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 12% revenue growth, 13% adjusted EBITDA growth, and 19% adjusted diluted EPS growth year-over-year.

• Opened 181 new clubs in 2025, including 158 franchisee-owned and 23 corporate-owned locations, and added 1.1 million net new members.

• High School Summer Pass program saw 3.7 million teen participants and an 8.3% conversion to paying members.

• Continued investment in technology, AI-enabled CRM, and marketing to drive member engagement and retention.

Financial highlights

• Q4 2025 revenue was $376.3 million, up from $340.5 million year-over-year; full-year revenue reached $1.32 billion, up 12.1%.

• System-wide same-club sales grew 6.7% for the full year and 5.7% in Q4.

• Adjusted EBITDA for Q4 was $146.3 million (38.9% margin), up from $130.8 million; full-year Adjusted EBITDA was $551.6 million (41.7% margin).

• Net income was $60.7 million in Q4 and $219.1 million for the year; adjusted net income was $69 million in Q4 and $258.3 million for the year.

• Black Card penetration reached an all-time high of 66.5%, up 260 basis points year-over-year.

Outlook and guidance

• 2026 guidance: system-wide same-club sales growth of 4%-5%, revenue growth of ~9%, and adjusted EBITDA growth of ~10%.

• Adjusted net income per share, diluted, expected to rise 9%-10%.

• Plan to open 180-190 new clubs and 150-160 equipment placements, weighted to the second half of the year.

• Projected net interest expense of ~$114 million and capital expenditures up 10%-15%.

• Reaffirmed three-year growth algorithm, expecting step-up in revenue and EBITDA growth in 2027 and 2028.