Planet Fitness (PLNT) investor relations material

Executive summary

• Net new members grew by over 700,000 in Q1 2026, bringing total membership to approximately 21.5 million, but member growth lagged expectations due to marketing misalignment, competitive pressures, weather disruptions, and macroeconomic uncertainty.

• System-wide same club sales grew 3.5% year-over-year, and total revenue rose 21.9% to $337.2 million, driven by growth across all segments.

• Net income attributable to shareholders was $51.6 million, a 23.2% increase from Q1 2025, with adjusted net income of $59.4 million ($0.74 per diluted share).

• Opened 15 new clubs in Q1, ending the quarter with 2,909 clubs globally.

• Strategic shift underway to refocus marketing on fitness beginners and reinforce affordability.

Financial highlights

• Adjusted EBITDA was $139.9 million, up 19.6% year-over-year, with a margin of 41.5%.

• Franchise segment revenue rose 16.7% to $134.5 million; corporate-owned clubs revenue increased 5.2% to $140.6 million; equipment segment revenue surged 123.4% to $62.1 million.

• Cash, equivalents, and marketable securities totaled $652 million as of March 31, 2026.

• Repurchased and retired 613,725 shares of Class A common stock for $50 million during Q1.

• Black Card penetration increased to 67%, up 240 basis points year-over-year.

Outlook and guidance

• 2026 guidance revised: system-wide same club sales growth now expected at ~1%, revenue growth at ~7%, adjusted EBITDA growth at ~6%.

• Adjusted net income for 2026 expected to decrease ~2%, adjusted EPS to grow ~4%.

• System-wide new club openings projected at 180–190 locations, with most openings and equipment placements weighted to H2.

• Capital expenditures and depreciation/amortization both expected to rise 10–15%.

• Three-year algorithm/outlook withdrawn due to revised member growth and pricing strategy.