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.

41,6 %

82,6 %

16,5 %

+12,1 %

2.11

2.08

— Planet Fitness, Inc.
	%
Franchise royalties and fees	45% Recurring fees from franchised Planet Fitness clubs and related franchise support services.
Corporate-owned club operations	25% Membership and ancillary revenue generated by clubs operated directly by the company.
Equipment sales	20% Sales of fitness equipment and related items to franchisee-owned clubs, mainly in North America.
Other club and member services	10% Ancillary revenue from retail merchandise, training, and other club-related services.

Planet Fitness serves individual consumers who want an affordable, low-pressure gym experience, including first-time...

Individual gym membersprimary
Consumers buy memberships for affordable access to cardio, strength, and circuit equipment plus basic training support.
Franchise operatorsprimary
Independent owners buy equipment, brand rights, and operating support to open and run Planet Fitness clubs.
Corporate club memberssecondary
Members using company-owned clubs buy the same value-oriented fitness offering in directly operated locations.
Prospective members using digital contentemerging
Users engage with the mobile app and workout content to discover the brand and support membership conversion.

Planet Fitness operates across all 50 U.S. states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico,...

•All 50 U.S. states are the core operating base
•International clubs include Canada, Mexico, Panama, Australia, and Spain
•U.S., Canada, and Mexico are key markets for equipment sales
•International expansion is smaller and more dependent on local brand building
•Club density and site selection affect growth and cannibalization risk

Planet Fitness focuses on expanding its club base while preserving a simple, standardized member experience that...

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.

Planet Fitness depends on brand strength, member retention, and successful club expansion, so competition, changing...

high

Brand dilution from competition

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

Scope: Consumer fitness and wellness competition
Materiality: high

high

Member attrition or slower new member acquisition

Revenue depends on maintaining and growing a large membership base.

Scope: Recurring membership model
Materiality: high

high

Cyber incidents and IT outages

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

Scope: Information systems and data security
Materiality: high

medium

Site selection and cannibalization

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

Scope: Franchise and corporate club expansion
Materiality: medium

medium

Supplier concentration for equipment

Franchisees require equipment and related products from approved sources.

Scope: Equipment procurement and delivery
Materiality: medium

medium

Franchisee operating cost inflation

Higher construction and maintenance costs can weaken franchise economics.

Scope: Franchise model economics
Materiality: medium

Revenue recognition by stream

Affects comparability across periods and business segments

Acquisition-related intangible amortization

Can materially affect net income and adjusted earnings reconciliation

Lease accounting and lease fair values

Affects balance sheet assets/liabilities and acquisition accounting

Goodwill and brand/intangible impairment

Impairment charges could be significant if club economics weaken

Planet Fitness, Inc.

Brand dilution from competition

Member attrition or slower new member acquisition

Cyber incidents and IT outages

Site selection and cannibalization

Supplier concentration for equipment

Franchisee operating cost inflation

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