Peloton may officially be gearing up for its first subscription price hike in more than three years, according to some financial analysts.
An analyst at Morgan Stanley is projecting that Peloton will raise the cost of the All Access Membership by $5 per month starting the first day of 2026. This would amount to a monthly subscription cost of $49 per month for members in the US who have the Bike/Bike+, Tread/Tread+, or Row.
The analyst states that this would bring Peloton nearly $150 million of extra revenue – with most of that being pure profit due to the margins on the monthly subscription. This analysis has caused Morgan Stanley to increase their forecast for EBITDA for the year.
However, it is important to note that raising prices always comes with potential downsides, as increased fees can lead to cancellations or deter new members. If they raise the subscription price, Peloton is sure to have done the math and calculated that they expect fewer people will cancel than will be offset by the extra fees from remaining members.
Peloton last raised its All-Access Membership price in June 2022, bumping it from $39 to $44 per month in the US – the first increase since the company’s founding. Since then, leadership has repeatedly hinted that another hike may be on the horizon.
CEO Peter Stern, who took on this role in January of 2025, has openly discussed pricing strategy in multiple earnings calls this year. During Peloton’s May 2025 earnings call, Stern acknowledged the long gap since the last price increase and noted that international subscribers have never experienced a price adjustment. During the February 2025 earnings call, Stern responded to an analyst’s question by acknowledging the importance of pricing as a key business lever and emphasizing that the company is carefully evaluating its approach.
News of the projected price hike caused Peloton shares to edge up 1.36% on August 4, 2025, reflecting modest optimism among investors. However, while the potential for increased profit is encouraging, some analysts warn the move could also trigger cancellations or slow new member growth, particularly in a crowded connected fitness market where less expensive alternatives continue to emerge. In other words, Peloton could risk long-term subscribers starting to feel priced out.
As a reminder, these pricing adjustment talks have primarily surrounded the All-Access Membership, which is required for those who own a Peloton hardware device. This is different from the digital app subscription, of which Peloton launched separate tiers for back in 2023.
For now, no official pricing changes have been announced. But given Stern’s consistent messaging and the timeline projected by Morgan Stanley, members may want to prepare for potential updates to their monthly bill as early as January 2026. We will of course share any and all updates regarding this matter as they become available.
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