Planet Fitness, Inc. Announces Third Quarter 2025 Results

Rhea-AI Summary

Planet Fitness (NYSE: PLNT) reported third quarter 2025 results with total revenue $330.3M (+13.0%) and system-wide same club sales +6.9%. Adjusted EBITDA rose to $140.8M and adjusted net income was $67.0M ($0.80 per diluted share). The company opened 35 clubs during the quarter, bringing the system to 2,795 clubs and ~20.7M members. Cash and marketable securities totaled $577.9M. Planet Fitness repurchased approximately $100M of shares and raised its 2025 growth outlook: system-wide same club sales now ~6.5%, revenue ~11%, adjusted EBITDA ~12%, and adjusted net income ~13–14%.

Positive

• Total revenue +13.0% to $330.3M
• Adjusted EBITDA +$17.7M to $140.8M
• Adjusted net income +22.5% to $67.0M
• System-wide same club sales +6.9%
• Opened 35 clubs; system total 2,795 clubs
• Repurchased ~ $100M of shares

Negative

• Expect 2025 net interest expense ~ $86.0M
• Capital expenditures expected to increase ~20%
• Ten Spain clubs reduced corporate Adjusted EBITDA by $1.5M

Insights

Equity Analyst

Strong quarter: revenue and margins rose, guidance upgraded, and ~$100M buyback signals capital return focus.

The company reported total revenue of $330.3 million and system-wide same club sales growth of 6.9%, with Adjusted EBITDA at $140.8 million and net income of $58.8 million. These metrics show concurrent top-line growth across the Franchise, Corporate-owned clubs, and Equipment segments, while system-wide club count reached 2,795 and membership totaled 20.7 million.

Key dependencies and risks remain explicit in the release: tariff exposure is limited only under current regulations and the outlook excludes future tariff changes; guidance also depends on franchisee actions (ad fund shift) and continued same-club performance. The company reiterated targets for new club openings (~160–170) and equipment placements (~130–140) for the year ending December 31, 2025, and noted cash and marketable securities of $577.9 million.

Concrete items to watch include the conference call on November 6, 2025, execution of the franchise ad-fund agreement for 2026, the impact of the ~$100 million share repurchase on adjusted diluted shares (~84.2 million stated), and near-term same-club sales and equipment placement pace over the rest of 2025.

System-wide same club sales increased 6.9%

Raises 2025 full-year growth outlook

Repurchased approximately $100M of its shares

HAMPTON, N.H., Nov. 6, 2025 /PRNewswire/ -- Today, Planet Fitness, Inc. (NYSE: PLNT) reported financial results for its third quarter ended September 30, 2025.

Third Quarter Fiscal 2025 Highlights  

• Total revenue increased from the prior year period by 13.0% to $330.3 million.
• System-wide same club sales increased 6.9%.
• System-wide sales increased to $1.3 billion from $1.2 billion in the prior year period.
• Net income attributable to Planet Fitness, Inc. was $58.8 million, or $0.70 per diluted share, compared to $42.0 million, or $0.50 per diluted share, in the prior year period.
• Net income increased $16.8 million to $59.2 million, compared to $42.4 million in the prior year period.
• Adjusted net income⁽¹⁾ increased $12.3 million to $67.0 million, or $0.80 per diluted share⁽¹⁾, compared to $54.7 million, or $0.64 per diluted share, in the prior year period.
• Adjusted EBITDA⁽¹⁾ increased $17.7 million to $140.8 million from $123.1 million in the prior year period.
• 35 new Planet Fitness clubs were opened system-wide during the period, which included 29 franchisee-owned and 6 corporate-owned clubs, bringing system-wide total clubs to 2,795 as of September 30, 2025.
• Cash and marketable securities of $577.9 million, which includes cash and cash equivalents of $329.0 million, restricted cash of $56.4 million and marketable securities of $192.5 million as of September 30, 2025.

"We are making significant progress in executing on our long-term strategy, as highlighted by our strong financial performance during the quarter, which enabled us to raise certain growth targets for our 2025 outlook," said Colleen Keating, Chief Executive Officer. "We have continued to make strategic decisions to position the Company for long-term growth. This includes a new agreement with our franchisees to shift a portion of their contributions from their Local Ad Fund to our National Ad Fund in 2026 to unlock new marketing opportunities and drive future member growth. Additionally, we were recently ranked #22, and the highest-ranking fitness brand, on this year's Franchise Times Top 400® list, illustrating the strength of Planet Fitness and dedication of our team members and franchisees. This is an exciting time, and we are feeling more energized than ever to capture even greater opportunities in the evolving global fitness landscape and deliver value for our stakeholders."

