PLNTNYSEServices-Membership Sports & Recreation ClubsUS GAAP · USD

Planet Fitness, Inc.

Planet Fitness, Inc. operates a large network of fitness clubs under the Planet Fitness brand, combining franchised clubs with company-owned locations and an equipment business that serves franchisees. The company is organized around its signature "Judgement Free Zone" club format, which emphasizes affordable memberships, beginner-friendly training, and a standardized club experience across the United States and select international markets.

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Revenue1,324m USD
+12.1 %y/y
Operating profit (EBIT)395m USD
+21.7 %y/y
EBIT margin29.8%
+2.4 ppy/y
Net income219m USD
+27.4 %y/y
Free cash flow255m USD
+34.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05001,0001,500m USD2020: 134 m USD2020: EBIT 32 m USD20202021: 587 m USD2021: EBIT 143 m USD20212022: 937 m USD2022: EBIT 230 m USD20222023: 1,071 m USD2023: EBIT 273 m USD20232024: 1,182 m USD2024: EBIT 324 m USD20242025: 1,324 m USD2025: EBIT 395 m USD20251,324395
RevenueOperating profit (EBIT)
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Business

Share of revenue
Franchise royalties and fees45 %

Recurring fees from franchised Planet Fitness clubs and related franchise support services.

Corporate-owned club operations25 %

Membership and ancillary revenue generated by clubs operated directly by the company.

Equipment sales20 %

Sales of fitness equipment and related items to franchisee-owned clubs, mainly in North America.

Other club and member services10 %

Ancillary revenue from retail merchandise, training, and other club-related services.

Products

Reported · share of revenue
41.2%28.8%23.4%FY2025100 %
  • Corporate Owned Clubs41.2 %
  • Franchise28.8 %
  • Equipment Revenue23.4 %
  • Advertising6.6 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Planet Fitness serves individual consumers who want an affordable, low-pressure gym experience, including first-time exercisers, casual users, and more frequent fitness members. It also sells equipment and related services to franchisees that operate Planet Fitness clubs, making franchise operators an important business customer segment. The brand is designed to appeal to a broad population by combining low monthly pricing, standardized club design, and beginner-friendly support.

Individual gym members

Consumers buy memberships for affordable access to cardio, strength, and circuit equipment plus basic training support.

Franchise operators

Independent owners buy equipment, brand rights, and operating support to open and run Planet Fitness clubs.

Corporate club members

Members using company-owned clubs buy the same value-oriented fitness offering in directly operated locations.

Prospective members using digital content

Users engage with the mobile app and workout content to discover the brand and support membership conversion.

Strategy

Planet Fitness focuses on expanding its club base while preserving a simple, standardized member experience that supports broad consumer appeal. It also invests in brand marketing, member engagement, and franchise support to strengthen retention, drive new member acquisition, and help franchisees open and operate clubs successfully.

Expand the club footprintMedium term

More locations increase membership reach and strengthen brand visibility.

Deepen member engagement and retentionShort term

Higher usage and loyalty support recurring membership revenue and brand strength.

Support franchisee economicsMedium term

Franchise growth depends on attractive unit-level economics and reliable execution.

Build brand awareness in international marketsLong term

International growth requires stronger local recognition and operating scale.

Geography

Q1/2026

Planet Fitness operates across all 50 U.S. states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia, and Spain. The United States is the core market, while international clubs are smaller in number and generally less established, which makes local brand recognition and franchise execution more important outside the U.S. The company also sells equipment to franchisee-owned clubs in the U.S., Canada, and Mexico.

Americas97 %
Other countries (US filing)2.9 %

Share of the revenue the company reports by geography.

Risks

Planet Fitness depends on brand strength, member retention, and successful club expansion, so competition, changing consumer preferences, and site selection are central risks. The business also relies on information systems, cybersecurity, and a limited supplier base for equipment, while its franchise model adds exposure to franchisee execution and local operating costs.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Brand dilution from competition1Member attrition or slower new member acquisition2Cyber incidents and IT outages3Site selection and cannibalization4Supplier concentration for equipment5Franchisee operating cost inflation6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Brand dilution from competitionImpact: HighLikelihood: Medium

    The model relies on a distinct value proposition and welcoming atmosphere.

    Exposure: Consumer fitness and wellness competition

  2. Member attrition or slower new member acquisitionImpact: HighLikelihood: Medium

    Revenue depends on maintaining and growing a large membership base.

    Exposure: Recurring membership model

  3. Cyber incidents and IT outagesImpact: HighLikelihood: Medium

    Operations, member data, and franchise support depend on reliable systems.

    Exposure: Information systems and data security

  4. Site selection and cannibalizationImpact: MediumLikelihood: Medium

    New clubs must be placed where they add demand without hurting nearby clubs.

    Exposure: Franchise and corporate club expansion

  5. Supplier concentration for equipmentImpact: MediumLikelihood: Medium

    Franchisees require equipment and related products from approved sources.

    Exposure: Equipment procurement and delivery

  6. Franchisee operating cost inflationImpact: MediumLikelihood: Medium

    Higher construction and maintenance costs can weaken franchise economics.

    Exposure: Franchise model economics

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Accounting

Judgemental items
Revenue recognition by stream

Franchise fees, equipment sales, and club revenue may be recognized differently and at different times.

Impact: Affects comparability across periods and business segments

Acquisition-related intangible amortization

Historical club acquisitions create non-cash amortization expense that reduces reported earnings.

Impact: Can materially affect net income and adjusted earnings reconciliation

Lease accounting and lease fair values

Club locations and acquired leases require judgment on lease terms and fair value.

Impact: Affects balance sheet assets/liabilities and acquisition accounting

Goodwill and brand/intangible impairment

The business depends heavily on brand value and acquired intangibles.

Impact: Impairment charges could be significant if club economics weaken

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Last updated: 24/09/2026