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Planet Fitness (PLNT) FY2025 results: revenue $1.3 billion, up 12.1% on the year

Planet Fitness, Inc. (PLNT) reported revenue of $1.3 billion for fiscal 2025, the year ended 31 December 2025, up 12.1% on the year before. Net income was $219 million, up 27.4%, and diluted earnings per share $2.62. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$1.3 billion
+12.1% on the year
FY2018FY2025
Operating margin
29.8%
27.4% a year earlier
FY2018FY2025
Net income
$219 million
+27.4% on the year
FY2018FY2025
Diluted EPS
$2.62
+31.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 10 new.

  • Fourth-quarter revenue up 10.5%: Fourth-quarter revenue rose $35.8 million, or 10.5%, to $376.3 million, with franchise, corporate-owned club and equipment segments all higher.
  • Full-year revenue up 12.1%: Full-year revenue rose $142.5 million, or 12.1%, to $1.3 billion, led by equipment sales up 21.1% and corporate-owned clubs up 8.7%.
  • Full-year Adjusted EBITDA rose: Full-year Adjusted EBITDA rose $63.9 million to $551.6 million from $487.7 million in the prior year.
  • Net membership up 1.1 million: Management said about 1.1 million net new members in 2025 highlighted demand, the first full year of a 50 percent price increase for new Classic Card members.
  • Share repurchases of $500.4 million: Full-year repurchase and retirement of Class A common stock totaled $500.4 million, against $300.2 million in 2024.
Read the Q4 FY2025 earnings call summary

From this 10-K

Planet Fitness franchises and operates fitness centers under the Planet Fitness brand, which it presents as a welcoming, non-intimidating environment it calls the Judgement Free Zone. It ended 2025 with approximately 20.8 million members and 2,896 clubs, 2,604 owned by franchisees and 292 owned by the company, in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain. Planet Fitness, Inc. is a Delaware corporation formed on March 16, 2015, and its Class A common stock trades on the New York Stock Exchange. It reports three segments, Franchise, Corporate-owned clubs and Equipment.

Planet Fitness, Inc., the 10-K for 2025

Planet Fitness franchises and operates fitness centers under the Planet Fitness brand, which it presents as a welcoming, non-intimidating environment it calls the Judgement Free Zone. It ended 2025 with approximately 20.8 million members and 2,896 clubs, 2,604 owned by franchisees and 292 owned by the company, in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain. Planet Fitness, Inc. is a Delaware corporation formed on March 16, 2015, and its Class A common stock trades on the New York Stock Exchange. It reports three segments, Franchise, Corporate-owned clubs and Equipment.

Clubs and memberships

Its clubs are typically 20,000 square feet and are filled with Planet Fitness-branded cardio, circuit and strength-training equipment, with staff trainers who give members free fitness instruction in small groups. It leaves out amenities such as group exercise classes, pools, day care centers and juice bars to make room for equipment. Its Classic Card membership gives access to one club, while PF Black Card members can use all clubs, bring a guest on each visit and use areas with water massage beds, massage chairs, tanning and hot and cold recovery lounges. Members can also get discounts from partner brands through its mobile app and website, which it calls PF Perks.

Franchising and equipment

Its franchisees opened substantially all of its new clubs in 2025, and they must spend 7% of their monthly membership dues on local advertising in addition to contributing to a national advertising fund. Franchisees must buy fitness equipment from the company or its required vendors for new clubs and replace it approximately every five to nine years, and the Equipment segment sells that equipment to franchisee-owned clubs. Its member base is approximately 51% male, and approximately 22% of its clubs are in areas the U.S. government deems low income.

People

As of December 31, 2025 it employed 4,020 people at its corporate-owned clubs and 373 at its Club Support Center and in Canada and Spain, none of them represented by labor unions. Employees of its franchisees are not its employees.

From Planet Fitness' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,3241,1821,071+12.1%
Cost of revenue230197190+16.8%
Gross profit1,094985881+11.1%
Gross margin82.6%83.3%82.3%
Selling, general and administrative138129125+6.6%
Operating income395324273+21.7%
Operating margin29.8%27.4%25.5%
Interest expense10810086.6+8.2%
Pre-tax income309247208+25.2%
Income tax85.968.458.5+25.5%
Effective tax rate27.8%27.7%28.2%
Net income219172138+27.4%
Net margin16.5%14.6%12.9%
Diluted EPS$2.62$2.00$1.62+31.0%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow418344330+21.7%
Capital expenditure164155136+5.6%
Free cash flow255189194+34.9%
Free cash flow margin19.2%16.0%18.1%
Cash from investing-160-209-340
Cash from financing-198-105-141
Depreciation and amortisation156160149-2.8%
Share-based compensation12.38.97.9+38.4%
Buybacks500300125+66.7%
Diluted shares, weighted84m86m85m-2.4%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity-483-215-116
Non-controlling interest-0.60.0-3.3
Short-term borrowings0.0n/an/a
Debt2,4822,1711,984+14.4%
Operating lease liabilities419405382+3.4%
Finance lease liabilities0.80.00.1+3,765.0%
Other liabilities685709723-3.5%
Total liabilities and equity3,1033,0702,970+1.1%
Goodwill712721718-1.1%
Intangible assets286323373-11.4%
Investments195180126+8.4%
Cash and equivalents346293276+17.9%
Receivables70.477.141.9-8.7%
Inventory7.66.14.7+23.3%
Other assets1,4861,4691,431+1.1%
Total assets3,1033,0702,970+1.1%

10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.