Xponential Fitness (XPOF) Q4 2025 earnings summary

Executive summary

• Opened 341 gross new studios in 2025, reaching 3,097 global studios and 1,414 Club Pilates locations, with Club Pilates leading growth and representing 65% of system-wide sales.

• Achieved $1.75 billion in system-wide sales for 2025, up 13% year-over-year, with 774,000 members and 5,371 global licenses sold.

• Completed strategic initiatives: outsourced retail, closed debt refinancing, executed brand divestitures, and completed a corporate reorganization to sharpen focus.

• Strategic focus for 2026 is on organic growth, member acquisition, and operational improvements, with investments in marketing, digital platforms, and field operations.

Financial highlights

• Q4 2025 consolidated revenue was $83 million, flat year-over-year; full-year revenue was $314.9 million, down 2%.

• Adjusted EBITDA for 2025 was $111.8 million, down 4% year-over-year; Q4 adjusted EBITDA was $22.9 million, down 26%.

• Net loss for 2025 was $53.7 million, improved from $98.7 million loss in 2024; Q4 net loss was $45.6 million.

• Adjusted net loss for 2025 was $18.4 million; Q4 adjusted net loss per share was $(0.91).

• Cash and equivalents at year-end were $45.9 million, up from $32.7 million in 2024.

Outlook and guidance

• 2026 guidance: 150–170 net new studio openings (down 20% from prior year), 3%-5% closure rate, North America system-wide sales of $1.72–$1.8 billion (1% increase), revenue of $260–$270 million (16% decrease), and adjusted EBITDA of $100–$110 million (6% decrease).

• Anticipates 90% unlevered free cash flow conversion of adjusted EBITDA; levered conversion at 35%.

• Capital expenditures expected at $6–$10 million, focused on technology and data initiatives.

• Tax rate expected in mid- to high-single digits; share count for EPS calculations at 37.3 million.