8-K: Planet Fitness Reports Strong Q4, Full-Year 2025 Growth

Planet Fitness announced robust financial results for Q4 and full-year 2025, driven by increased revenue, membership, and club expansion.

Summary

• Total revenue for the fourth quarter of 2025 increased 10.5% to $376.3 million.
• Full-year 2025 total revenue increased 12.1% to $1.3 billion.
• System-wide same club sales grew 5.7% in Q4 2025 and 6.7% for the full year 2025.
• Net income attributable to Planet Fitness, Inc. was $60.4 million ($0.73 diluted EPS) for Q4 2025 and $219.1 million ($2.62 diluted EPS) for the full year 2025.
• Adjusted EBITDA increased 11.8% to $146.3 million in Q4 2025 and 13.1% to $551.6 million for the full year 2025.
• Approximately 1.1 million net new members were added in 2025, bringing total membership to 20.8 million as of December 31, 2025.
• 181 new Planet Fitness clubs were opened system-wide in 2025, bringing the total club count to 2,896 as of December 31, 2025.
• The company ended 2025 with $607.0 million in cash and marketable securities.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a strong performance report, with significant growth across key financial metrics, membership, and club expansion, indicating robust operational health and positive momentum for the brand.

Positives

• Total revenue increased significantly, up 10.5% in Q4 2025 to $376.3 million and 12.1% for the full year 2025 to $1.3 billion.
• System-wide same club sales showed strong growth, increasing 5.7% in Q4 2025 and 6.7% for the full year 2025.
• Net membership grew by approximately 1.1 million in 2025, reaching a total of 20.8 million members, demonstrating strong brand demand even after a 50% price increase for new Classic Card members.
• The company expanded its global footprint by opening 181 new clubs in 2025, bringing the total to 2,896 clubs.
• Adjusted EBITDA saw substantial increases, up 11.8% to $146.3 million in Q4 2025 and 13.1% to $551.6 million for the full year 2025.
• Diluted earnings per share (EPS) increased to $0.73 in Q4 2025 from $0.56 in the prior year, and to $2.62 for the full year 2025 from $2.00 in the prior year.
• The company maintained a strong cash position, ending the year with $607.0 million in cash and marketable securities.

Negatives

• Adjusted EBITDA from new clubs located in Spain was lower by $0.4 million in Q4 2025 and $3.5 million for the full year 2025.
• Interest expense increased to $29.5 million in Q4 2025 from $27.5 million in Q4 2024, and to $108.2 million for full-year 2025 from $100.0 million in 2024.
• Total stockholders deficit increased from $(215,373) thousand as of December 31, 2024, to $(483,378) thousand as of December 31, 2025.

Risks

• Competition in the fitness industry.
• Ability to attract and retain members.
• Ability to identify and secure suitable sites for new franchise clubs.
• Changes in consumer demand.
• Changes in equipment costs.
• 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.
• Substantial increased indebtedness as a result of refinancing and securitization transactions and the ability to incur additional indebtedness or refinance that indebtedness in the future.
• Future financial performance and the ability to pay principal and interest on indebtedness.
• Corporate structure and tax receivable agreements.
• Failures, interruptions or security breaches of information systems or technology.
• General economic conditions.

Future Outlook

For the year ending December 31, 2026, Planet Fitness expects system-wide new club openings of approximately 180 to 190 locations, with new equipment placements of 150 to 160 in franchisee-owned locations. The company anticipates system-wide same club sales growth in the 4% to 5% range, revenue to increase approximately 9%, Adjusted EBITDA to increase approximately 10%, and Adjusted net income to increase in the 4% to 5% range. Adjusted net income per share, diluted, is projected to increase 9% to 10%, based on approximately 80.0 million adjusted diluted weighted-average shares outstanding. Net interest expense is expected to be approximately $114.0 million, and capital expenditures are projected to increase 10% to 15%.

Management Comments

• "We were pleased with our strong performance in 2025 that was the result of our unwavering focus on our four strategic imperatives."
• "We ended the year with approximately 20.8 million members, and a global footprint of nearly 2,900 clubs, reinforcing the quality of our member experience and our core conviction that anyone can get a great workout at Planet Fitness for an incredible value."
• "Adding approximately 1.1 million net new members in 2025—the first full-year of our 50 percent price increase for new Classic Card members—highlights the incredible demand for our brand."
• "The progress we made on both our topline and new club growth is evidence of our powerful scale and reach."
• "Our scale provides a foundation to introduce our brand to even more people looking to improve their mental and physical health globally."
• "I’d like to thank our franchisees and team members for their passion and commitment that helped drive this strong performance."

Industry Context

StockSavvy.ai notes that Planet Fitness's continued expansion and strong membership growth, particularly after a price increase, demonstrate the resilience and demand for value-oriented fitness models in a competitive health and wellness market. The focus on franchise growth aligns with broader industry trends of asset-light expansion for established brands, allowing for rapid scaling and market penetration.

Comparison to Industry Standards

• The filing does not provide specific comparable companies, projects, or results for direct benchmarking against industry standards.

Management Changes

Related Party Transactions

• Issuance of note receivable, related party, for $(2,639) thousand in 2025 and $(2,145) thousand in 2024.

Stakeholder Impact

• **Shareholders:** Positive financial results and a strong outlook for 2026 could lead to increased shareholder value. The company's expectation of share repurchases in 2026 could also benefit shareholders.
• **Employees:** Continued club expansion and robust performance suggest job stability and potential growth opportunities within the company and its franchise system.
• **Customers (Members):** Growth in clubs and membership indicates continued demand for the 'Judgement Free Zone' experience and value proposition, potentially leading to more accessible locations.
• **Franchisees:** Higher royalty revenue and equipment sales to franchisees indicate a healthy and expanding franchise system, suggesting strong business performance for independent club owners.

Next Steps

• Continue to focus on the four strategic imperatives that drove strong performance in 2025.
• Expand the global footprint with approximately 180 to 190 new club openings in 2026.
• Achieve projected 2026 growth expectations for system-wide same club sales (4-5%), revenue (approx. 9%), Adjusted EBITDA (approx. 10%), and Adjusted net income (4-5%).

Key Dates

Recommendation

Planet Fitness delivered strong financial results for both the fourth quarter and full fiscal year 2025, exceeding prior year performance across key metrics like revenue, net income, Adjusted EBITDA, and same-club sales. Significant membership growth and continued club expansion demonstrate robust demand and effective strategic execution, even after a price increase. The positive 2026 outlook, projecting continued growth in revenue, profitability, and club count, suggests sustained momentum. While increased debt and a growing stockholders deficit are noted, the overall operational strength, market position, and clear growth trajectory make this an attractive investment.

Keywords

Planet Fitness, PLNT, Financial Results, Q4 2025, Full-Year 2025, Earnings, Fitness Industry, Gym, Franchise, Membership Growth, Club Openings, Adjusted EBITDA, Same Club Sales, 2026 Outlook