Operating Results for the Third Quarter Ended September 30, 2025
For the third quarter of 2025, total revenue increased $38.1 million or 13.0% to $330.3 million from $292.2 million in the prior year period, including system-wide same club sales growth of 6.9%. By segment:

• Franchise segment revenue increased $11.3 million or 11.0% to $113.7 million from $102.4 million in the prior year period. Of the increase, $7.5 million was due to higher royalty revenue, of which $4.4 million was attributable to a franchise same club sales increase of 7.1%, $1.9 million was attributable to new clubs opened since July 1, 2024 before moving into the same club sales base and $1.2 million was from higher royalties on annual fees. Franchise segment revenue also includes $1.9 million of higher National Advertising Fund ("NAF") revenue, $1.5 million of higher franchise and other fees primarily attributable to higher join fees and $0.9 million of higher revenue from replacement equipment placements;
• Corporate-owned clubs segment revenue increased $9.7 million or 7.6% to $137.8 million from $128.1 million in the prior year period. Of the increase, $5.3 million was attributable to corporate-owned clubs included in the same club sales base, of which $4.4 million was attributable to a same club sales increase of 6.0%. Additionally, $4.4 million was from new clubs opened since July 1, 2024 before moving into the same club sales base; and
• Equipment segment revenue increased $17.1 million or 27.8% to $78.8 million from $61.7 million in the prior year period. Of the increase, $12.3 million was attributable to higher revenue from equipment sales to existing franchisee-owned clubs and $4.8 million was attributable to higher revenue from equipment sales to new franchisee-owned clubs. In the third quarter of 2025, we had equipment sales to 27 new franchisee-owned clubs compared to 15 in the prior year period.

Segment Adjusted EBITDA represents our Adjusted EBITDA broken out by the Company's reportable segments. Adjusted EBITDA is defined as net income before interest, taxes, depreciation and amortization, adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing performance of the Company's core operations, see "Non-GAAP Financial Measures" accompanying this press release.

Segment Adjusted EBITDA was as follows:

• Franchise Segment Adjusted EBITDA increased $9.6 million or 13.2% to $82.4 million. This increase was primarily attributable to higher franchise segment revenue of $11.3 million, as described above, partially offset by $1.7 million of higher NAF expense;
• Corporate-owned clubs Segment Adjusted EBITDA increased $3.3 million or 6.6% to $53.7 million. This increase was primarily attributable to $2.1 million from new clubs opened since July 1, 2024 before moving into the same club sales base, $1.4 million from the corporate-owned same clubs sales increase of 6.0% and $1.2 million of lower selling, general and administrative expenses. This increase was partially offset by $1.5 million of lower Adjusted EBITDA from the ten clubs open and operating in Spain, of which nine clubs have been opened since July 1, 2024.
• Equipment Segment Adjusted EBITDA increased $5.2 million or 28.3% to $23.7 million. This increase was primarily attributable to higher equipment sales to new and existing franchisee-owned clubs, as described above.

___________________________

1 Adjusted net income, Adjusted EBITDA and Adjusted net income per share, diluted are non-GAAP measures. For reconciliations of Adjusted EBITDA and Adjusted net income to U.S. GAAP ("GAAP") net income and a computation of Adjusted net income per share, diluted, see "Non-GAAP Financial Measures" accompanying this press release.

2025 Outlook
The Company continues to believe that between its tariff mitigation plans and the current tariff levels, its exposure is limited.  This guidance does not include estimates or assumptions regarding the impact of tariffs beyond the existing regulations currently in place.

For the year ending December 31, 2025, the Company is reiterating the following expectations:

• It continues to expect new equipment placements of approximately 130 to 140 in franchisee-owned locations
• It continues to expect system-wide new club openings of approximately 160 to 170 locations

The Company is raising the following growth expectations over its 2024 results:

• It now expects system-wide same club sales growth of approximately 6.5% (previously approximately 6.0%)
• It now expects revenue to increase approximately 11% (previously approximately 10%)
• It now expects adjusted EBITDA to increase approximately 12% (previously approximately 10%)
• It now expects adjusted net income to increase in the 13% to 14% range (previously 8% to 9%)
• It now expects adjusted net income per share, diluted to increase in the 16% to 17% range (previously 11% to 12%), based on adjusted diluted weighted-average shares outstanding of approximately 84.2 million (previously 84.5 million), inclusive of the shares repurchased through the third quarter of 2025.

