PLNTMEDIUM SIGNALFINANCIAL10-K

Planet Fitness delivered solid growth across key metrics with revenue increasing 12.1% to $1.3 billion while substantially expanding share repurchases and growing its club footprint.

The company demonstrated healthy operational momentum with system-wide sales growing from $4.8B to $5.3B, membership expanding to 20.8 million, and club count reaching 2,896 locations across multiple countries. The substantial increase in share buybacks to $500.4 million signals management confidence and strong cash generation capabilities.

Comparing 2026-02-25 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

Planet Fitness showed balanced growth with revenue increasing 12.1% to $1.3 billion, operating income rising 21.7% to $394.7 million, and net income growing 27.4% to $219.1 million, indicating improving operational leverage. Operating cash flow strengthened 21.7% to $418.4 million, enabling substantially higher share repurchases of $500.4 million. The balance sheet remained solid with cash increasing 17.9% to $345.7 million, though total debt grew 14.4% to $2.5 billion to support expansion.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+66.7%
$300.2M→$500.4M

Share repurchases increased 66.7% — management returning capital, signals confidence in intrinsic value.

Net Income
P&L
+27.4%
$172.0M→$219.1M

Net income grew 27.4% — bottom-line growth signals improving overall business health.

Inventory
Balance Sheet
+23.3%
$6.1M→$7.6M

Inventory built 23.3% — monitor whether demand supports this build or if write-downs may follow.

Operating Income
P&L
+21.7%
$324.2M→$394.7M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Operating Cash Flow
Cash Flow
+21.7%
$343.9M→$418.4M

Operating cash flow grew 21.7% — strong conversion of earnings to cash, healthy business fundamentals.

Cash & Equivalents
Balance Sheet
+17.9%
$293.1M→$345.7M

Cash grew 17.9% — improving liquidity position supports investment and shareholder returns.

Total Debt
Balance Sheet
+14.4%
$2.2B→$2.5B

Debt rose 14.4% — additional borrowing for investment or operations; monitor coverage ratios.

Revenue
P&L
+12.1%
$1.2B→$1.3B

Revenue growing 12.1% — solid top-line momentum, watch margins for quality of growth.

Current Assets
Balance Sheet
+12%
$588.0M→$658.4M

Current assets grew 12% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+10.6%
$282.5M→$312.5M

Current liabilities rose 10.6% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-25
ADDED
The number of outstanding shares of the registrant s Class A common stock, par value $0.0001 per share, and Class B common stock, par value $0.0001 per share, as of February 20, 2026, was 79,697,889 shares and 316,128 shares, respectively.
In 2025, we recorded revenues of $1.3 billion and had system-wide sales of $5.3 billion, which we define as monthly dues and annual fees billed by us and our franchisees.
We ended the year with approximately 20.8 million members and 2,896 clubs (2,604 franchisee-owned and 292 corporate-owned) located in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain.
System-wide sales for 2025 included $4.7 billion attributable to franchisee-owned clubs, from which we generate royalty revenue, and $552.2 million attributable to our corporate-owned clubs.
In 2025, our corporate-owned clubs had a Segment Adjusted EBITDA margin of 37.8% and clubs that have been in operation for more than 12 months had average unit volumes ( AUVs ) of approximately $2.0 million with four-wall Adjusted EBITDA margins (an assessment of club-level profitability which includes local and national advertising expense) of approximately 42.7%, or approximately 35.3% after applying the current 7% royalty rate.
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REMOVED
The number of outstanding shares of the registrant s Class A common stock, par value $0.0001 per share, and Class B common stock, par value $0.0001 per share, as of February 18, 2025, was 84,330,138 shares and 341,841 shares, respectively.
We create a non-intimidating environment where everyone is welcome.
In 2024, we recorded revenues of $1.2 billion and had system-wide sales of $4.8 billion, which we define as monthly dues and annual fees billed by us and our franchisees.
We ended the year with approximately 19.7 million members and 2,722 clubs in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain.
System-wide sales for 2024 included $4.3 billion attributable to franchisee-owned clubs, from which we generate royalty revenue, and $515.3 million attributable to our corporate-owned clubs.
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