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Planet Fitness finished 2025 with about 20.8 million members and nearly 2,900 clubs, reporting full-year same-club sales up 6.7%, revenue up 12%, adjusted EBITDA up 13%, 181 new club openings and 1.1 million net new members.
In Q4 the company opened 104 clubs, delivered system-wide comps of +5.7% (corporate +6%, franchise +5.6%), achieved an all-time high Black Card penetration of 66.5%, and generated revenue of $376.3 million with equipment sales up 15.3%.
Planet Fitness ended the year with $607 million in cash, refinanced near-term debt into a $750 million facility at a blended 5.4% coupon, executed a $350 million accelerated share repurchase (part of ~$800 million returned over two years), and guided 2026 to a lower-growth year with same-club sales of 4–5%, ~180–190 new clubs, ~9% revenue growth and ~10% adjusted EBITDA growth.
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Planet Fitness (NYSE:PLNT) management highlighted member growth, strong same-club sales, and record fourth-quarter unit openings during the company’s fourth-quarter earnings call, while also outlining a 2026 outlook it characterized as the “lowest growth year” in its three-year algorithm due to equipment cycle dynamics and the prior sale of corporate stores.
Chief Executive Officer Colleen Keating said the company ended 2025 with approximately 20.8 million members and a global footprint of nearly 2,900 clubs. Keating credited 2025 performance to progress across the company’s four strategic imperatives and thanked franchisees and team members for execution.
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For the full year, management reported:
Same-club sales growth of 6.7%
Revenue up 12%
Adjusted EBITDA up 13%
Adjusted diluted EPS up 19%
181 new club openings and 1.1 million net new members
Keating emphasized that growth came during the first full year of the company’s new Classic Card membership dues, which she said reinforced the brand’s value proposition.
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Keating said a key driver of member growth was a focus on younger consumers, pointing to the company’s 2025 High School Summer Pass program. She reported that more than 3.7 million teens completed more than 19 million workouts, and that 8.3% of teen participants converted to paying members through year-end, an improvement versus the prior two years.
Planet Fitness also continued its “We Are All Strong on This Planet” campaign and extended it into 2026, describing the approach as a way to maintain consistent messaging while avoiding the cost of developing a new creative platform from scratch. Keating said savings were redirected to working media to drive greater reach.
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Management also discussed an agreement with franchisees to shift a portion of contributions from the local advertising fund to the national advertising fund for 2026 beginning in the second quarter. Keating said the change is intended to help centralize spend and accelerate technology projects, including AI-enabled CRM, dynamic content optimization, and an AI-enabled predictive churn model aimed at improving retention.
Keating said the company is elevating the member experience through data and technology, citing the Planet Fitness mobile app as a key touch point and noting the company’s view that the first 100 days of membership influence long-term retention. Looking ahead, she said Planet Fitness is piloting AI-driven tools designed to augment in-club trainers with personalized coaching support.
On club format, Keating said franchisee adoption of the company’s optimized layout and equipment mix remained strong. She reported that in 2025, 95% of those who opened or remodeled clubs chose an optimized format, and the year ended with nearly 80% of the system featuring some version of format optimization.
Management also addressed the evolving health landscape around GLP-1s, noting strength training’s role in maintaining muscle mass. Keating cited a survey conducted by a franchisee indicating that roughly 50% of people who take a GLP-1 consider a gym membership. The company said it is seeing “excellent early results” from its Perks partnership with Ro, calling it its most successful Perks program yet in terms of downloads and conversion, while cautioning it was “still early days.”
Separately, Keating described positive member feedback from a corporate-club test of new Black Card amenities, including a dry cold plunge and red light sauna, which she said could support joins, upgrades, and retention.
Chief Financial Officer Jay Stasz said fourth-quarter results were compared with the prior-year period. In the quarter, Planet Fitness opened 104 new clubs versus 86 a year earlier and completed 96 new club placements versus 77.
System-wide same-club sales rose 5.7%, with franchisee comps up 5.6% and corporate comps up 6%. Stasz said approximately 80% of the comp increase was driven by rate growth, with the remainder from net membership growth. Black Card penetration finished the quarter at 66.5%, an all-time high and up 260 basis points year over year.
Total revenue for the quarter was $376.3 million versus $340.5 million. The company attributed the increase to growth across all three segments:
Franchise segment revenue up 9.6%
Corporate-owned club segment revenue up 7.4%
Equipment segment revenue up 15.3%
Equipment segment growth was driven by higher equipment sales to franchisees, with replacement equipment representing approximately 60% of total equipment revenue versus 58% in the prior-year quarter. Stasz reported an average royalty rate of 6.7%, flat year over year.
Net income was $60.7 million, adjusted net income was $69.0 million, and adjusted net income per diluted share was $0.83. Adjusted EBITDA was $146.3 million, representing an adjusted EBITDA margin of 38.9%, up from 38.4% a year earlier. For the full year, adjusted EBITDA margin increased to 41.7% from 41.3%.
As of Dec. 31, 2025, Planet Fitness reported total cash, cash equivalents, and marketable securities of $607 million versus $529.5 million a year earlier. During the quarter, the company refinanced approximately $400 million of debt due the next year and upsized the transaction to $750 million at a blended coupon of 5.4%. It also executed a $350 million accelerated share repurchase. Stasz said the company has returned nearly $800 million to shareholders through buybacks over the last two years.
For 2026, management said it expects:
System-wide same-club sales growth of 4% to 5%
180 to 190 new club openings (with openings and 150–160 equipment placements weighted to the second half and especially the fourth quarter)
Total revenue growth of approximately 9%
Adjusted EBITDA growth of approximately 10%
Adjusted net income growth of 4% to 5%
Adjusted diluted EPS growth of 9% to 10% (based on about 80 million adjusted diluted weighted average shares)
Net interest expense of approximately $114 million
Capital expenditures up 10% to 15% and D&A up about 10%
Stasz said 2026 would be the lowest growth year in the company’s three-year algorithm primarily due to an extended equipment replacement cycle under a growth model introduced in 2024 and the sale of eight corporate-owned California clubs in the third quarter of the prior year, which shifts revenue and profit mix while aligning with an asset-light strategy.
Management also discussed short-term impacts early in the year. Stasz said storms and cold weather in late January affected join trends across many markets, with about 2,000 clubs experiencing some form of impact, though he said affected markets later showed a rebound and that February promotions produced “very healthy” join rates. He also said January cancel rates were slightly higher than anticipated but that attrition trends returned to expectations in February after messaging tweaks.
On pricing, Keating reiterated that a Black Card price increase is planned after peak join season, without providing specific timing. In response to questions on mix and comps, Stasz said the 2026 same-club sales outlook assumes roughly a 75/25 split between rate and volume.
In closing remarks, Keating said the company remains focused on its strategic imperatives and long-term shareholder value.
Planet Fitness, Inc is a franchisor and operator of fitness centers based in Hampton, New Hampshire. Established in 1992, the company designs and equips its clubs to offer a non-intimidating workout environment, often marketed under its “Judgment Free Zone” philosophy. Planet Fitness markets affordable membership plans and a variety of cardio and strength-training equipment, positioning itself to attract casual and first-time gym users.
The company operates through a network of franchised and company-owned clubs.
The article “Planet Fitness Q4 Earnings Call Highlights” was originally published by MarketBeat.