The Company continues to expect 2025 net interest expense to be approximately $86.0 million. It also continues to expect capital expenditures to increase approximately 20% driven by additional clubs in our corporate-owned portfolio and expects depreciation and amortization to be approximately $155 million.

Presentation of Financial Measures
Planet Fitness, Inc. (the "Company") was formed in March 2015 for the purpose of facilitating the initial public offering (the "IPO") and related recapitalization transactions that occurred in August 2015, and in order to carry on the business of Pla-Fit Holdings, LLC ("Pla-Fit Holdings") and its subsidiaries. As the sole managing member of Pla-Fit Holdings, the Company operates and controls all of the business and affairs of Pla-Fit Holdings, and through Pla-Fit Holdings, conducts its business. As a result, the Company consolidates Pla-Fit Holdings' financial results and reports a non-controlling interest related to the portion of Pla-Fit Holdings not owned by the Company.

The financial information presented in this press release includes non-GAAP financial measures such as Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted, to provide measures that we believe are useful to investors in evaluating the Company's performance. These non-GAAP financial measures are supplemental measures of the Company's performance that are neither required by, nor presented in accordance with GAAP. These financial measures should not be considered in isolation or as substitutes for GAAP financial measures such as net income or any other performance measures derived in accordance with GAAP. In addition, in the future, the Company may incur expenses or charges such as those added back to calculate Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted. The Company's presentation of Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted, should not be construed as an inference that the Company's future results will be unaffected by similar amounts or other unusual or nonrecurring items. See the tables at the end of this press release for a reconciliation of Adjusted EBITDA, Adjusted net income, and Adjusted net income per share, diluted, to their most directly comparable GAAP financial measure.

The non-GAAP financial measures used in our full-year outlook will differ from net income and net income per share, diluted, determined in accordance with GAAP in ways similar to those described in the reconciliations at the end of this press release. We do not provide guidance for net income or net income per share, diluted, determined in accordance with GAAP or a reconciliation of guidance for Adjusted net income and Adjusted net income per share, diluted, to the most directly comparable GAAP measure because we are not able to predict with reasonable certainty the amount or nature of all items that will be included in our net income and net income per share, diluted, for the year ending December 31, 2025. These items are uncertain, depend on many factors and could have a material impact on our net income and net income per share, diluted, for the year ending December 31, 2025, and therefore cannot be made available without unreasonable effort.

Same club sales refers to year-over-year sales comparisons for the same club sales base of both corporate-owned and franchisee-owned clubs, which is calculated for a given period by including only sales from clubs that had sales in the comparable months of both years. We define the same club sales base to include those clubs that have been open and for which monthly membership dues have been billed for longer than 12 months. We measure same club sales based solely upon monthly dues billed to members of our corporate-owned and franchisee-owned clubs.

Investor Conference Call
The Company will hold a conference call at 8:00AM (ET) on November 6, 2025 to discuss the news announced in this press release. A live webcast of the conference call will be accessible at www.planetfitness.com via the "Investor Relations" link. The webcast will be archived on the website for one year.

About Planet Fitness
Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations. As of September 30, 2025, Planet Fitness had approximately 20.7 million members and 2,795 clubs in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain. The Company's mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone®. More than 90% of Planet Fitness clubs are owned and operated by independent business men and women.

Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company's statements with respect to expected future performance presented under the heading "2025 Outlook," those attributed to the Company's Chief Executive Officer in this press release, the Company's expected membership growth and club growth, share repurchases and the timing thereof, ability to deliver future shareholder value, the impact of tariffs and other statements, estimates and projections that do not relate solely to historical facts. Forward-looking statements can be identified by words such as "anticipate," "believe," "envision," "estimate," "expect," "intend," "may," "might," "goal," "plan," "prospect," "predict," "project," "target," "potential," "assumption," "will," "would," "could," "should," "continue," "ongoing," "contemplate," "future," "strategy" and similar references to future periods, although not all forward-looking statements include these identifying words. Forward-looking statements are not assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results to differ materially include competition in the fitness industry, the Company's and franchisees' ability to attract and retain members, the Company's and franchisees' ability to identify and secure suitable sites for new franchise clubs, changes in consumer demand, changes in equipment costs, the Company's ability to expand into new markets domestically and internationally, operating costs for the Company and franchisees generally, availability and cost of capital for franchisees, acquisition activity, developments and changes in laws and regulations, our substantial indebtedness and our ability to incur additional indebtedness or refinance that indebtedness in the future, our future financial performance and our ability to pay principal and interest on our indebtedness, our corporate structure and tax receivable agreements, failures, interruptions or security breaches of the Company's information systems or technology, general economic conditions and the other factors described in the Company's annual report on Form 10-K for the year ended December 31, 2024 and, once available, the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2025, as well as the Company's other filings with the Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in forward-looking statements, investors should not place undue reliance on forward-looking statements, which reflect the Company's views only as of the date of this press release. Except as required by law, neither the Company nor any of its affiliates or representatives undertake any obligation to provide additional information or to correct or update any information set forth in this release, whether as a result of new information, future developments or otherwise.

