v3.26.1
Equity-Based Compensation (Tables)
 12 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following summary sets forth the stock option activity under the 2019 Plan:
Options Outstanding
Number of Stock Options
Weighted-Average Exercise Price
Weighted-Average Remaining Contractual Term (years)
Aggregate
Intrinsic
Value (in millions)
Outstanding — June 30, 2025
20,958,757 $21.51 3.8$6.8 
Granted— $— 
Exercised(81,817)$1.30 $0.4 
Forfeited or expired(2,162,245)$11.16 
Outstanding — June 30, 2026
18,714,695 $22.79 2.6$4.3 
Vested and Exercisable— June 30, 2026
18,102,794 $23.28 2.4$4.3 

Unvested option activity is as follows:
OptionsWeighted-Average Grant Date Fair Value
Unvested - June 30, 2025
1,735,457 $9.39 
Granted— $— 
Vested(1,005,585)$11.27 
Forfeited or expired(117,971)$8.81 
Unvested - June 30, 2026
611,901 $6.39 
Schedule of Fair Value Assumptions The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions:
Fiscal Year Ended June 30,
20252024
Weighted average risk-free interest rate (1)
4.3 %4.5 %
Weighted average expected term (in years) (1)
5.53.6
Weighted average expected volatility (1)
87.0 %87.5 %
Expected dividend yield (1)
— — 
____________________________
(1) Refer to 2019 Equity Incentive Plan within Note 2, Summary of Significant Accounting Policies for further details regarding how these assumptions are calculated.
Schedule of Restricted Stock and Restricted Stock Units
The following table summarizes the activity related to the Company's restricted stock units:
Restricted Stock Units Outstanding
Number of Awards
Weighted-Average Grant Date Fair Value
Outstanding — June 30, 2025 (1)
54,154,272 $5.92 
Granted23,136,469 $6.44 
Vested and converted to shares(29,512,773)$6.10 
Cancelled(11,033,217)$6.07 
Outstanding — June 30, 2026
36,744,751 $6.06 
____________________________
(1) During the fiscal year ended June 30, 2026, the Company updated its equity-based compensation disclosures to separately present the activity of RSUs and PSUs. Outstanding awards as of June 30, 2025, and weighted-average grant-date fair values for the prior year have been reclassified to conform to the current-year presentation. This change in presentation had no impact on previously reported consolidated net loss, total cash flows, or financial position.
Schedule of Nonvested Performance-Based Units Activity
The following table summarizes the activity related to the Company's performance stock units, inclusive of awards with performance conditions and market conditions:
Performance Stock Units Outstanding
Number of Awards
Weighted-Average Grant Date Fair Value
Outstanding — June 30, 2025 (1)
1,147,446 $5.76 
Granted5,242,805 $7.30 
Performance adjustment1,719,709 $6.79 
Vested and converted to shares(1,999,524)$5.77 
Cancelled(321,267)$7.58 
Outstanding — June 30, 2026
5,789,169 $7.36 
____________________________
(1) During the fiscal year ended June 30, 2026, the Company updated its equity-based compensation disclosures to separately present the activity of RSUs and PSUs. Outstanding awards as of June 30, 2025, and weighted-average grant-date fair values for the prior year have been reclassified to conform to the current-year presentation. This change in presentation had no impact on previously reported consolidated net loss, total cash flows, or financial position.
Schedule of Stock-based Compensation Expense
The Company's total stock-based compensation expense was as follows:
Fiscal Year Ended June 30,
202620252024
(in millions)
Cost of revenue
Connected Fitness Products$8.9 $9.3 $10.1 
Subscription40.8 36.3 39.3 
Total cost of revenue49.6 45.7 49.5 
Sales and marketing25.1 16.4 19.7 
General and administrative77.5 121.9 177.1 
Research and development45.6 44.8 58.8 
Restructuring expense0.8 0.8 6.6 
  Total stock-based compensation expense$198.6 $229.6 $311.7