institution — a category that requires firms to go public within three years to enhance transparency and governance. That meant a deadline of September 2025 for Tata Sons to list its shares. There has been no update from the RBI or Tata Sons on the state of play on this front. Despite the mandate, Tata Sons has made no immediate preparations for this share sale. Its leadership believes the regulator will extend the deadline, and after recent engagements with officials, expects formal communication from the RBI granting more time. Chandra has made clear that while he personally favors keeping Tata Sons private, he cannot offer an absolute guarantee. Should the RBI insist on a listing, compliance would take precedence over internal preferences, the people said, citing Chandra as having informed the directors. That uncertainty weighs heavily on the Shapoorji Pallonji Group. Any delay in an IPO effectively closes off a potential liquidity window for the debt-laden conglomerate, which has struggled with financial stress exacerbated by the pandemic. Its stake in Tata Sons remains illiquid, making a resolution critical to its debt-reduction plans.
While Chandra enjoys strong support from the Indian government — earned through execution of high-stakes national projects such as semiconductor fabrication and mobile manufacturing — Noel Tata draws strength from a different source: the deep-rooted confidence and blessings of the Parsi community whose members have controlled the Tata Group since its inception in 1868.
Appointed in 2017 to steady the ship after the ouster of Cyrus Mistry, Chandra has done more than just restore confidence. Under his leadership, revenue for the group’s 15 largest listed entities has nearly doubled while their profits have more than doubled.
His tenure is also defined by high-stakes ambition, from launching India’s first homegrown semiconductor plant to navigating TCS through the volatile rise of artificial intelligence to turning around the unprofitable carrier, Air India.
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“Nothing changes,” Chandra said Tuesday, when asked about the immediate impact on Tata Group’s leadership, before his car pulled away.
Shurgard Self Storage Ltd (SSSAF) Q4 2025 Earnings Call February 26, 2026 4:00 AM EST
Company Participants
Caroline Thirifay – Director of Investor Relations Marc Oursin – CEO & Director Thomas Oversberg – Chief Financial Officer Isabel Neumann – Chief Investment & Operating Officer
Conference Call Participants
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Jonathan William Coubrough – Deutsche Bank AG, Research Division Andres Toome – Green Street Advisors, LLC, Research Division Valerie Jacob Guezi – Bernstein Institutional Services LLC, Research Division Vincent Koppmair – Banque Degroof Petercam S.A., Research Division Aakanksha Anand – Citigroup Inc., Research Division Ana Taborga – Morgan Stanley, Research Division Roy Külter – ODDO BHF Corporate & Markets, Research Division
Presentation
Caroline Thirifay Director of Investor Relations
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Good morning, everyone. Thank you for joining us today, both in person and virtually for the management presentation of our full year results 2025. I’m here with Marc Oursin, CEO; Thomas Oversberg, CFO; and Isabel Neumann, Chief Investment Officer and Chief Operating Officer.
Before we begin, we want to remind you that all statements other than statements of historical fact included in this management presentation are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected by the statements. These risks and other factors could adversely affect our business and future results that are described in our earnings release and in our publicly reported information.
With that, I will hand over to Marc.
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Marc Oursin CEO & Director
Thank you, Caroline. Hello, good morning to all of you. Thank you for being here. So let’s start with this page, Page #2. So you can see that we have, at the end of ’25, close to 350 properties in Europe and reaching almost 1.8 million square meter of footage.
Regarding the performance of the year, we have delivered another very strong one. Our revenues grew
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
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Private investment firms of the ultra-wealthy capped off 2025 with equity bets ranging from airline stocks to bitcoin ETFs, according to fourth-quarter securities filings analyzed by CNBC.
Some of the investments made headlines. Leon Cooperman’s family office, Omega Advisors, for example, attracted attention last week for disclosing that it had upped its stake in Manchester United last quarter. Omega Advisors’ shares of the publicly traded English soccer club are now worth $46.5 million, per InsiderScore.
(Manchester fans fearing a takeover by the hedge-fund billionaire can rest easy. Another filing disclosing Cooperman’s 5.2% stake in the club stated that his holding is a passive investment.)
While it generated less buzz, Omega Advisors’ biggest move last quarter was buying more than $375 million worth of shares in mortgage lender Rocket Companies. The new position is now the firm’s largest holding valued at nearly $407 million, per InsiderScore.
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Some other moves by billionaire firms have already paid off. David Tepper’s family office Appaloosa tripled its position in Micron to $428.1 million, making it the firm’s top holding. Shares of Micron, which produces memory chips that power artificial intelligence data centers, have surged by roughly 50% since the start of 2026. During the same quarter, Stanley Druckenmiller’s Duquesne Family Office initiated a new position in fuel-cell company Bloom Energy, which is up more than 100% year to date.