 

Planet Fitness, Inc. and subsidiaries Condensed Consolidated Statements of Operations (Unaudited)
		Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)		2025		2024		2025		2024
Revenue:
Franchise		$        92,245		$        82,873		$      282,362		$      254,783
National advertising fund revenue		21,430		19,542		66,151		59,442
Franchise segment		113,675		102,415		348,513		314,225
Corporate-owned clubs		137,833		128,132		410,491		375,976
Equipment		78,837		61,699		188,882		151,003
Total revenue		330,345		292,246		947,886		841,204
Operating costs and expenses:
Cost of revenue		58,155		45,701		140,063		116,628
Club operations		79,792		71,614		238,909		216,119
Selling, general and administrative		30,525		32,647		100,343		93,453
National advertising fund expense		21,429		19,720		66,150		59,624
Depreciation and amortization		39,108		41,033		115,818		120,230
Other (gain) loss, net		(5,732)		280		(2,069)		698
Total operating costs and expenses		223,277		210,995		659,214		606,752
Income from operations		107,068		81,251		288,672		234,452
Other income (expense), net:
Interest income		5,936		5,610		17,438		16,687
Interest expense		(26,342)		(26,603)		(78,720)		(72,569)
Other income (expense), net		1,067		(558)		3,292		1,132
Total other (expense), net		(19,339)		(21,551)		(57,990)		(54,750)
Income before income taxes		87,729		59,700		230,682		179,702
Provision for income taxes		27,974		16,523		69,120		49,824
Loss from equity-method investments, net of tax		(572)		(782)		(2,005)		(3,198)
Net income		59,183		42,395		159,557		126,680
Less: net income attributable to non-controlling interests		354		386		842		1,722
Net income attributable to Planet Fitness, Inc.		$        58,829		$        42,009		$      158,715		$      124,958
Net income per share of Class A common stock:
Basic		$             0.70		$             0.50		$             1.89		$             1.45
Diluted		$             0.70		$             0.50		$             1.89		$             1.45
Weighted-average shares of Class A common stock outstanding:
Basic		83,517		84,570		83,847		86,090
Diluted		83,717		84,728		84,055		86,289

 

Planet Fitness, Inc. and subsidiaries Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except per share amounts)		September 30, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents		$               329,020		$               293,150
Restricted cash		56,388		56,524
Short-term marketable securities		114,363		114,163
Accounts receivable, net of allowances for uncollectible amounts of $33 and $30 as of September 30, 2025 and December 31, 2024, respectively		70,425		77,145
Inventory		6,982		6,146
Prepaid expenses		23,176		21,499
Other receivables		15,650		16,776
Income tax receivable and prepayments		9,646		2,616
Total current assets		625,650		588,019
Long-term marketable securities		78,177		65,668
Investments, net of allowance for expected credit losses of $23,923 and $18,834 as of September 30, 2025 and December 31, 2024, respectively		70,431		75,650
Property and equipment, net of accumulated depreciation of $430,141 and $370,118, as of September 30, 2025 and December 31, 2024, respectively		448,324		423,991
Right-of-use assets, net		403,314		395,174
Intangible assets, net		295,587		323,318
Goodwill		710,571		720,633
Deferred income taxes		415,673		470,197
Other assets, net		10,482		7,058
Total assets		$            3,058,209		$            3,069,708
Liabilities and stockholders' deficit
Current liabilities:
Current maturities of long-term debt		$                 22,500		$                 22,500
Accounts payable		48,013		32,887
Accrued expenses		61,159		67,895
Equipment deposits		11,177		1,851
Restricted liabilities - national advertising fund		2,613		—
Deferred revenue, current		65,219		62,111
Payable pursuant to tax benefit arrangements, current		49,672		55,556
Other current liabilities		40,091		39,695
Total current liabilities		300,444		282,495
Long-term debt, net of current maturities		2,135,129		2,148,029
Lease liabilities, net of current portion		417,624		405,324
Deferred revenue, net of current portion		30,167		31,990
Deferred tax liabilities		620		1,386
Payable pursuant to tax benefit arrangements, net of current portion		363,429		411,360
Other liabilities		5,153		4,497
Total noncurrent liabilities		2,952,122		3,002,586
Stockholders' equity (deficit):
Class A common stock, $0.0001 par value, 300,000 shares authorized, 82,982 and 84,323 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		9		9
Class B common stock, $0.0001 par value, 100,000 shares authorized, 316 and 342 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		—		—
Accumulated other comprehensive income (loss)		1,121		(2,348)
Additional paid in capital		618,939		609,115
Accumulated deficit		(814,832)		(822,156)
Total stockholders' deficit attributable to Planet Fitness, Inc.		(194,763)		(215,380)
Non-controlling interests		406		7
Total stockholders' deficit		(194,357)		(215,373)
Total liabilities and stockholders' equity		$            3,058,209		$            3,069,708

