Planet Fitness, Inc. raised its outlook for the year after reporting earnings in the third quarter rose 22.5 percent on a 13.0 percent revenue gain. System-wide same club sales increased 6.9 percent.

(NYSE: PLNT) reported financial results for its third quarter ended September 30, 2025.

Third Quarter Fiscal 2025 Highlights

  • Total revenue increased from the prior year period by 13.0 percent to $330.3 million.
  • System-wide same club sales increased 6.9 percent.
  • System-wide sales increased to $1.3 billion from $1.2 billion in the prior year period.
  • Net income attributable to Planet Fitness, Inc. was $58.8 million, or $0.70 per diluted share, compared to $42.0 million, or $0.50 per diluted share, in the prior year period.
  • Net income increased $16.8 million to $59.2 million, compared to $42.4 million in the prior year period.
  • Adjusted net income increased to $67.0 million, or 80 cents per diluted share, compared to $54.7 million, or 64 cents per diluted share, in the prior year period.
  • Adjusted EBITDA increased $17.7 million to $140.8 million from $123.1 million in the prior year period.
  • During the period, 35 new Planet Fitness clubs were opened system-wide, comprising 29 franchisee-owned and 6 corporate-owned clubs, bringing the system-wide total to 2,795 as of September 30, 2025.
  • Cash and marketable securities of $577.9 million, which includes cash and cash equivalents of $329.0 million, restricted cash of $56.4 million and marketable securities of $192.5 million as of September 30, 2025.

CEO Colleen Keating, said, “We are making significant progress in executing on our long-term strategy, as highlighted by our strong financial performance during the quarter, which enabled us to raise certain growth targets for our 2025 outlook.

“We have continued to make strategic decisions to position the company for long-term growth. This includes a new agreement with our franchisees to shift a portion of their contributions from their Local Ad Fund to our National Ad Fund in 2026 to unlock new marketing opportunities and drive future member growth. Additionally, we were recently ranked #22, and the highest-ranking fitness brand on this year’s Franchise Times Top 400 list, illustrating the strength of Planet Fitness and the dedication of our team members and franchisees. This is an exciting time, and we are feeling more energized than ever to capture even greater opportunities in the evolving global fitness landscape and deliver value for our stakeholders.”

Operating Results for the Third Quarter Ended September 30, 2025
For the third quarter of 2025, total revenue increased $38.1 million or 13.0 percent to $330.3 million from $292.2 million in the prior year period, including system-wide same club sales growth of 6.9 percent. By segment:

  • Franchise segment revenue increased $11.3 million or 11.0 percent to $113.7 million from $102.4 million in the prior year period. Of the increase, $7.5 million was due to higher royalty revenue, of which $4.4 million was attributable to a franchise same club sales increase of 7.1 percent, $1.9 million was attributable to new clubs opened since July 1, 2024, before moving into the same club sales base, and $1.2 million was from higher royalties on annual fees. Franchise segment revenue also includes $1.9 million of higher National Advertising Fund (NAF) revenue, $1.5 million of higher franchise and other fees primarily attributable to higher join fees and $0.9 million of higher revenue from replacement equipment placements.
  • Corporate-owned clubs segment revenue increased $9.7 million or 7.6 percent to $137.8 million from $128.1 million in the prior year period. Of the increase, $5.3 million was attributable to corporate-owned clubs included in the same club sales base, of which $4.4 million was attributable to a same club sales increase of 6.0 percent. Additionally, $4.4 million was from new clubs opened since July 1, 2024, before moving into the same club sales base.
  • Equipment segment revenue increased $17.1 million or 27.8 percent to $78.8 million from $61.7 million in the prior year period. Of the increase, $12.3 million was attributable to higher revenue from equipment sales to existing franchisee-owned clubs, and $4.8 million was attributable to higher revenue from equipment sales to new franchisee-owned clubs. In the third quarter of 2025, we had equipment sales to 27 new franchisee-owned clubs compared to 15 in the prior year period.

Segment Adjusted EBITDA was as follows:

  • Franchise Segment Adjusted EBITDA increased $9.6 million or 13.2 percent to $82.4 million. This increase was primarily attributable to higher franchise segment revenue of $11.3 million, as described above, partially offset by $1.7 million of higher NAF expense.
  • Corporate-owned clubs Segment Adjusted EBITDA increased $3.3 million or 6.6 percent to $53.7 million. This increase was primarily attributable to $2.1 million from new clubs opened since July 1, 2024, before moving into the same club sales base, $1.4 million from the corporate-owned same clubs sales increase of 6.0 percent, and $1.2 million of lower selling, general and administrative expenses. This increase was partially offset by $1.5 million of lower Adjusted EBITDA from the ten clubs open and operating in Spain, of which nine clubs have been opened since July 1, 2024.
  • Equipment Segment Adjusted EBITDA increased $5.2 million or 28.3 percent to $23.7 million. This increase was primarily attributable to higher equipment sales to new and existing franchisee-owned clubs, as described above.

2025 Outlook
The company continues to believe that between its tariff mitigation plans and the current tariff levels, its exposure is limited. This guidance does not include estimates or assumptions regarding the impact of tariffs beyond the existing regulations currently in place.

For the year ending December 31, 2025, the company is reiterating the following expectations:

  • Expects new equipment placements of approximately 130 to 140 in franchisee-owned locations.
  • Expect system-wide new club openings of approximately 160 to 170 locations.

The company is raising the following growth expectations over its 2024 results:

  • System-wide same club sales growth of approximately 6.5 percent (previously approximately 6.0 percent).
  • Revenue to increase approximately 11 percent (previously approximately 10 percent).
  • Adjusted EBITDA to increase approximately 12 percent (previously approximately 10 percent)
  • Adjusted net income to increase in the 13 percent to 14 percent range (previously 8 percent to 9 percent)
  • Adjusted net income per share, diluted to increase in the 16 percent to 17 percent range (previously 11 percent to 12 percent), based on adjusted diluted weighted-average shares outstanding of approximately 84.2 million (previously 84.5 million), inclusive of the shares repurchased through the third quarter of 2025.

The company continues to expect 2025 net interest expense to be approximately $86.0 million. It also continues to expect capital expenditures to increase approximately 20 percent, driven by additional clubs in our corporate-owned portfolio and expects depreciation and amortization to be approximately $155 million.

Image courtesy Planet Fitness