Planet Fitness (PLNT) Q1 2025 earnings summary

Executive summary

• Ended Q1 2025 with 20.6 million members, up 900,000 from year-end 2024, and opened 19 new clubs globally, reaching 2,741 total clubs, including 280 corporate-owned and 2,461 franchised locations.

• Achieved total revenue of $276.7 million for Q1 2025, up 11.5% year-over-year, driven by growth across all segments.

• System-wide same club sales grew 6.1% year-over-year, with Black Card penetration at 65%, up nearly 300 basis points.

• Net income attributable to Planet Fitness, Inc. was $41.9 million, a 22% increase compared to Q1 2024.

• Maintained resilience and growth despite macroeconomic volatility, leveraging a high-value, low-priced model and broad demographic appeal.

Financial highlights

• Franchise segment revenue rose 10.7% to $115.2 million; corporate-owned clubs revenue increased 9.2% to $133.7 million; equipment segment revenue grew 28.7% to $27.8 million.

• Adjusted EBITDA increased 10.1% to $117 million, with a margin of 42.3%.

• Net income was $41.9 million ($0.50 per diluted share); adjusted net income was $50 million ($0.59 per diluted share).

• Cash and marketable securities totaled $586.3 million as of March 31, 2025.

• Net cash provided by operating activities was $133.9 million, a 49% increase from the prior year.

Outlook and guidance

• Reiterated 2025 guidance: 160-170 new clubs, 130-140 new franchise equipment placements, and revenue and adjusted EBITDA growth of ~10%.

• System-wide same club sales growth expected at 5%-6%, adjusted EBITDA and net income to grow ~10% and 8%-9%, respectively.

• Adjusted EPS projected to increase 11%-12%; CapEx guidance slightly reduced, now expected up ~20% year-over-year.

• Sufficient liquidity and cash flow anticipated to meet debt service, capital expenditures, and working capital needs for at least the next 12 months.

• Tariff impacts assumed at current levels, with no material effect on 2025 targets.