Peloton has cut the entry price of its treadmill range by a third and made its cheapest model fold: now it can enter smaller homes, and with that the smaller budgets.
The Peloton Tread Flex was announced Sep. 22 at $2,195 and goes on sale in the United States and Canada on Oct. 1, arriving with a music-led campaign built around the singer Miley (formerly Miley Cyrus, who now performs under her first name alone). It is the first Peloton treadmill that folds, reducing floor space by close to 50 percent when stowed. It anchors a three-model range that also includes the Peloton Tread Vision at $3,495 and the Peloton Tread+ Vision at $6,695, both on sale the same day. The Vision models add movement-tracking cameras that return post-run form analysis.
All three replace the Cross Training Tread and Cross Training Tread+: eloton has said space and cost were the two reasons prospective buyers gave for not purchasing. Tread Vision also reaches the United Kingdom, Germany and Austria on Oct. 1 and Australia on Oct. 2. Tread Flex follows outside North America in spring 2027, with Australia in autumn 2027.
Software arrived alongside it
New capabilities open on Oct. 1 across Peloton IQ, the company’s artificial intelligence coaching platform: IQ Pace Targets, which recommends interval speeds from a member’s recent running data and surfaces them on the display; Heart Rate Zone Workouts, drawing heart rate from compatible smartwatches for zone 2 training; and ReRuns, which replays incline profiles from routes recorded outdoors in the Peloton app. A WHOOP integration went live Sep. 22.
The commercial strategy
Peloton needs this to work because its return to profitability has come primarily from tighter cost control rather than renewed growth. The company closed fiscal 2026 with its first full year of net income, at $63.2 million, while revenue declined 1.8 percent to $2.446 billion and paid connected fitness subscriptions fell 8.8 percent to 2.553 million. Subscription revenue rose 7 percent in the fourth quarter despite the shrinking subscriber base, highlighting improved monetization rather than membership growth. Management has also guided to continued subscriber pressure and revenue that remains below the level achieved in fiscal 2026.
The campaign
This is the second campaign in a row in which Peloton has argued against its own earlier self. “Let Yourself Go” dropped the performance metrics that defined the company’s growth years. “Let Yourself Run” continues it. Chief Marketing Officer Megan Imbres said the brand was moving away from “high-pressure optimization and data obsession.” Miley, who has used the product for years and was not signed for this campaign alone, carries that message into running, and a Miley Artist Series reaches the platform in early October. SGIE view: the metrics-first Peloton spoke to committed enthusiasts. The casual exerciser it now needs was never listening.
Running is also where Peloton is weakest. Its cycling franchise defined connected fitness; its treadmill business has never held comparable share, and it carries the reputational weight of the 2021 Tread+ recall. Competition in home treadmills is broader and cheaper than in stationary cycling, with Technogym, NordicTrack and low-cost folding imports all active.
The Commercial Series, Peloton’s first gym-specification Bike and Tread, is due before the end of the calendar year alongside the Precor commercial business. Between the two launches, fiscal 2027 determines whether Peloton is a profitable business in managed decline or one capable of growing again.
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