A foldable treadmill comprising a base bracket, a deck coupled to the base bracket for moving between a use position and a stored position, a support post extending upwardly and movably coupled to the deck, and a handle pivotally connected to the support post. A handle linkage can be coupled to the handle, and a lifting device can be coupled between the base bracket and the handle linkage for moving the handle when the deck is being moved. In one embodiment, the lifting device includes a support rod coupled to the support post and a deck rod coupled between the base bracket and the support rod. In this embodiment, the support rod has a first portion slidably coupled to the deck and another portion coupled to the handle linkage. The treadmill can further include a control panel movably coupled to the top portion of the support post. Preferably, a link bar is coupled between the control panel and the handle for moving the control panel when the deck is being moved.