Beachbody Details Turnaround, Shakeology Retail Push and P90X Revival at Canaccord Conference

Beachbody Executive Chairman Mark Goldston outlined the company’s turnaround progress, retail expansion plans and product pipeline at a Canaccord consumer conference, saying the company has shifted away from its former multilevel marketing structure toward a direct-to-consumer and retail-focused wellness strategy.

Goldston said the 28-year-old company has generated more than $12.5 billion in cumulative sales, served 32 million users and built a fitness library comprising more than 230 programs and 11,500 videos. He described Beachbody’s portfolio as spanning exercise, nutrition and lifestyle offerings, including fitness brands P90X and Insanity and nutrition brand Shakeology.

According to Goldston, Beachbody disbanded its multilevel marketing operation in December 2024 and has restructured its cost base substantially. He said headcount has declined from more than 1,000 employees to fewer than 300, while the company’s adjusted EBITDA breakeven revenue level fell to $160 million from $900 million. Goldston said Beachbody has recorded 11 consecutive quarters of positive adjusted EBITDA, totaling $76.5 million over that period. The company reported adjusted EBITDA of $28.3 million in 2025, compared with a loss of $86.1 million in 2024, he said. The executive chairman also cited 2025 free cash flow of $17.4 million, compared with negative free cash flow of $293 million previously. He said Beachbody had $32.4 million in cash and $25 million in debt, following a refinancing with Tiger Finance that reduced annual cash interest expense to approximately $3.1 million. Goldston said the company generated full-year operating income in 2025 for the first time since its 2021 public listing, and that it was operating-income positive in the first half of 2026. He also said Beachbody posted positive net income in each of the four quarters ending June 30, 2026.

A central component of Beachbody’s revised strategy is broader retail distribution of Shakeology, its superfood shake brand. Goldston said Shakeology has generated $3.7 billion in cumulative sales and more than 1 billion servings over 15 years, but had historically been sold primarily through the company’s direct-selling network. Beachbody began selling Shakeology in Sprouts stores in May, initially entering about 88 locations. Goldston said the brand had since expanded to 131 Sprouts stores. He also said Shakeology began selling in 481 The Vitamin Shoppe locations two days before the conference.