, depreciation, and amortization (a profit measure) could still land near expectations thanks to higher equipment sales. The bigger overhang is confidence: Planet Fitness still doesn’t have a permanent chief financial officer, and RBC warned that if consumer sentiment keeps fading, management could end up trimming its 2026 outlook.
Why should I care?
For markets: Momentum matters when you sell subscriptions.
When sign-ups slow, investors tend to stop paying for “growth stories” and start scrutinizing execution – and Planet Fitness has a few moving parts at once. RBC said heavier promotions and a softer demand backdrop could push back the company’s plan to raise its Black Card price to $30 from $25, which would be one of the cleanest ways to lift profits. That’s why the bank can still like the long-term model but slash the target: near-term uncertainty can compress what investors are willing to pay for future earnings.
Zooming out: Franchises can cushion the bumps but not erase them.
Planet Fitness is mostly franchised, meaning local owners pay most day-to-day costs while the parent company collects fees and gets steadier, more repeatable revenue. That setup can help expansion continue even in a choppy economy, because new club openings matter almost as much as same-store demand. But franchise models still rely on pricing power and member retention – so if discounts linger and cancellations rise, the “steady” part can start looking less steady.