LTHMEDIUM SIGNALFINANCIAL10-K

Life Time significantly expanded capital investment while delivering strong operational cash flow growth and membership base expansion.

The company is in an aggressive expansion phase, with capital expenditures growing substantially to $891.5M as they build out their premium athletic club footprint from over 17 million to over 18 million indoor square feet. This investment is being funded by strong operational performance, with operating cash flow growing meaningfully alongside revenue growth of 14.3% and operating income expansion of 35%.

Comparing 2026-02-24 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

Life Time delivered solid financial performance across key metrics, with revenue growing 14.3% to $3.0B and operating income expanding notably by 35% to $481.3M. The company substantially increased capital expenditures to $891.5M while generating strong operating cash flow growth, indicating robust underlying business performance funding aggressive expansion. The balance sheet strengthened with stockholders equity growing 20% to $3.1B and total assets expanding 12% to $8.0B, supporting the company's growth investment strategy.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+70%
$524.5M→$891.5M

Capital expenditure jumped 70% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
+51.4%
$575.1M→$870.5M

Operating cash flow surged 51.4% — exceptional cash generation, highest quality earnings signal.

Operating Income
P&L
+34.6%
$357.5M→$481.3M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Stockholders Equity
Balance Sheet
+19.8%
$2.6B→$3.1B

Equity base grew 19.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Liabilities
Balance Sheet
+17.2%
$520.1M→$609.5M

Current liabilities rose 17.2% — increased short-term obligations, watch current ratio.

Revenue
P&L
+14.3%
$2.6B→$3.0B

Revenue growing 14.3% — solid top-line momentum, watch margins for quality of growth.

Inventory
Balance Sheet
+12.2%
$60.3M→$67.6M

Inventory built 12.2% — monitor whether demand supports this build or if write-downs may follow.

Total Assets
Balance Sheet
+12%
$7.2B→$8.0B

Asset base grew 12% — expansion through organic growth, acquisitions, or capital deployment.

SG&A Expense
P&L
+10.7%
$221.0M→$244.6M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-27
ADDED
As of February 20, 2026, the regi strant had 221,805,082 shares of c ommon stock outstanding, par value $0.01 per share.
Who We Are Life Time, the Healthy Way of Life Company, is a premier lifestyle and leisure brand offering premium health, fitness and wellness experiences to a community of nearly 1.6 million individual members, who together comprise nearly 873,000 memberships, as of December 31, 2025.
Our premium real estate portfolio of owned and leased athletic country clubs spans over 18 million of indoor square feet and over seven million of outdoor square feet in the aggregate.
Our membership mix is notably shifting with couples and families comprising increasingly larger portions of total memberships.
These memberships have historically been more engaged with higher retention and higher average monthly dues.
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REMOVED
As of February 24, 2025, the regi strant had 209,592,785 shares of c ommon stock outstanding, par value $0.01 per share.
Forward-looking statements include all statements that are not historical facts, including statements reflecting our current views with respect to, among other things, our plans, strategies and prospects, both business and financial, including our financial outlook and cash flow, possible or assumed future actions, opportunities for growth and margin expansion, improvements to our balance sheet and leverage, capital expenditures, consumer demand, industry and economic trends, business strategies, events or results of operations.
Who We Are Life Time, the Healthy Way of Life Company, is a premier lifestyle and leisure brand offering premium health, fitness and wellness experiences to a community of more than 1.5 million individual members, who together comprise more than 866,000 memberships, as of December 31, 2024.
Our premium real estate portfolio of owned and leased athletic country clubs spans over 17 million of indoor square feet and approximately seven million of outdoor square feet.
The majority of our digital on-hold memberships cost $15 per month.
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