Xponential Fitness Beat on Revenue — Its EPS Still Collapsed From $0.26 to $0.02, and Guidance Came Down With It

Xponential Fitness beat Q2 2026 revenue estimates, but the headline profitability numbers told a much weaker story. Adjusted earnings per share of $0.02 fell sharply from $0.26 in the same quarter a year earlier and missed analyst estimates. Adjusted EBITDA of $21.94 million missed the $26.29 million estimate by about 16.6% — a revenue beat paired with a profitability miss of this size means the shortfall came from costs or margin, not top-line demand.

Full-year EBITDA guidance was cut to $94 million at the midpoint, below the $103.5 million analysts had modeled heading into the print. A guidance cut delivered the same day as a current-quarter EBITDA miss compounds the negative signal rather than offering any offsetting reassurance about the rest of the year.

Shares fell about 12.5% to $5.57 immediately after the report, with losses extending as the session continued. The context matters here: this is not an isolated disappointing quarter. Xponential Fitness missed Wall Street's revenue estimate in the prior quarter, Q1 2026, and has missed estimates multiple times over the past two years. A single earnings miss can be read as a one-off; a pattern of repeated misses across multiple quarters is a signal about the reliability of the company's own forecasting and operating execution, which is why the market's reaction here extended well beyond the size of this single quarter's shortfall.