Bets on cryptocurrency have been less fruitful thus far this year. WIT LLC, an investment vehicle for the Walton family’s namesake family office, made a $4 million allocation to iShares Bitcoin Trust ETF, which has sunk 21% year-to-date. The new position makes up less than 1% of WIT’s portfolio. Duty-free mogul Alan Parker’s Kemnay Advisory Services increased its shares of Coinbase by nearly 44% last quarter. Shares of Coinbase have sunk 18% since the beginning of the year.
Last quarter’s filings highlighted major investors’ diverging approaches on trading the Mag 7. Duquesne, for instance, upped its Amazon holdings by 69% to roughly $170 million and exited its Meta position. Meanwhile, Longbow SA, an investment firm of the billionaire Rausing family, downsized its positions in Amazon, Nvidia,Microsoft, Apple, Alphabet and Meta.
Ray Dalio, who has repeatedly warned of an AI bubble and a potential capital war for months, has taken a striking approach, according to the latest filing for Dalio’s Marino Management. The firm disclosed a $438.5 million position in SPDR Gold Trust that makes up nearly 90% of its portfolio.
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“I think people make the mistake of thinking, ‘Is [gold] going to go up and down, and should I buy it?’” Dalio told CNBC in early February. “Instead … perhaps central banks or governments or sovereign wealth funds should say, ‘What percentage of my portfolio should I have in gold?’ [and] keep a certain percentage, because it’s a very effective diversifier to other poor parts of the portfolio.”
Dow Jones futures rose slightly early Thursday, along with S&P 500 futures. Nasdaq futures were little changed. Nvidia (NVDA) climbed slightly after the AI giant reported accelerating earnings growth and bullish guidance. FTAI Aviation (FTAI), Salesforce.com (CRM), Snowflake (SNOW) and Sterling Construction (STRL) were among the many notable other earnings reports. The stock market rally saw tech-led gains Wednesday heading into…
A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox. In a world where it’s difficult to develop new commercial real estate — from the costs of capital and materials to jurisdictional requirements, among other hurdles — one major developer is making a big bet that older is better. Bozzuto Group is partnering with Invesco in a $1 billion venture to buy existing multifamily assets on the East Coast. The focus is on properties that have lost significant value but can be renovated and repackaged to compete with newer, high-amenity buildings. The strategy is “to capitalize on recovering market fundamentals” by focusing on assets that have the capacity to gain value, said Greg Kraus, managing director and head of U.S. transactions at Invesco Real Estate, in a news release. The new fund launches against a backdrop of oversupply in the market. Multifamily saw a huge construction boom in the last five years, thanks to lower interest rates at the start of the pandemic and demographic drivers. Much of that supply is still making its way through the pipeline, now in a higher interest rate environment. Toby Bozzuto, CEO of Bozzuto Group, called the oversupply a “temporary phenomenon.” “Where supply is currently the problem, supply is also the solution in the future for affordability,” he told Property Play . “So it’s a very interesting dynamic, because what we’re doing now is absorbing the overhang of the units in the market. … The vacancy will dissipate over ’26 and, in worst cases, early ’27, but there’s nothing behind it.” Purchasing older buildings today can be done at prices below the cost to build from the ground up, which Bozzuto traditionally and still does. Existing buildings are often priced at 10% to 20% below replacement costs. “Secondly, there’s speed to market. If you buy a building, you’re not going through the regulatory morass that, candidly, has exacerbated some of this problem, the supply problem,” Bozzuto said. Most experts anticipate the current oversupply situation to reverse itself in just a few years, given demographic demand and the simple fact that the for-sale housing market is so expensive, meaning more renters are waiting to become buyers. “A sharp drop in apartment starts provides hope that the robust delivery pipeline will slow and alleviate some pressure on lease-ups in rapidly growing markets,” according to a recent report from Yardi, which forecasts 450,000 units to be delivered in 2026, a drop from recent years. Still, that shift is “not enough of a decline to push rents to robust levels,” it said. Despite weaker rents and a weaker consumer, investors are increasingly interested in deploying capital into the multifamily sector. Berkadia’s 2026 Multifamily Investor Sentiment Survey, which surveyed 249 investors to assess anticipated transaction activity and opportunities within the sector, found that 87% of investors plan to moderately or aggressively expand their multifamily portfolios this year, “demonstrating cautious optimism despite ongoing challenges.” Some of those challenges are in multifamily loans, where delinquencies are rising and weighing on property valuations. Bozzuto, however, seems less concerned. “I think the distress will be relatively de minimis, particularly compared to some of the other asset classes,” he said. “There are some buildings where developers really pushed on leverage or on floating rate, and when they price into a permanent loan — perhaps they were on a four- or five-year construction loan — when they flip to a perm loan, we may see some issues.” The distress, he said, will be short-lived and provides ample opportunity. “We will go up and down the East Coast, maybe all the way to Chicago, and buy multifamily assets that we can — ‘value add,’ the idea being that they’re either under-managed or haven’t been renovated, or there’s something that can be done better with these assets,” said Bozzuto. “And over time, rents will grow.” Ultimately, he said he hopes that the fundamentals will pivot to allow for new development to also pencil and succeed.
