Inventories

9 Months Ended

Mar. 31, 2026

6. Inventories

Inventories, net consisted of the following:


	March 31, 2026		June 30, 2025
	(in millions)
Raw materials	$	26.4	$	22.7

Finished products(1)	238.1		337.6
Total inventories(2)	264.4		360.4
Less: Reserves	(88.7)		(154.8)
Total inventories, net	$	175.8	$	205.6

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(1) Includes $19.5 million and $40.3 million of finished goods inventory in transit, products owned by the Company that have not yet been received at a Company distribution center, as of March 31, 2026 and June 30, 2025, respectively.

(2) As of March 31, 2026 and June 30, 2025, there was no work-in-process within inventories.

The Company periodically assesses and adjusts the value of inventory for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods. The Company’s recorded inventory reserves as of March 31, 2026 primarily consisted of $50.9 million related to excess accessories and apparel inventory and $21.6 million related to excess Connected Fitness Products. The Company’s recorded inventory reserves as of June 30, 2025 primarily consisted of $66.8 million related to excess accessories and apparel inventory and $64.9 million related excess returned Connected Fitness Products, including Guide.