 

Planet Fitness, Inc. and subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited)
		Nine Months Ended September 30,
(in thousands)		2025		2024
Cash flows from operating activities:
Net income		$             159,557		$            126,680
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		115,818		120,230
Equity-based compensation expense		9,132		5,965
Deferred tax expense		54,408		40,077
Amortization of deferred financing costs		3,975		3,984
Loss on extinguishment of debt		—		2,285
Accretion of marketable securities discount		(1,109)		(2,658)
Losses from equity-method investments, net of tax		2,005		3,198
Dividends accrued on held-to-maturity investment		(1,733)		(1,618)
Credit loss on held-to-maturity investment		5,089		849
Gain on re-measurement of tax benefit arrangement liability		(1,769)		(774)
Gain on sale of corporate-owned clubs		(6,443)		—
Gain on insurance proceeds		(1,461)		—
Other		(150)		538
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		7,484		(7,443)
Inventory		(836)		(201)
Other assets and other current assets		1,581		1,735
Restricted assets - national advertising fund		2,613		(368)
Accounts payable and accrued expenses		(3,728)		8,818
Other liabilities and other current liabilities		327		(741)
Income taxes		(5,119)		(1,553)
Payments pursuant to tax benefit arrangements		(52,778)		(28,786)
Equipment deposits		9,324		5,835
Deferred revenue		3,862		9,552
Leases		9,312		9,138
Net cash provided by operating activities		309,361		294,742
Cash flows from investing activities:
Additions to property and equipment		(113,577)		(112,968)
Insurance proceeds for property and equipment		2,053		—
Payment of deferred consideration for acquired clubs		(1,524)		—
Proceeds from sale of corporate-owned clubs		21,626		—
Purchases of marketable securities		(118,401)		(116,833)
Maturities of marketable securities		106,309		80,922
Issuance of note receivable, related party		(2,639)		—
Other investing activity		112		568
Net cash used in investing activities		(106,041)		(148,311)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		—		800,000
Repayment of long-term debt		(16,875)		(603,063)
Payment of deferred financing and other debt-related costs		—		(12,055)
Proceeds from issuance of Class A common stock		1,478		17,221
Repurchase and retirement of Class A common stock		(150,026)		(300,205)
Principal payments on capital lease obligations		(93)		(100)
Payment of share repurchase excise tax		(2,549)		—
Distributions paid to members of Pla-Fit Holdings		(1,521)		(3,345)
Net cash used in financing activities		(169,586)		(101,547)
Effects of exchange rate changes on cash and cash equivalents		2,000		(456)
Net increase in cash, cash equivalents and restricted cash		35,734		44,428
Cash, cash equivalents and restricted cash, beginning of period		349,674		322,121
Cash, cash equivalents and restricted cash, end of period		$             385,408		$            366,549
Supplemental cash flow information:
Cash paid for interest		$               75,004		$              53,718
Net cash paid for income taxes		$               19,414		$              11,248
Non-cash investing activities:
Non-cash additions to property and equipment included in accounts payable and accrued expenses		$               22,159		$              18,446

 

Planet Fitness, Inc. and subsidiaries
Non-GAAP Financial Measures
(Unaudited)

To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, the Company uses the following non-GAAP financial measures: Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted (collectively, the "non-GAAP financial measures"). The Company believes that these non-GAAP financial measures, when used in conjunction with GAAP financial measures, are useful to investors in evaluating our operating performance. These non-GAAP financial measures presented in this release are supplemental measures of the Company's performance that are neither required by, nor presented in accordance with GAAP. These financial measures should not be considered in isolation or as substitutes for GAAP financial measures such as net income or any other performance measures derived in accordance with GAAP. In addition, in the future, the Company may incur expenses or charges such as those added back to calculate Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted. The Company's presentation of Adjusted EBITDA, Adjusted net income, and Adjusted net income per share, diluted, should not be construed as an inference that the Company's future results will be unaffected by unusual or nonrecurring items.

