Planet Fitness (PLNT) Q4 2025 earnings summary

Executive summary

• Ended 2025 with 20.8 million members and nearly 2,900 clubs globally, reflecting strong brand value and member experience.

• Achieved 1.1 million net new members and opened 181 new clubs, including 158 franchisee-owned and 23 corporate-owned locations, the highest Q4 openings in company history.

• Strategic focus on brand promise, member experience, product refinement, and accelerated club growth drove results.

• High School Summer Pass program saw record participation and conversion, supporting youth engagement.

• Continued investment in technology, AI-driven CRM, and marketing efficiency to enhance retention and acquisition.

Financial highlights

• Same-club sales grew 6.7% year-over-year; revenue increased 12.1% to $1.32B; adjusted EBITDA up 13% to $551.6M; adjusted diluted EPS up 19%.

• Q4 2025 revenue was $376.3M, up 10.5% year-over-year; system-wide same-club sales up 5.7%.

• Adjusted EBITDA for Q4 was $146.3M (38.9% margin); full-year adjusted EBITDA margin rose to 41.7%.

• Net income for Q4 was $60.7M; adjusted net income $69M; adjusted EPS $0.83.

• Equipment segment revenue rose 15.3% in Q4, with replacement equipment accounting for 60% of segment revenue.

Outlook and guidance

• 2026 guidance: system-wide same-club sales growth of 4%-5%, 180-190 new club openings, and 9% total revenue growth.

• Adjusted EBITDA expected to grow ~10%; adjusted net income growth of 4%-5%; adjusted diluted EPS up 9%-10%.

• CapEx projected to rise 10%-15%; D&A up ~10%; net interest expense expected at $114M.

• Black Card price increase planned post-peak join season, with 75% of comp growth from rate and 25% from volume.

• Three-year growth algorithm reiterated, with 2026 as the lowest growth year due to equipment cycle and club sales.