Adjusted EBITDA and Segment Adjusted EBITDA

We refer to Adjusted EBITDA as we use this measure to evaluate our operating performance and we believe this measure is useful to investors in evaluating our performance. We define Adjusted EBITDA as net income before interest, taxes, depreciation and amortization, adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing performance of the Company's core operations. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of other items that we believe reduce the comparability of our underlying core business performance from period to period and is therefore useful to our investors. Our Board of Directors uses Adjusted EBITDA as a key metric to assess the performance of management. Our Chief Operating Decision Maker also uses Segment Adjusted EBITDA, which is Adjusted EBITDA specific to each of our three reportable segments, to assess the financial performance of and allocate resources to our segments in accordance with ASC 280, Segment Reporting. Corporate overhead costs not directly attributable to any individual segment are not allocated to the three segments and are included in Corporate and Other Adjusted EBITDA within Adjusted EBITDA.

A reconciliation of net income, the most directly comparable GAAP measure, to Adjusted EBITDA is set forth below.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Net income	$           59,183		$           42,395		$         159,557		$         126,680
Interest income	(5,936)		(5,610)		(17,438)		(16,687)
Interest expense	26,342		26,603		78,720		72,569
Provision for income taxes	27,974		16,523		69,120		49,824
Depreciation and amortization	39,108		41,033		115,818		120,230
EBITDA	146,671		120,944		405,777		352,616
Severance costs(1)	—		—		649		1,602
Executive transition costs(2)	408		1,342		2,855		2,973
Loss on adjustment of allowance for credit losses on held-to-maturity investment	486		292		5,089		849
Dividend income on held-to-maturity investment	(594)		(553)		(1,733)		(1,618)
Insurance recovery(3)	—		—		(1,636)		—
Lease closure expenses, net(4)	261		—		1,328		—
Tax benefit arrangement remeasurement(5)	(475)		575		(1,769)		(774)
Gain on sale of corporate-owned clubs(6)	(6,443)		—		(6,443)		—
Amortization of basis difference of equity-method investments(7)	240		240		720		709
Other(8)	212		231		543		528
Adjusted EBITDA	$         140,766		$         123,071		$         405,380		$         356,885

(1) Represents severance related expenses recorded in connection with a reduction in force.

(2) Represents certain expenses recorded in connection with the departure of the former Chief Executive Officer, including costs associated with the search for, and equity-based compensation associated with certain equity awards granted to, the Company's new Chief Executive Officer and retention payments for certain key employees through the Chief Executive Officer transition.

(3) Represents insurance recoveries, net of costs incurred.

(4) Represents lease termination costs, impairment charges, and loss on disposal of property and equipment from the closure of our Florida Corporate Support Center located in Orlando, Florida.

(5) Represents a (gain) loss related to the adjustment of our tax benefit arrangements primarily due to changes in our deferred state tax rate.

(6) Represents a gain on the sale of eight corporate-owned clubs to a franchisee.

(7) Represents the Company's pro-rata portion of the basis difference related to intangible asset amortization expense in its equity method investees, which is included within losses from equity-method investments, net of tax on our condensed consolidated statements of operations.

(8) Represents certain other gains and charges that we do not believe reflect our underlying business performance.

A reconciliation of Segment Adjusted EBITDA to Adjusted EBITDA is set forth below.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Adjusted EBITDA
Franchise segment	$          82,367		$          72,786		$         253,734		$         226,378
Corporate-owned clubs segment	53,737		50,391		156,184		142,354
Equipment segment	23,724		18,487		57,601		41,860
Segment Adjusted EBITDA	159,828		141,664		467,519		410,592
Corporate and other Adjusted EBITDA(1)	(19,062)		(18,593)		(62,139)		(53,707)
Adjusted EBITDA(2)	$        140,766		$        123,071		$         405,380		$         356,885

(1) Corporate and other Adjusted EBITDA includes adjusted corporate overhead costs, such as payroll and related benefit costs and professional services that are not directly attributable to any individual segment and thus are unallocated.

(2) Segment Adjusted EBITDA plus the Adjusted EBITDA of corporate and other is equal to Adjusted EBITDA. Adjusted EBITDA is a metric that is not presented in accordance with GAAP. Refer to "—Non-GAAP Financial Measures" for a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure.

Adjusted Net Income and Adjusted Net Income per Diluted Share

Our presentation of Adjusted net income assumes that all net income is attributable to Planet Fitness, Inc., which assumes the full exchange of all outstanding Holdings Units for shares of Class A common stock of Planet Fitness, Inc., adjusted for certain non-cash and other items that we do not believe directly reflect our core operations. Adjusted net income per share, diluted, is calculated by dividing Adjusted net income by the total weighted-average shares of Class A common stock outstanding plus any dilutive options and restricted stock units as calculated in accordance with GAAP and assuming the full exchange of all outstanding Holdings Units and corresponding Class B common stock as of the beginning of each period presented. Adjusted net income and Adjusted net income per share, diluted, are supplemental measures of operating performance that do not represent and should not be considered alternatives to net income and earnings per share, as calculated in accordance with GAAP. We believe Adjusted net income and Adjusted net income per share, diluted, supplement GAAP measures and enable us to more effectively evaluate our performance period-over-period.

A reconciliation of net income, the most directly comparable GAAP measure, to Adjusted net income, and the computation of Adjusted net income per share, diluted, are set forth below.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2025		2024		2025		2024
Net income	$           59,183		$           42,395		$         159,557		$         126,680
Provision for income taxes	27,974		16,523		69,120		49,824
Severance costs(1)	—		—		649		1,602
Executive transition costs(2)	408		1,342		2,855		2,973
Loss on adjustment of allowance for credit losses on held-to-maturity investment	486		292		5,089		849
Dividend income on held-to-maturity investment	(594)		(553)		(1,733)		(1,618)
Insurance recovery(3)	—		—		(1,636)		—
Lease closure expenses, net(4)	261		—		1,328		—
Tax benefit arrangement remeasurement(5)	(475)		575		(1,769)		(774)
Gain on sale of corporate-owned clubs(6)	(6,443)		—		(6,443)		—
Amortization of basis difference of equity-method investments(7)	240		240		720		709
Loss on extinguishment of debt(8)	—		—		—		2,285
Other(9)	212		231		543		528
Purchase accounting amortization(10)	9,178		12,757		27,534		38,272
Adjusted income before income taxes	90,430		73,802		255,814		221,330
Adjusted income taxes(11)	23,421		19,060		66,256		57,161
Adjusted net income	$           67,009		$           54,742		$         189,558		$         164,169
Adjusted net income per share, diluted	$               0.80		$                0.64		$               2.25		$               1.88
Adjusted weighted-average shares outstanding, diluted(12)	84,033		85,260		84,385		87,101

(1) Represents severance related expenses recorded in connection with a reduction in force.

(2) Represents certain expenses recorded in connection with the departure of the former Chief Executive Officer, including costs associated with the search for, and equity-based compensation associated with certain equity awards granted to, the Company's new Chief Executive Officer and retention payments for certain key employees through the Chief Executive Officer transition.

(3) Represents insurance recoveries, net of costs incurred.

(4) Represents lease termination costs, impairment charges, and loss on disposal of property and equipment from the closure of our Florida Corporate Support Center located in Orlando, Florida.

(5) Represents a (gain) loss related to the adjustment of our tax benefit arrangements primarily due to changes in our deferred state tax rate.

(6) Represents a gain on the sale of eight corporate-owned clubs to a franchisee.

(7) Represents the Company's pro-rata portion of the basis difference related to intangible asset amortization expense in its equity method investees, which is included within losses from equity-method investments, net of tax on our condensed consolidated statements of operations.

(8) Represents the write-off of deferred financing costs associated with the repayment of the 2018-1 Class A-2-II notes prior to the anticipated repayment date.

(9) Represents certain other gains and charges that we do not believe reflect our underlying business performance.

(10) Includes $3.1 million and $9.3 million for the three and nine months ended September 30, 2024, respectively, of amortization for intangible assets recorded in connection with investment funds affiliated with TSG Consumer Products, LLC purchasing interests in Pla-Fit Holdings in 2012 (the "2012 Acquisition"), other than favorable leases. During the fourth quarter of 2024, the intangible assets recorded in connection with the 2012 Acquisition became fully amortized. Also includes $9.2 million and $9.7 million for the three months ended September 30, 2025 and 2024, respectively, and $27.5 million and $29.0 million for the nine months ended September 30, 2025 and 2024, respectively, of amortization for intangible assets created in connection with historical acquisitions of franchisee-owned clubs. The adjustment represents the amount of actual non-cash amortization expense recorded, in accordance with GAAP, in each period.

(11) Represents corporate income taxes at an assumed effective tax rate of 25.9% and 25.8% for the three months ended September 30, 2025 and 2024, respectively, and 25.9% and 25.8% for the nine months ended September 30, 2025 and 2024, respectively, applied to adjusted income before income taxes.

(12) Assumes the full exchange of all outstanding Holdings Units and corresponding shares of Class B common stock for shares of Class A common stock of Planet Fitness, Inc.

A reconciliation of net income per share, diluted, to Adjusted net income per share, diluted is set forth below:

	Three Months Ended September 30, 2025						Three Months Ended September 30, 2024
(in thousands, except per share amounts)	Net income		Weighted Average Shares		Net income per share, diluted		Net income		Weighted Average Shares		Net income per share, diluted
Net income attributable to Planet Fitness, Inc.(1)	$       58,829		83,717		$              0.70		$       42,009		84,728		$              0.50
Net income attributable to non-controlling interests(2)	354		316				386		532
Net income	59,183						42,395
Adjustments to arrive at adjusted income before income taxes(3)	31,247						31,407
Adjusted income before income taxes	90,430						73,802
Adjusted income taxes(4)	23,421						19,060
Adjusted net income	$       67,009		84,033		$              0.80		$       54,742		85,260		$              0.64
	Nine Months Ended September 30, 2025						Nine Months Ended September 30, 2024
(in thousands, except per share amounts)	Net income		Weighted Average Shares		Net income per share, diluted		Net income		Weighted Average Shares		Net income per share, diluted
Net income attributable to Planet Fitness, Inc.(1)	$     158,715		84,055		$              1.89		$     124,958		86,289		$              1.45
Net income attributable to non-controlling interests(2)	842		330				1,722		812
Net income	159,557						126,680
Adjustments to arrive at adjusted income before income taxes(3)	96,257						94,650
Adjusted income before income taxes	255,814						221,330
Adjusted income taxes(4)	66,256						57,161
Adjusted net income	$     189,558		84,385		$              2.25		$     164,169		87,101		$              1.88

(1) Represents net income attributable to Planet Fitness, Inc. and the associated weighted average shares of Class A common stock outstanding.

(2) Represents net income attributable to non-controlling interests and the assumed exchange of all outstanding Holdings Units and corresponding shares of Class B common stock for shares of Class A common stock of Planet Fitness, Inc. as of the beginning of the period presented.

(3) Represents the total impact of all adjustments identified in the adjusted net income table above to arrive at adjusted income before income taxes.

(4) Represents corporate income taxes at an assumed effective tax rate of 25.9% and 25.8% for the three months ended September 30, 2025 and 2024, respectively, and 25.9% and 25.8% for the nine months ended September 30, 2025 and 2024, respectively, applied to adjusted income before income taxes.

 

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SOURCE Planet Fitness, Inc.

FAQ

What were Planet Fitness (PLNT) Q3 2025 revenue and same-club sales?

Q3 2025 revenue was $330.3M (up 13.0%) and system-wide same club sales rose 6.9%.

How did Planet Fitness (PLNT) report profitability in Q3 2025?

Adjusted EBITDA was $140.8M and adjusted net income was $67.0M ($0.80 per diluted share).

What guidance changes did Planet Fitness (PLNT) announce on Nov 6, 2025?

The company raised 2025 expectations: system-wide same club sales to ~6.5%, revenue to ~11%, adjusted EBITDA to ~12%, and adjusted net income to ~13–14%.

How many clubs and members did Planet Fitness (PLNT) report as of Sept 30, 2025?

As of Sept 30, 2025 Planet Fitness reported 2,795 clubs and approximately 20.7 million members.

How much cash and marketable securities did Planet Fitness (PLNT) hold at quarter end?

Cash and marketable securities totaled $577.9M, including cash and equivalents of $329.0M.

Did Planet Fitness (PLNT) repurchase shares in Q3 2025 and how much?

Yes; the company repurchased approximately $100M of its shares through the third quarter of 2025.